Core Viewpoint - The case of Du Pengfei, a senior executive at CITIC Securities, marks a significant shift in the legal treatment of violations in the capital market, as the court recognized key personnel in state-owned securities firms as "state workers" under criminal law, leading to a harsher penalty for corruption [1][8]. Group 1: Case Background - Du Pengfei was sentenced to 10 years and 2 months in prison for accepting bribes related to the IPO of Zhenhua New Materials, where he profited 4.1064 million yuan through illegal shareholding practices [1][6]. - The case involved Du's role in the IPO process of Zhenhua New Materials, a supplier of lithium battery cathode materials, which successfully listed on the STAR Market in 2021 [2][3]. Group 2: Legal Implications - The court's ruling established that Du's actions constituted a severe violation of the Securities Law, as he engaged in indirect shareholding through a third party, which is explicitly prohibited [3][9]. - The court determined that Du's position and actions were linked to the management of state-owned assets, thus qualifying him as a "state worker" and subjecting him to stricter criminal liability [6][8]. Group 3: Industry Impact - This case sets a precedent in the capital market, indicating that similar violations by key personnel in state-owned enterprises will face more stringent legal consequences, moving beyond administrative penalties to criminal charges [8][9]. - The ruling is expected to reshape the risk perception among professionals in state-owned securities firms, emphasizing the importance of compliance with legal and regulatory standards [8][9].