客户频繁发生异常交易 东莞证券被予以书面警示

Core Viewpoint - Dongguan Securities has received a written warning from the Shanghai Stock Exchange for failing to effectively manage customer trading behaviors, despite previous self-regulatory measures. This raises concerns about the company's compliance as it prepares for an IPO, especially given its significant revenue growth in securities trading services [1][3][4]. Group 1: Regulatory Issues - The Shanghai Stock Exchange conducted an on-site inspection in July 2024 and found Dongguan Securities had not effectively managed customer trading behaviors, leading to multiple self-regulatory measures and required rectifications [3]. - Despite these measures, Dongguan Securities continued to experience frequent abnormal trading behaviors among its clients, prompting further regulatory actions [3]. - The Exchange emphasized the need for Dongguan Securities to adhere strictly to laws and regulations, improve internal controls, and submit a rectification report within one month of receiving the warning [3]. Group 2: Financial Performance - Dongguan Securities is currently planning to list on the Shenzhen Stock Exchange, with its IPO application under review. In the first half of 2025, the company reported a net income of 715 million yuan from securities trading services, marking a year-on-year increase of 65.22% and accounting for 49.43% of total revenue [4]. - The average commission rates in the securities trading industry have been declining, with Dongguan Securities' rates remaining above the industry average but also showing a downward trend [4]. - The company derives 54.13% of its securities trading income from its business network in Dongguan, indicating a strong regional reliance [5].