根据中证协，保荐代表人分类名单D为最近三年内受过证监会行政处罚的，以及被证监会采取认定为不 适当人选、被行业自律组织采取认定不适合从事相关业务、或暂不接受签字的文件、或暂不受理出具的 相关业务文件等纪律处分，且在执行期的时任保荐代表人名单。 换言之，这些保代暂时失去了签字资格。 具体来看，中证协披露，范本源系第一创业证券承销保荐（简称"一创投行"）的保代，其涉及鸿达兴业 可转债项目。 | 保存机构: | 请选择 | ▼ 壹记编号: | 發它编号 | 证件号: 证件号 | 链名: | 查询 | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 姓名 | 现执业机构 | | | 处罚处分值息 | | | | | | 作出机构 | 类型 | 作出日期 | 诗及佛穆项目 | | 1 | 颜本题 | 第一创业证券承销保存有限责任公司 | 中国证监会 | 行改处罚 | 2025-12-24 | 满达兴业般份有限公司-可转值 | | 2 | 金壹甲 | 国联民生证券承提倡存有限公司 | 中国语蓝会 | 行政处罚 | 2025-09-09 | | | 3 | 易慨懈 | 东 ...

Core Viewpoint - The recent court ruling highlights the ongoing debate regarding the rights and responsibilities of employees in audit firms involved in financial fraud cases, particularly in relation to performance compensation amidst audit failures [1][2]. Group 1: Case Background - The case involves an employee from the audit team of Hongda Xingye, a company that faced severe penalties for financial fraud in June 2025 [1]. - The employee, identified as Xiong, was part of the audit team for the company's annual report and claimed unpaid performance compensation amounting to over 70,000 yuan for the years 2022 to 2024 [2][3]. - The audit firm argued that Xiong should not only forfeit the performance pay but also return all remuneration received for the project due to the penalties imposed on Hongda Xingye [2]. Group 2: Court Ruling and Legal Implications - The second-instance court ruled in favor of the employee, stating that the labor relationship and the fact of unpaid wages were clear, and the audit firm had not been penalized at the time of the ruling [4]. - The court clarified that the issues of labor compensation and potential professional misconduct should be treated as separate legal matters [4][5]. - The ruling allows the audit firm to seek compensation from the employee if it can prove that the audit failure caused significant losses due to the employee's severe negligence [4]. Group 3: Audit Firm's Penalties and Future Actions - The audit firm, Yongtuo, faced a total penalty of 65.283 million yuan, with 45.849 million yuan specifically related to the Hongda Xingye project, and was banned from providing securities services [4][5]. - The firm acknowledged internal management deficiencies and committed to comprehensive reforms to prevent future violations [5]. - The principal partner of Yongtuo received a 10-year ban from the securities market, while the employee involved was not penalized [4][5].

Core Viewpoint - The article discusses a recent court ruling regarding the entitlement of employees from auditing firms to performance bonuses in cases of financial fraud by listed companies, highlighting the legal distinctions between labor compensation and professional liability [2][6]. Group 1: Case Background - The case involves an employee from the auditing team of Hongda Xingye, a company penalized for financial fraud in June 2025, who sought unpaid performance compensation [2][3]. - The employee, identified as Xiong, was part of the auditing team from December 2019 until the termination of his contract in December 2024, during which he was owed over 70,000 yuan in performance bonuses for the years 2022 to 2024 [3][5]. Group 2: Court Rulings - The second-instance court ruled in favor of the employee, stating that the auditing firm must pay the owed performance compensation as there was no administrative penalty against the firm at the time of the ruling [6][7]. - The court clarified that the employee's request for compensation was valid despite the auditing firm's claims linking performance pay to the employee's involvement in the fraudulent activities of Hongda Xingye [6][7]. Group 3: Implications for the Industry - The ruling emphasizes the need to separate labor compensation issues from professional liability, suggesting that auditing firms cannot withhold salaries based on the actions of their employees unless there is a proven link to misconduct [6][7]. - The case sets a precedent for future disputes regarding employee compensation in the auditing sector, particularly in instances where firms face penalties for the actions of their staff [6][7].

Core Viewpoint - First Capital Securities (referred to as "Yichuang Investment Bank") failed to fulfill its supervisory duties as the guarantor and supervisor for Hongda Xingye's convertible bond issuance in 2019, leading to significant financial misconduct [1][14]. Group 1: Issues Identified - Hongda Xingye misappropriated nearly 1.7 billion yuan of the raised funds, primarily benefiting its major shareholder, and falsely returned approximately 848.35 million yuan without proper disclosure [2][15]. - Yichuang Investment Bank received over 4.24 million yuan in sponsorship fees but did not adequately investigate the misappropriation and false return of funds during its supervisory period, resulting in misleading reports [2][15]. Group 2: Penalties Imposed - Yichuang Investment Bank was warned and ordered to rectify its actions, with a total penalty of approximately 12.74 million yuan in fines and the confiscation of its sponsorship income of 4.25 million yuan [3][5][18]. - Two responsible representatives, Song Yao and Fan Benyuan, received warnings and were each fined 1.5 million yuan [6][20].

Core Viewpoint - The announcement from the Shenzhen Stock Exchange regarding the administrative penalty imposed on First Capital Securities' subsidiary, Yichuang Investment Bank, highlights significant compliance failures in the underwriting and sponsorship of a convertible bond project, raising concerns about the responsibilities of sponsoring institutions in the industry [1][10]. Group 1: Background of the Case - The issue traces back to 2019 when Hongda Xingye Co., Ltd. initiated a convertible bond issuance project, with Yichuang Investment Bank acting as the sponsor, earning a fee of 4.2453 million yuan (excluding tax) [4]. - The total amount of the convertible bonds issued was 2.427 billion yuan, with a maturity of six years, and as of March 18, 2024, 337 million yuan of the bonds remained outstanding [4]. - The company faced financial difficulties due to a downturn in the chemical industry, leading to a default on interest payments in December 2020 and subsequent delisting in March 2024 [4]. Group 2: Regulatory Findings and Penalties - Regulatory investigations revealed multiple serious violations by Hongda Xingye, including unauthorized changes to the use of 1.691 billion yuan of raised funds and failure to disclose significant litigation and guarantees [5]. - In June, the Jiangsu Securities Regulatory Bureau imposed penalties on Hongda Xingye and eight related individuals, with fines ranging from 500,000 to 22 million yuan, and the company's actual controller was banned for life from the securities market [5]. - Yichuang Investment Bank was penalized for failing to fulfill its continuous supervision responsibilities, resulting in the confiscation of its sponsorship income and a fine totaling over 16.98 million yuan [7]. Group 3: Implications for the Industry - The case underscores the stringent requirements for sponsoring institutions in the capital market, emphasizing that their diligence directly impacts market order and investor interests [11]. - The incident serves as a warning to all investment banks about the importance of compliance and the need to maintain high standards of professional conduct, regardless of performance pressures [11]. - First Capital Securities has stated that it will enhance its operational processes and compliance measures in response to the incident, signaling a commitment to improving the quality of its investment banking services [10].

Core Viewpoint - The administrative penalty imposed on First Capital Securities' subsidiary, Yichuang Investment Bank, highlights significant compliance failures in the supervision of a convertible bond project, raising concerns about the responsibilities of underwriting institutions in the capital market [1][10]. Group 1: Incident Overview - On December 26, the Shenzhen Stock Exchange announced that Yichuang Investment Bank received an administrative penalty from the Jiangsu Securities Regulatory Bureau due to supervisory failures in a convertible bond project that began in 2019 [1][6]. - The project involved Hongda Xingye Co., which issued 24.27 billion yuan in convertible bonds, but faced financial difficulties leading to a default on interest payments in December 2020 and subsequent delisting in March 2024 [4][5]. Group 2: Regulatory Findings - Investigations revealed that from the fundraising date in December 2019, Hongda Xingye engaged in serious violations, including unauthorized changes to the use of 16.91 billion yuan of raised funds and failing to disclose significant litigation and guarantees [5][6]. - In June, the Jiangsu Securities Regulatory Bureau penalized Hongda Xingye and eight related individuals, imposing fines totaling 18.5 million yuan on the company and individual fines ranging from 500,000 to 22 million yuan on responsible parties [5][7]. Group 3: Yichuang Investment Bank's Responsibilities - Yichuang Investment Bank was required to continue its supervisory duties beyond the original deadline due to unutilized funds, but failed to adequately verify the actual use of funds and did not provide accurate supervisory opinions, leading to regulatory breaches [5][6]. - The penalties for Yichuang Investment Bank included the confiscation of 4.2453 million yuan in underwriting fees and a fine of 12.7358 million yuan, totaling over 16.98 million yuan [7][10]. Group 4: Company Response and Industry Implications - First Capital Securities stated that it would ensure Yichuang Investment Bank reflects on the situation, accepts the penalties, and implements comprehensive reforms to enhance operational quality and compliance [10][11]. - The incident serves as a warning to the industry about the critical importance of compliance and the responsibilities of underwriting institutions, especially under the new registration system, emphasizing that diligence and adherence to regulations are essential for maintaining market integrity [11].

Core Viewpoint - The article discusses the administrative penalties imposed by the China Securities Regulatory Commission (CSRC) on Hongda Xingye Co., Ltd. and its underwriter, First Capital Securities Co., Ltd., due to violations related to the issuance of convertible bonds in 2019, including misappropriation of funds and false disclosures [1][3][10]. Group 1: Administrative Penalties - First Capital Securities' subsidiary, First Capital Securities Underwriting and Sponsorship Co., Ltd., failed to perform due diligence during the ongoing supervision of Hongda Xingye's 2019 convertible bond project, leading to false records in supervisory documents [1][8][9]. - The CSRC's Jiangsu Regulatory Bureau ordered corrections, issued warnings, confiscated underwriting business income, and imposed fines on First Capital Securities and its representatives [1][9]. Group 2: Violations by Hongda Xingye - Hongda Xingye allegedly changed the use of raised funds without authorization, involving an amount of 1,691,280,000 yuan, with 69,000,000 yuan in 2019 and 1,622,280,000 yuan in 2020, primarily used by its controlling shareholder and related parties [3][10]. - The company’s annual reports from 2019 to 2022 and the semi-annual report for 2023 contained false records regarding the use of raised funds and financial performance, including inflated revenues and profits [3][10]. Group 3: Legal Actions and Investor Compensation - Due to the violations, affected investors are encouraged to register for compensation claims through legal representation, with specific conditions for eligibility based on their investment timeline [5][12]. - The compensation claims are based on the legal framework that holds companies and their executives accountable for damages caused by false statements, including investment losses and related costs [4][11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the credit spreads of the AAA electrical equipment industry compressed significantly compared to last week, while the credit spreads of other industries and ratings widened to varying degrees. For urban investment bonds, the credit spreads of those with a maturity over 10 years compressed slightly by 1BP, while the spreads of other maturities widened by 3BP. For industrial bonds, most of the industrial credit spreads continued to widen, with the short - end widening more significantly than the long - end. For bank capital bonds, the short - end spreads of bank Tier 2 and perpetual bonds within 1 year widened slightly, while the long - end spreads over 10 years compressed slightly [3][4][30]. - In 2026, for urban investment bonds, short - duration (within 2Y) sinking urban investment bonds can be used as a base position, and high - quality urban investment entities with a moderately extended duration (3 - 5Y) can be selected. For industrial bonds, high - quality central and state - owned enterprise industrial bonds can be used as a base position with an extended duration, and attention should be paid to industries with marginal improvements. For Tier 2 and perpetual bonds, trading opportunities of those with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and attention should be paid to high - quality city commercial banks and rural commercial banks in economically developed areas and areas with advanced debt resolution progress [5][7][44]. 3. Summary by Related Catalogs 3.1 This Week's Credit Hot Events - On December 19th, the Shanghai Stock Exchange issued a notice allowing eligible overseas institutional investors to conduct bond repurchase business on the Shanghai Stock Exchange, providing them with standardized liquidity management tools [11]. - On December 15th, the National Association of Financial Market Institutional Investors launched a self - regulatory investigation into Postal Savings Bank of China for suspected violations in the underwriting and issuance of debt financing instruments [12]. - On December 15th, Guizhou Rural Commercial United Bank Co., Ltd. was approved to open. It acquired the shares of 16 rural commercial banks and 5 rural credit cooperatives, with an increased registered capital of 10.458 billion yuan and new shareholders including the Guizhou Provincial Department of Finance and China Kweichow Moutai Group Co., Ltd. [13]. 3.2 Primary Market 3.2.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 116.1 billion yuan, a decrease of 128.1 billion yuan compared to last week. The total issuance was 365.5 billion yuan, a decrease of 99.1 billion yuan, and the total repayment was 249.3 billion yuan, an increase of 29 billion yuan. The net financing of asset - backed securities was 20.9 billion yuan, a decrease of 27 billion yuan compared to last week [14]. - By product type, the net financing of urban investment bonds was 21.3 billion yuan, an increase of 500 million yuan; the net financing of industrial bonds was 70.9 billion yuan, a decrease of 44.7 billion yuan; and the net financing of financial bonds was 24 billion yuan, a decrease of 83.9 billion yuan [15]. 3.2.2 Issuance Cost - This week, the issuance rates of AA industrial bonds and urban investment bonds were adjusted to over 2.8%, while the average issuance rates of other bonds with different ratings and types were below 2.8%. Specifically, the issuance rates of AA industrial bonds and urban investment bonds increased by 45BP and 27BP respectively compared to last week, and the issuance rate of AA + financial bonds increased by 58BP [17]. 3.3 Secondary Market 3.3.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) decreased by 44.3 billion yuan compared to last week. By product type, the trading volume of urban investment bonds was 259.4 billion yuan, a decrease of 13.7 billion yuan; the trading volume of industrial bonds was 367.4 billion yuan, an increase of 13.2 billion yuan; the trading volume of financial bonds was 627.5 billion yuan, a decrease of 43.8 billion yuan. The trading volume of asset - backed securities was 25.5 billion yuan, an increase of 1 billion yuan [24]. - In terms of turnover rate, the turnover rate of credit bonds showed a mixed trend compared to last week. Specifically, the turnover rate of urban investment bonds was 1.66%, a decrease of 0.1 pct; the turnover rate of industrial bonds was 1.89%, an increase of 0.06 pct; the turnover rate of financial bonds was 4.05%, a decrease of 0.29 pct; the turnover rate of asset - backed securities was 0.67%, an increase of 0.03 pct [24]. 3.3.2 Yield - This week, the yields of credit bonds with different ratings and maturities fluctuated within 3BP compared to last week. For example, the yields of AA, AAA -, and AAA + credit bonds within 1 year decreased by 2BP, 2BP, and 1BP respectively; the yields of AA and AAA + credit bonds with a 5 - year maturity increased by 2BP and 1BP respectively, while the yield of AAA - credit bonds decreased by 1BP; the yields of AA, AAA -, and AAA + credit bonds with a maturity over 10 years decreased by 1BP, 1BP, and less than 1BP respectively [25]. 3.3.3 Credit Spreads - Overall, the credit spreads of the AAA electrical equipment industry compressed significantly by 14BP compared to last week, while the spreads of other industries and ratings widened to varying degrees. For example, the credit spreads of the AA + leisure service industry widened by 20BP, and the spreads of the AA + media and light manufacturing industries widened by 9BP [30]. - **Urban Investment Bonds**: By maturity, the credit spreads of urban investment bonds with a maturity over 10 years compressed slightly by 1BP, while the spreads of other maturities widened by 3BP. By region, the top five regions with the highest credit spreads of AA - rated urban investment bonds were Guizhou, Yunnan, Jilin, Shandong, and Sichuan; for AA + urban investment bonds, they were Guizhou, Inner Mongolia, Gansu, Shaanxi, and Yunnan; for AAA urban investment bonds, they were Liaoning, Yunnan, Shaanxi, Jilin, and Tianjin [32][34]. - **Industrial Bonds**: Most of the industrial credit spreads continued to widen, with the short - end widening more significantly than the long - end. For example, the credit spreads of 1 - year AAA -, AA +, and AA private industrial bonds widened by 4BP, 4BP, and 7BP respectively compared to last week; the spreads of 10 - year AAA -, AA +, and AA private industrial bonds widened by 2BP, 2BP, and 2BP respectively [36]. - **Bank Capital Bonds**: The short - end spreads of bank Tier 2 and perpetual bonds within 1 year widened slightly, while the long - end spreads over 10 years compressed slightly. For example, the credit spreads of 1 - year AAA -, AA +, and AA Tier 2 capital bonds widened by 4BP, 3BP, and 3BP respectively compared to last week, and the spreads of 10 - year AAA -, AA +, and AA Tier 2 capital bonds compressed by 3BP, 2BP, and 2BP respectively [39]. 3.4 This Week's Bond Market Negative News - This week, the implied ratings of bonds issued by five issuers, including Nanjing Zijin Financial Leasing Co., Ltd. and Beijing Tianheng Yuanxin Capital Investment Management Co., Ltd., were downgraded. The "H20 Tianying 3" issued by Wuhan Tianying Investment Group Co., Ltd. and the "Hongda Debenture" issued by Hongda Xingye Co., Ltd. defaulted in essence [4][40]. 3.5 Investment Recommendations - In 2026, for urban investment bonds, short - duration (within 2Y) sinking urban investment bonds can be used as a base position to obtain stable coupon income, and high - quality urban investment entities with a moderately extended duration (3 - 5Y) can be selected to increase portfolio returns. For industrial bonds, high - quality central and state - owned enterprise industrial bonds can be used as a base position with an extended duration to obtain stable coupon income, and attention should be paid to industries with marginal improvements. For Tier 2 and perpetual bonds, trading opportunities of those with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and attention should be paid to high - quality city commercial banks and rural commercial banks in economically developed areas and areas with advanced debt resolution progress [44].

Core Viewpoint - The cancellation of Yongtuo Accounting Firm's qualification to provide securities services has significant implications for the firm and the market, leading to a wave of client changes and potential industry shifts [2][3][5]. Group 1: Regulatory Actions - On December 16, the Ministry of Finance and the China Securities Regulatory Commission (CSRC) announced the cancellation of Yongtuo Accounting Firm's registration for securities services due to serious deficiencies in its audit work [2][3]. - The firm was found to have engaged in fraudulent activities during audits for several listed companies, including fabricating audit adjustments and altering financial statements [5]. Group 2: Market Reactions - Following the regulatory actions, approximately 20 listed companies have initiated the process to change their auditing firms this year, with 9 of these changes occurring in December alone [2][6]. - Two of Yongtuo's clients, *ST Shengxun and *ST Jingang, announced their decision to switch to new auditing firms on December 15 [6]. Group 3: Financial Impact - Yongtuo Accounting Firm, which had a total revenue of 323 million yuan in 2024, generated 131 million yuan from its securities business [6]. - The firm faced a penalty of 65.283 million yuan and was banned from providing securities services, with several of its registered accountants also facing fines and lifetime bans [5]. Group 4: Industry Dynamics - A total of 12 other accounting firms have begun to take over Yongtuo's clients, with Zhongshen Zhonghuan Accounting Firm taking the most, acquiring 6 clients [7]. - The firm has experienced a significant reduction in its workforce, with a decrease of nearly 16% in registered accountants, impacting its operational capacity [7].

Core Viewpoint - Jiangsu Securities Regulatory Commission issued a significant penalty against Yongtuo Accounting Firm for failing to perform due diligence, resulting in false records in audit reports and other documents, leading to a total fine of approximately 65.28 million yuan [1][17]. Group 1: Penalty Details - Yongtuo Accounting Firm was ordered to correct its practices, had its business income of 8.11 million yuan confiscated, and faced a total fine of 57.17 million yuan, marking a penalty that is seven times its illegal gains [1][24]. - This penalty is the first instance since the 2019 revision of the Securities Law where an auditing firm has been banned from providing securities services [1][17]. Group 2: Background of Yongtuo Accounting Firm - Established in 1993, Yongtuo is a well-known auditing firm that was the first in the national auditing system to join an international accounting organization [4][20]. - The firm ranked 42nd in the 2024 comprehensive evaluation of accounting firms [5][21]. Group 3: Audit Failures - Yongtuo was found to have committed multiple audit failures for companies such as Hongda Xingye, Hengjiu Technology, and Kelin Environmental Protection, where it issued audit reports with false records [6][22]. - Specific failures included a lack of diligence in audits and significant defects in audit procedures and quality control [6][22][23]. Group 4: Accountability of Individuals - Nine individuals associated with Yongtuo were penalized, with project partner Chen Xiaohong receiving a fine of 4 million yuan and a lifetime ban from the securities market [8][24]. - Other key individuals, including the firm's chief partner, were also fined and faced varying lengths of market bans [8][25]. Group 5: Previous Penalties - This is not the first penalty for Yongtuo in 2025, as it had previously received fines from the Fujian Securities Regulatory Bureau for similar issues [10][26]. - In September 2025, Yongtuo was fined 11.32 million yuan for its involvement in the fraudulent activities of Yan'an Bikon, highlighting a pattern of regulatory scrutiny [13][29].