Core Viewpoint - Ruifeng Bank has completed the registration of changes in its business scope and the filing of its revised articles of association, obtaining a new business license from the Zhejiang Provincial Market Supervision Administration [1][3][4] Group 1: Business Changes - The bank's extraordinary general meeting held on September 11, 2025, approved the proposal for changing its business scope and revising its articles of association [1][3] - Following the approval, Ruifeng Bank applied to the Shaoxing Regulatory Bureau of the National Financial Supervision Administration for the revision of its articles of association and received approval [4] - The bank's business scope now includes a new license for "public securities investment fund sales" in addition to its original "banking business" [4]

Core Viewpoint - The appointment of renowned strategist Hong Hao as CEO of Huafu International is expected to enhance the company's visibility and facilitate its international business expansion [3][4]. Group 1: Company Background - Huafu International is a wholly-owned subsidiary of Huafu Securities, which was established in 1988 and is one of the first securities companies in China [5]. - The company has been engaged in diversified financial services since 2021, focusing on corporate financing, wealth management, asset management, institutional client services, and investment business [5]. Group 2: Leadership Changes - Hong Hao's appointment comes after a period of management changes at Huafu International, which has seen several leadership transitions since its establishment [3][5]. - The previous CEO, Jiang Jianping, has stepped down, leaving the position vacant until Hong Hao's anticipated arrival [3]. Group 3: Performance Metrics - Huafu Securities has experienced a decline in performance from 2021 to 2023, with revenue dropping from 5.292 billion yuan in 2021 to 2.221 billion yuan in 2023, and net profit decreasing from 2.131 billion yuan to 460 million yuan during the same period [6]. - As of the third quarter of 2024, Huafu Securities ranked 31st in stock trading volume and agency trading income, and 24th in margin financing and securities lending interest income within the industry [6]. Group 4: Strategic Initiatives - In 2024, Huafu Securities raised a total of 4.757 billion yuan, marking the largest financing in the securities industry for the year, aimed at strengthening capital and supporting key business areas such as wealth management and investment banking [6]. - Huafu International's stock custody market value ranks within the top 25 in the Hong Kong industry [7].