麒麟信安骗取上交所成功上市：公司、保荐人、律所、会所全部闭眼 中泰证券等赚取7600多万 股市是他们的财神

Core Viewpoint - Kirin Xin'an has successfully deceived the Shanghai Stock Exchange (SSE) to go public, with all involved parties, including the company, sponsors, law firms, and accounting firms, turning a blind eye to the misconduct. The intermediary firms, such as Zhongtai Securities, earned over 76 million in fees, while the only penalty imposed was a "regulatory warning" [1][19]. Group 1: Financial Misconduct - Kirin Xin'an's largest client, referred to as A1, accounted for significant sales revenue of 62.50 million, 102.95 million, and 144.17 million, representing 44.23%, 44.52%, and 42.65% of total revenue in respective periods [20][27]. - In May 2022, A1 issued a rectification notice claiming that Kirin Xin'an had inflated the total contract price by 23.70 million, demanding a refund of the excess amount [20][27]. - After receiving the notice, Kirin Xin'an failed to report the issue to the SSE and did not update its IPO application documents [21][27]. Group 2: Intermediary Involvement - The SSE issued an inquiry in August 2022, requiring intermediary institutions to verify the claims made in the rectification notice. Kirin Xin'an did not provide accurate information during this process, and the intermediaries, including Zhongtai Securities and various lawyers and accountants, chose to ignore the discrepancies [21][27]. - The total funds raised by Kirin Xin'an during the IPO amounted to 910.12 million, with a net amount of 833.19 million after deducting issuance costs. The actual fundraising exceeded the planned amount by 173.67 million [22][27]. Group 3: Regulatory Response - The SSE's current penalty for the involved intermediaries is merely a "regulatory warning." The China Securities Regulatory Commission has strengthened accountability mechanisms for IPO processes, establishing a principle of "penetrating supervision and full-chain accountability" [23][27]. - Despite the regulatory framework, the penalties imposed do not seem to deter intermediaries from engaging in similar misconduct, as they continue to profit significantly from IPOs [23][27].