一日三罚波及两券商，关联方5780万造假罚单余震未消

Core Viewpoint - The article discusses the recent regulatory actions against First Entrepreneurship Securities' subsidiary, Yi Chuang Investment Bank, due to alleged negligence in its continuous supervision duties related to the 2019 convertible bond project of Hongda Xingye, highlighting the increasing scrutiny on brokerage firms' supervisory responsibilities [1][3][15]. Group 1: Regulatory Actions - On October 31, 2025, Yi Chuang Investment Bank received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into its continuous supervision practices [3][4]. - The CSRC's decision to initiate the case is based on allegations that Yi Chuang Investment Bank failed to diligently perform its supervisory duties in the Hongda Xingye convertible bond project [3][16]. - The regulatory actions reflect a broader trend of increased accountability for brokerage firms, with 42 penalties related to continuous supervision violations issued in 2024 alone, affecting 22 brokerage firms [15]. Group 2: Financial Penalties and Violations - Hongda Xingye was previously penalized for serious violations of information disclosure, resulting in a total fine of 57.8 million yuan, with significant penalties imposed on its executives [11][12]. - The violations included fabricating and altering important financial data, unauthorized changes in the use of raised funds, and failing to disclose major litigation and guarantee matters in a timely manner [12][13][14]. - The penalties against Hongda Xingye and its executives underscore the severe consequences of non-compliance with regulatory standards in the securities market [11][12]. Group 3: Industry Implications - The incident involving Yi Chuang Investment Bank is seen as a catalyst for the anticipated implementation of new regulations governing continuous supervision in the brokerage industry [15][17]. - The industry is awaiting the finalization of guidelines that aim to standardize continuous supervision practices, particularly for convertible bond projects, to enhance the quality of oversight by brokerage firms [15][16].