长城证券投行业务卷入特发信息近2亿重大财务造假

Core Viewpoint - The sudden resignation of Longcheng Securities' president, Li Xiang, raises suspicions, particularly as it coincides with the sensitive period of regulatory scrutiny related to the financial fraud case involving Te Fa Information, where Longcheng Securities served as a long-term sponsor [1][9][10]. Group 1: Resignation Details - Li Xiang submitted his resignation on July 18, 2025, citing "personal reasons," and left the company entirely after five years as president [1]. - His departure was notably abrupt, with the board approving the resignation on the same day without any transitional arrangements, which is unusual for such a senior position [8][9]. - Li Xiang's resignation comes just before the regulatory authorities are expected to determine the responsibilities of related intermediary institutions in the Te Fa Information fraud case [9][10]. Group 2: Financial Fraud Case - Te Fa Information was found to have committed financial fraud amounting to nearly 200 million yuan over five years from 2015 to 2019, during which Longcheng Securities continued to provide sponsorship [2][16]. - Longcheng Securities has been associated with Te Fa Information for over a decade, consistently issuing compliance reports despite the ongoing fraud [14][16]. - The fraud involved fabricating transactions and inflating revenues, with Longcheng Securities failing to detect these issues during the critical period [16][19]. Group 3: Li Xiang's Compensation and Responsibilities - During his tenure, Li Xiang received over 10 million yuan in compensation, raising questions about accountability given the significant risks associated with the company's core business [12][17]. - As president, Li Xiang had direct management authority over the investment banking operations, which were implicated in the fraud case [16][19]. - The potential regulatory repercussions for Longcheng Securities include administrative penalties and possible civil liabilities if investors pursue collective lawsuits [18][19].