According to Article 143 of the Securities Law, Articles 8 and 62 of the Regulations on Risk Disposal of Securities Companies and Article 56 of the Regulations on the Management of Futures Trading, China Securities Regulatory Commission decided to take over New Era Securities, Guo Sheng Securities and Guo Sheng Futures from July 17, 2020 to July 16, 2026.

According to the laws and regulations, the China Securities Regulatory Commission has organized and set up a corresponding company takeover team from the date of takeover to exercise the management right of the taken-over company. At the same time, the CSRC has entrusted CITIC Jiantou Securities Co., Ltd., AVIC Securities Co., Ltd., China Merchants Securities Co., Ltd. and Guotai Junan Futures Co., Ltd. to set up corresponding corporate custody teams, and the custody teams will work according to the custody agreement under the guidance of the takeover team.

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The takeover of New Era Securities, Guo Sheng Securities and Guo Sheng Futures is a case of risk disposal caused by concealing the actual controller or shareholding ratio and unbalanced corporate governance. The purpose of this takeover is to standardize the equity and governance structure of relevant companies, prevent risk spillover, and be more conducive to the healthy and stable development of the securities and futures industry.

Relying on the Securities Investor Protection Fund, the CSRC has established a long-term liquidity support mechanism with relevant departments. In the next step, the CSRC will strengthen market monitoring, actively respond, steadily push forward the takeover work, earnestly safeguard the healthy and stable development of the securities market, keep the bottom line of no systemic financial risks, and ensure financial and social stability.

Baidu encyclopedia-CSRC

People's Daily Online-The new securities law implements the registration system.