GUOYUAN SECURITIES(SZ:000728) Mei Ri Jing Ji Xin Wen·2025-10-22 13:49Core Viewpoint - The recent involvement of Guoyuan Securities and its representative Sun Bin in a criminal case related to Siert has exposed significant risks in the deep binding model between sponsors and clients, highlighting ongoing challenges in Guoyuan Securities' investment banking business [2][3]. Group 1: Incident Overview - Siert announced that its former executives were involved in criminal activities, leading to the involvement of Guoyuan Securities' representative Sun Bin, who is accused of bribery and embezzlement [2][3]. - The case was reported to the police in January 2024 after Siert discovered misconduct among its management [3]. - Sun Bin has been a long-term employee of Guoyuan Securities since 2008 and has closely worked with Siert on multiple financing projects, creating a deep business relationship that has now led to significant risks [4]. Group 2: Industry Challenges - Guoyuan Securities has faced a high IPO project withdrawal rate of 63.16% from 2023 to 2024, raising questions about its professional capabilities and project selection standards [5]. - Notable cases of project withdrawals include Anxin Electronics and Dachang Technology, both of which resulted in disciplinary actions from regulatory bodies due to significant deficiencies in due diligence [5][6]. - The company has received multiple warnings from regulatory authorities, indicating systemic issues in its internal controls and management practices [6]. Group 3: Financial Performance - Guoyuan Securities' investment banking revenue has drastically declined from 766 million yuan in 2022 to 201 million yuan in 2023 and 163 million yuan in 2024, with consecutive losses reported [7][8]. - The company reported a loss of 764.91 million yuan in the first half of 2025, continuing a trend of unprofitability in its investment banking segment [8]. - In response to these challenges, Guoyuan Securities has outlined a four-point rectification plan aimed at improving compliance, internal controls, and overall operational quality [8].