Tianfeng Securities President Wang Linjing Criticized by Shenzhen Stock Exchange for Failing to Timely Organize and Fulfill Information Disclosure Obligations

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2026-03-20 22:12:51

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Recently, the Shenzhen Stock Exchange issued a disciplinary decision to publicly criticize Wang Linjing, President of Tianfeng Securities (Rights Protection) Co., Ltd. (hereinafter referred to as “Tianfeng Securities”), for failing to organize the company to fulfill its relevant information disclosure obligations in a timely manner. This disciplinary action will be recorded in the listed company’s integrity file.

According to the announcement, the China Securities Regulatory Commission Fujian Bureau previously found that on December 31, 2021, the Quanzhou Intermediate People’s Court of Fujian Province issued an Enforcement Ruling, ordering the debtor Su Mouxu and Fujian Nan’an Xiongchuang Investment Center (Limited Partnership) to deliver a total of 41,372,005 shares of Fujian Yong’an Forestry (Group) Co., Ltd. (hereinafter referred to as “Yong’an Forestry”) and dividends to Tianfeng Securities to settle related debts. Tianfeng Securities received the ruling on the same day, and at that point, it held 12.29% of Yong’an Forestry’s total shares.

However, Tianfeng Securities only sent the “Notification Letter” and “Simplified Equity Change Report” to Yong’an Forestry on February 23, 2022, and March 7, 2022, respectively, resulting in Yong’an Forestry disclosing related announcements on February 24, 2022, and March 9, 2022.

As the President of Tianfeng Securities, Wang Linjing was aware of the receipt of the Enforcement Ruling on December 31, 2021, but did not organize the company to fulfill its obligation to disclose the shareholding change of Yong’an Forestry in a timely manner. She bears significant responsibility for the above violations, which violate Article 1.4 of the Shenzhen Stock Exchange’s “Stock Listing Rules (2020 Revision).” Based on Article 16.2 of the same rules, after review and approval by the Self-Regulatory Disciplinary Committee, the above disciplinary decision was made.

The timeline of Tianfeng Securities’ shareholding and information disclosure is as follows:

Event	Date	Details
Receipt and signing of Enforcement Ruling	December 31, 2021	Tianfeng Securities obtained 41,372,005 shares of Yong’an Forestry, accounting for 12.29% of total shares
Sent “Notification Letter” to Yong’an Forestry	February 23, 2022	—
Yong’an Forestry discloses “Announcement on Judicial Transfer of Shares Held by Shareholders with Over 5% Stake”	February 24, 2022	—
Sent “Simplified Equity Change Report” to Yong’an Forestry	March 7, 2022	—
Yong’an Forestry discloses “Simplified Equity Change Report”	March 9, 2022	—
Shenzhen Stock Exchange issues disciplinary decision	March 13, 2026	Public criticism of Wang Linjing

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