On February 8th, Hehe Futures Co., Ltd. failed to effectively implement its important internal management systems regarding subsidiary management, and did not fulfill its management responsibilities for its subsidiary Hehe Asset Management (Shanghai) Co., Ltd. in accordance with regulations, resulting in a major risk event for the subsidiary, with serious circumstances. At the same time, Hehe Futures also engages in illegal activities of failing to fulfill its reporting obligations as required, and submitting false and incomplete information, mainly including: failing to disclose the actual controllers and equity holdings of some of its shareholders in multiple documents such as the regular reports submitted from 2020 to 2022; Incomplete submission and joint venture management of newly opened bank accounts; Failure to report related parties opening accounts and engaging in futures trading with our company. Hehe Futures has repeatedly provided inaccurate and incomplete information on the company’s equity situation, which is highly related to major risk events. According to the relevant provisions of the Futures and Derivatives Law, the Regulations on the Administration of Futures Trading, and the Measures for the Supervision and Administration of Futures Companies, the China Securities Regulatory Commission imposed administrative penalties on Hehe Futures on February 5, 2025, ordering them to make corrections, issuing warnings, imposing a fine of 6.1 million yuan, and revoking their futures business license in accordance with the law.
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