The director of the research institute is accused of sexually harassing subordinates; Cinda Securities responds.

According to a report by The Paper, China Xinda Securities Co., Ltd. (hereinafter “Xinda Securities,” 601059) responded to allegations that the head of its research institute sexually harassed a subordinate.

On March 25, in response to rumors that the head of Xinda Securities’ research institute and energy chief analyst, Zuo Qianming, was reported to the police by a subordinate and accused of sexual harassment, a relevant person in charge at Xinda Securities told a reporter from The Paper: “The company has noted the reported situation. At present, it has suspended all work by Zuo Qianming and has initiated an internal investigation. Meanwhile, it will actively cooperate with the relevant work of public security authorities.”

Publicly available information shows that Zuo Qianming, PhD, graduated from China University of Mining and Technology (Beijing). He previously served as deputy director-general of the Industry Consulting Department of the China Coal Industry Association (in charge). He has been engaged in research and consulting in coal and energy-related fields for more than ten years. He joined Xinda Securities in 2016, and since 2019 he has been in charge of research for the large energy sector, leading his team to win many awards in the research field. In July 2025, Zuo Qianming was appointed head of the research institute of Xinda Securities.

Information on the website of the CSRC Securities Association shows that Zuo Qianming’s practice registration institution is registered as Xinda Securities, and the registration category is general securities business. On July 30, 2018, Zuo Qianming’s registration category at Xinda Securities was changed to securities investment consulting (analyst). As of the time of publication, Zuo Qianming’s registration status at Xinda Securities still shows as normal.

According to information on the official website, Xinda Securities is the first securities company of the domestic AMC sector in China, established in September 2007. Its headquarters is in Beijing. It is a securities company approved by the China Securities Regulatory Commission, established with China Cinda Asset Management Co., Ltd. (now China Cinda Asset Management Co., Ltd.) as the main initiator, and together with Bohai Trust Investment Co., Ltd. (now China Ocean Trust Co., Ltd.) and China National Materials Industry Engineering Group Corporation (now China National Materials Group Co., Ltd.). It was formed on the basis of inheriting the investment banking business and securities-asset foundation formed from the acquisition of Liaoning Securities Company and Hantang Securities Co., Ltd. by China Cinda Asset Management Co., Ltd.

Xinda Securities has set up more than 100 branches across multiple provinces, autonomous regions, and municipalities nationwide. It has five subsidiaries in mainland China and Hong Kong. On February 1, 2023, the company was listed for trading on the Shanghai Stock Exchange.

In terms of performance, in the first three quarters of 2025, Xinda Securities’ operating revenue was 3.02B yuan, up 28.46% year over year; net profit attributable to shareholders of listed companies was 1.35B yuan, up 52.89% year over year.

As of the time this reporter was writing, Xinda Securities’ latest share price was 16.68 yuan per share, up 1.09%.

Previously, according to a report from Xinhuanghe, the complainant identified herself as Tang Chanyu. She joined Xinda Securities’ research institute in 2023 and is currently a researcher. In her letter, she detailed her experience on the evening of March 24: Zuo Qianming asked her to accompany him to Shanghai under the pretext of attending a business trip meeting. After a dinner gathering that night ended, the other person reached out to her in the car returning to the accommodation hotel, first touching her hand with the words “You look very tense—relax,” and then groping her private area. Tang Chanyu pushed the other person away twice; the other person repeated “Relax” twice and reached out again.

After arriving at the hotel, in front of many people, Zuo Qianming pulled her aside and demanded, “Come back to my room.” After she refused, he forcibly grabbed her waist and shoved her into the back seat of a taxi parked outside the hotel. Tang Chanyu struggled desperately in the car and shouted for help loudly. Zuo Qianming tried to calm her by saying, “A shot is all it takes.” The sentence made her even more panicked.

The turning point occurred at the entrance to the Holiday Inn—when a security guard intervened in time, controlling Zuo Qianming from behind. Tang Chanyu took the opportunity to break free, ran into a nearby hot pot restaurant with many people, and asked the staff to help her find a safe place to hide. After that, she reported to the police and learned from the police that Zuo Qianming had been controlled with the assistance of the hotel security.

At the end of her complaint letter, Tang Chanyu wrote that she had completed detailed records at the police station, that the hotel security guards and the hot pot restaurant staff could serve as third-party witnesses, and that surveillance footage in relevant public areas was also being processed. “I take responsibility for every word of the statements above, and I do not accept any form of internal private settlement.”

Alongside the complaint letter, which was circulated at the same time, was a document titled “Record of Receipt for Case (Incident) Report” issued by the Weifang Xincun Police Station of the Pudong Branch of the Shanghai Municipal Public Security Bureau. The document number shows it is from 2026. The receipt records that: at 1:07:41 a.m. on March 25, 2026, complainant Tang Chanyu reported to the police, saying that on the way to the Holiday Inn at 899 Dongfang Road in Pudong New Area, she was sexually harassed by Zuo Qianming while traveling by car. After arriving at the hotel, the other person continued to tug at her and wanted to take her back to the room. She struggled and shouted for help in the parking lot at the entrance of the hotel after being shoved into a taxi. She then left with the assistance of Holiday Inn security and reported to the police. After the police arrived, they took Zuo Qianming away for investigation. The names of the persons, the locations, and the circumstances stated in the receipt highly match those in the complaint letter.

In her letter, Tang Chanyu also mentioned that before the incident, she had always believed that Zuo Qianming was “a good leader with high moral standing, upright conduct, and who values and cares for his subordinates,” which is also why the matter hit her so hard. She admitted that she is a young employee who graduated in 2023 and joined Xinda Securities. Choosing to speak out publicly was to safeguard her rights and to prevent the same thing from happening to someone else.

Source: Comprehensive reports from The Paper and Xinhuanghe

Editor: Yuan Yuanyi

Review: Zheng Wei, Sun Dianyang

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