Golden March and Silver April Anomaly: Bohai Securities' IPO Sprint Disrupted by "Courtroom Confrontation" Between Two Female Employees

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Source: Industry Experts Securities

The “Golden Three Silver Four” Phenomenon: Bohai Securities’ Listing Sprint Encounters Two Female Employees’ Court Disputes

During the busy “Golden Three Silver Four” season, securities firms are typically in the midst of a “battle for talent.” However, Bohai Securities, which is queueing for an IPO, has faced two labor dispute hearings initiated by former female employees. One involves the urgent need for compliance ahead of listing, while the other concerns labor-capital conflicts at grassroots branches. This veteran broker’s IPO journey has run into a tough “compliance hurdle.”

Veteran Branches Involved in Labor Disputes

According to public information from the Shanghai Higher Court, two branches of the veteran broker Bohai Securities are scheduled for hearings over labor disputes.

Bohai Securities has long established a presence in Shanghai, with six branches and one subsidiary, totaling seven offices.

The two branches involved in the disputes are both well-established: Dalian Road Branch, founded in 1993, and Siping Road Branch, founded in 1997, witnessing the entire evolution of the securities industry from rapid growth to regulated operation.

Notably, these two branches account for nearly 30% of the total branches in the district. At a critical stage of their IPO push, such a high proportion of core branches involved in disputes raises questions about the management capabilities of Bohai Securities’ subsidiaries.

Complex Backgrounds of the Plaintiffs

Coincidentally, both plaintiffs are female employees. Their backgrounds reveal workplace details rarely discussed in the securities industry.

Plaintiff Wang is a typical “journeying” professional. She started at Far East Securities, then worked at New Era Securities, Jinyuan Securities, Huafu Securities, and Huaxin Securities. In November 2020, she joined Bohai Securities’ Shanghai Dalian Road Branch. Her resignation date and specific reasons for litigation have not been publicly disclosed, suggesting undisclosed workplace conflicts behind the dispute.

Plaintiff Huang’s background is even more unusual—she is the only person with the same name listed in public industry records who has worked at Bohai Securities, but she has no securities employment record after 2019.

Her dispute with Bohai Securities’ Siping Road Branch may be a delayed settlement spanning several years. As a former employee, her demands and the story behind them offer a glimpse into the employment practices at Bohai Securities’ veteran branches.

Nine Years of Review and Still Pending

Now, let’s talk about Bohai Securities.

As the only securities firm in Tianjin, Bohai Securities’ IPO journey has been a long marathon. Starting with IPO counseling in 2016, submitting an application in 2021, and moving to the Shanghai Stock Exchange review queue in 2023, it has now taken nine years, remaining in the “questioned” stage with no definitive listing date.

During these nine years, Bohai Securities has faced difficulties, with compliance and performance pressures making the listing even more challenging.

In 2025, Bohai Securities received three regulatory penalties within a year, directly touching the core red line of “no major violations in the past 36 months” for IPO qualification. In January 2025, it was fined 2.264 million yuan for violations related to financial advisory services. In February, an employee at a Beijing branch was issued a regulatory warning for privately selling private placement products. In August, the Guangdong branch was ordered to rectify due to inadequate compliance management.

Frequent regulatory penalties have added significant uncertainty to its review process.

Performance-wise, the outlook is also bleak.

According to Bohai Securities’ 2025 semi-annual report, total operating revenue in the first half was 947 million yuan, down 21% year-on-year; net profit attributable to the parent was 251 million yuan, down 34.6%. As a core profit segment, proprietary trading revenue plummeted from 635 million yuan in the same period of 2024 to 181 million yuan, a 71.5% drop, directly impacting the company’s risk resilience and valuation logic.

Additionally, corporate governance has experienced turbulence. Between 2025 and 2026, two vice presidents resigned, major shareholders’ equity was repeatedly auctioned, and stability of ownership and management became key concerns for review agencies.

Adding the employee labor disputes, Bohai Securities’ existing compliance scars have been further marked.

Labor Disputes May Trigger a “Chain Reaction”

Labor disputes in the securities industry are not isolated. Since 2026, numerous “salary dispute” lawsuits have been reported, making labor-capital conflicts a routine risk in the industry.

The current disputes at Bohai Securities are particularly cautionary. Both branches are veteran institutions with frequent personnel turnover and complex employment histories; these longstanding conflicts may only be the “tip of the iceberg.” Moreover, personnel optimization and salary adjustments before listing are high-risk periods for labor disputes. During the busy “Golden Three Silver Four” season, more similar incidents could occur. Especially in Shanghai, a core city for finance professionals, employees place high importance on labor rights.

For Bohai Securities, the immediate priority is not only to respond to the two court hearings but also to quickly address employment compliance issues across branches. Otherwise, these disputes are likely just the beginning, not the end.

Disclaimer: This article is for informational sharing only and does not constitute any investment advice. Investors operate at their own risk.