فرع بكين يتلقى خطاب تحذيري، وزينة زكري 8 أشهر تتلقى 4 إجراءات تنظيمية

China Economic Net Beijing April 6 news. The decision released on March 31 by the Beijing Securities Regulatory Bureau regarding administrative regulatory measures of issuing a warning letter to the Beijing Branch of Zhongshan Securities Co., Ltd. shows that, upon investigation, during Meng Wei’s practice at the Beijing Branch of Zhongshan Securities, there were actions including inadequate investor suitability management, inadequate risk disclosures, and misleading statements in customer service. Meng Wei’s above conduct reflects that the internal controls of the Beijing Branch of Zhongshan Securities were not完善 and compliance management was not in place. In addition, the Beijing Branch of Zhongshan Securities did not fully preserve service records (audit trails) for its investment advisory business.

The above conduct violates the provisions of Article 3 and Article 6, Item 4 of the 《Measures for Compliance Management of Securities Firms and Securities Investment Fund Management Companies》 (CSRC Order No. 166), and Article 27, Paragraph 1 of the 《Interim Provisions on Investment Advisory Business》 (CSRC Announcement〔2020〕66).

Pursuant to Article 32, Paragraph 1 of the 《Measures for Compliance Management of Securities Firms and Securities Investment Fund Management Companies》 (CSRC Order No. 166) and Article 32 of the 《Interim Provisions on Investment Advisory Business》 (CSRC Announcement〔2020〕66), the Beijing Securities Regulatory Bureau decided to take administrative regulatory measures of issuing a warning letter against the Beijing Branch of Zhongshan Securities.

On August 4, 2025, the Anhui Securities Regulatory Bureau released a decision regarding ordering rectification measures to be taken against the Hefei Branch of Zhongshan Securities Co., Ltd.; on August 8, 2025, it released a decision regarding taking regulatory talks measures against Huang Li. Upon investigation, the Hefei Branch of Zhongshan Securities Co., Ltd. had issues including violations in entrusting a third party to carry out investor solicitation activities, and inadequate management of employees. This violated the provisions of Article 8, Item (7) of the 《Measures for the Administration of Securities Brokerage Business》 (CSRC Order No. 204) and Article 3 of the 《Measures for Compliance Management of Securities Firms and Securities Investment Fund Management Companies》 (CSRC Order No. 166). As the person in charge of the Hefei Branch of Zhongshan Securities Co., Ltd., Huang Li bears direct management responsibility for this. Pursuant to Article 43 of the 《Measures for the Administration of Securities Brokerage Business》 and Article 32, Paragraph 1 of the 《Measures for Compliance Management of Securities Firms and Securities Investment Fund Management Companies》, the Anhui Securities Regulatory Bureau decided to take administrative regulatory measures of ordering rectification against the Hefei Branch of Zhongshan Securities Co., Ltd.; to take administrative regulatory measures of regulatory talks against Huang Li, and to record this in the integrity dossier for the securities and futures market.

The Xiamen Securities Regulatory Bureau released on December 3, 2025 a decision regarding ordering rectification measures to be taken against the Xiamen Branch of Zhongshan Securities Co., Ltd., a decision regarding issuing a warning letter measures against Su Xiaolei, and a decision regarding issuing a warning letter measures against Ma Minhua. Upon investigation, the Xiamen Securities Regulatory Bureau found that the Xiamen Branch of Zhongshan Securities Co., Ltd. had inadequate compliance control and management, and that company employees entrusted individuals other than securities brokers to engage in client solicitation activities; the person in charge avoided internal management provisions by borrowing the brokers’ names to attach clients and obtain sales performance bonuses. The Xiamen Securities Regulatory Bureau decided to take supervision and administration measures of ordering rectification against the Xiamen Branch of Zhongshan Securities Co., Ltd., and to take supervision and administration measures of issuing a warning letter against Su Xiaolei and Ma Minhua, and to record the relevant circumstances in the integrity dossier in accordance with the 《Measures for the Integrity Supervision of the Securities and Futures Market》.

The Shenzhen Securities Regulatory Bureau disclosed on February 27, 2026 an announcement that issued a warning letter to Zhongshan Securities and Luo Yong and Jiang Cheng, the executives in charge of the brokerage business and the compliance chief of Zhongshan Securities, respectively. The announcement shows that during the course of developing the brokerage business, Zhongshan Securities had issues including weak management of branch institutions and practitioners, non-standard marketing and promotional activities, and inadequate control over marketing cooperation with third-party internet platforms. Luo Yong, as a senior management executive who served as the head in charge of the brokerage business at the time, and Jiang Cheng, as the compliance chief, bear responsibility for the company’s related violations. The Shenzhen Securities Regulatory Bureau took administrative regulatory measures of issuing a warning letter against the above-mentioned company and personnel. The official website of Zhongshan Securities shows that Luo Yong is a director and general manager of the company, while Jiang Cheng is a member of the management committee and the compliance chief.

The original text is as follows:

Decision on taking administrative regulatory measures of issuing a warning letter against the Beijing Branch of Zhongshan Securities Co., Ltd.

Beijing Branch of Zhongshan Securities Co., Ltd.:

After investigation, during Meng Wei’s practice at your company, there were actions including inadequate investor suitability management, inadequate risk disclosures, and misleading statements in customer service. Meng Wei’s above conduct reflects that your company’s internal controls are not完善 and compliance management is not in place. In addition, your company has not fully preserved service records (audit trails) for its investment advisory business.

The above conduct violates the provisions of Article 3 and Article 6, Item 4 of the 《Measures for Compliance Management of Securities Firms and Securities Investment Fund Management Companies》 (CSRC Order No. 166), and Article 27, Paragraph 1 of the 《Interim Provisions on Investment Advisory Business》 (CSRC Announcement〔2020〕66).

Pursuant to Article 32, Paragraph 1 of the 《Measures for Compliance Management of Securities Firms and Securities Investment Fund Management Companies》 (CSRC Order No. 166) and Article 32 of the 《Interim Provisions on Investment Advisory Business》 (CSRC Announcement〔2020〕66), my bureau decides to take administrative regulatory measures of issuing a warning letter against your company.

If you are not satisfied with these supervision and administration measures, you may, within 60 days from the date of receiving this decision, file an application for administrative reconsideration with the China Securities Regulatory Commission; you may also, within 6 months from the date of receiving this decision, bring a lawsuit before a people’s court with jurisdiction. During the period of reconsideration and litigation, the above supervision and administration measures shall not be suspended.

China Securities Regulatory Commission Beijing Regulatory Bureau

March 31, 2026

(Editor in charge: Hua Qingjian)

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