A group cannot control two securities companies. In order to avoid related party transactions and horizontal competition among securities companies owned by the same shareholder, after the State Council officially promulgated the Regulations on the Supervision and Administration of Securities Companies on April 23, 2008, the CSRC put forward the policy requirement of "one participation and one control" for the securities industry, that is, no more than two securities companies are controlled by one institution or multiple institutions controlled by the same actual controller, and no more than one securities company is controlled.