16人，被暂停资格

Group 1 - The core point of the article is the update of the sponsor representative (保代) classification list by the China Securities Association, where 16 representatives have been classified as D-class and will temporarily lose their signing qualifications [1] - Compared to the D-class list updated in June last year, 4 representatives have been removed, while 3 new representatives have been added from First Capital Securities, Guolian Minsheng Securities, and Dongwu Securities [2] - The C-class list includes 281 representatives, with 86 new additions in 2025, an increase of 35 compared to June of the same year [3] Group 2 - The D-class list is dynamically updated by the China Securities Association, and those who meet the rectification requirements after the penalty period will be removed from the D-class list [4] - Most representatives previously on the D-class list have left their positions or moved to general securities business [5] - The revised "Securities Company Investment Banking Business Quality Evaluation Method" includes all sponsor projects entering the review and registration phase, addressing previous ambiguities in evaluation scope [5] Group 3 - Specific cases of penalties include First Capital Securities, which faced a total penalty of approximately 16.98 million yuan due to issues in the Hongda Xingye convertible bond project [5] - Guolian Minsheng Securities' representative Jin Yaping was penalized over 10 million yuan for personal trading violations, marking a significant case among problematic representatives [6] - Donghai Securities received the highest single penalty in 2025, totaling 60 million yuan for failing to detect financial fraud in a major asset restructuring project [6] Group 4 - The C-class list includes representatives from leading securities firms, with Guolian Minsheng Securities having 11 representatives, Huatai United 8, and both CITIC Securities and CITIC Jianzhong having 7 [7] - Recent regulatory measures have intensified penalties for major negative compliance issues, impacting annual ratings of investment banking businesses [8] - The evaluation results will influence the management of sponsor representatives and the frequency of inspections by the China Securities Association [8]