无资质却承销债券，这家机构被罚

Core Viewpoint - China Zhongjin Wealth Securities Co., Ltd. has been warned by the China Interbank Market Dealers Association for two violations during the underwriting of debt financing instruments, highlighting the need for stricter compliance with underwriting qualifications in the industry [1][2][4]. Group 1: Company Overview - Zhongjin Wealth Securities is a wholly-owned subsidiary of Zhongjin Company, focusing on wealth management, with a reported revenue of 6.657 billion yuan and a net profit of 1.194 billion yuan in 2024 [2]. - As of the end of 2024, Zhongjin Wealth Securities operated 215 securities business departments and had total assets of 183.416 billion yuan [2]. Group 2: Regulatory Actions - Zhongjin Wealth Securities is the first brokerage firm publicly named by the Dealers Association in 2025 and the first to be penalized for underwriting qualifications this year [2]. - The Dealers Association has been optimizing the evaluation system for underwriting businesses, emphasizing that lead underwriters must possess specific qualifications, with 25 firms listed as "general lead underwriters" and 21 as "underwriters," excluding Zhongjin Wealth Securities [3]. Group 3: Industry Context - The industry has seen multiple penalties for brokerages and banks due to internal control deficiencies and non-compliance in bond underwriting, indicating a trend towards stricter regulatory scrutiny [2]. - The financial assistance provided by issuers to investors can distort bond pricing mechanisms and undermine market fairness, as evidenced by past penalties against other firms for similar violations [5].