Tianfeng Securities Penalized for Information Disclosure Violations

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On March 13, 2026, Tianfeng Securities received the “Administrative Penalty Decision” issued by the Fujian Regulatory Bureau of the China Securities Regulatory Commission ([2026] No. 2 and No. 3).

It was found that Tianfeng Securities committed the following violations: On December 31, 2021, the Quanzhou Intermediate People’s Court of Fujian Province issued an “Enforcement Ruling,” which ordered the debt owed by the defendants Su Mouxu and Fujian Nan’an Xiongchuang Investment Center (Limited Partnership) to be offset by a total of 41,372,005 shares of Yong’an Forestry stock and dividends held by them, and stated that “the above property rights shall transfer from the date this ruling is served on the applicant for enforcement.”

According to Article 14, Paragraph 1, and Article 15 of the Administrative Measures for the Acquisition of Listed Companies, Tianfeng Securities should have promptly disclosed the above shareholding changes, but it only sent a “Notification Letter” and a “Simplified Equity Change Report” to Yong’an Forestry on February 23, 2022, and March 7, 2022, respectively. Yong’an Forestry disclosed on February 24, 2022, and March 9, 2022, respectively, the “Announcement on the Judicial Transfer of Shares Held by Shareholders Holding More Than 5%” and the “Simplified Equity Change Report.”

The above violations are supported by evidence such as Yong’an Forestry’s relevant announcements, court enforcement rulings and delivery materials, power of attorney, related explanations, and personnel inquiry records, which are sufficient for confirmation.

It is thus confirmed that Tianfeng Securities committed illegal acts. According to relevant judicial interpretations, investors who purchased between April 28, 2021, and November 28, 2025, and sold after November 29, 2025, or still hold shares and have incurred certain unrealized losses (regardless of whether they have been recovered) can seek legal remedies to protect their legitimate rights. Investors meeting these conditions can send their name, contact number, and trading records (preferably in Excel format) to the email quanyi85651425@163.com to participate in the claim collection activity. The scope of claims includes investment differences, commissions, stamp duty losses, etc. Of course, the final compensation conditions and amounts will be determined by the court. Investors are not required to pay any legal fees before receiving compensation.

The China Securities Regulatory Commission Fujian Regulatory Bureau has decided to order Tianfeng Securities to correct its violations, issue a warning, and impose a fine of 4 million yuan; it also warned Wang Linjing and fined her 1.4 million yuan. The company states that it does not involve other risk warnings or major illegal mandatory delisting situations as stipulated in the “Shanghai Stock Exchange Stock Listing Rules (Revised April 2025).” The company will strictly fulfill its information disclosure obligations in accordance with regulatory requirements.

According to publicly available information, Tianfeng Securities’ main businesses include securities brokerage, investment banking, proprietary trading, research, asset management, private equity fund management, alternative investments, and overseas business.

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