Sou Hu Cai Jing·2026-02-28 01:21Core Viewpoint - The article discusses the role of CITIC Securities as the sponsor of HeMai Co.'s IPO, highlighting the controversies surrounding its high issuance price and subsequent stock price collapse, raising questions about the responsibilities of the sponsor [1][11]. Group 1: Sponsorship Role and Controversies - CITIC Securities was the sponsor for HeMai Co.'s IPO in 2021, achieving a record issuance price of 557.8 yuan per share, which raised concerns about potential price manipulation during the inquiry process [2]. - The initial fundraising target was 500 million yuan, but the actual amount raised reached 5.578 billion yuan, resulting in an oversubscription rate of 1015%, significantly exceeding the company's actual needs [2]. Group 2: Stock Price Collapse and Sponsor Responsibility - Following the IPO, CITIC Securities pushed the stock price to a peak of 1338.88 yuan in 2022, a 140% increase from the issuance price, driven by short-term profit motives [3]. - The company's performance deteriorated, with a projected loss of 1.35 billion yuan in 2025, a 139% decline year-on-year, leading to an 83% drop in stock price from its peak [5]. - CITIC Securities failed to effectively supervise the use of the raised funds, with 4.5 billion yuan allocated to financial investments rather than business expansion, indicating a lack of oversight on the company's long-term development [6]. Group 3: Industry Ecosystem and Accountability Issues - CITIC Securities led the industry in underwriting with 246.7 billion yuan in 2025, but the HeMai case revealed a tendency to prioritize scale over quality, as the oversubscription allowed for higher underwriting fees [7]. - Despite regulatory emphasis on accountability, CITIC Securities faced no repercussions for alleged stock price manipulation, with 22 out of 30 companies it sponsored in 2025 experiencing stock price declines, while still collecting 2.8 billion yuan in sponsorship fees [8]. Group 4: Recommendations for Market Restoration - Regulatory authorities should impose limits on oversubscription ratios (e.g., not exceeding 200% of the planned fundraising amount) and require that excess funds be managed in dedicated accounts linked to core business investments [9]. - A proposal to extend the supervision period to five years post-IPO and to include stock price stability metrics in broker ratings was suggested, along with establishing a mechanism for compensating investor losses [10].