Financial news from the front line on 10/16: According to the Shanghai Financial Regulatory Bureau's administrative penalty information disclosure, Sun Zengchan (then Assistant to the President and Vice President of Yongcheng Property Insurance Co., Ltd.) was warned and fined 10 thousand yuan for failing to use approved or filed insurance terms and premium rates as required and for lax underwriting management in health and accident insurance business.
Fine details:
No. Party Name Administrative Penalty Decision Number Major Illegal or Irregular Acts Penalty Content Deciding Authority 1 Hengfeng Bank Co., Ltd. Treasury Operation Center Shanghai Financial Regulatory Bureau Penalty Decision No. [Year] 2026-195 Inaccurate five-tier classification of bond assets, failure to strictly manage credit for interbank business, inaccurate separation of trading book and banking book, insufficient independence in bond investment operations, and inaccurate net asset value calculation for custodial products Fine of RMB 160 million Shanghai Financial Regulatory Bureau 2 Guo Qiang (Senior Expert, Product Manager, and General Manager of the Foreign Currency and Credit Investment Division at the time) Shanghai Financial Regulatory Bureau Penalty Decision No. [Year] 2026-196 Inaccurate five-tier classification of bond assets Warning and fine of RMB 5 million Shanghai Financial Regulatory Bureau 3 Sun Zengchan (Assistant to the President and Vice President of Yongcheng Property & Casualty Insurance Company at the time) Shanghai Financial Regulatory Bureau Penalty Decision No. [Year] 2026-198 Failure to use approved or filed insurance terms and rates; lax underwriting management for health and accident insurance business Warning and fine of RMB 10 million Shanghai Financial Regulatory Bureau 4 Wei Jiangyan (Corporate Client Manager at the North Branch Business Department of Shanghai Bank at the time) Shanghai Financial Regulatory Bureau Penalty Decision No. [Year] 2026-199 Serious violation of prudent operating rules in working capital loan management Warning and fine of RMB 5 million Shanghai Financial Regulatory Bureau 5 Hua Shuai (Client Manager at the North Branch Business Department of Shanghai Bank at the time) Shanghai Financial Regulatory Bureau Penalty Decision No. [Year] 2026-200 Warning and fine of RMB 5 million Shanghai Financial Regulatory Bureau
