TF Securities(SH:601162) Xin Lang Cai Jing·2025-12-03 14:26Core Viewpoint - The recent disappearance of Zhai Chenxi, known as the "Queen of the Bond Market," has raised concerns about the integrity of Tianfeng Securities and its connections to the "Contemporary System" in Hubei, as multiple high-profile figures in the financial sector have faced investigations within a short period [2][9]. Group 1: Zhai Chenxi's Background and Career - Zhai Chenxi, born in 1979, is a highly accomplished individual with a remarkable academic background, having entered Central South University with the highest score in her province [3]. - She became one of the first CFA holders in mainland China and made significant contributions to the National Development Bank, particularly during the 2008 financial crisis [3][4]. - Zhai joined Tianfeng Securities in 2014, where her leadership transformed the company's bond business, significantly increasing its issuance capabilities [4][5]. Group 2: Tianfeng Securities and the Contemporary System - Tianfeng Securities has been implicated in a financial web involving the Contemporary Group, which has faced severe debt issues exceeding 30 billion yuan since 2017 [7]. - The company has reportedly acted as a financial lifeline for the Contemporary Group, engaging in risky transactions and providing guarantees for bond purchases, leading to significant financial losses for investors [8][9]. - Following the acquisition by Hongtai Group, Tianfeng Securities is undergoing a restructuring process, including a potential name change to sever ties with its troubled past [9][10]. Group 3: Regulatory Implications and Future Outlook - The investigations into Zhai Chenxi and other financial leaders reflect a stringent regulatory environment aimed at curbing illegal activities in the capital market [10]. - The decline in assets under management at Xinhua Fund, which Zhai led, raises questions about the legitimacy of its previous performance and the potential for investor claims against Tianfeng Securities [9][10]. - The ongoing investigations and restructuring efforts signal a shift towards a more regulated financial landscape, emphasizing accountability and the need for financial institutions to focus on serving the real economy [10].