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ChinaLin Securities rectifies breaches in internal controls, compliance

ChinaLin Securities Co. Ltd. said Jan. 6 it has rectified breaches in its internal controls and compliance inspections found by the securities regulator earlier this month. The probe had led to a three-month restriction of the scale of new business expansion.

An investigation by the China Securities Regulatory Commission found the securities firm had committed seven violations, according to a Jan. 3 company statement. The company clarified in the latest statement that it is still allowed to expand into new businesses during the three-month period, as the punishment only limits the scale of expansion.

Net profit at ChinaLin Securities rose 30% year over year to 447 million Chinese yuan in 2019.

As of Jan. 7, US$1 was equivalent to 6.94 Chinese yuan.