证券时报·2025-12-09 04:38Core Viewpoint - The article discusses regulatory penalties imposed on various intermediaries involved in the acquisition of Zhongke Shijie by Anhui Fuhuang Steel Structure, highlighting issues of financial misconduct and inadequate auditing practices [1][3][6]. Group 1: Regulatory Actions - Anhui Securities Regulatory Bureau imposed a total fine of 8 million yuan on four intermediary institutions involved in the acquisition, including audit and evaluation firms [2][5]. - The audit firm Tianjian was fined 2.5 million yuan for failing to execute adequate audit procedures, leading to the oversight of significant discrepancies in revenue recognition [3][4]. - The evaluation firm Jinzhen was also fined 2.5 million yuan for lacking independence and failing to verify key performance indicators, resulting in inflated revenue figures for Zhongke Shijie [4][6]. Group 2: Financial Misconduct - The acquisition process revealed that Zhongke Shijie had inflated its revenue for 2024 by 24.66 million yuan, which was not disclosed in the relevant reports [3][7]. - The financial advisors from Huatai United Securities and Guoyuan Securities received warning letters for not adequately verifying the revenue recognition issues related to Zhongke Shijie [6][7]. - Previous penalties were also imposed on Zhongke Shijie and Fuhuang Steel for similar violations, including a fine of 7 million yuan on Zhongke Shijie for false disclosures [7][8]. Group 3: Insider Trading Case - An insider trading case linked to the acquisition involved Fuhuang Steel's chairman, who discussed the acquisition's feasibility during a sensitive period, leading to significant trading activity by an associated individual [9]. - The individual involved in insider trading was found to have made a profit of 2.31 million yuan from trading Fuhuang Steel shares based on non-public information [9].