the so-called "one participation and one control" means that the same shareholder or actual controller can only hold one securities firm and participate in another securities firm at the same time. In March, 28, China Securities Regulatory Commission issued "Identification Standards and Relevant Guiding Opinions on the Control Relationship of Securities Companies", which clearly put forward the policy of "one participation and one control" for securities companies and fund companies, which is generally considered as a very necessary and important improvement of the supervision system in the industry.

Enterprises in China and foreign-funded enterprises can only participate in and control securities companies and fund management companies.