China Life Asset Management and Taikang Asset Management were fined over one million yuan each for investment non-compliance, etc.

On September 5, the penalty disclosed by the China Banking and Insurance Regulatory Commission showed that Bank of Communications Insurance Asset Management Co., Ltd. and Pacific Asset Management Co., Ltd. were fined for investment non-compliance issues, and several related responsible persons were also penalized. Specifically, Bank of Communications Insurance Asset Management was fined 1.15 million yuan for investing in trust and debt investment plans that did not meet regulatory requirements, operations related to these plans that did not comply with regulatory requirements, and non-compliant management of related party transactions. Li Shengda, Tian Hongxia, and Zhang Liqin were each warned and fined 70,000 yuan, 20,000 yuan, and 20,000 yuan respectively. Taiping Asset Management was fined 1 million yuan for non-compliant operations related to debt investment plans, and non-compliant management of portfolio insurance asset management products. Qi Weishan, Kang Shan, and Qian Kun were each warned and fined 100,000 yuan, 20,000 yuan, and 10,000 yuan respectively.