Zhong Guo Jing Ji Wang·2025-08-05 08:13Core Viewpoint - The Shanghai Stock Exchange (SSE) has implemented regulatory measures against several IPO and refinancing projects due to issues related to information disclosure and the quality of intermediary services [1][3]. Regulatory Overview - From May to June 2025, the SSE took regulatory actions five times against one IPO project and two refinancing projects, involving one issuer and two responsible individuals, three sponsoring institutions, and eight related responsible persons, as well as three signing accountants [1]. Regulatory Cases - Case 1 involved an issuer (Company A) that failed to accurately disclose related party fund borrowing and had inadequate internal controls regarding waste sales. Despite completing internal control rectifications, Company A still engaged in undisclosed fund borrowing with related parties [3]. - Case 2 highlighted a sponsoring institution that issued a verification opinion inconsistent with actual circumstances, failing to report disciplinary actions from other exchanges that affected their eligibility for refinancing classification review [3]. Specific Institutions Involved - The SSE issued regulatory warnings to CITIC Securities and Guotou Securities for failing to report their disciplinary actions from other exchanges, which disqualified them from applying the refinancing classification review mechanism [4][5]. - The responsible representatives from these institutions were also held accountable for not adequately addressing issues that could impact the review process [4].