Regulator imposes record fines in 2018 CHINA’S securities regulator toughened punishment on illegal market activities last year amid strengthened supervision, with total fines and administrative penalties reaching a three-year high. A total of 10.641 billion yuan (US$1.59 billion) in fines and confiscations were issued by the China Securities Regulatory Commission (CSRC) in 2018, up 42.28 percent year on year, said Yan Qingmin, vice chairman of the CSRC. The regulator handed out a combined 310 administrative penalties last year, up 38.39 percent, according to Yan. The regulator has vowed to continue its tough stance against all violations to better serve the real economy. Guosen Securities profit drops 25.17% GUOSEN Securities Co., one of China’s leading brokerages, posted an annual profit drop of 25.17 percent year on year to 3.42 billion yuan (US$510 million) in 2018, according to its financial statement released Friday. The Shenzhen-based brokerage’s revenue decreased 15.87 percent to 10.03 billion yuan. The revenue of its business in investment banking fell 48.18 percent year on year to 1.1 billion yuan, while business in investment and trade increased 30.55 percent to 1.92 billion yuan. China Life insurance premium grows 11.9% CHINA Life Insurance Co., a leading insurer in the country, saw its premium income increase by 11.9 percent year on year in the first quarter of 2019, company data showed Friday. Premium income in the January-March period totaled 272.4 billion yuan (US$40.7 billion), according to unaudited figures released by the Shanghai-listed insurer. The company recorded a 4.7 percent increase in premium income in 2018. Tianhong Asset’s profit hits US$458.2m TIANHONG Asset Management Co., a leader in China’s mutual fund industry, said Friday that its profit jumped 15.82 percent year on year to 3.07 billion yuan (US$458.2 million) in 2018. Revenues rose 6.18 percent from a year earlier to 10.13 billion yuan. Tianhong Asset is the first fund that sees profit exceed 3 billion yuan and revenue of more than 10 billion yuan. In 2003, in collaboration with Alipay, the company launched the first ever Internet fund Yu’e Bao, which remains one of the most popular money market funds in China due to its relatively high returns and low investment threshold. |