On December 26, China Merchants Bank Co., Ltd. Ningbo Branch was fined 900,000 yuan by the National Financial Regulatory Administration's Ningbo Bureau, as disclosed in its administrative penalty information public form.

The penalty was imposed due to inadequate management of non-performing asset disposal and insufficient management of case prevention and control.

Related responsible individuals also faced penalties: Xu Wenjie was banned from working in the banking industry for five years, while Zhang Xinhe received a warning as an administrative punishment.