According to the First Venture announcement, on October 31, 2025, its wholly-owned subsidiary, a venture capital bank, was filed by the China Securities Regulatory Commission for allegedly not diligently and conscientiously supervising the business in Hongda Industrial's 2019 convertible bond project. On December 5, a venture capital bank received an “Advance Notice of Administrative Penalties” from the Jiangsu Supervisory Authority. It intends to order a venture capital bank to make corrections and give a warning, seize 4.245,300 yuan of revenue from the sponsor business, and impose a fine of 127.35,800 yuan; give a warning to sponsor representatives Fan Benyuan and Song Yao, and fine 1.5 million yuan respectively. The company and related personnel have the right to make statements, plead and request a hearing.

According to the First Venture announcement, on October 31, 2025, its wholly-owned subsidiary, a venture capital bank, was filed by the China Securities Regulatory Commission for allegedly not diligently and conscientiously supervising the business in Hongda Industrial's 2019 convertible bond project. On December 5, a venture capital bank received an “Advance Notice of Administrative Penalties” from the Jiangsu Supervisory Authority. It intends to order a venture capital bank to make corrections and give a warning, seize 4.245,300 yuan of revenue from the sponsor business, and impose a fine of 127.35,800 yuan; give a warning to sponsor representatives Fan Benyuan and Song Yao, and fine 1.5 million yuan respectively. The company and related personnel have the right to make statements, plead and request a hearing.