The SFC temporarily revoked the license of Cen Weina, the former licensed representative of China People's Insurance Hong Kong Asset Management Co., Ltd., for a period of seven months, from June 20, 2024 to January 19, 2025.

After investigation, the SFC found that Cen Weina, as the representative of PICC Hong Kong Asset from May 2018 to April 2020, failed to manage the fund established in the Cayman Islands, which violated the investment strategy, objective and investment restrictions specified by the fund. He also did not properly manage the risk of the fund in accordance with PICC Hong Kong Asset's policy.

In particular, the SFC found that during the 21-month period from the establishment of the fund in May 2018 to January 2020, the investment portfolio of the fund only consisted of one to three stocks, contrary to the fund's investment goals and strategies. In addition, the fund's holding was highly concentrated in two Hong Kong-listed stocks, one of which was not on the list of approved securities by the senior management of PICC Hong Kong Asset. However, Cen Weina did not take proactive steps to reduce the risks associated with the fund holding inappropriate stocks. He did not manage the liquidity and concentration risk of the fund properly according to PICC Hong Kong Asset's policy, nor did he follow the stop-loss procedure of PICC Hong Kong Asset.