Huaxia Wealth Management was fined 12 million yuan for improper investment operations and other irregularities.

On September 12, the list of administrative penalties disclosed by the China Banking and Insurance Regulatory Commission showed that due to improper investment operations, inadequate system control, and non-compliance with regulatory data reporting, Huaxia Wealth Management Co., Ltd. was fined 12 million yuan, while Wang Tao and Zhang Zhitao were warned and fined a total of 100,000 yuan.