Nan Fang Du Shi Bao·2025-12-08 12:51Group 1 - The case of First Capital Securities Co., Ltd. (referred to as "First Capital") highlights the increasing trend of penalties imposed on underwriting investment banks for the violations of listed companies they sponsor [2] - First Capital's wholly-owned subsidiary, First Capital Securities Underwriting and Sponsorship Co., Ltd. (referred to as "First Capital Investment Bank"), was fined nearly 17 million yuan by the Jiangsu Securities Regulatory Bureau due to its joint liability for the sponsored company [2] - The penalties included fines of 1.5 million yuan for two responsible individuals, totaling nearly 20 million yuan [2] Group 2 - Hongda Xingye Co., Ltd. (referred to as "Hongda Xingye") has faced multiple negative reports in the capital market, including an investigation by the China Securities Regulatory Commission for information disclosure violations [3] - Hongda Xingye's stock price fell below 1 yuan per share for twenty consecutive trading days, triggering mandatory delisting regulations, and the company was officially delisted on March 18, 2024 [3][4] - The Jiangsu Securities Regulatory Bureau announced that Hongda Xingye had committed three major violations, including unauthorized changes to the use of raised funds and false records in financial reports [4] Group 3 - As the sponsor for Hongda Xingye's 2019 convertible bond project, First Capital Investment Bank was also penalized for failing to perform due diligence during the continuous supervision period [5] - The penalties for First Capital Investment Bank included a fine of 12.73 million yuan and the confiscation of sponsorship income amounting to 4.2453 million yuan [5] - First Capital has stated that it will take this case as a lesson to improve its operational quality and compliance in the future [5]