The China Securities Regulatory Commission has imposed penalties on several brokerage firms, and there will be continued strict regulation of investment banking activities.

On July 31, the China Securities Regulatory Commission (CSRC) and its local branches disclosed several administrative regulatory measures regarding investment banking business, holding multiple securities firms accountable for their practice and internal control issues. The regulatory targets include six securities firms: GF Securities, Hongta Securities, Century Securities, Yongxing Securities, Guorong Securities, and Guoyuan Securities. Depending on the severity of the violations by each firm, the regulatory authorities adopted different administrative measures, namely issuing warning letters and ordering corrections. GF Securities, Hongta Securities, and Century Securities received warning letters, with the violations primarily focusing on the shortcomings in investment banking internal control management and practice norms. Yongxing Securities, Guorong Securities, and Guoyuan Securities faced harsher corrective measures. Additionally, Jin Yongxiong, the former head of investment banking at Yongxing Securities, Li Zhufeng, the former head of investment banking at Guoyuan Securities, and Liu Meng, the former head of investment banking at Guorong Securities, also received warning letters from regulators, due to their management's failure to address the investment banking business violations of their respective companies.