更名3个月后7人违规被罚，金融街证券的“恒泰”旧疾未了

Core Viewpoint - Financial Street Securities (1476.HK) faces regulatory penalties shortly after rebranding from Heng Tai Securities, highlighting compliance issues related to private fund sales and "flying orders" [3][26]. Group 1: Regulatory Penalties - The Inner Mongolia and Guangdong Securities Regulatory Bureaus issued a total of 7 regulatory penalties against Financial Street Securities for four types of violations, including improper private fund sales and "flying orders" [4][26]. - Seven employees were held accountable for their actions, which included violations such as unauthorized fund sales and promises of guaranteed returns [4][27]. Group 2: Violations Overview - The violations primarily involved improper sales of private funds, "flying orders," unauthorized holding of funds, and promises of capital protection and returns, affecting multiple branches in Inner Mongolia and Guangdong [4][26]. - Specific cases included employees offering improper benefits to clients and failing to use standardized promotional materials, leading to potential misrepresentation of risks [7][29]. Group 3: Internal Compliance Issues - The company was ordered to increase the frequency of internal compliance checks due to inadequate internal controls and management failures that allowed these violations to occur [11][33]. - Financial Street Securities must complete corrective actions within three months and submit compliance reports quarterly throughout 2026 [11][33]. Group 4: Financial Performance - In the first half of 2025, Financial Street Securities reported a significant rebound in performance, with total revenue reaching 1.398 billion yuan, a 43.38% increase year-on-year, and net profit of 241 million yuan, up 346.86% [22][44]. - The growth was driven by brokerage and wealth management services, which generated 951 million yuan in revenue, a 36.19% increase, attributed to an expanding client base and improved advisory capabilities [22][44]. Group 5: Historical Context and Legacy Issues - The compliance failures are seen as a continuation of issues from the company's previous identity as Heng Tai Securities, with a history of regulatory penalties for similar violations [18][41]. - The company has faced nearly 200 legal notices in 2025, with over 180 related to entrusted wealth management contract disputes, indicating ongoing legacy compliance challenges [40][41].