遭立案天风证券股价低开近9%，年内先后有前高管被曝失联

Core Viewpoint - Tianfeng Securities' stock price dropped significantly following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations and illegal financing practices [2][3]. Group 1: Company Background - Tianfeng Securities was established in 2000 and went public on the Shanghai Stock Exchange in October 2018. It is headquartered in Wuhan, Hubei Province, and is the only provincial securities company in Hubei [3]. - The current controlling shareholder is Hubei Hongtai Group, a provincial state-owned financial services enterprise, which took over after the previous major shareholder, Contemporary Group, exited due to a debt crisis [4]. Group 2: Investigation and Financial Issues - The investigation is linked to historical issues with the former major shareholder, Contemporary Group, particularly regarding the occupation of funds. This investigation may signify a complete separation between Tianfeng Securities and Contemporary Group [3][4]. - In 2022, Contemporary Group repaid a total of 1.903 billion yuan in principal and 106 million yuan in interest related to the occupied funds, which were fully returned by the end of the year [4]. Group 3: Management Changes and Capital Increase - Following the exit of Contemporary Group, Tianfeng Securities prioritized capital replenishment. In April 2023, the company announced a plan to raise up to 4 billion yuan through a private placement to Hubei Hongtai Group [5]. - The private placement was officially accepted by the Shanghai Stock Exchange in March 2025 and was fully subscribed by Hubei Hongtai Group, increasing its shareholding to 28.14% [5]. Group 4: Shareholder Activity and Performance - UBS entered as a new shareholder but quickly exited Tianfeng Securities' top ten shareholders within a short period [5]. - For the first three quarters of 2025, Tianfeng Securities reported a revenue of 2.112 billion yuan, representing a year-on-year increase of 57.53%, and a net profit attributable to shareholders of 153 million yuan [5].