Sou Hu Cai Jing·2025-12-10 08:19Core Viewpoint - The investigation involving Zhu Dongchen, a prominent figure in the capital market, is linked to the ongoing corruption case of Guo Xudong, raising concerns about systemic issues within the IPO review process [1][5][7]. Group 1: Zhu Dongchen's Background and Career - Zhu Dongchen, known as the "King of Zhejiang Investment Banking," has a significant career history, having worked at Guangfa Securities for 16 years before joining Guotai Junan in 2021, which altered the competitive landscape of the investment banking market in Zhejiang [2][4]. - His transition from Guangfa to Guotai Junan resulted in a dramatic shift in market share, with Guotai Junan's IPO underwriting in Zhejiang increasing from 9 cases (2.16% market share) before 2021 to 17 cases (7.52% market share) after his arrival, while Guangfa's market share declined significantly [4]. Group 2: Investigation and Implications - The investigation into Zhu Dongchen follows the case of Guo Xudong, who is under investigation for serious violations of duty, highlighting a potential network of corruption within the IPO review process [6][7]. - The ongoing investigations have already led to multiple individuals in the securities industry being taken in for questioning, indicating a broader crackdown on corruption in the IPO review sector [7]. - The implications of Zhu Dongchen's case for Guotai Haitong Securities, formed from the merger of Guotai Junan and Haitong Securities, remain to be seen, but it is expected that more corrupt practices within the IPO review process may be uncovered [8].