方正证券 再收警示函

Core Viewpoint - The regulatory scrutiny on Founder Securities has intensified due to its failure to fulfill due diligence obligations as the continuous sponsor for Jingyuan Environmental Protection's 2022 convertible bonds, leading to administrative measures including a warning letter [2][3]. Group 1: Regulatory Issues - Founder Securities was found negligent in its duties as the continuous sponsor for Jingyuan Environmental Protection's 2022 convertible bonds, failing to identify the misuse of raised funds and inaccurate disclosures [3]. - This marks the second regulatory penalty for Founder Securities' investment banking business since 2025, with previous issues related to inadequate due diligence and incomplete disclosures in bond projects [2][3]. Group 2: Business Performance - The number of registered sponsors at Founder Securities has declined from 72 in 2023 to 51 by early 2026, resulting in a drop in industry ranking from 28th to 33rd [4]. - The company's market share in equity underwriting has remained low, with a total equity underwriting amount of 1.103 billion yuan in 2025, representing only 0.11% of the market [4]. - In 2023, the investment banking revenue plummeted by 59.36% to 217 million yuan, and in 2024, the segment reported a loss of 370 million yuan [4][5]. Group 3: Talent and Management Changes - There has been significant talent turnover in Founder Securities, with key analysts leaving for other firms, including the departure of the co-director of the research institute and other prominent analysts [6][7]. - The firm has attempted to strengthen its research team by hiring new leadership, but faced setbacks due to regulatory issues involving the new head of the research institute [6][7]. Group 4: Wealth Management and Financial Performance - Despite challenges in investment banking and research, Founder Securities reported a significant increase in overall revenue, achieving 5.663 billion yuan in the first half of 2025, a 52.14% year-on-year growth, largely driven by its wealth management business [8]. - The company has been actively selling assets to improve cash flow, including the sale of assets related to Zhengzhou Yuda International Trade Building for 730 million yuan [8].