Core Viewpoint - Shenwan Hongyuan has faced significant challenges in its IPO underwriting business, leading to a drastic decline in its performance and reputation due to regulatory issues and high project withdrawal rates [2][11][15]. Group 1: IPO Performance and Regulatory Issues - Shenwan Hongyuan's IPO underwriting income dropped by 97% in 2024 compared to 2023, with only one successful IPO project remaining [2][10]. - The company received seven penalties in 2024, a stark contrast to zero penalties in 2023, indicating a deterioration in compliance and operational standards [2][11]. - The IPO withdrawal rate reached 90% in 2024, significantly higher than the 33.3% rate in 2023, raising concerns about the firm's ability to maintain its A-class rating in the upcoming evaluations [11][15]. Group 2: Specific Cases of Regulatory Failures - Shenwan Hongyuan was criticized for its role in the IPO application of Guohong Tools, which was found to have falsified information regarding its R&D personnel and expenditures [3][4]. - The company failed to adequately verify the qualifications of R&D personnel, leading to a misrepresentation of the company's compliance with the Sci-Tech Innovation Board's requirements [4][5]. - Regulatory bodies have issued warnings and penalties against Shenwan Hongyuan for its inadequate due diligence and oversight in various projects, including the handling of the Hainuoer and Guohong Tools IPOs [16][17]. Group 3: Future Outlook - With only three IPO projects in total, including one from the Beijing Stock Exchange, Shenwan Hongyuan's competitive position in the IPO market is under scrutiny [9][10]. - The company's ability to recover its A-class rating in the 2025 evaluation is uncertain, given the current trajectory of its IPO performance and regulatory challenges [11][18].

答：《监管规则适用指引——发行类第9号：研发人员及研发投入》明确，对于既从事研发活动又从事非研发活动的非全时研发人员，当期研发工时占比低 于50%的，原则上不应认定为研发人员。审核实践发现，部分发行人存在人员内部调岗、员工实际从事活动与工作关系所属部门不一致、将实习期等纳入 工时统计等情形。对于上述情形，在进行研发人员认定时应重点把握以下方面： 文/梧桐小新 2023年2月上交所实施全面注册制后，将原分期发布的《科创板发行上市审核动态》变更为《上交所发行上市审核动态》。2023年至今，《上交所发行上市审核 动态》已发布13期，本文将这13期中42个"问题解答"汇总，供读者们分享、收藏。 | 期数 | 间题解答 | | --- | --- | | 2025年第1期 | 1、 研发人员认定注意事项 | | | 涉产学研合作技术成果的核查要求 2、 | | | 3、再融资项目中介机构违法违规的核查要求 | | | 4、股份支付授予日的认定 | | 2024年第6期 | 1、并购重组项目预沟通的注意事项 | | | 2、再融资募集资金投向的披露和说明注意事项 | | | 3、主板板块定位条件中行业代表性的关注要点 | ...

f 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投 资者应当以正式公告的招股说明书全文作为作出投资决定的依据。 联席保荐机构（主承销商） 华虹半导体有限公司 HUA HONG SEMICONDUCTOR LIMITED （香港中环夏悫道 12 号美国银行中心 2212 室） 首次公开发行人民币普通股（A 股）股票 并在科创板上市招股说明书 （注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 中国（上海）自由贸易试验区商城路 618 号 上海市广东路 689 号 本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 华虹半导体有限公 ...