Core Viewpoint - The article emphasizes the challenges and complexities of working in investment banking, particularly for newcomers who may struggle without guidance [1][2]. Group 1: Overview of Investment Banking - Investment banking is perceived as an attractive industry, but it involves significant pressure and requires a comprehensive skill set across legal, financial, and business domains [1]. - Newcomers often spend years on basic tasks without a clear growth path unless guided by experienced mentors [2]. Group 2: Learning Package Introduction - To assist newcomers and those interested in investment banking, a "Growth Learning Package" has been launched, which includes a physical book, online courses, and a customized notebook [3][4]. - The book "Investment Banking Growth Notes" consists of 312 pages and covers essential topics such as career planning, industry insights, and necessary skills for investment banking professionals [4]. Group 3: Content Structure of the Learning Package - The first two chapters provide foundational knowledge about investment banking, including department divisions, regulatory frameworks, basic skills, project classifications, daily tasks, and industry trends [7][11]. - Chapters three to seven focus on essential professional skills, accounting for approximately 62% of the book's content, covering industry research skills, client acquisition techniques, due diligence, financial thinking, and company valuation [12][34]. Group 4: Industry Research Techniques - Chapter three details industry research techniques, including quantitative thinking, macro data analysis, and financial metrics evaluation, which are crucial for understanding industry dynamics [13][16]. - It also provides insights into specific industries such as catering, liquor, pharmaceuticals, automotive, and real estate, highlighting their operational models and key financial indicators [16]. Group 5: Client Acquisition and Due Diligence - Chapter four shares experiences from a seasoned underwriter on acquiring IPO business, including market conditions, channel development, and preparation for client meetings [20][21]. - Chapter five outlines the due diligence process, detailing information collection, verification, and analysis, along with a checklist of twelve specific operational steps [26][28]. Group 6: Financial Analysis and Valuation - Chapter six focuses on understanding a company's true financial status through balance sheets, income statements, and cash flow statements, emphasizing the relationships between these documents [30][32]. - Chapter seven discusses valuation methods, including relative and absolute valuation techniques, and offers practical advice for companies to enhance their valuation [32][34]. Group 7: IPO Process Insights - Chapters eight and nine address IPO projects, with chapter eight highlighting common regulatory concerns during IPO reviews, such as financial compliance and related party transactions [37][38]. - Chapter nine outlines the responsibilities of various departments within a company during the IPO process, emphasizing the need for preparation and coordination among teams [39][43]. Group 8: Conclusion - The "Investment Banking Growth Notes" is presented as a practical resource filled with real-world experiences and advice from industry professionals, making it applicable for those pursuing a career in investment banking [43][44].

Core Viewpoint - The Shenzhen Stock Exchange has issued regulatory measures against Minsheng Securities and other involved parties due to violations during the IPO process of Dijia Pharmaceutical Group Co., Ltd, highlighting issues related to independence, internal controls, and financial disclosures [1][2][8]. Group 1: Regulatory Actions - The Shenzhen Stock Exchange decided to take written warning measures against Minsheng Securities for failing to adequately address independence issues of the issuer [8][20]. - Minsheng Securities' representatives, Bao Jingjing and He Runyong, received public criticism for their inadequate scrutiny of the issuer's independence and internal control issues [22][28]. - The audit firm Tianjian CPA and its signatory accountants, Fei Fanghua and Peng Xianglian, were also criticized for not properly addressing internal control deficiencies [30][36]. Group 2: Issuer's Independence Issues - Dijia Pharmaceutical was found to have independence flaws, as it prioritized purchasing from suppliers controlled by its actual controller, leading to conflicts of interest [3][12][41]. - Employees from the controlling shareholder, Dishan Group, were involved in procurement processes, raising concerns about the independence of the issuer's operations [3][12][41]. - The issuer failed to disclose these independence issues in accordance with the relevant disclosure guidelines [12][41]. Group 3: Internal Control Deficiencies - The issuer's internal controls regarding procurement, sales, and inventory management were found to be inadequate, with missing documentation and improper handling of transactions [4][6][26]. - Significant payments made by Dishan Group and its subsidiaries were not properly verified, leading to questions about the legitimacy of these transactions [4][10][32]. - The issuer's handling of returns related to unsold products was also criticized, as the accounting treatment did not align with actual contractual agreements [19][40]. Group 4: Financial Disclosure Issues - The issuer's financial disclosures were deemed inaccurate, particularly regarding the treatment of returns, which should have impacted the 2020 revenue figures instead of 2019 [19][40]. - The audit and legal representatives failed to provide accurate assessments of the issuer's financial practices, leading to further regulatory scrutiny [30][42][46].

在外人看来，投行是一个非常令人向往的行业。然而，只有真正在投行里爬摸滚打过的人才知道，干投 行其实是件苦力活， 不仅压力大、强度大、挑战大，而且需要法律、财务、业务全方位发展，非常不容 易。 特别对于投行新人来说，如果没有靠谱的前辈领路，很难快速找到适合自己的成长路径，基本要在繁琐 的基础工作中耗费几年光阴。 为了帮助投行新人或者想要进入投行的其他人士详细了解投行的工作内容、知识框架、专业技能等，我 们 上线了 —— 投行成长学习包 学习包内容 1.纸质资料《投行成长笔记》 2.线上课程《如何评估企业上市可行性》 3.梧桐定制笔记本1个 投行成长学习包 扫码查看详情 《投行成长笔记》共有312页、12多万字、9个章节。 内容很实在，既介绍了 投行的职业规划和行业情况， 也讲解了 行研、尽调、财务、估值、承揽 等投行 人必备的工作技能，此外，还针对IPO业务，补充了 当前上市审核的关注重点和企业各部门在IPO中的 工作安排。 ▼下滑查看《投行成长笔记》目录▼ ▲点击图片可放大▲ 第一、二章主要介绍了我们入职投行前需要知道的基本事项，包括投行具体部门的划分、监管法规体 系、职业基本技能、具体项目分类、日常工作内容 ...