Xiangcai Co., Ltd. announced that the subsidiary, Xiangcai Securities, received an “Administrative Penalty Decision” from the Hunan Securities Regulatory Bureau and was warned and fined 290,000 yuan due to major flaws in brokerage business management, serious mistakes in implementing account real-name deposits, and serious violations of information security regulations; the five responsible persons, including Zhou Lefeng and Liang Zhen, were each warned and fined 180,000 to 200,000 yuan. At the same time, Xiangcai Securities was ordered to make corrections, suspend the opening of new securities accounts for 3 months, and ordered the punishment of relevant personnel. The relevant responsible personnel were taken to conduct regulatory discussions, all of which were recorded in the integrity file. The above matters do not address risk warnings and delisting situations, and have no significant adverse impact on the company's operations and finances.

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.