严惩“带病闯关” 年内19单IPO撤单项目中介或发行人受罚

Core Viewpoint - The regulatory authorities have intensified penalties for companies withdrawing IPO applications and their intermediaries, emphasizing the need for accountability and improved compliance in the IPO process [1][3][5]. Group 1: Regulatory Actions - As of June 11, 2023, there have been 19 IPO withdrawal projects resulting in 65 penalties issued to intermediaries and issuers, reflecting a significant increase in regulatory scrutiny [1][2]. - The penalties include written warnings for sponsoring and auditing institutions, while issuers and responsible individuals face public criticism [1][5]. - The Shanghai Stock Exchange has implemented disciplinary actions, including a ban on accepting IPO applications for 1 to 5 years for certain companies and 6 to 24 months for responsible individuals [5][6]. Group 2: Increased Accountability - The trend of "one case, four penalties" is becoming more common, with 13 brokerage firms, 9 accounting firms, and 5 law firms involved in the penalties for the 19 withdrawal projects [2]. - The regulatory framework has shifted from merely reviewing applications to ensuring compliance throughout the process, holding intermediaries accountable even if the IPO application is withdrawn [4][8]. Group 3: Issues Identified - Common issues found in the withdrawn IPO projects include financial fraud, inaccurate disclosures, and internal control failures, with some discrepancies exceeding 40% [3][7]. - The regulatory authorities have noted that many problems were identified during on-site inspections, leading to a more rigorous approach to oversight [3][7]. Group 4: Recommendations for Improvement - Intermediaries are encouraged to enhance their due diligence processes, implement robust internal controls, and utilize technology for better compliance and oversight [8][9]. - The establishment of a quality control system and risk management measures is recommended to prevent future compliance issues [9].