梧桐树下V·2025-06-07 03:22Core Viewpoint - The article discusses regulatory actions taken by the Shenzhen Stock Exchange against Huimang Microelectronics (Shenzhen) Co., Ltd. and its associated parties, including criticism of their financial disclosures and internal controls related to their IPO application [1][2][4]. Group 1: Regulatory Actions - On June 6, 2025, the Shenzhen Stock Exchange issued regulatory letters to Citic Securities Co., Ltd. and Dahua Certified Public Accountants, as well as public criticism against Huimang Microelectronics and its key personnel [1][3]. - Huimang Microelectronics had previously applied for an IPO on the Sci-Tech Innovation Board but withdrew its application after being selected for an on-site inspection [2][4]. Group 2: Violations Identified - Huimang Microelectronics reported that its distribution revenue accounted for 91.37%, 94.58%, 95.85%, and 96.78% of its main business income during the reporting periods, but failed to adequately disclose issues with internal controls over this revenue [4][8]. - The company did not accurately disclose the production cycle of its products, which was stated to be approximately six months, but some products took significantly longer, affecting inventory valuation assessments [4][8]. Group 3: Responsibilities of Underwriters and Auditors - Citic Securities and Dahua Certified Public Accountants failed to conduct sufficient due diligence on Huimang Microelectronics' internal controls and financial disclosures, leading to inaccurate audit opinions [11][18]. - The underwriters did not adequately investigate abnormal large fund flows between the issuer and its major suppliers, nor did they take sufficient alternative verification measures [5][20]. Group 4: Consequences and Recommendations - The Shenzhen Stock Exchange decided to issue public criticism against Huimang Microelectronics and its executives for failing to ensure the accuracy and completeness of their IPO application documents [7][22]. - Citic Securities and Dahua Certified Public Accountants were both warned to improve their practices and ensure compliance with relevant regulations in future engagements [14][21].