Group 1 - The core issue involves Tiger Brokers allegedly violating regulations by falsifying documents to onboard new clients from mainland China despite being previously identified as operating illegally by the China Securities Regulatory Commission (CSRC) [1][2] - Tiger Brokers is reportedly recruiting extensively across multiple cities in China for various roles, including front-office positions in securities brokerage, investment banking, and asset management, as well as back-office roles in human resources, finance, administration, technology, customer service, and operations [1] - In response to the allegations, Tiger International has issued a statement claiming that the information is severely misleading and constitutes malicious defamation, asserting that the company will take necessary legal actions to protect its rights [1] Group 2 - Tiger International was established in 2014 and is headquartered in Singapore, holding 77 licenses and qualifications across major financial markets globally [2] - The CSRC announced in December 2022 that Tiger Brokers and Futu Holdings were conducting cross-border securities business targeting domestic investors without approval, which constitutes illegal operations under relevant laws [2] - In May 2023, Tiger International announced adjustments to its client update process in response to CSRC's requirements, including the removal of its app from domestic app stores [2]

Core Viewpoint - The article highlights the increasing scrutiny and regulatory actions against key individuals in listed companies, reflecting a shift in regulatory philosophy from post-event punishment to a comprehensive governance approach that includes prevention, control, and accountability [1][5]. Regulatory Environment - Since April, nine listed companies have disclosed that their actual controllers and senior executives have been detained by supervisory authorities, while eleven others have received investigation notices from the China Securities Regulatory Commission (CSRC) [1][2]. - The regulatory focus has shifted from companies to key individuals, emphasizing personal accountability to curb risks such as financial fraud and insider trading [1][6]. Legal Implications - Detention measures are primarily related to serious job-related crimes, often involving bribery or collusion with public officials, and are not directly linked to the companies themselves [3][4]. - The increase in detentions indicates a strengthened crackdown on job-related crimes, particularly in maintaining a high-pressure stance against corruption [3][5]. Impact on Companies - The actions against key individuals may lead to concerns regarding corporate governance stability, financial authenticity, and compliance risks, potentially causing short-term stock price fluctuations [2][7]. - However, the relationship between stock price movements and the alleged misconduct is not always direct, as various factors can influence market reactions [7]. Investor Rights - Investors may seek to protect their rights if they can establish a connection between stock price declines and the companies' failure to disclose relevant information in a timely manner [7][8]. - Legal avenues exist for investors to claim damages due to false statements or nondisclosure, with potential compensation covering investment losses and associated costs [7][8].

证券行业，公开选聘高管又添一例。 近日，中国诚通集团在官方微信公众号发布消息称，根据发展需要，按照公平、公正、公开原则，现面向社会 和集团内企业招募诚通证券总经理 1人、诚通证券副总经理 1人。 2024年以来，对外公开选聘高管的情况在证券行业时有发生，但相较前几年并未有明显增加趋势。多位公司治 理学者向券商中国记者表示，这主要系证券行业从业门槛较高，高端人才稀缺，以及内部融合难等多方面原因 导致，但公开选聘高管是一个必然趋势。 4月30日，诚通证券公告了合规总监兼首席风险官一职的人选，由李枫担任。履历资料显示，李枫曾任中国证 监会北京监管局机构一处主任科员、公司二处主任科员，信达证券法律合规部副总经理、总经理，大和证券 （中国）法务合规部总经理，诚通证券合规管理部执行总经理、总经理。 南开大学金融发展研究院院长田利辉对记者表示，公开选聘有助于引入具有多元背景的高管，快速弥补短板， 推动业务创新，提升专业性。而且，公开透明的选拔流程可提升投资者信任，尤其对需拓展机构客户的国有券 商意义重大。 副总经理主要分管前台业务条线 中国诚通集团是国务院国资委监管的中央企业，构建了基金投资、股权管理、资产管理、金融服务及 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has secured a court order for the public shareholders of the delisted company, 康佰控股 (Kangbai Holdings), to receive the highest compensation in the form of a special dividend, following a settlement with key individuals involved in misconduct [1][2]. Group 1: Legal Proceedings and Compensation - The court ruling allows independent public shareholders to receive a special dividend of HKD 0.066 per share, which is 2.75 times higher than the last closing price before trading was suspended [2]. - A total of approximately HKD 192 million will be paid by the individuals involved to an independent manager appointed by the SFC and 康佰, to be redistributed to the shareholders [1][5]. - The SFC's actions are framed under the Securities and Futures Ordinance, emphasizing accountability for misconduct by company controllers [1][2]. Group 2: Misconduct and Investigation Findings - The SFC's investigation revealed that the individuals involved conspired to inflate the company's financials by acquiring fictitious businesses, leading to a loss of over HKD 293 million for 康佰 [3][4]. - The individuals, including a behind-the-scenes director and two former executive directors, were found to have engaged in serious misconduct, resulting in their disqualification from holding directorships for varying periods [2][4]. Group 3: Future Implications and Enforcement - The ruling sets a precedent for direct compensation to affected shareholders in the Hong Kong stock market, showcasing the SFC's commitment to protecting investor interests [2]. - The SFC has established measures to ensure that the compensation is paid, including the potential auction of assets if the individuals fail to comply with the payment order [6].

Group 1 - China Pacific Insurance (Group) Co., Ltd. has launched two funds with a total scale of 50 billion yuan, including a 30 billion yuan private equity fund focused on mergers and acquisitions and a 20 billion yuan private securities investment fund [2] - The private equity fund aims to support the reform of state-owned enterprises in Shanghai and enhance the development of strategic emerging industries [2] - The private securities investment fund is designed to respond to national calls for expanding private equity fund trials by insurance institutions, focusing on long-term investment strategies [2] Group 2 - China Pacific Insurance has been actively involved in the financial sector, covering over 200 million people with inclusive insurance and achieving a green insurance coverage of over 360 trillion yuan [3] - The company has invested over 260 billion yuan in green investments and has provided insurance services to more than 10,000 enterprises, focusing on strategic emerging industries such as healthcare, advanced manufacturing, and artificial intelligence [3] - The National Financial Regulatory Administration has emphasized the role of insurance funds as patient and long-term capital, increasing their investment limits in equity assets to inject more capital into the market [4]

Focus on Credit ABS - The Banking Credit Asset Registration and Circulation Center has revised the rules for credit asset securitization, requiring reporting of significant events that may adversely affect asset-backed securities within three working days [1] Macro Dynamics - The Trading Association and Shanghai Bill Exchange held a meeting to discuss the expansion of supply chain bill ABS business, aiming to connect the bill market with the bond market and support small and micro enterprises [3] Central Bank Operations - The central bank conducted a 454.5 billion yuan reverse repurchase operation, resulting in a net withdrawal of 375.5 billion yuan due to the maturity of 830 billion yuan in reverse repos [4][5] Regional Highlights - Zhengzhou plans to add seven urban renewal projects with a total investment of 13.176 billion yuan [6] - Zhejiang issued the first special bonds for acquiring existing housing, totaling 1.653 billion yuan for eight projects [8] - Shaanxi is guiding enterprises to formulate debt repayment plans and explore various financing channels [9] - Shaoxing is providing subsidies to listed companies for refinancing and debt financing [10] Issuance Dynamics - Zhengzhou Transportation Development Investment Group issued 500 million yuan in green perpetual bonds at a rate of 2.20% [11] - Luohe Investment Holding Group issued 660 million yuan in company bonds at a rate of 2.30% [12] - Kaifeng Urban Development Group is seeking underwriters for a bond issuance of up to 1 billion yuan [13] - The Ministry of Finance plans to issue 80 billion yuan in book-entry discount treasury bonds [14] - China Great Wall Asset Management issued the first bad asset securitization product in the exchange market, totaling 1.77 billion yuan [15] - Xinjiang Small Loan Company issued 300 million yuan in bonds to support small and micro enterprises [16] Market Sentiment - The credit bond market is expected to experience a high probability of fluctuation and decline in June, influenced by ongoing interest rate adjustments and new policy financial tools [22] - Static analysis indicates that various credit bonds can withstand limited upward pressure in June [23]

Group 1 - The private equity securities investment fund industry has been growing and plays a positive role in meeting residents' investment and financial management needs [1] - There are frequent illegal activities by fraudsters impersonating industry institutions, causing losses for many investors [1] - The article promotes the "2025 National Campaign to Prevent Illegal Securities and Futures Fund Activities," focusing on the theme "Beware of Stock Market Scammers, Stay Away from Illegal Stock Recommendations" [1] Group 2 - The article shares educational short videos produced by the Asset Management Association of China to help investors identify illegal practitioners and protect their legal rights [1] - Video content includes information on private fund manager registration, private fund filing information, qualifications of fund practitioners, and a backup system for private fund information disclosure [2][3]

Core Viewpoint - The scale of asset-backed securities (ABS) registered by insurance asset management institutions reached 133.6 billion yuan in the first five months of this year, marking a year-on-year growth of 58.88%, the highest in recent years [1] Group 1: Market Trends - Insurance capital is accelerating its layout in strategic industries such as green energy and technology leasing through ABS, driven by a low interest rate environment and "asset scarcity" [1][4] - In May alone, two companies, Everbright Yongming and Dajia Asset, registered a total of 16 billion yuan in ABS products, reflecting the overall high growth trend for the year [3] - A total of 14 insurance asset management companies registered 31 ABS products in the first five months, with most scales in the tens of billions, covering underlying assets such as leasing claims and infrastructure revenue rights [3] Group 2: Investment Strategies - The strategy for insurance capital's ABS layout is shifting from single varieties to a diversified combination of "ABS + REITs + bonds," aiming to balance cash flow stability and asset appreciation potential [3] - Leading institutions like PICC Asset are focusing on holding-type real estate ABS and projects from "new productivity" leading enterprises to support industrial upgrades and major national projects [3] Group 3: Challenges and Opportunities - Despite significant market expansion, the industry faces challenges such as the lack of a unified valuation standard and credit risk management [3] - The acceleration of overseas asset securitization by Chinese enterprises may present new opportunities for insurance capital's global allocation [3] - With the enhancement of green finance policies and the construction of the third pillar of the pension system, ABS is expected to unleash greater potential in areas like green transformation and inclusive consumption [4]

证券研究报告·固定收益·固收深度报告 固收深度报告 20250603 结构化融资再观察：城投 ABS 市场回顾与前 瞻（政策篇） [Table_Tag] [Table_Summary] 观点 ◼ 风险提示：政策超预期调整；市场超预期波动；数据和信息披露不足。 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 徐津晶 执业证书：S0600523110001 xujj@dwzq.com.cn 相关研究 《周观：交易主线缺位，债市难逃脱 震荡行情（2025 年第 21 期）》 2025 年 06 月 03 日 证券分析师 李勇 2025-06-02 《建议转债配置维持稳健》 2025-06-01 东吴证券研究所 1 / 12 请务必阅读正文之后的免责声明部分 ◼ 发展历程及政策回顾: 1）对于城投平台发行 ABS，通常要求其基础资产 必须具备真实、合法、权属清晰、可产生稳定现金流等特点，禁止将不 具备上述条件的资产进行证券化。在当前地方政府债务监管趋严、传统 融资渠道收窄的形势下，城投平台面临着前所未有的融资挑战。而 ABS 凭借其盘活存量资产、创新 ...

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices by Laser Photonics Corporation and its officers or directors [1] Group 1: Company Compliance Issues - On May 29, 2025, Laser Photonics disclosed that it received a notice from Nasdaq regarding non-compliance with listing rules due to delinquent filings, specifically the Form 10-Q for the period ended March 31, 2025, and the Form 10-K for the period ended December 31, 2024 [3] - The company has until June 16, 2025, to submit a plan to regain compliance with these delinquent reports [3] - The delay in filings was attributed to the acquisition of certain assets from CMS in November 2024 for approximately $1 million [3] Group 2: Market Reaction - Following the news of the compliance issues, Laser Photonics' stock price fell by $0.16 per share, or 6.53%, closing at $2.29 per share on May 30, 2025 [3]