Group 1 - The core viewpoint of the articles emphasizes the regulatory tightening on the responsibilities of sponsors in the capital market, highlighting the introduction of a new classification for sponsors who have been suspended from business due to misconduct [1][2][3] - The update from the China Securities Association has increased the number of suspended sponsors to 15, indicating a zero-tolerance approach towards historical violations and reinforcing the importance of sponsors' diligence and accountability [1][2] - The regulatory framework has been revised to enhance the public disclosure mechanism for negative evaluations of sponsors, which aims to improve the overall quality of practice in the industry and ensure that sponsors fulfill their roles effectively [1][2] Group 2 - Recent enforcement actions by the China Securities Regulatory Commission (CSRC) have intensified scrutiny on intermediary institutions, with 95 cases of negligence reported last year, marking a continuous increase over three years [2][3] - The regulatory approach reflects a commitment to thorough oversight and accountability across the entire issuance and listing process, addressing issues such as fraudulent issuance and inadequate supervision by sponsors [2][3] - The case of Zixin Pharmaceutical illustrates that sponsors can be held accountable for past failures regardless of their current status, emphasizing the need for higher standards in project selection, quality control, and compliance within the investment banking sector [2][3]

Core Viewpoint - The Beijing High People's Court upheld the second-instance ruling in the Lanshan Technology securities false statement case, marking the first instance in China where a sponsor representative is held liable for civil compensation to securities investors, signaling a significant shift in accountability for securities professionals [1][2]. Group 1 - The ruling emphasizes that the quality of practice not only determines compliance with regulatory standards but also the potential for substantial civil liability in the future [1]. - The 2019 revision of the Securities Law includes "sponsors and underwriters' directly responsible personnel" as joint liability subjects for false statements, unless they can prove no fault [1]. - The case serves as a reference for the industry, indicating that professionals need to restructure their practice strategies to manage responsibilities effectively [1][2]. Group 2 - Professionals must develop a keen "risk sense" and professional judgment, as risk assessment capabilities have become essential in a "zero tolerance" environment [2]. - There is a need to strengthen substantive verification processes, ensuring compliance and avoiding procedural defects while establishing the ability to identify significant issues [2]. - Over-reliance on other intermediary institutions is cautioned against; professionals should maintain independent judgment and cross-verify critical risk points [2]. Group 3 - The Lanshan Technology case serves as a warning for professionals to internalize "diligence and responsibility" as an inherent part of their practice, fulfilling their role as gatekeepers in the capital market [2].