开年“三连罚” ！信达证券又涉两融绕标

Core Viewpoint - Xinda Securities has received three regulatory penalties at the beginning of 2026, highlighting ongoing compliance issues related to margin trading practices, which are considered a historical problem for the firm [1][9]. Group 1: Regulatory Actions - On January 4, 2026, the Zhejiang Securities Regulatory Bureau issued a warning letter to Xinda Securities' Wenzhou Oujang Road Securities Business Department, marking it as likely the first penalty of the year [2][12]. - The warning letter identified three main violations: inadequate control measures for clients' margin trading practices, ineffective monitoring of abnormal trading behaviors, and insufficient employee management and compliance oversight [3][6][13]. Group 2: Key Personnel Involved - Two key personnel were also penalized: Huang Xudong, who failed to manage client margin trading risks and did not document his business activities, and Wang Zhongwei, the head of the Oujang Road Business Department, who was held responsible for poor employee management and compliance failures [7][17]. Group 3: Company Background and Expansion - Xinda Securities has a significant presence in Zhejiang, with two branches and ten business departments, totaling 12 locations, which is the third highest in China [8][18]. - The Oujang Road Business Department, established in September 2016, has seen an increase in insured personnel from 8 in 2017 to 15 in 2024, indicating growth in scale but a lag in compliance management [18][19]. Group 4: Upcoming Merger - Xinda Securities is in the process of being merged with Dongxing Securities under China International Capital Corporation (CICC), which will create a brokerage with over one trillion in total assets [9][19]. - The compliance issues arising at this critical juncture could negatively impact the firm's reputation and complicate the integration of compliance systems post-merger [10][19].