(Yicai Global) June 20 -- China's securities regulator has fined an employee of Huaan Securities CNY250,000 (USD34,847) for speculative trading. The penalized person shares the same name and age as the firm's former president.

Yang Aimin controlled and used other people's securities accounts for trading 390 stocks between June 2000 and November 2021, according to a notice the Anhui office of the China Securities Regulatory Commission issued on June 16. The transactions totaled around CNY908 million (USD126.6 million) but turned losses after taxes, with the funds coming from Yang and his family, it added.

The regulator did not disclose the position of the penalized Huaan Securities employee, only providing the name Yang Aimin and some demographic information. China prohibits employees of securities companies from investing in stocks to prevent insider trading.

Former President Yang Aimin, who was also Huaan Securities' general manager, left the firm for personal reasons in April 2022.

Huaan Securities' revenue fell 9.3 percent to CNY3.2 billion (USD446 million) in 2022 from the year before, with net profit dropping 17 percent to CNY1.2 billion. Its main operating indicators ranked in the upper half of the industry, ranking 31st by revenue and 29th by profit, according to the Securities Association of China.

Huaan Securities has been penalized several times for compliance and risk management issues over the past three years. The latest fine came last November for inadequate internal control and non-compliant staffing in its investment banking business.

Shares of Huaan Securities [SHA: 600909] closed 0.6 percent lower at CNY4.82 (67 US cents) today. The benchmark Shanghai Composite Index ended up 0.5 percent.

Editor: Martin Kadiev