Xi Niu Cai Jing·2025-04-25 12:31Group 1 - The core issue revolves around Hainuo Environmental Industry Co., Ltd.'s application for an initial public offering (IPO) being terminated by the Shenzhen Stock Exchange due to internal control deficiencies in R&D investment and improper accounting practices [2] - Shenwan Hongyuan Securities, the sponsor for Hainuo's IPO, failed to adequately address and verify these issues, leading to inaccurate verification opinions and incomplete documentation [2][3] - This incident marks the second disciplinary action against Shenwan Hongyuan in a month, following a previous reprimand related to another company's IPO process [2][4] Group 2 - The Shanghai Stock Exchange highlighted that Shenwan Hongyuan's sponsorship duties were not fulfilled adequately, including insufficient verification of R&D personnel and investment accuracy, governance deficiencies, and risks related to accounts receivable [3] - On April 18, the Shenzhen Stock Exchange announced self-regulatory measures against Shenwan Hongyuan and its representatives, indicating ongoing scrutiny of their practices [4]