China Suspends Popular Trading Platform From Adding New Clients

Bloomberg11-15 23:34

(Bloomberg) -- China’s market watchdog ordered Hithink RoyalFlush Information Network Co. to suspend its investment advisory service unit from adding new clients for three months as its live streaming...

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Those influencers also gave implicit recommendation of individual stocks during live streaming.The regulator also criticized the company’s insufficient compliance control when collaborating with securities companies to provide investment consulting services. Hithink RoyalFlush pledged to “reflect deeply and make timely corrections” in order to resume taking new customers as soon as possible. It added that the investment advisory service only accounted for 199 million yuan ($28 million), or 5.6%, of its consolidated operating income in its 2023 financial year. It does not expect the CSRC’s disciplinary action to impact its 2024 earnings.Shares of the company tanked 14.3% on the Shenzhen exchange Friday, the most in more than a month. Chinese regulators have been clamping down on influencers and livestreaming platforms for offering investment advice to retail investors without holding the appropriate licenses, local media China Securities Journal reported earlier this week. This isn’t the first time Hithink RoyalFlush has been under scrutiny. CSRC investigated the firm for potential violations of securities and futures law in 2015. The company, which was founded in 2001, has more than 5,000 staff in China. Its clients include brokers, mutual and private funds, banks, insurance companies and retail investors. The firm’s net income fell 7.5% year on year to 288 million yuan on revenue of 945 million yuan in the third quarter.--With assistance from Mengchen Lu, Qingqi She and Foster Wong.©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483309620"}