A MANAGEMENT SHAKE-UP at China's highest-profile local private-equity firm illustrates the growing pains Beijing faces as it tries to nurture a domestic fund industry.

国最引人瞩目的一家私人资本运营公司管理层的人事变动显示了北京在努力扶植本土基金业过程中遭遇的困难。

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The company had been accused of accounting irregularities and confirmed restatements last night in management shake-up.

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