TF Securities(SH:601162) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-01 03:19Core Viewpoint - Tianfeng Securities' stock price dropped nearly 9% following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations and illegal financing [2] Group 1: Investigation and Impact - The CSRC issued a notice on November 28, indicating that Tianfeng Securities is under investigation for suspected violations related to information disclosure and financing [2] - As of September 2025, Tianfeng Securities had 513,600 shareholders, with an average holding amount of 89,600 yuan, indicating that the stock price decline directly affects over 500,000 investors [2] - The investigation is believed to be linked to issues regarding the former major shareholder, Wuhan Dandai Technology Industry Group Co., Ltd., and its related parties, who allegedly occupied company funds from 2020 to 2022 [2][3] Group 2: Shareholder Structure and Historical Context - Following the entry of Hubei Guozi Hongtai Group in 2023, Dandai Group exited the shareholder list due to a debt crisis, but historical risks remain unresolved [3] - Tianfeng Securities has established a state-owned capital-led shareholding structure, with Hubei Hongtai Group and Wuhan State-owned Capital Investment Operation Group holding 28.14% and 7.50% respectively, forming a concerted action relationship [3] Group 3: Financial Performance - For the first three quarters of 2025, Tianfeng Securities reported operating income of 2.112 billion yuan, a year-on-year increase of 57.53%, and a net profit attributable to shareholders of 153 million yuan, marking a return to profitability [3] - The improvement in performance is attributed to increased net income from fees and commissions, as well as investment income [3] Group 4: Financing Activities - In June, Tianfeng Securities received approval from the CSRC for a private placement, becoming the first brokerage to complete a refinancing matter in the year, with a total fundraising amount not exceeding 4 billion yuan [3] - The funds raised are intended for debt repayment and working capital, with Hongtai Group fully subscribing to the new shares, increasing its stake to 28.14% [3] Group 5: Asset Overview - As of December 31, 2024, Tianfeng Securities had total assets nearing 100 billion yuan, with 29 subsidiaries, 77 business outlets, and over 3,000 employees [4]