On July 3, the Shenzhen Financial Regulatory Bureau issued an administrative penalty notice. The notice revealed that Popular Bank (Hong Kong) Limited's Shenzhen Branch, along with a responsible individual, was penalized for inadequate due diligence in personal consumer loans.

The branch was fined 450,000 yuan. The responsible individual, Xu Liming, received a warning and a separate fine of 50,000 yuan.

The penalty was part of a series of enforcement actions published by the regulator. Other institutions also faced penalties for various violations.

Other Penalties Issued

Zijin Property Insurance's Shenzhen Branch was fined 350,000 yuan for falsifying financial data. Several responsible individuals at the company were also given warnings and fined.

China Merchants & Renhe Life Insurance's Shenzhen Branch was issued a warning and fined 506,000 yuan. The penalties were for inadequate training management of personnel and data inaccuracies. Related individuals were also fined.

New China Life Insurance's Shenzhen Branch was fined 1 million yuan. The violations included data inaccuracies and the use of unapproved premium rates. Several company officers were warned and fined.