Supervision of bond fundraising funds was not diligent and responsible, Guoxin Securities received a warning letter.

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On March 26, the Chongqing Securities Regulatory Bureau released a decision to issue a warning letter to Guoxin Securities Co., Ltd.

According to the decision released by the Chongqing Securities Regulatory Bureau, upon investigation, Guoxin Securities, as the trustee manager of corporate bonds, failed to diligently fulfill its supervisory responsibilities over the use of bond-raising funds, in violation of Article 7 of the Administrative Measures for the Issuance and Trading of Corporate Bonds (CSRC Order No. 113) and Article 6, Paragraph 1 of the Administrative Measures for the Issuance and Trading of Corporate Bonds (CSRC Order No. 180).

In accordance with relevant regulations, the Chongqing Securities Regulatory Bureau decided to take administrative supervisory measures against Guoxin Securities by issuing a warning letter and recording it in the securities and futures market integrity file.

The Chongqing Securities Regulatory Bureau stated that Guoxin Securities should carefully learn from the lesson, strengthen study of relevant laws and regulations, improve the professional level of bond business operations, and adopt effective measures to prevent illegal and non-compliant conduct. Guoxin Securities must submit a written rectification report to the Chongqing Securities Regulatory Bureau within 30 days from the date of receiving this decision.

In addition to Guoxin Securities, several other securities firms have been penalized recently for similar reasons, reflecting the regulatory authorities’ sustained high-pressure regulation of bond trustee management business.

On March 20, the Sichuan Securities Regulatory Bureau announced a decision to take corrective administrative supervisory measures against Huaxi Securities. Specifically, the Sichuan Securities Regulatory Bureau stated that upon investigation, it discovered that Huaxi Securities had issues including insufficient due diligence on major matters such as collateral information, insufficient verification of fund usage, and incomplete relevant operational systems in the underwriting and trustee management of individual bond projects.

Also in March, administrative supervision information disclosed on the Shanghai Securities Regulatory Bureau website showed that Lianchu Securities, as the trustee manager of bonds issued by Shanghai Sh실 Financial Leasing Co., Ltd., failed to adequately fulfill its fiduciary duties during the trustee management process. In accordance with regulations, the Shanghai Securities Regulatory Bureau decided to take administrative supervisory measures against Lianchu Securities by issuing a warning letter.

Guoxin Securities was established in 1994 and is headquartered in Shenzhen. It is a nationwide large-scale comprehensive securities firm.

In the first three quarters of 2025, Guoxin Securities achieved operating revenue of 19.203 billion yuan, a year-on-year increase of 69.41%. Net profit attributable to shareholders of the listed company reached 9.137 billion yuan, a substantial year-on-year increase of 87.28%.

On the evening of December 8 last year, Guoxin Securities released a pre-disclosure announcement of shareholder share reduction. The company’s second-largest shareholder China Resources Trust and ninth-largest shareholder FAW Investment simultaneously announced reduction plans. According to the announcement, the two plan to reduce a combined no more than 74 million shares through centralized competitive bidding, accounting for 0.72% of the company’s current total share capital.

As of the close on March 26, Guoxin Securities traded at 11.28 yuan, down 2.08%, with a total market value of approximately 115.5 billion yuan.

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Editor-in-Chief: Song Yafang