Zhong Guo Ji Jin Bao·2026-02-13 11:09Core Viewpoint - The China Securities Regulatory Commission (CSRC) issued warning letters to three bond underwriting institutions, namely Caifeng Securities, Pacific Securities, and Zhongtian Guofu Securities, due to violations in their bond business operations [2] Group 1: Violations by Pacific Securities - Pacific Securities has three main violations: inadequate internal control in bond operations, insufficient response to quality control feedback on certain projects, and lack of ongoing monitoring of core enterprises' operational status in asset securitization projects [4] - The company failed to adequately focus on matters affecting the issuer's debt repayment ability during the entrusted management phase [4] Group 2: Violations by Zhongtian Guofu Securities - Zhongtian Guofu Securities was also cited for three violations: poor internal control in bond operations, non-compliance in the underwriting process, and inadequate performance in entrusted management [4] - The company did not sufficiently analyze and verify important risk factors such as financial data fluctuations and related party transactions [4] Group 3: Violations by Caifeng Securities - Caifeng Securities' violations primarily relate to the execution of internal control mechanisms and due diligence in underwriting [4] - The company failed to adequately verify significant financial accounting information affecting the issuer's debt repayment ability and did not effectively supervise the issuer's information disclosure obligations [4] Group 4: Regulatory Actions - The CSRC decided to take administrative regulatory measures by issuing warning letters to the three securities firms due to their violations [2]