Core Viewpoint - The Shanghai Stock Exchange (SSE) has implemented regulatory measures against several IPO and refinancing projects due to issues related to information disclosure and the quality of intermediary services [1][3]. Regulatory Overview - From May to June 2025, the SSE took regulatory actions five times against one IPO project and two refinancing projects, involving one issuer and two responsible individuals, three sponsoring institutions, and eight related responsible persons, as well as three signing accountants [1]. Regulatory Cases - Case 1 involved an issuer (Company A) that failed to accurately disclose related party fund borrowing and had inadequate internal controls regarding waste sales. Despite completing internal control rectifications, Company A still engaged in undisclosed fund borrowing with related parties [3]. - Case 2 highlighted a sponsoring institution that issued a verification opinion inconsistent with actual circumstances, failing to report disciplinary actions from other exchanges that affected their eligibility for refinancing classification review [3]. Specific Institutions Involved - The SSE issued regulatory warnings to CITIC Securities and Guotou Securities for failing to report their disciplinary actions from other exchanges, which disqualified them from applying the refinancing classification review mechanism [4][5]. - The responsible representatives from these institutions were also held accountable for not adequately addressing issues that could impact the review process [4].

Core Viewpoint - The Shanghai Stock Exchange has issued regulatory warnings to CITIC Securities and Guotou Securities due to their failure to report disciplinary actions from other exchanges, which affected their eligibility for refinancing classification review mechanisms [1][2]. Group 1: Regulatory Actions - CITIC Securities was found to have issued verification opinions that did not align with actual circumstances, as they had received disciplinary actions from other exchanges in the past year, making them ineligible for refinancing classification review [2][3]. - Guotou Securities faced similar issues, also being ineligible for refinancing classification review due to recent disciplinary actions from other exchanges [2][3]. Group 2: Background of Violations - Previous disciplinary actions against CITIC Securities included written warnings from the Shenzhen Stock Exchange for violations during the sponsorship of initial public offerings (IPOs) [4]. - Guotou Securities also received written warnings for violations in their role as sponsors for IPOs [4]. Group 3: Specific Projects - The regulatory warnings are linked to specific refinancing projects, including Guotou Electric Power and China Nuclear Power, both of which had their refinancing applications processed without proper inquiry responses [5][8][11]. - The financing amounts for these projects were 7 billion yuan for Guotou Electric Power and 14 billion yuan for China Nuclear Power, both of which have received effective registration status [8][11].

21世纪经济报道记者 崔文静 北京报道 日前，中信证券、国投证券被上交所点名，并要求出具整改报告。 根据上交所罚单，两家券商在相关上市公司再融资项目申请过程中，出具了相关项目适用再融资分类审 核机制的核查意见；经查明，券商最近一年因首发上市业务受到其他证券交易所纪律处分，未及时向上 交所报告上述情况，出具的核查意见与实际情况不符；同时，两家券商未审慎关注可能影响审核程序适 用的事项，出具的核查意见与实际情况不符，履行保荐职责不到位。 21世纪经济报道采访投行资深保代与券商合规人士发现，被罚原因在此前鲜少出现。 "这是投行被罚新类型，我也是请教公司合规后才明白原因。"某券商保代直言。 两家券商被罚原因相同。根据上述保代解读：涉事券商投行在其他交易所被处罚，未及时向上交所汇 报，并且已经向上交所提报的小额快速项目未及时撤回。而按照规定，投行被交易所、证监会或地方证 监局处罚，12个月内不得申报"小额快速"项目。 有鉴于此，受访保代及券商合规人士提醒券商投行注意三点。 ① 收到罚单后，投行内部要及时通知，尽量让投行人员尤其是关键保代做到心中有数。 ② 被交易所、证监会或地方证监局点名后，要及时向三大交易所汇报情况。 ...