Agricultural Development Bank of China Guangzhou Branch Wealth Management is fined more than ten million.

On August 1st, the China Banking Regulatory Commission disclosed the latest penalties targeting multiple financial institutions. Among them, the Agricultural Development Bank of China and Guangdong Yinyi Wealth Management were fined or penalized with amounts exceeding tens of millions. The China Banking Regulatory Commission pointed out that the Agricultural Development Bank of China had issues such as credit funds not being properly invested and inadequate post-loan management, and imposed a penalty of 10.2 million yuan. This is a rare occurrence in recent years for the Agricultural Development Bank of China to be fined with an amount exceeding tens of millions. Although the bank has been penalized for credit violations earlier this year, the penalties were mainly limited to the branch level and generally did not exceed one million yuan. Guangdong Yinyi Wealth Management also received a penalty exceeding tens of millions on the same day. The China Banking Regulatory Commission stated that due to irregular investment operations, careless data management, and untimely information registration, Guangdong Yinyi Wealth Management was confiscated of illegal gains totaling 1.9494 million yuan and fined 9.6494 million yuan, with a total penalty of 11.5988 million yuan. At the same time, the China Banking Regulatory Commission also imposed joint penalties on the individuals involved, warning and fining a total of 400,000 yuan for Wang Guangyuan and Wang Weihong of Guangdong Yinyi Wealth Management.