东兴证券“踩雷”欺诈发行第一股 近四年在科创板“交白卷”储备项目归0|科创板6周年

Core Insights - The Sci-Tech Innovation Board (STAR Market) has significantly optimized the A-share market structure and serves as a crucial platform for tackling key core technologies since its launch on July 22, 2019 [1][6] - As of July 22, 2025, a total of 591 companies have been listed on the STAR Market, raising a cumulative 927.156 billion yuan in IPO funds, with a total market capitalization exceeding 7 trillion yuan [1][6] Underwriting and Market Performance - A total of 65 securities firms have provided underwriting and sponsorship services for the 591 STAR Market companies, with Guotai Junan leading with 112 underwritings, followed by CITIC Securities with 99 [1][2] - The top five firms by underwriting amount are Guotai Junan (213.777 billion yuan), CITIC Securities (167.069 billion yuan), CICC (130.254 billion yuan), CITIC Jinpu (88.015 billion yuan), and Huatai Securities (62.288 billion yuan) [2][4] East Asia Securities Case - Dongxing Securities, ranked around 20th in the competitive landscape, has sponsored 7 IPOs, accumulating an underwriting amount of 4.985 billion yuan, but faced significant reputational damage due to the fraudulent issuance case of Zeda Yisheng [5][6] - Zeda Yisheng was the first company to be forced to delist due to major violations, with its fraudulent activities inflating revenue by 342 million yuan and profits by 187 million yuan during its IPO period [5][6] - Following the Zeda Yisheng incident, Dongxing Securities has not sponsored any IPOs on the STAR Market since August 27, 2021, and has faced a 100% withdrawal rate for its IPO projects in 2024 [6][7]