Hunan Securities Regulatory Commission Takes Supervisory Measures Against Xiangcai Securities

The Hunan Securities Regulatory Commission has issued a decision on administrative regulatory measures, indicating that Xiangcai Securities has issues such as inadequate internal control implementation, poor management of abnormal customer trading behaviors, insufficient compliance and risk management in information technology, and inadequate management of employee integrity. The Hunan Securities Regulatory Commission has decided to take the following measures against Xiangcai Securities: the company is ordered to rectify the aforementioned issues within a specified period and submit a written rectification report within three months of receiving the decision; the opening of new securities accounts is suspended for three months from the date of receiving the decision, during which no new brokerage clients may be added; the company is ordered to discipline responsible personnel and report the disciplinary decision in writing to the commission within five working days from the date of the decision.