TF Securities(SH:601162) 券商中国·2025-11-28 12:49Core Viewpoint - Tianfeng Securities has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure and illegal financing, which may be linked to historical issues related to fund occupation by its former major shareholder, the "Dangdai Group" [2][5][10]. Group 1: Regulatory Investigation - On November 28, Tianfeng Securities received a notice from the CSRC regarding the investigation, citing violations of the Securities Law and the Administrative Penalty Law [5]. - The investigation is believed to be associated with the fund occupation issues disclosed in the 2022 annual report, which were fully repaid by the end of 2022 [2][8]. - Market analysts had anticipated that an investigation was imminent, and the formal notice confirms these expectations [9]. Group 2: Corporate Governance Changes - Following the acquisition by Hubei Hongtai Group, which now holds 28.33% of Tianfeng Securities, the company aims to sever ties with the historical issues linked to the "Dangdai Group" [10]. - Since the new management took control in 2023, Tianfeng Securities has implemented a strategic overhaul to improve its internal governance and operational mechanisms [11]. Group 3: Financial Performance - In the third quarter, Tianfeng Securities reported a revenue of 889 million yuan, a year-on-year increase of 43.94%, and a net profit of 122 million yuan, marking a return to profitability [11]. - For the first three quarters, the company achieved a total revenue of 2.112 billion yuan, up 57.53% year-on-year, with a net profit of 153 million yuan [11]. - The increase in revenue is attributed to higher net income from fees and commissions, as well as investment gains [11].