Xin Lang Zheng Quan·2025-07-25 09:34Group 1 - The core viewpoint of the article highlights the significant changes and developments in the Sci-Tech Innovation Board (STAR Market) since its inception, emphasizing its role in optimizing the A-share market structure and supporting key technological advancements in China [1] - As of July 22, 2025, a total of 591 companies have been listed on the STAR Market, with a cumulative IPO fundraising amount of 927.156 billion yuan and a total market capitalization exceeding 7 trillion yuan [1] - The STAR Market has become an important platform for tackling key core technologies under a new type of national system [1] Group 2 - In the past six years, the leading underwriters for IPOs on the STAR Market include Guotai Junan and Haitong Securities, with a combined total of 213.777 billion yuan raised from 112 underwriting cases [2][5] - CITIC Securities follows with 167.069 billion yuan from 99 cases, while China International Capital Corporation (CICC) and CITIC Jianzhong Securities rank third and fourth, respectively, in terms of underwriting volume [5] - The overall low rate of serious issues among listed companies is noted, with only 7 out of 591 companies facing significant problems, resulting in a low incidence rate of 1.18% [5][6] Group 3 - Nanjing Securities has faced scrutiny due to its involvement with ST Nuotai, which was flagged for financial misconduct shortly after its IPO, raising concerns about the quality of its ongoing supervision [7][9] - The company earned 211 million yuan in underwriting fees from three IPO projects, with ST Nuotai being a significant contributor despite its subsequent financial issues [7][8] - The regulatory body has not penalized Nanjing Securities for its oversight failures, despite the serious nature of the financial discrepancies found in ST Nuotai's reports [9][12]