TF Securities(SH:601162) Di Yi Cai Jing·2025-12-01 03:44Core Viewpoint - Tianfeng Securities is facing significant challenges following a regulatory investigation, leading to a sharp decline in its stock price and changes in shareholder composition [2][3]. Group 1: Regulatory Investigation - Tianfeng Securities has been placed under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations related to information disclosure and illegal financing [2]. - The investigation is reportedly linked to issues concerning the former major shareholder, Wuhan Dandai Technology Industry Group, and its fund occupation matters disclosed in the 2022 annual report [2]. Group 2: Stock Performance - Following the announcement of the investigation, Tianfeng Securities' stock opened down nearly 9% and closed at 4.51 CNY per share, reflecting a decline of 6.63% on that day [2]. - For the first three quarters of the year, Tianfeng Securities reported revenue of 2.112 billion CNY, a year-on-year increase of 57.53%, and a net profit of 153 million CNY, marking a return to profitability [2]. Group 3: Shareholder Composition - As of the end of the third quarter, Hubei Hongtai Group is the controlling shareholder of Tianfeng Securities, holding 2.854 billion shares, which is 28.14% of the total [3]. - UBS had entered as a new shareholder with a 0.87% stake but exited the top ten shareholders by the end of September [3].