Guotai Haitong Securities' (SHA:601211, HKG:2611) Shanghai Guotai Haitong Securities Asset Management has been ordered to pay a fine of 25.9 million yuan by the Shanghai Branch of the State Administration of Foreign Exchange (SAFE).

The move came as certain issues were identified in Guotai Haitong Asset Management's operations, according to the company's interim report.

The non-compliance included certain products being in breach of the provisions on foreign exchange administration for domestic institutional investors engaging in overseas securities investment.

SAFE, alongside setting a penalty, has issued a warning, directed Guotai Haitong Asset Management to rectify the non-compliance, and confiscated illegal proceeds of 26.7 million yuan.

A 70,000 yuan penalty was also imposed on the individuals responsible for the violation, the filing revealed.