HDXY(SZ:002002) Guan Cha Zhe Wang·2025-12-29 06:52Core Viewpoint - The administrative penalty imposed on First Capital Securities' subsidiary, Yichuang Investment Bank, highlights significant compliance failures in the supervision of a convertible bond project, raising concerns about the responsibilities of underwriting institutions in the capital market [1][10]. Group 1: Incident Overview - On December 26, the Shenzhen Stock Exchange announced that Yichuang Investment Bank received an administrative penalty from the Jiangsu Securities Regulatory Bureau due to supervisory failures in a convertible bond project that began in 2019 [1][6]. - The project involved Hongda Xingye Co., which issued 24.27 billion yuan in convertible bonds, but faced financial difficulties leading to a default on interest payments in December 2020 and subsequent delisting in March 2024 [4][5]. Group 2: Regulatory Findings - Investigations revealed that from the fundraising date in December 2019, Hongda Xingye engaged in serious violations, including unauthorized changes to the use of 16.91 billion yuan of raised funds and failing to disclose significant litigation and guarantees [5][6]. - In June, the Jiangsu Securities Regulatory Bureau penalized Hongda Xingye and eight related individuals, imposing fines totaling 18.5 million yuan on the company and individual fines ranging from 500,000 to 22 million yuan on responsible parties [5][7]. Group 3: Yichuang Investment Bank's Responsibilities - Yichuang Investment Bank was required to continue its supervisory duties beyond the original deadline due to unutilized funds, but failed to adequately verify the actual use of funds and did not provide accurate supervisory opinions, leading to regulatory breaches [5][6]. - The penalties for Yichuang Investment Bank included the confiscation of 4.2453 million yuan in underwriting fees and a fine of 12.7358 million yuan, totaling over 16.98 million yuan [7][10]. Group 4: Company Response and Industry Implications - First Capital Securities stated that it would ensure Yichuang Investment Bank reflects on the situation, accepts the penalties, and implements comprehensive reforms to enhance operational quality and compliance [10][11]. - The incident serves as a warning to the industry about the critical importance of compliance and the responsibilities of underwriting institutions, especially under the new registration system, emphasizing that diligence and adherence to regulations are essential for maintaining market integrity [11].