Group 1 - The company Pacific Shipping (02343) announced the appointment of Dr. Harindarpal (Harry) Singh Banga as a non-executive director, effective from February 16, 2026 [1] - Mr. Angad Banga has also been appointed as a non-executive director, effective from February 16, 2026 [1]

Group 1 - The company announced the appointment of Dr. Harindarpal Singh Banga and Mr. Angad Banga as non-executive directors, effective from February 16, 2026 [1]

Core Viewpoint - Pacific Shipping (02343.HK) has entered into a shareholder agreement with TOWAY Group Limited and Caravel Maritime Ventures Inc. to ensure sustainable growth and maximize shareholder returns while maintaining independent operations of the board and management [1][2]. Group 1 - The shareholder agreement recognizes the core values of the company, focusing on long-term sustainable growth and maximizing shareholder returns [1]. - The board and management will operate independently, with decisions made based on consensus to align with the best interests of the company and all shareholders [1]. - The company aims to promote international trade by optimizing vessel utilization and maintaining superior market performance to enhance long-term shareholder value [1]. Group 2 - The agreement stipulates that during the tenure of TOWAY-appointed directors and for three months after their departure, TOWAY representatives cannot hold more than 23% of the company's issued shares or the number of shares they initially represented [2]. - TOWAY representatives are prohibited from proposing or supporting any takeover bids against the company during the specified period, although they may accept or vote in favor of third-party offers [2]. - If TOWAY holds at least 10% of shares, they can nominate one non-executive director to the board; if they hold at least 15%, they can nominate two non-executive directors [2].

格隆汇2月16日丨太平洋航运(02343.HK)发布公告，1)哈利•般哥博士(Dr. Harindarpal Singh Banga)；及 (2)Angad Banga先生已获委任为公司非执行董事，自2026年2月16日起生效。 ...

Core Viewpoint - The "Deep Sea No. 1" and "Jiaolong" manned submersible are conducting a comprehensive investigation in the western Pacific, focusing on deep-sea technology equipment testing and geological and environmental surveys [3]. Group 1: Mission Overview - The western Pacific comprehensive investigation voyage is executed by "Deep Sea No. 1" [3]. - The mission involves deep-sea technology equipment testing and geological and environmental surveys [3]. - The research team includes members from various prestigious institutions such as Laoshan National Laboratory, Ocean University of China, Nanjing University, Shanghai Jiao Tong University, and the Institute of Oceanology, Chinese Academy of Sciences [3]. Group 2: Equipment and Capabilities - The "Jiaolong" manned submersible will conduct a series of deep-sea investigation tasks and equipment application verification [3]. - The mission aims to enhance China's capabilities in deep-sea access and exploration [3].

Core Viewpoint - The Guangdong Financial Regulatory Bureau has issued administrative penalties targeting violations in the bancassurance channel of the life insurance industry, highlighting a firm stance on regulating this sector and cracking down on fee-related violations [2][3]. Group 1: Penalties Imposed - China Pacific Life Insurance Co., Ltd. (Pacific Life) and New China Life Insurance Co., Ltd. (New China Life) have been fined for violations related to bancassurance business commissions [2][3]. - Pacific Life's Guangzhou branch was fined 280,000 yuan for "falsely listing bancassurance business commissions and bearing marketing expenses for partner banks," with two responsible individuals receiving warnings and fines totaling 50,000 yuan [2]. - New China Life's Dongguan and Foshan branches were fined 250,000 yuan and 160,000 yuan respectively for "falsely listing bancassurance specialist commissions," with two responsible individuals also receiving warnings and fines totaling 30,000 yuan [3]. Group 2: Importance of Bancassurance Channel - The bancassurance channel is a core sales avenue for the life insurance industry, leveraging bank network advantages and customer resources [3]. - Bancassurance specialists play a crucial role in connecting insurance companies with banks, handling channel coordination, product promotion, and after-sales service, making their compliance essential for the healthy development of this channel [4]. Group 3: Regulatory Framework and Compliance Issues - Since August 2023, the National Financial Regulatory Administration has issued several notices to standardize bancassurance product management, establishing a regulatory framework for "reporting and operation unity" [4]. - "Reporting and operation unity" requires insurance companies to ensure that the pricing assumptions used in product approval submissions align with actual business practices, prohibiting any form of hidden fee arbitrage [4]. - Following the implementation of this policy, the average commission rate in the bancassurance channel has decreased by approximately 30% [4]. Group 4: Violations and Market Impact - Despite regulatory efforts, the rationality and authenticity of bancassurance specialists' compensation remain difficult to ascertain, allowing some insurance branches to engage in violations [5]. - Violations such as "falsely listing bancassurance specialist commissions and bearing marketing expenses for partner banks" are seen as tactics to pay additional fees and compete for bank channel resources, representing typical "small account" violations in the bancassurance channel [5]. - Such practices can distort financial data, obscure the true operational status of insurance companies, disrupt fair market competition, and potentially harm consumer rights [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued warning letters to three securities firms due to various regulatory violations in their bond issuance and management practices [1]. Group 1: Financial Violations by Firms - Financial violations were identified at Caitong Securities, including inadequate internal control mechanisms for bonds, insufficient due diligence in underwriting, and failure to ensure the issuer's compliance with information disclosure obligations [2][6][7]. - Zhongtian Guofu Securities was found to have lax internal controls, non-compliance in underwriting, and inadequate management of entrusted projects, failing to analyze significant risk factors related to the issuer's financial data [8][9][14]. - Pacific Securities exhibited similar issues, including poor internal control over bonds, inadequate responses to quality control feedback, and insufficient tracking of core enterprises' operational conditions during the bond's duration [12][13][14].

2月13日，证监会连发三张"罚单"，对财通证券、中天国富证券、太平洋证券等3家券商，均采取警示函的行政监管措施。 | 处罚事由方面，3家券商均因债务业务违规。其中，债券内控问题和受托管理履职尽责不到位是3家券商的共性问题。 | | --- | 具体而言，财通证券方面，证监会表示，经查，发现财通证券存在三方面违规行为：一是债券内控机制执行不到位，个别项目内核制衡性不足，质控内核意 见跟踪落实不到位。 二是承销尽调不规范，个别项目对影响发行人偿债能力的财务会计信息等重大事项核查不充分。 三是受托管理履职尽责不到位，个别项目未对存续期影响发行人偿债能力事项进行充分关注，未能有效督促发行人履行信息披露义务。 证监会表示，上述情形违反了《证券公司投资银行类业务内部控制指引》（证监会公告〔2018〕6号）第五条第（五）项、第二十条、第六十一条，《公司 债券发行与交易管理办法》（证监会令第113号）第七条、第四十九条第二款，《公司债券发行与交易管理办法》（证监会令第180号）第六条第一款、第五 十八条，《公司债券发行与交易管理办法》（证监会令第222号）第六条第一款、第五十八条的规定。 根据《公司债券发行与交易管理办法》（ ...

多家券商同日领罚单。 具体来看，财通证券主要存在三项问题：一是债券内控机制执行不到位，个别项目内核制衡性不足，质 控内核意见跟踪落实不到位；二是承销尽调不规范，个别项目对影响发行人偿债能力的财务会计信息等 重大事项核查不充分；三是受托管理履职尽责不到位，个别项目未对存续期影响发行人偿债能力事项进 行充分关注，未能有效督促发行人履行信息披露义务。 2月13日，证监会连发三张"罚单"，财通证券、太平洋证券、中天国富证券因债券业务违规同日被出具 警示函。 从处罚情况看，三家券商均触及债券内控把关不严、受托管理履职尽责不到位等"通病"。其中，中天国 富证券还被指出存在簿记现场管理不规范，太平洋证券涉及个别ABS项目核查不充分。 在业内人士看来，债券业务已告别"规模至上"时代，监管部门持续压实中介机构"看门人"责任，对债券 业务合规性保持高度关注。 罚单聚焦多个共性问题 券商中国记者梳理2月13日证监会对财通证券、太平洋证券、中天国富证券出具的罚单发现，尽管违规 细节各有不同，但暴露出的问题高度趋同。 债券业务保持严监管态势 中天国富证券的情况与财通证券较为接近，其债券内控把关不严，体现在个别项目质控内核履职不到 位。 ...

Core Viewpoint - Multiple securities firms received penalties from the China Securities Regulatory Commission (CSRC) for violations in bond business, indicating a shift away from a "scale-first" approach and a heightened regulatory focus on compliance and internal controls in the industry [2][5]. Summary by Sections Penalties Issued - On February 13, the CSRC issued warnings to three securities firms: Caitong Securities, Pacific Securities, and Zhongtian Guofu Securities, due to violations in their bond business [2]. - The penalties highlight common issues such as inadequate internal controls and insufficient due diligence in bond underwriting and management [3]. Common Issues Identified - Caitong Securities faced three main issues: 1. Inadequate execution of internal control mechanisms, with insufficient checks on certain projects [3]. 2. Non-compliance in due diligence, failing to adequately verify significant financial information affecting the issuer's repayment ability [3]. 3. Lack of diligence in trustee management, not sufficiently monitoring the issuer's obligations for information disclosure [3]. - Zhongtian Guofu Securities exhibited similar problems, including poor internal control and inadequate management of the underwriting process [3]. - Pacific Securities also had issues with internal controls and insufficient monitoring of asset transfers in certain ABS projects [3]. Regulatory Environment - The bond business has become a significant area of regulatory scrutiny, with many firms facing penalties for similar violations, including inadequate due diligence and failure to monitor issuer repayment risks [5][6]. - The CSRC emphasizes the need for securities firms to establish robust internal control mechanisms and adhere strictly to regulatory guidelines [4]. Historical Context - Since 2025, several securities firms have been penalized for bond underwriting violations, indicating a trend of increasing regulatory enforcement in this area [6][7].