Brokerage business management is weak, marketing and publicity are not standardized. Zhongshan Securities and its core executives received warning letters on the same day.

On February 27th, the Shenzhen Securities Regulatory Bureau issued an announcement, putting Zhongshan Securities, which is already in the midst of a performance winter, in a difficult position. Due to multiple violations such as weak management of branch offices and personnel, and non-standard marketing and promotion during the expansion of brokerage business, Zhongshan Securities was issued a warning letter as a regulatory measure. At the same time, the President Luo Yong and the Compliance Director Jiang Cheng, responsible for the violations, were also issued warning letters. It is worth noting that in the context of the overall recovery of the securities industry in 2025, Zhongshan Securities' net profit actually decreased by 88.06% year-on-year. However, the brokerage business, which frequently crosses compliance red lines, is the company's only core business that achieves high growth, accounting for over half of its revenue.