四家公司被处分！

Core Viewpoint - The China Interbank Market Dealers Association has issued self-discipline penalties to four entities for engaging in non-market-based bond issuance and trading practices, highlighting ongoing regulatory scrutiny in the bond market. Group 1: Entities Involved - Shanghai Tengwen Industrial Development Co., Ltd., Xinjing Development Investment Co., Ltd., Xiangyu Management Consulting (Shanghai) Co., Ltd., and Chengdu Dongjin Huai Prefecture New City Investment Group Co., Ltd. are the four entities penalized [1][2]. - Xinjing Development was found to have issued bonds in a non-market manner, including arranging for institutions to purchase its own bonds and providing financial assistance [1][2]. Group 2: Regulatory Actions - The Association has issued a severe warning to Huaitou Group and a warning to Xinjing Development, requiring it to rectify issues related to bond issuance management [3]. - The Association has also warned Xiangyu Consulting and Shanghai Tengwen for their involvement in the non-compliant activities [3]. Group 3: Market Context - The Association has intensified its scrutiny of structured bond issuance practices, with previous penalties issued to various entities for similar violations [3]. - Industry insiders have noted that some issuers engage in practices that disrupt market order, such as using related parties to fund or purchase their own bonds, which has led to increased regulatory actions against private funds and other financial entities [3].