Xin Lang Cai Jing·2025-12-31 05:43Core Viewpoint - First Capital Securities (referred to as "Yichuang Investment Bank") failed to fulfill its supervisory duties as the guarantor and supervisor for Hongda Xingye's convertible bond issuance in 2019, leading to significant financial misconduct [1][14]. Group 1: Issues Identified - Hongda Xingye misappropriated nearly 1.7 billion yuan of the raised funds, primarily benefiting its major shareholder, and falsely returned approximately 848.35 million yuan without proper disclosure [2][15]. - Yichuang Investment Bank received over 4.24 million yuan in sponsorship fees but did not adequately investigate the misappropriation and false return of funds during its supervisory period, resulting in misleading reports [2][15]. Group 2: Penalties Imposed - Yichuang Investment Bank was warned and ordered to rectify its actions, with a total penalty of approximately 12.74 million yuan in fines and the confiscation of its sponsorship income of 4.25 million yuan [3][5][18]. - Two responsible representatives, Song Yao and Fan Benyuan, received warnings and were each fined 1.5 million yuan [6][20].