Core Viewpoint - First Capital's subsidiary, Yichuang Investment Bank, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to diligently supervise the 2019 convertible bond project of Hongda Xingye, highlighting the ongoing responsibilities of investment banks in continuous supervision [2][3][15]. Group 1: Investigation Details - Yichuang Investment Bank received a notice from the CSRC regarding the investigation due to alleged negligence in continuous supervision during the Hongda Xingye convertible bond project [2][3]. - The investigation reflects a regulatory trend emphasizing the accountability of underwriting institutions in their ongoing supervisory roles [2][15]. Group 2: Background on Hongda Xingye - Hongda Xingye issued 24.27 billion yuan worth of convertible bonds in December 2019, with a maturity of six years, and has since faced significant financial difficulties [6][12]. - As of March 18, 2024, Hongda Xingye's remaining convertible bond amount is 337 million yuan, and the company has been delisted due to continuous stock price declines [6][9]. Group 3: Financial Status and Risks - Hongda Xingye's financial situation is dire, with total assets of 9.964 billion yuan and total liabilities of 33.845 billion yuan, resulting in a net asset deficit of 23.881 billion yuan [14]. - The company has defaulted on multiple bonds, totaling 4.465 billion yuan, and is undergoing bankruptcy proceedings with a total debt of 19.075 billion yuan [12][14]. Group 4: Regulatory Actions and Implications - The CSRC has previously penalized Hongda Xingye for misusing raised funds and failing to disclose significant legal matters, leading to a broader scrutiny of the responsibilities of intermediary institutions [15]. - The case serves as a warning to other investment banks about the importance of diligent ongoing supervision to protect investors' interests [7][15].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated an investigation into First Capital Securities' subsidiary, Yichuang Investment Bank, for alleged negligence in its supervisory duties related to the 2019 convertible bond project of Hongda Xingye, which has since been delisted [1][2][7]. Group 1: Investigation Details - The investigation stems from Yichuang Investment Bank's involvement in the 2019 convertible bond project of Hongda Xingye, where it allegedly failed to diligently supervise the issuance process [2][4]. - Hongda Xingye was delisted in March 2024 due to severe financial fraud and regulatory violations, including unauthorized changes to the use of raised funds amounting to 1.691 billion yuan and inflated profits totaling 4.078 billion yuan from 2020 to 2023 [1][5][7]. - The CSRC's investigation reflects a broader regulatory trend of holding intermediary institutions accountable for their roles in financial misconduct [7]. Group 2: Financial Performance - Despite the ongoing investigation, First Capital Securities reported a revenue of 2.985 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 24.32%, with a net profit of 771 million yuan, up 20.21% [2][3]. - In the investment banking segment, Yichuang Investment Bank generated revenue of 197 million yuan, a 15.13% increase year-on-year, accounting for 6.60% of the company's total revenue [2]. Group 3: Future Business Focus - Yichuang Investment Bank is focusing on initial public offerings (IPOs) on the Beijing Stock Exchange, having successfully submitted one IPO application in the first half of 2025, with two additional projects under review as of June 2025 [3]. - The impact of the ongoing investigation on Yichuang Investment Bank's current operations, particularly its IPO activities, remains to be seen [3].

Core Viewpoint - A Chinese investment bank, First Entrepreneurship, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to diligently supervise its business operations related to a convertible bond project involving Hongda Xingye Co., Ltd. [2][5] Group 1: Investigation Details - First Entrepreneurship's subsidiary, First Entrepreneurship Securities, received a notice of investigation from the CSRC on October 31, 2025, regarding its role in the 2019 convertible bond project for Hongda Xingye [2][5] - The CSRC's decision to investigate was based on allegations that First Entrepreneurship did not fulfill its supervisory responsibilities during the project [5] Group 2: Background on Hongda Xingye - Hongda Xingye's convertible bonds, which were issued in December 2019, had a total issuance size of 2.427 billion yuan and a duration of six years [5] - The company, primarily engaged in the production and sale of chemical products such as polyvinyl chloride (PVC) and caustic soda, faced delisting in March 2024 due to stock price issues [5] Group 3: Regulatory Actions - In June 2025, the Jiangsu Securities Regulatory Bureau imposed administrative penalties on Hongda Xingye and eight related individuals, including fines totaling 18.5 million yuan for misusing raised funds [6] - The actual controller of Hongda Xingye, Zhou Yifeng, received a lifetime ban from the securities market, while the financial director, Lin Guisheng, was banned for ten years [6] - The company was found to have made false disclosures in its financial reports and failed to timely disclose significant legal and arbitration matters [6]

Core Viewpoint - A brokerage firm, Yichuang Investment Bank, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to diligently supervise its business activities related to a convertible bond project involving Hongda Xingye Co., Ltd. [2][5] Group 1: Investigation Details - Yichuang Investment Bank received a notice of investigation from the CSRC on October 31, 2025, regarding its role in the 2019 convertible bond project of Hongda Xingye [2][5] - The investigation is focused on allegations that Yichuang Investment Bank did not fulfill its supervisory responsibilities during the project [5] Group 2: Company Background - Hongda Convertible Bonds, which were listed in December 2019, had an issuance scale of 2.427 billion yuan and a duration of 6 years [6] - Yichuang Investment Bank acted as the lead underwriter for the Hongda Convertible Bonds [6] Group 3: Regulatory Actions - In June 2024, the Jiangsu Securities Regulatory Bureau imposed administrative penalties on Hongda Xingye and eight related individuals, with fines ranging from 500,000 yuan to 22 million yuan [6][7] - The actual controller of Hongda Xingye, Zhou Yifeng, received a lifetime ban from the securities market, while the financial director, Lin Guisheng, was banned for 10 years [7][8] Group 4: Misuse of Funds - The Jiangsu Securities Regulatory Bureau found that Hongda Xingye misappropriated funds raised in 2019, with some being used by its controlling shareholder and related parties [7] - The company’s financial reports from 2019 to 2022 contained false records regarding the use of raised funds and failed to disclose significant legal and arbitration matters in a timely manner [7]

Core Viewpoint - The company announced that its wholly-owned subsidiary, First Capital Securities Underwriting and Sponsorship Co., Ltd., is under investigation by the China Securities Regulatory Commission (CSRC) for alleged negligence in its supervisory duties related to the Hongda Xingye Co., Ltd. convertible bond project in 2019 [1][4]. Group 1 - The CSRC has decided to initiate a case against First Capital Securities due to the suspected failure to diligently perform its continuous supervision duties [1]. - The company stated that First Capital Securities will actively cooperate with the CSRC and will strictly adhere to regulatory requirements for information disclosure [4]. - The operational status of the company and First Capital Securities remains normal at this time [4].

第一创业公告，全资子公司第一创业证券承销保荐有限责任公司于2025年10月31日收到中国证监会《立 案告知书》。因一创投行在鸿达兴业股份有限公司2019年可转债项目中，涉嫌持续督导业务未勤勉尽 责，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，2025年10月29日，中 国证监会决定对一创投行立案。 ...

Core Viewpoint - The report by Zhiyan Consulting highlights the growth of China's primary plastic production, projecting a significant increase in output and market potential from 2025 to 2031 [1] Industry Summary - According to the National Bureau of Statistics, China's primary plastic production reached 11.69 million tons in April 2025, marking a year-on-year growth of 12% [1] - From January to April 2025, the cumulative production of primary plastics in China was 46.01 million tons, reflecting a cumulative growth of 10.1% [1] - The report emphasizes the ongoing expansion and future prospects of the plastic products industry in China, indicating a robust market environment for investment [1] Company Summary - Listed companies in the plastic industry include Hengyi Petrochemical (000703), Rongsheng Petrochemical (002493), Shanghai Petrochemical (600688), Sinopec (600028), China National Petroleum (601857), Huajin Co. (000059), Tongkun Co. (601233), Hengli Petrochemical (600346), Satellite Chemical (002648), and ST Hongda (002002) [1] - These companies are positioned to benefit from the anticipated growth in the plastic production sector, aligning with the overall market trends identified in the report [1]

Core Viewpoint - The article discusses ongoing legal actions against Dahua Intelligent (002512) and Hongda Xingye (002002) for alleged violations of securities laws, including issues related to information disclosure and financial misreporting [1][3]. Group 1: Dahua Intelligent (002512) - Dahua Intelligent has been under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a formal case being opened on July 29, 2025 [1]. - The company failed to disclose significant contracts and related financial support matters, as well as related party transactions [1][2]. - Investors who purchased Dahua Intelligent shares between August 27, 2021, and January 1, 2025, and sold or held their shares after January 1, 2025, may be eligible to file claims for compensation [3]. Group 2: Hongda Xingye (002002) - Hongda Xingye is facing legal action for multiple violations, including unauthorized changes to the use of raised funds from 2019 and false reporting in annual and semi-annual reports from 2019 to 2023 [3][4]. - The company allegedly inflated revenue and profits through false accounting practices, leading to misleading financial statements [4][5]. - Investors who bought Hongda Xingye shares between January 6, 2020, and September 23, 2023, and sold or held their shares after September 23, 2023, may also pursue claims for compensation [6].

Core Points - The ongoing investor compensation cases against Haofeng Technology (300419) and Hongda Xingye (002002) due to false statements are being actively pursued by attorney Xu Feng [1][2] - Haofeng Technology has been found to have inflated its 2020 revenue by 73.1285 million yuan, accounting for 11.43% of its total revenue for that year, leading to false records in its annual report [1] - Hongda Xingye has been implicated in multiple violations, including unauthorized changes to the use of raised funds and false records in its annual reports from 2019 to 2022 [2][3][4][5] Haofeng Technology - The investor compensation case has been filed in court, and the company is awaiting further court arrangements [1] - Investors who purchased Haofeng Technology shares between April 26, 2021, and December 27, 2023, may still initiate claims [2] Hongda Xingye - The compensation case for Hongda Xingye has also been filed, with the company awaiting court proceedings [2] - The company has been found to have made false statements regarding its financial reports and the use of raised funds, impacting its reports from 2019 to 2023 [2][3] - Investors who bought Hongda Xingye shares between January 6, 2020, and September 23, 2023, are eligible to file claims [6]

| | | 鸿达兴业股份有限公司 关于公司股票和可转换公司债券终止上市暨摘牌的公告 1 一、终止上市股票的证券种类、简称、代码、终止上市决定日期、摘牌日期 1、证券种类：人民币普通股、可转换公司债券 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、公司股票和可转换公司债券已被深圳证券交易所决定终止上市，将在 2024年3月18日被深圳证券交易所摘牌； 2、根据《退市公司可转换公司债券管理规定》第三十条，退市可转债自交 易所摘牌后至挂牌期间不得实施转股、赎回、回售等操作，挂牌后需重新提交 转股、赎回、回售等相关信息。投资者已提交转股、赎回、回售等操作申请， 摘牌前未实施完成的，需待可转债在股转公司挂牌后重新提交操作申请，敬请 投资者注意。 3、结合公司目前的资金状况，存在可转换公司债券回售违约的风险。敬请广 大投资者理性投资，注意风险。 鸿达兴业股份有限公司（以下简称"公司"）于2024年2月26日收到深圳证 券交易所（以下简称"深交所"） 下发的《关于鸿达兴业股份有限公司股票及 可转换公司债券终止上市的决定》（深证上〔2024〕137号），深交 ...