长江证券再吃罚单！

Core Viewpoint - Changjiang Securities has faced regulatory scrutiny and management changes amid compliance issues and performance fluctuations in its various business segments [1][3][4]. Regulatory Issues - In June 2024, Hubei Securities Regulatory Bureau issued a warning letter to Changjiang Securities for incomplete record-keeping in its securities investment advisory business, indicating inadequate compliance management [1]. - Earlier in March 2024, the China Securities Regulatory Commission mandated corrective actions due to deficiencies in quality control and non-standard project fees in the investment banking sector [3]. Management Changes - Changjiang Securities announced a significant change in its ownership structure, with Changjiang Industry Group set to acquire all shares held by Hubei Energy and Three Gorges Capital, potentially making it the largest shareholder with a 28.22% stake [3]. - Liu Zhengbin was elected as the new chairman of the board on April 3, 2024, bringing extensive experience from various governmental roles in Hubei [4]. Financial Performance - For the year 2024, Changjiang Securities reported total revenue of 6.797 billion yuan, a slight decline of 1.44% year-on-year, while net profit attributable to shareholders increased by 18.81% to 1.839 billion yuan [4]. - The company’s total assets reached 171.789 billion yuan by the end of 2024 [4]. Business Segment Performance - In 2024, net income from various business segments was reported as follows: brokerage at 2.881 billion yuan, investment banking at 349 million yuan, asset management at 287 million yuan, proprietary trading at 708 million yuan, and credit business at 2.024 billion yuan [4]. - The investment banking segment has seen a decline in net income from 844 million yuan in 2021 to 349 million yuan in 2024, reflecting the impact of tightened IPO and refinancing policies [5]. - The proprietary trading segment experienced significant volatility, with net income fluctuating from 1.357 billion yuan in 2021 to 708 million yuan in 2024 [5].