The China Securities Regulatory Commission (CSRC) decided to issue a warning letter to Ping An Securities. After investigation, the CSRC found that the company violated fair competition in the pricing process of bond issuance, with the interest rate of bond issuance for individual project pegged to underwriting fees. Related NewsUBS Lifts TPs for AIA (01299.HK) and PING AN (02318.HK) w/ Rating BuyThe due diligence of individual bond project was incomplete, and key elements were not sufficiently obtained. Therefore, the authority decided to adopt the administrative supervisory measure of issuing a warning letter to the Company.At the same time, the CSRC issued its decision on the corrective measures against Shenwan Hongyuan Securities. After investigation, it found that the company's underwriting due diligence was not standardized, and some of its projects had not paid sufficient attention to and verified matters that might affect the issuer's solvency. The entrusted management had not performed its duties and responsibilities properly, and its individual projects had not tracked and analyzed the impact of duration on the issuer's solvency in a timely manner. Therefore, the CSRC decided to take administrative supervisory measures of ordering rectification against the company.