Guizhou Zhenhua E-chem (SH:688707) Mei Ri Jing Ji Xin Wen·2025-12-09 22:35Core Viewpoint - The case of a senior sponsor representative facing severe criminal charges for "sudden shareholding" has shocked the investment banking community, highlighting the stringent regulatory environment and the serious consequences of corruption in the industry [1][2]. Group 1: Case Details - On December 9, it was reported that Du Pengfei, a senior sponsor representative from a leading brokerage, was prosecuted for "bribery" related to the IPO project of Zhenhua New Materials, with the prosecution suggesting a sentence of 10 to 11 years despite the involved amount being 4.1 million yuan [1][2]. - Du Pengfei had a notable career, having participated in significant capital operations, including IPO projects for Zhenhua New Materials and others, and was recognized as a key figure in the investment banking sector [2][3]. - The case is currently under trial, with the prosecution's recommendation indicating a strong message against corruption in the financial sector [2]. Group 2: Background and Mechanism - The case involves a dramatic narrative where the issuer, Zhenhua New Materials, actively sought assistance from Du Pengfei after failing to meet fundraising targets during a private placement, leading to his involvement through a familiar intermediary [4][5]. - Du Pengfei's investment was facilitated through a familiar company employee, who contributed 1.5 million yuan to a designated holding account, with profits to be shared verbally, highlighting the lack of formal agreements in such transactions [4][5]. Group 3: Legal Implications - The prosecution's classification of the "sudden shareholding" as "bribery" stems from the nature of the sponsor's role, where leveraging position for personal gain is deemed a violation of legal and ethical standards [6]. - The Securities Law explicitly prohibits securities professionals from holding or trading stocks directly or indirectly, reinforcing the legal framework against such corrupt practices [6]. - Historical trends indicate an increasing severity in penalties for financial misconduct, with criminal accountability becoming more common in recent years as part of a broader anti-corruption effort in the financial sector [7].