China Galaxy Securities subsidiary faces regulatory crackdown

China Galaxy Securities Co (EN:CGL) released an update.

Galaxy Jinhui, a subsidiary of China Galaxy Securities Co., has been issued administrative regulatory measures by CSRC Shenzhen Regulatory Bureau for its non-compliant private asset management practices, including improper transactions and insufficient internal controls. The company faces a three-month suspension from submitting new private asset management products, starting from July 6, 2024. However, the company expects minimal impact on its revenue and operations and is committed to thoroughly rectifying and improving internal controls to strengthen investor returns.

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