The Shanghai Communications Administration announced on December 17 that 38 apps (including SDKs) failed to rectify violations related to illegal collection and use of personal user data, leading to their removal from app stores. Among them was the BOC Securities app.
In response, BOC Securities stated that the company prioritizes user data protection and is committed to providing secure and reliable digital services. Upon receiving the notice from regulators in November, the company promptly initiated corrective measures and submitted compliance reports. It is currently engaging with relevant parties to resolve the delisting issue.
Despite maintaining a technology investment ratio exceeding 6% of operating revenue in 2024, BOC Securities reported an overall reduction in IT spending compared to 2023. While infrastructure investments saw marginal growth, personnel costs declined significantly. The firm employed 156 IT staff in 2024 (down from 159 in 2023), with average annual salaries dropping from 476,800 yuan to 438,600 yuan.
Notably, Chief Scientist Ge Hao's compensation surged 43% year-over-year to 2.0182 million yuan in 2024. Ge, who joined BOC Securities in 2020 after holding senior technical roles at Baidu and other tech firms, was promoted to the executive team in 2022.
The securities industry continues facing regulatory scrutiny over personal data handling. Multiple brokerages, including Everbright Securities, Yintai Securities, and Xingye Securities, have faced penalties in 2025 for similar violations. The recent enforcement action underscores regulators' intensified focus on personal information protection compliance.
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