news flash·2025-05-18 10:33Group 1 - Multiple securities firms, including CITIC Securities and Guotou Securities, have been warned by regulators for violations in investment banking operations [1] - The Shanghai Stock Exchange disclosed that these firms violated the classification review mechanism for refinancing of listed companies [1] - A total of over 30 securities firms have been named by regulators for investment banking violations this year [1] Group 2 - Regulatory authorities are intensifying oversight on intermediary institutions, focusing on issues such as fees and internal controls in investment banking [1] - Firms like Huafu Securities and Wukuang Securities also received written warnings from the Shanghai and Shenzhen Stock Exchanges for multiple violations in their investment banking practices [1] - The regulatory approach emphasizes severe penalties to deter misconduct among intermediary institutions [1]