交易所出手，头部券商遭警示

Core Viewpoint - Dongfang Securities and related personnel received a warning letter from the Beijing Stock Exchange for failing to perform due diligence responsibilities [2][3]. Group 1: Regulatory Actions - On September 26, 2025, Dongfang Securities and related personnel were issued a warning letter due to negligence in their duties [3]. - In April 2024, Dongfang Securities and two project sponsors received written warnings from the Shenzhen Stock Exchange for not ensuring timely disclosure of relevant merger information by the listed company Robotech [4]. - The China Securities Association's classification list in June 2024 showed that two representatives from Dongfang Securities were subjected to self-regulatory measures by the Beijing Stock Exchange, although specific reasons were not disclosed [4]. Group 2: Business Developments - In 2024, Dongfang Securities completed the merger with its investment banking subsidiary, Dongfang Securities Underwriting and Sponsorship Co., which resulted in the transfer of all existing clients and business operations to Dongfang Securities [4]. - Dapeng Industrial, a company sponsored by Dongfang Securities, faced multiple challenges in its IPO journey, including a change in sponsorship and delays due to issues with its accounting firm [5]. - The Beijing Stock Exchange has implemented stricter regulations for IPO approvals, emphasizing the responsibility of intermediary institutions to ensure compliance [5]. Group 3: Industry Context - The Beijing Stock Exchange has established a rigorous regulatory framework since its inception, focusing on key individuals and events to promote the standardized operation of listed companies and enhance the stability of the multi-tiered capital market [5].