The fine on Ping An Securities by the SFC is the most severe case thus far. Meanwhile, the fine on its partner, Wanfu Biotechnology will become another iconic event following Yinchuan Guangxia and Yunnan Greenland in China's capital market history. Regulators should take this as an opportunity to promote profound systematic reform and gradually guide China's capital markets to maturity instead of just "building prestige" and conducting postmortem supervision.