Di Yi Cai Jing·2025-12-24 13:13Core Viewpoint - Regulatory bodies continue to impose penalties on investment banks as the year ends, with a focus on IPO and asset restructuring projects, highlighting a trend of increased scrutiny in the investment banking sector [2][14]. Regulatory Actions - A total of 55 investment banking penalties have been issued this year, with 31 from the Shenzhen Stock Exchange, 16 from the China Securities Regulatory Commission, and 8 from the Shanghai Stock Exchange [14][15]. - The penalties have affected approximately 20 brokerage firms and nearly 70 sponsoring representatives, with measures including written warnings, interviews, and suspension of business qualifications [14][15]. Specific Cases - Notable cases include: - Feichao New Materials: The company withdrew its IPO application after being found to have financial irregularities, leading to regulatory warnings for its chairman and sponsoring representatives from Guojin Securities [4][5]. - Zhuzhou Kenen: This company also faced penalties for inaccuracies in its financial disclosures during its IPO process, resulting in warnings for its chairman and sponsoring representatives from Shengan Securities [6]. - Yuanfeng Electric Control: The project faced delays and eventual termination, with penalties imposed on representatives from Galaxy Securities for failing to adequately address contractual disputes and accounting issues [11][12]. Trends in Penalties - The majority of penalties (over 90%) are related to IPO projects, particularly those that were withdrawn [21]. - The trend indicates that investment banks are under increasing pressure to ensure compliance during the IPO process, as regulatory bodies conduct more on-site inspections [2][21].