Xi Niu Cai Jing·2025-09-30 08:50Core Points - Recent disciplinary actions have been taken against two representatives from CITIC Securities, Chen Qiang and Zhao Liang, who were involved in the IPO sponsorship of Guoyao Co., Ltd. [2] - Guoyao Co., Ltd. submitted its IPO application to the Shenzhen Stock Exchange on June 28, 2023, but later withdrew the application on June 22, 2024, along with its sponsor CITIC Securities [4] - The actual controller of Guoyao Co., Ltd., Wu Qiuhua, holds a significant 57.6% stake directly and controls an additional 11.4% through other entities, totaling 69.6% [4] - Wu Qiuhua has engaged in substantial financial transactions with individuals Zhang Guanghai and Zhou Aiguo, raising concerns about the legitimacy of these transactions [5] - CITIC Securities has faced multiple disciplinary actions this year, with representatives Hu Song and Yu Lei also penalized in May, and Liu Kuibo and Lü Yan penalized in July [5] Group 1 - CITIC Securities representatives Chen Qiang and Zhao Liang have been classified as C-level due to disciplinary actions by the Shenzhen Stock Exchange [2] - Guoyao Co., Ltd. withdrew its IPO application after it was initially accepted, indicating potential issues with the sponsorship process [4] - Wu Qiuhua's control over Guoyao Co., Ltd. is significant, with a total of 69.6% ownership [4] Group 2 - Wu Qiuhua's financial dealings with Zhang Guanghai and Zhou Aiguo involve large sums, prompting the Shenzhen Stock Exchange to request explanations regarding the nature and rationale of these transactions [5] - CITIC Securities has seen a pattern of disciplinary actions against its representatives, indicating potential systemic issues within the firm [5]