Group 1 - The core viewpoint of the article indicates that Tianfeng Securities is currently operating normally and is cooperating with the China Securities Regulatory Commission (CSRC) during the investigation related to the previous major shareholder's fund occupation issue [3] - The investigation is linked to the fund occupation matter disclosed in Tianfeng Securities' 2022 annual report, where the funds and interest were fully repaid by the end of 2022 [3] - The report highlights that the original major shareholder, Wuhan Contemporary Technology Industry Group Co., Ltd., occupied funds through third parties, and the market had anticipated the investigation as a matter of time [3] Group 2 - The regulatory investigation, while causing short-term reputational impact, is expected to clarify responsibilities and reduce uncertainties, allowing Tianfeng Securities to move forward without historical burdens [4] - The investigation signifies a complete separation from the historical issues associated with the former major shareholder, Contemporary Group [4] - For the first three quarters of 2025, Tianfeng Securities reported a total revenue increase of 57.53% to 2.112 billion yuan, with a net profit increase of 128.55% to 153 million yuan [4] - Breakdown of revenue shows that brokerage business net income rose from 518 million yuan to 772 million yuan, investment banking net income increased from 494 million yuan to 587 million yuan, and self-operated business net income slightly increased to 1.267 billion yuan, while credit business net loss narrowed to -95.4 million yuan from -133.4 million yuan [4]

Core Viewpoint - Tianfeng Securities has received a notice of investigation from the China Securities Regulatory Commission (CSRC) due to suspected violations of information disclosure and illegal financing, marking a significant regulatory event for the company [2] Group 1: Regulatory Investigation - The investigation is linked to the fund occupation issues disclosed in the 2022 annual report, which have since been resolved with all funds and interest returned by the end of 2022 [2] - The investigation is seen as a turning point for Tianfeng Securities, as it aims to close a long-standing historical burden, especially after the control shift to Hubei Hongtai Group [2] Group 2: Company Performance - From January to September 2023, Tianfeng Securities achieved a total operating income of 2.112 billion yuan, representing a year-on-year increase of 57.53% [3] - As of the end of October 2023, the company's total market capitalization reached 59.23 billion yuan, an increase of 27.57 billion yuan since Hubei Hongtai Group took control in March 2023 [3] Group 3: Business Development - Tianfeng Securities has successfully completed significant IPO projects in the equity investment banking sector, showcasing its expertise in hard technology and high-end manufacturing [4] - The company has a total bond underwriting scale of 87.1 billion yuan, ranking 8th in corporate bond underwriting amount and 6th in issuance numbers [4] Group 4: Financial Results - For the first three quarters of 2023, Tianfeng Securities reported net commission income of 1.67 billion yuan, up 19.92%, and investment income of 1.266 billion yuan, up 82.33% [5] - The company has been actively enhancing its client base and asset scale, with a total client asset scale of 196.9 billion yuan and cumulative trading volume of 1.0227 trillion yuan in the first half of the year [5]

Group 1 - SMIC announced the termination of the sale of its stake in SMIC Ningbo due to failure to reach an agreement within the expected timeframe, retaining a 14.832% stake post-termination, with no significant impact on financial status [2] - Chaozhuo Aerospace's actual controller will change to Hubei State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 1 [2] - ST Lifan faces potential forced delisting due to false disclosures in its 2021-2023 annual reports, with a total false revenue of 592 million yuan, representing 50.91% of the reported revenue for those years [3] Group 2 - Lijun Holdings' subsidiary signed a contract worth approximately 57.6 million USD for high-pressure roller mills, accounting for 52.53% of the audited consolidated revenue for 2024, expected to positively impact future performance [3] - Sanjiang Shopping's second-largest shareholder, Alibaba Zeta, reduced its stake by 5.4768 million shares, decreasing its holding from 30% to 29% [4] - Tianfeng Securities is under investigation by the CSRC for suspected information disclosure violations and illegal financing [5] Group 3 - China Jushi's major shareholder, Zhenstone Group, plans to increase its stake by no less than 550 million yuan and no more than 1.1 billion yuan [6] - Helun Zhe's major shareholder received a notice of investigation for suspected information disclosure violations, which does not affect the company's operations [7] - Yongtai Energy's actual controller also received a notice of investigation for similar violations, with no impact on the company's operations [8] Group 4 - Wuhantian Source's major shareholder, Konka Group, plans to transfer 9.83% of its shares to China Resources Asset Management [9] - Pinggao Electric won a bid for a State Grid project worth approximately 773 million yuan [9] - Zhejiang Longsheng is collaborating with a private equity fund to establish a venture capital partnership [9]

Group 1 - Tianfeng Securities received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation for suspected violations of information disclosure and illegal financing [1] - The company stated that its operations are currently normal and it will cooperate with the CSRC during the investigation while adhering to legal and regulatory disclosure obligations [1] - Tianfeng Securities was established in 2000 and is the only provincial state-owned securities company in Hubei, listed on the Shanghai Stock Exchange in October 2018 [4] Group 2 - As of the first three quarters of 2025, Tianfeng Securities reported revenue of 2.112 billion yuan, a year-on-year increase of 57.53%, and a net profit of 153 million yuan, marking a return to profitability [4] - The total assets of Tianfeng Securities reached 92.496 billion yuan, with total liabilities of 64.571 billion yuan as of the end of the third quarter of 2025 [4] - The company has faced multiple regulatory penalties this year for compliance issues, including warnings from the Shanghai Securities Regulatory Bureau for its asset management subsidiary [4][5] Group 3 - As of November 28, 2023, Tianfeng Securities' stock price was 4.83 yuan per share, with a market capitalization of 48.7 billion yuan [6]

"彼时市场普遍预期，立案只是时间问题。如今立案告知书落地，印证了当时猜想。"有分析人士认为， 此次立案或标志着天风证券与当代集团针对历史遗留问题进行切割。 迎宏泰集团入主成为国资控股的券商之后，天风证券却突遭立案。 11月28日晚间，该公司披露称，因涉嫌信息披露违法违规、违法提供融资，证监会决定对公司立案。 第一财经从接近天风证券人士处了解到，公司此次被监管立案，或与2022年年度报告中披露的原大股东 武汉当代科技产业集团股份有限公司（下称"当代科技"）资金占用事项有所关联。 早前，天风证券曾在2022年年报中提到，公司原直接和间接持股5%以上的股东当代科技及其关联方 （下称"当代集团"），通过第三方主体占用资金。其中，2022年度，当代集团累计偿还本金19.03亿 元，2020年至2022年上述资金对应利息1.06亿元，截至当年年底，前述占用资金及利息已全部归还。该 部分资金存于公司基本户和三方监管账户。 天风证券称，经自查发现当代科技及其关联方资金占用情况后，公司立即实施整改，进一步加强了对关 联方交易、资金支付等方面的管理。 业绩方面，三季报显示，前9月，天风证券实现营业收入21.12亿元，同比增长57 ...

Key Points - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors and plans to repurchase shares between RMB 1.5 billion and RMB 3 billion [1] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [1] Share Buybacks - Demai Technology raised the upper limit for share repurchase to RMB 45 per share [5] - Jianbang Technology plans to repurchase shares worth between RMB 15 million and RMB 30 million [5] - Huayuan Holdings intends to repurchase shares worth between RMB 30 million and RMB 60 million [5] Major Investments - Jinling Pharmaceutical plans to invest RMB 893 million in hospital expansion projects [7] - Dongfang Mingzhu intends to invest approximately RMB 500 million to establish a partnership and acquire part of the equity of New H3C [7] - Chang'an Automobile aims to establish a robotics company to develop innovative products and solutions [7] Mergers and Acquisitions - Kaizhong Co. plans to acquire 60% of Anhui Tuosheng's equity, with stock resuming trading on December 1 [7] - Youa Co. has resumed the review process for issuing shares and cash to purchase assets [7] - Jiasheng Technology intends to acquire controlling interest in Shudun Information Technology Co., with stock continuing to be suspended [7] Financing Activities - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding RMB 20 billion [7] - Huakong Saige has terminated its specific object stock issuance [7]

Core Viewpoint - Tianfeng Securities has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure and illegal financing, which may be linked to historical issues related to fund occupation by its former major shareholder, the "Dangdai Group" [2][5][10]. Group 1: Regulatory Investigation - On November 28, Tianfeng Securities received a notice from the CSRC regarding the investigation, citing violations of the Securities Law and the Administrative Penalty Law [5]. - The investigation is believed to be associated with the fund occupation issues disclosed in the 2022 annual report, which were fully repaid by the end of 2022 [2][8]. - Market analysts had anticipated that an investigation was imminent, and the formal notice confirms these expectations [9]. Group 2: Corporate Governance Changes - Following the acquisition by Hubei Hongtai Group, which now holds 28.33% of Tianfeng Securities, the company aims to sever ties with the historical issues linked to the "Dangdai Group" [10]. - Since the new management took control in 2023, Tianfeng Securities has implemented a strategic overhaul to improve its internal governance and operational mechanisms [11]. Group 3: Financial Performance - In the third quarter, Tianfeng Securities reported a revenue of 889 million yuan, a year-on-year increase of 43.94%, and a net profit of 122 million yuan, marking a return to profitability [11]. - For the first three quarters, the company achieved a total revenue of 2.112 billion yuan, up 57.53% year-on-year, with a net profit of 153 million yuan [11]. - The increase in revenue is attributed to higher net income from fees and commissions, as well as investment gains [11].

新京报贝壳财经讯 天风证券公告，公司于2025年11月28日收到中国证监会下发的《立案告知书》，因 涉嫌信息披露违法违规、违法提供融资，中国证监会决定对公司立案。目前，公司各项生产经营活动正 常有序开展，在立案调查期间，公司将积极配合中国证监会的相关调查工作，并严格按照有关法律法规 及监管要求履行信息披露义务。 ...

11月28日盘后，天风证券发布公告称，公司于2025年11月28日收到中国证监会下发的《立案告知书》， 因涉嫌信息披露违法违规、违法提供融资，根据《中华人民共和国证券法》《中华人民共和国行政处罚 法》等法律法规，中国证监会决定对公司立案。 来源：天风证券 公告称，目前，公司各项生产经营活动正常有序开展，公司将积极配合中国证监会的相关调查工作，并 严格按照有关法律法规及监管要求履行信息披露义务。 采写：南都·湾财社记者 刘常源 ...

Core Points - Tianfeng Securities announced on November 28 that it received a "Notice of Investigation" from the China Securities Regulatory Commission (CSRC) due to suspected violations of information disclosure and illegal financing [1] - The CSRC has decided to initiate an investigation against the company [1] - Despite the investigation, the company's production and operational activities are reported to be normal and orderly [1]