Cinda Securities(SH:601059) Xin Lang Cai Jing·2026-01-11 23:37Core Viewpoint - Recent regulatory actions have led to penalties for several securities firms, including Xinda Securities, Jianghai Securities, and Guoxin Securities, primarily due to inadequate management of margin trading and compliance issues [2][5][12]. Group 1: Regulatory Actions - On January 9, the Zhejiang Securities Regulatory Bureau issued a warning letter to Xinda Securities' Wenzhou Oujing Road branch for insufficient control over margin trading, leading to client violations [2][9]. - Jianghai Securities faced penalties for failing to execute proper client follow-up procedures and for employing unqualified personnel in securities operations [5][12]. - Guoxin Securities was penalized for allowing unregistered personnel to provide investment advisory services, reflecting poor compliance management [13]. Group 2: Compliance Issues - Xinda Securities' branch exhibited three main compliance failures: inadequate control measures for margin trading, ineffective monitoring of abnormal client trading behaviors, and insufficient employee management [2][9]. - Jianghai Securities was found to have issues with third-party involvement in client solicitation and improper commission practices, indicating a lack of internal controls [5][12]. - The regulatory environment has become increasingly stringent, with over 300 penalties issued to nearly 80 securities firms in 2025, highlighting the prevalence of compliance violations in brokerage operations [7][13]. Group 3: Industry Response - Since 2025, multiple securities firms have revised their margin trading contracts to prevent clients from engaging in "circumventing the rules" operations [4][11]. - The China Securities Association released guidelines aimed at managing client trading behaviors in margin trading, emphasizing the need for front-end controls and risk monitoring [3][10].