Shanghai Stock Exchange Imposes Disciplinary Sanctions on Tianfeng Securities and Relevant Responsible Persons

People’s Financial News, March 13 — The Shanghai Stock Exchange has imposed disciplinary actions on Tianfeng Securities Co., Ltd. and its responsible persons. The issues involved include Tianfeng Securities providing financing to its shareholders or related parties of shareholders; Tianfeng Securities failing to fulfill its information disclosure obligations as required, with significant omissions in its annual reports. The Shanghai Stock Exchange publicly reprimanded Tianfeng Securities and the then Chairman Yu Lei, the then Director and President Wang Linjing, the then Vice President and Executive Vice President Zhai Chenxi, the then Executive Vice President Feng Lin, and the then Vice President and Chief Financial Officer Xu Xin. It also publicly determined that Yu Lei and Xu Xin are permanently unsuitable to serve as directors, supervisors, or senior managers of securities issuers. Other responsible parties will be handled separately according to regulations.