La sucursal de Beijing recibe una carta de advertencia; Zhongshan Securities ha recibido 4 medidas regulatorias en 8 meses

China Economic Net, Beijing, April 6 (Xinhuanet) — The decision published on March 31 on the website of the Beijing Financial Regulatory Bureau regarding the administrative regulatory measures of issuing a warning letter against 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 instances of inadequate investor suitability management, inadequate risk disclosures, and misleading statements in customer service. Meng Wei’s above conduct reflects shortcomings in your company’s internal control and inadequate compliance management. In addition, the Beijing Branch of Zhongshan Securities did not fully preserve service audit trails for its investment advisory business.

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

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

The Anhui Financial Regulatory Bureau issued, on August 4, 2025, a decision on ordering rectification against the Hefei Branch of Zhongshan Securities Co., Ltd., and issued, on August 8, 2025, a decision on taking regulatory talks measures against Huang Li. Upon investigation, the Hefei Branch of Zhongshan Securities Co., Ltd. has problems such as conducting investor solicitation activities by improperly entrusting third parties and insufficient management of employees. This violates the provisions of Article 8, Item (7) of the《Administrative Measures for Securities Brokerage Business》(CSRC Order No. 204) and the provisions of Article 3 of the《Administrative Measures for Compliance Management of Securities Companies 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《Administrative Measures for Securities Brokerage Business》and Article 32, Paragraph 1 of the《Administrative Measures for Compliance Management of Securities Companies and Securities Investment Fund Management Companies》, the Anhui Financial Regulatory Bureau has 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 the relevant matters in the integrity dossier for the securities and futures markets.

The Xiamen Financial Regulatory Bureau published on December 3, 2025, decisions on ordering rectification against the Xiamen Branch of Zhongshan Securities Co., Ltd., on taking measures of issuing warning letters against Su Xiaolei, and on taking measures of issuing warning letters against Ma Minhua. Upon investigation, the Xiamen Financial Regulatory Bureau found that the Xiamen Branch of Zhongshan Securities Co., Ltd. had inadequate compliance and control; that company employees commissioned individuals other than securities brokers to carry out customer solicitation activities; and that the person in charge circumvented internal management rules by borrowing the name of brokers to attach to customers in order to obtain performance-related commission. The Xiamen Financial Regulatory Bureau decided to take supervisory and administrative regulatory measures of ordering rectification against the Xiamen Branch of Zhongshan Securities Co., Ltd., to take supervisory and administrative regulatory measures of issuing warning letters against Su Xiaolei and Ma Minhua, and to record the relevant circumstances in the integrity dossier in accordance with the《Administrative Measures for Integrity Supervision of the Securities and Futures Markets》.

The Shenzhen Financial Regulatory Bureau disclosed an announcement on February 27, 2026, stating that it issued warning letters to Zhongshan Securities and to Lu Yong, the executive in charge of securities brokerage business at Zhongshan Securities, and Jiang Cheng, the compliance chief of Zhongshan Securities. The announcement shows that in the process of carrying out brokerage business activities, Zhongshan Securities had issues such as weak management of branches and employees, non-standard marketing and publicity, and inadequate control of marketing cooperation with internet third-party platforms. Lu Yong, as a senior management executive then in charge of brokerage business, and Jiang Cheng, as compliance chief, bear responsibility for the company’s related violations. The Shenzhen Financial Regulatory Bureau took administrative regulatory measures of issuing warning letters against the above company and personnel. The official website of Zhongshan Securities shows that Lu Yong is a director and general manager of the company, and Jiang Cheng is a member of the company’s management committee and compliance chief.

The original text is as follows:

Regarding the decision to take administrative regulatory measures of issuing a warning letter against the Beijing Branch of Zhongshan Securities Co., Ltd.

Beijing Branch of Zhongshan Securities Co., Ltd.:

Upon investigation, during Meng Wei’s practice at your company, there were actions involving inadequate investor suitability management, inadequate risk disclosure, and misleading statements in customer service. Meng Wei’s above conduct reflects that your company’s internal control is not sound and that compliance management is not adequate. In addition, your company did not fully preserve service audit trails for its investment advisory business.

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

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

If you are dissatisfied with these supervisory and regulatory measures, you may file an application for administrative reconsideration with the China Securities Regulatory Commission within 60 days from the date of receiving this decision, or you may file a lawsuit with a people’s court with jurisdiction within 6 months from the date of receiving this decision. During the period of reconsideration and litigation, the above supervisory and regulatory measures will not be suspended.

China Securities Regulatory Commission Beijing Regulatory Bureau

March 31, 2026

(Editor: Hua Qingjian)

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