The subsidiary company of Magic Square has appointed a new financial director.

According to reports, last November, Li Cheng, the director of Quantitative Markets at Mirage Square, was under investigation for involvement in securities brokerage rebates. A recent investigation showed that Li Cheng, between 2018 and 2023, allegedly colluded with a certain securities brokerage branch manager to divert Mirage Square's trades to a designated branch by fabricating broker identities, and manipulated the performance bonuses under the securities brokerage's "40% commission on trading commissions" system, accumulating 118 million yuan over 6 years. Over 20 million yuan flowed to Li Cheng. Several individuals involved in the case have been transferred to the judiciary. According to the QCC app, recently, there have been business changes at Zhejiang Jiuzhang Asset Management Co., Ltd., a subsidiary of Mirage Square. Zhang Binfang has resigned as the financial manager and has been replaced by Wang Xianzu.