连续多年财务造假、虚增利润40亿元等，鸿达兴业遭重罚后退市，一创投行被立案：涉嫌持续督导业务未勤勉尽责

Core Viewpoint - The investigation into First Capital's subsidiary, First Capital Securities, is a response to historical misconduct related to the 2019 convertible bond project of Hongda Xingye, which has led to severe penalties and the company's delisting due to financial fraud and profit inflation. Group 1: Regulatory Actions and Investigations - First Capital Securities has received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into its alleged failure to diligently supervise the Hongda Xingye 2019 convertible bond project [1][3]. - The CSRC's investigation is part of a broader accountability mechanism targeting intermediaries that fail to fulfill their supervisory responsibilities [9]. Group 2: Financial Misconduct of Hongda Xingye - Hongda Xingye was found to have engaged in serious financial fraud, including unauthorized changes to the use of raised funds amounting to 1.691 billion yuan and inflating profits by a total of 4.078 billion yuan from 2020 to 2023 [2][8]. - The company faced a total penalty of 57.8 million yuan, with its actual controller receiving a lifetime ban from the securities market [2][9]. Group 3: First Capital's Business Performance - Despite the ongoing investigation, First Capital reported a revenue of 2.985 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 24.32%, and a net profit of 771 million yuan, up 20.21% [3]. - The investment banking segment of First Capital achieved revenues of 197 million yuan, a 15.13% increase year-on-year, constituting 6.60% of the company's total revenue [3]. Group 4: Future Business Focus - First Capital Securities is focusing on initial public offerings (IPOs) on the Beijing Stock Exchange, having successfully applied for one IPO project in the first half of 2025 [4]. - The ongoing investigation may impact the pace of its current business operations, particularly regarding its IPO activities [4].