Zhong Guo Jing Ji Wang·2025-12-23 06:45Core Viewpoint - The Shenzhen Stock Exchange has decided to take disciplinary measures against Wuhan Yuanfeng Automotive Control System Co., Ltd. and its responsible individuals due to violations during the IPO application process, including failure to disclose performance disputes with key customers and inadequate accounting treatment for rebates [1][2]. Group 1: Company Violations - Yuanfeng Electric failed to disclose certain performance disputes with important customers during its IPO application process, leading to discrepancies between inquiry responses and actual situations [1]. - The company did not provide sufficient basis for the accounting treatment of rebates for 2020 and failed to disclose irregularities in internal controls related to revenue recognition [1]. - These actions violated multiple provisions of the Shenzhen Stock Exchange's IPO review rules [1]. Group 2: Responsible Individuals - The actual controller and key executives of Yuanfeng Electric, including Chairman Wu Xuejun, General Manager Tong Xingyuan, and CFO Xie Yongming, are directly responsible for the violations and failed to ensure the authenticity and completeness of the IPO application documents [1]. - The underwriters, Yuan Zhiwei and Wang Bin from China Galaxy Securities, did not adequately address the performance disputes and accounting issues during their review process, leading to inaccurate verification opinions [4]. - The signing accountants, Gao Hong and He Huabo from Zhihong Accounting Firm, also failed to properly investigate the same issues, resulting in violations of the relevant audit rules [4][5]. Group 3: IPO Details - Yuanfeng Electric originally planned to issue no more than 26.67 million shares, accounting for at least 25% of the total share capital post-issue, with the entire offering being new shares [5]. - The company aimed to raise approximately 406.15 million yuan for projects including the construction of an automotive active safety system production base and upgrading its R&D center [5].