Shen Zhen Shang Bao·2025-09-26 04:21Group 1 - The core issue is the disciplinary actions taken against representatives from CITIC Securities, specifically Chen Qiang and Zhao Liang, who were involved in the IPO sponsorship of Guoyao Co., leading to their classification as C-level due to violations [1] - Guoyao Co. submitted its IPO application to the Shenzhen Stock Exchange on June 28, 2023, aiming to raise 764 million yuan, but ultimately withdrew its application on June 22, 2024, after failing to address inquiries satisfactorily [1] - The Shanghai and Shenzhen Stock Exchanges have emphasized that companies withdrawing their IPO applications must still be held accountable for any suspected financial fraud or misrepresentation [1] Group 2 - CITIC Securities has faced multiple penalties this year, with representatives Liu Kuibo and Lü Yan also being classified as C-level for failing to fulfill their sponsorship duties on an IPO project [2] - The company reported a net income of 1.123 billion yuan from investment banking fees in the first half of the year, a year-on-year increase of 12.09%, and completed 15 A-share financing projects with a total underwriting amount of 67.52 billion yuan [2] - A total of 73 sponsors have faced disciplinary measures this year, with CITIC Securities and CITIC Investment both having eight representatives penalized, indicating a significant regulatory crackdown on misconduct in the industry [3]