飞潮新材IPO撤单一年后被追责，国金证券保代又栽了！

Core Viewpoint - Feichao New Materials, a technology company engaged in the research and production of filtration materials, withdrew its IPO application after being found in violation of several regulations during the listing process [2][3]. Financial Irregularities - The company failed to recognize estimated liabilities for loss contracts, inaccurately allocated R&D expenses, insufficiently justified revenue recognition, and miscalculated inventory impairment. These irregularities led to an overstatement of profits by 1.66 million yuan and 1.45 million yuan for 2021 and 2022, respectively, accounting for 6.96% and 2.40% of total profits for those periods [2][3]. Corporate Governance Issues - There were significant deficiencies in corporate governance and independence, with personnel, asset, and fund management being mixed between Feichao New Materials and its controlling shareholder, Chuangfudi, as well as shareholder Feichao Kemao. Some of these issues persisted even after the company underwent restructuring and established relevant management systems [2][3]. Insufficient Disclosure of Related Transactions - The application documents did not disclose the transfer of certain trademarks from Feichao Kemao to the company as a related party transaction, nor did they adequately explain the formation of a 17.997 million yuan fund balance lent to shareholders in early 2020. The necessity, reasonableness, and fair pricing of sales from Feichao New Materials to Feichao Kemao were also not sufficiently analyzed [2][3]. Internal Control Failures - Internal controls were inadequately executed, including superficial reviews of fund management with related parties, improper sales management and revenue recognition processes, and issues in inventory and cost management, such as uncounted inventory at the end of 2020 and unclear external processing management procedures [3]. Regulatory Actions - The Shanghai Stock Exchange issued regulatory warnings to the then Chairman He Xiangyang, then General Manager He Sheng, and then CFO and Board Secretary Zhu Qigao for their roles in the violations. The underwriters from Guojin Securities, Lu Yulong and Zhou Jie, were also penalized for failing to identify and rectify these issues, highlighting significant deficiencies in their verification procedures [3][4]. Industry Context - Guojin Securities has faced multiple regulatory penalties in recent years, indicating ongoing issues with its underwriting practices. For instance, in September 2024, the Xiamen Securities Regulatory Bureau criticized the firm for inadequate diligence in the IPO project of Luopute, leading to inaccurate reports. Additionally, the Shanghai Stock Exchange issued a public reprimand to Guojin Securities for deficiencies in the issuance process of Xiangnian Foods [7][8]. Performance Metrics - In the first half of 2025, Guojin Securities had a withdrawal rate of 25% for equity projects, the highest among its peers, compared to leading firms like CITIC Securities and Guotai Junan, which maintained rates below 10% [8].