After investigation, I discovered that Yongxing Securities Co., Ltd. had problems such as inadequate due diligence execution of underwriting and sponsorship projects; poor quality control and core controls; and irregular remuneration management. The above situation violates the provisions of Articles 31 and 36 of the “Administrative Measures on Securities Issuance, Listing and Sponsorship Business” and Articles 7, 30, and 53 of the “Guidelines for Internal Control of Investment Banking Businesses of Securities Companies”. According to Article 64 of the “Sponsorship Measures”, I will decide to take corrective administrative supervision and management measures against your company. Your company should take it as a warning, carefully search for and rectify problems, establish, improve and strictly implement control systems, work processes and operating standards within the investment banking business, be honest, trustworthy, diligent and responsible, and effectively improve the quality of investment banking business. Your company shall carry out internal accountability of responsible personnel in strict accordance with the internal accountability system and submit a written accountability report to the Ningbo Securities Regulatory Bureau. If you disagree with this supervisory and administrative measure, you may apply to me for administrative review within 60 days from the date of receipt of this Decision, or file a lawsuit with the competent People's Court within 6 months from the date of receipt of this Decision. The implementation of the above supervisory and administrative measures will not be suspended during the review and litigation period.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.