After investigation, Mingchuang Company has developed a system with the functions of opening a sub-account of securities trading, accepting securities trading entrustment, inquiring securities trading information, securities capital settlement and other securities business attributes. Through this system, investors can trade securities without performing real-name account opening procedures. Mingchuang Company still sells systems and provides related services to customers who are not qualified to operate securities business, and obtains illegal income, which seriously disrupts the order of the securities market. The above-mentioned behavior of Mingchuang Company violates the provisions of Article 122 of the Securities Law and constitutes the crime of illegally operating securities business as stipulated in Article 197 of the Securities Law. According to the facts, nature, circumstances and degree of social harm of the illegal acts of the parties concerned, and according to the provisions of Article 197 of the Securities Law, the CSRC intends to decide to impose the following administrative penalties on Mingchuang Company and relevant responsible personnel: confiscate the illegal income of Mingchuang Company 1598789 1.93 yuan and impose a fine of 47,963,675.79 yuan; Liu, the chairman of Mingchuang Company, and Xie, the general manager, were given a warning and a fine of 200,000 yuan respectively.