China News Client, May 16 (Peng Jingru) Recently, the People's Court of Shenzhen Qianhai Cooperation Zone issued a consumption restriction order to CITIC Securities and its chairman Zhang Youjun. The Qianhai Cooperation Court stated that on May 7, 2020, it filed a case for CITIC Securities ’application for a securities investment dispute applied for by Yu Guojing, because CITIC Securities failed to perform the payment obligations determined by legal documents within the period specified in the execution notice. According to relevant laws and regulations, the Qianhai Cooperation Court restricted CITIC Securities and its unit ’s legal representative and principal person in charge, Zhang Youjun, from carrying out high-consumption and non-essential consumer behaviors.
According to the China Judgment Documents Network, the matter was caused by a securities investment dispute between Yu Guojing, a Taiwanese who had committed fraud, and CITIC Securities. Yu Guojing had handled the account in the name of others, but he believed that the account and the funds in the account should belong to him. Therefore, it is required that the securities fund account and the funds in the account handled by CITIC Securities belong to it, and CITIC Securities shall bear the litigation costs in this case.