The Shenzhen Securities Regulatory Bureau published a decision regarding the issuance of a warning letter to China Merchants Securities Co., Ltd. During the course of its Business operations, the company faced the following issues: 1. In terms of brokerage business management. Some business systems were not revised and improved in a timely manner, and individual marketing personnel engaged in client solicitation services on Internet Plus-Related platforms or recommended financial products with a risk level higher than their own to the average investor. 2. Regarding over-the-counter derivatives business management. There was insufficient systematization and inadequate business separation. In the derivatives trading access stage, the due diligence conducted did not obtain comprehensive information, and the verification of the counterparty's true identity and whether they met suitability requirements was insufficient. In the subsequent management phase of counterparties, there was a failure to continuously and adequately focus on customers' trading purposes, and the negative customer management mechanism was not effectively implemented. In the trading risk control phase, there were shortcomings in risk monitoring and traceability, margin management, and valuation model management.