TF Securities(SH:601162) Mei Ri Jing Ji Xin Wen·2025-12-13 12:53Core Viewpoint - Tianfeng Securities is currently under regulatory investigation by the China Securities Regulatory Commission (CSRC) for alleged violations related to information disclosure and illegal financing, coinciding with a labor dispute involving former executive Guo Shengbei, highlighting the company's ongoing challenges in compliance and management stability [1][5][6]. Group 1: Labor Dispute Background - The labor dispute between Tianfeng Securities and Guo Shengbei dates back to 2022, linked to the company's significant performance fluctuations and subsequent personnel changes [2]. - Guo Shengbei, who has a strong background in securities investment, was appointed as Vice President of Tianfeng Securities in December 2020 but resigned in July 2022, shortly before the company announced a projected 85% decline in net profit for the first half of 2022 due to market volatility affecting proprietary trading income [2][3]. - Following his resignation, Guo faced a 40% salary reduction and potential economic loss claims from the company, which he publicly contested, claiming he was unfairly blamed for the losses [3]. Group 2: Regulatory Investigation - On November 28, 2025, Tianfeng Securities was officially investigated by the CSRC for alleged information disclosure violations and illegal financing, with the investigation focusing on historical issues related to its major shareholder, the "Contemporary Group" [5][6]. - The company had previously disclosed that the Contemporary Group had occupied company funds through third-party entities, although these funds were returned by the end of 2022 [5]. - The investigation has drawn attention to the involvement of former senior executives, including the former Vice President Zhai Chenxi, who was reported to be assisting in the investigation related to the company's former chairman [6]. Group 3: Market Implications - The ongoing labor dispute and regulatory scrutiny reflect Tianfeng Securities' need to address historical business risks and compliance issues, particularly following changes in ownership and management [6]. - The market is closely watching how Tianfeng Securities will navigate these challenges and whether it can effectively rebuild its compliance and internal control systems with the support of new shareholders [6].