FRED Securities Receives Warning Letter for Inadequate Supervision of Issuers' Fund Usage

NightAirdropper · 2026-03-21T20:52:51+00:00

The China Securities Regulatory Commission Shanghai Regulatory Bureau issued a warning letter to Lianshu Securities Co., Ltd. for failing to properly supervise fund usage and timely disclose relevant reports during the process of managing corporate bonds on a fiduciary basis, in violation of multiple regulatory provisions.

NightAirdropper

2026-03-21 20:52:51

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Blue Whale News, March 20 — Recently, the Shanghai Regulatory Bureau of the China Securities Regulatory Commission issued an administrative regulatory decision letter targeting Lianchu Securities Co., Ltd.

The decision letter states that Lianchu Securities Co., Ltd., as the trustee manager of Shanghai Sheshi Financial Leasing Co., Ltd.'s corporate bonds, has been negligent in fulfilling its duties during the trustee management process: First, it failed to adequately supervise the use of funds raised by the issuer; second, it did not disclose the temporary trustee management report in a timely manner and failed to supervise the issuer to disclose the temporary report promptly.

These actions do not comply with the “Code of Conduct for Corporate Bond Trustee Managers,” the “Rules for Listing and Transfer of Non-Public Issuance Corporate Bonds on the Shanghai Stock Exchange,” the “Guidelines for the Application of Self-Regulatory Rules for Corporate Bond Trading on the Shanghai Stock Exchange,” and the “Measures for the Administration of Corporate Bond Issuance and Trading.”

In response, the Shanghai Regulatory Bureau of the China Securities Regulatory Commission has decided to issue a warning letter as an administrative regulatory measure to Lianchu Securities Co., Ltd.

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