世间或再无东兴证券：在审IPO项目疑点重重 是否存在“下一个泽达易盛”？|投行排雷

Core Viewpoint - Dongxing Securities is planning to merge with CICC and Xinda Securities, which will lead to the historical dissolution of Dongxing Securities. The combined entity will have an asset scale exceeding 1 trillion yuan, but the merger may complicate the management of existing IPO projects due to concerns over financial integrity and compliance issues with Dongxing's current projects [1][2]. Group 1: Merger and Asset Scale - Dongxing Securities is in the process of planning a merger with CICC and Xinda Securities, which will result in the dissolution of the Dongxing brand [1]. - The new entity formed from the merger will have an asset scale exceeding 1 trillion yuan [1]. Group 2: Current IPO Projects and Concerns - Dongxing Securities currently has three IPO projects under review: Hunan Weapon Industry Group, Meikang Co., and Guoliang New Materials, all of which are facing scrutiny [2][4]. - Concerns have been raised regarding Hunan Weapon Industry's compliance with social insurance contributions, with significant percentages of employees not receiving full benefits [10][11]. - Meikang Co. has faced questions about the authenticity of its financial performance, particularly regarding its high gross margins and sales expense ratios compared to industry averages [12][13]. Group 3: Historical Issues with Sponsored Projects - Dongxing Securities has a history of sponsored projects facing severe issues, including the infamous case of Zeda Yisheng, which was penalized for financial fraud [16][19]. - Other projects, such as Zhongtian Energy and *ST Zhongzhuang, have also faced significant compliance and financial integrity issues during their sponsorship by Dongxing Securities [17][18]. - The trend of "performance reversal" post-IPO has been noted in several companies sponsored by Dongxing, raising questions about the due diligence practices of the firm [19][20][21].