According to the Shenzhen Securities Regulatory Bureau, China Merchants has been issued a warning letter due to multiple management issues in its business operations. Specific problems include inadequate management of brokerage business, some marketing personnel engaging in violations through Internet Plus-Related platforms, and insufficient management of over-the-counter derivatives business, failing to adequately verify the identity and trading purposes of counterparties. Additionally, the company also has shortcomings in trading risk control and margin management. The Shenzhen Securities Regulatory Bureau has decided to take administrative regulatory measures by issuing a warning letter in accordance with relevant regulations. If China Merchants disagrees with this decision, it may apply for administrative reconsideration or litigation within the prescribed period.