Collusion with fraud! Yongtuo was fined 65.28 million yuan and prohibited from engaging in securities services.

Recently, a administrative penalty decision revealed by the Jiangsu Securities Regulatory Bureau shows that Yongtuo Accounting Firm was fined a total of 57.1699 million yuan and had a total of 65.2831 million yuan confiscated for multiple illegal actions. The firm was also banned from engaging in securities services, and 9 responsible persons were held accountable. It was reported that this is the first penalty issued by regulatory authorities since the revision of the Securities Law in 2019 that prohibits audit firms from engaging in securities services.