国融证券因债券承销旧案收警示函 现为西部证券子公司

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a warning letter to Guorong Securities Co., Ltd. for inadequate due diligence in the bond issuance and management related to Sanding Holdings Group Co., Ltd. [1][4] Group 1: Regulatory Actions - Guorong Securities failed to conduct thorough due diligence on Sanding Holdings' acquisition of Jinhua Weida Real Estate Co., Ltd., violating the regulations set forth in the Measures for the Administration of Issuance and Trading of Corporate Bonds [1][4] - The Zhejiang Securities Regulatory Bureau decided to issue a warning letter as a supervisory measure, which will be recorded in the integrity file of the securities and futures market [1][4] Group 2: Financial Misstatements - Sanding Holdings had inflated its consolidated financial statements by 1.865 billion yuan in total assets and 1.182 billion yuan in net assets for 2016, and by 1.873 billion yuan in total assets and 1.182 billion yuan in net assets for 2017 due to the improper inclusion of Weida Real Estate [2] - These financial misstatements led to false records in the offering documents and annual reports of several corporate bonds issued by Sanding Holdings [2] Group 3: Ownership Changes - On September 11, 2025, a transfer of shares in Guorong Securities was completed, with West Securities Co., Ltd. acquiring 1,151,433,439 shares, representing 64.5961% of Guorong Securities' total share capital [3]