On July 13, the Shanghai Regulatory Bureau of the China Financial Supervisory Administration released administrative penalty information showing that the Shanghai branch of Beijing Hengfeng Insurance Brokers Co., Ltd. was fined 60,000 yuan for deceiving policyholders; Gang Ye Shen, then the business manager of the Shanghai branch of Beijing Hengfeng Insurance Brokers Co., Ltd., was warned and fined 15,000 yuan.

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