Xin Lang Zheng Quan·2025-07-25 04:29Core Insights - The Sci-Tech Innovation Board (STAR Market) has significantly optimized the industry structure of the A-share market since its launch on July 22, 2019, with a total of 591 companies listed and a cumulative IPO fundraising of 927.156 billion yuan by July 22, 2025 [1][2]. Underwriting and Fundraising - A total of 65 securities firms have provided underwriting and sponsorship services for the 591 STAR Market companies, with Guotai Junan leading in the number of underwritings at 112, followed by CITIC Securities with 99 [1][2]. - The top five securities firms by underwriting amount are Guotai Junan (213.777 billion yuan), CITIC Securities (167.069 billion yuan), CICC (130.254 billion yuan), CITIC Jianzhong (88.015 billion yuan), and Huatai Securities (62.288 billion yuan) [2][4]. Performance of CITIC Securities - CITIC Securities has earned approximately 6.996 billion yuan in underwriting and sponsorship income from 99 STAR Market IPO projects, maintaining its position as the top firm in this regard [5]. - Despite its strong performance, CITIC Securities faced scrutiny due to its involvement with *ST Guandian, which has been flagged for potential delisting risks, highlighting the challenges in maintaining underwriting quality [5][6]. Issues with *ST Guandian - *ST Guandian has been criticized for failing to disclose non-operating fund occupation and related party transactions, leading to significant omissions in its financial reports [6][7]. - The company’s 2022 annual report contained false records, inflating bank deposits by 139 million yuan, which constituted 13.37% of its total disclosed assets [7][8]. - The ongoing issues with *ST Guandian raise questions about the accountability of CITIC Securities and its staff regarding their oversight responsibilities [8].