仅剩两单IPO全部终止，其中一家还被罚，开源证券投行业务怎么了？

Core Viewpoint - The IPO application of Beijing Sanqing Huilian Technology Co., Ltd. faced multiple setbacks due to serious violations in information disclosure and due diligence cooperation, leading to disciplinary actions from the Shenzhen Stock Exchange [2][3][5]. Group 1: IPO Application Process - The Shenzhen Stock Exchange accepted the IPO application from Sanqing Huilian on September 28, 2023, with Kaiyuan Securities as the sponsor [2][4]. - The IPO process was interrupted in December 2023 due to expired financial documents, resumed in March 2024 after updates, and was ultimately withdrawn by the company on June 9, 2024, leading to the termination of the review [2][3]. Group 2: Violations Identified - Sanqing Huilian failed to disclose payment-related issues, including the use of personal bank accounts for transactions and payments made through external entities, with amounts of 1.3086 million, 1.0731 million, and 1.1908 million yuan reported for each year [2][5]. - The company was found to have recognized revenue prematurely, with a total of 8.3904 million yuan involved, contradicting their claims of no such practices during the review process [3][6]. - There was a concealment of related party fund occupation, where funds from the company were used to pay for shares held by a partner enterprise, which was not disclosed [6][7]. - Additional violations included incomplete historical disclosures, inaccurate supplier information, and misleading R&D expense reporting [7]. Group 3: Disciplinary Actions - The Shenzhen Stock Exchange issued a public reprimand against Sanqing Huilian and its actual controller, Wei Wenhui, along with the CFO, Guo Yebin, for their violations [3][6]. - During inspections, the company deleted emails and records, providing false information, which warranted heavier disciplinary measures [7]. Group 4: Performance of Kaiyuan Securities - Kaiyuan Securities has faced challenges in its sponsorship business, with only two IPO projects since 2024, both of which have been terminated [7]. - The financial performance of Kaiyuan Securities showed fluctuations, with revenues of 3.061 billion, 2.859 billion, and 1.729 billion yuan from 2023 to the first half of 2025, indicating a decline in investment banking revenue [9][10].