Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Yichuang Investment Bank for its alleged failure to diligently supervise the 2019 convertible bond project of Hongda Xingye, which has since been delisted [1][2][6] Group 1: Investigation Details - Yichuang Investment Bank received a notice of investigation from the CSRC on October 29, 2025, due to its alleged negligence in the continuous supervision of the Hongda Xingye project [2][6] - The investigation is linked to serious financial misconduct by Hongda Xingye, including unauthorized changes in the use of raised funds amounting to 1.691 billion yuan and inflated profits totaling 4.078 billion yuan from 2020 to 2023 [1][4][5] Group 2: Financial Performance - Despite the investigation, the overall performance of the company remains strong, with a reported revenue of 2.985 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 24.32% [2] - The investment banking segment generated revenue of 197 million yuan in the same period, marking a 15.13% increase year-on-year, accounting for 6.60% of the company's total revenue [2] Group 3: Future Business Focus - Yichuang Investment Bank is focusing on initial public offerings (IPOs) on the Beijing Stock Exchange, having successfully submitted one IPO project in the first half of 2025, with two additional projects under review as of June 2025 [3] - The company aims to strengthen its project reserves and enhance internal collaboration to better serve high-quality technology enterprises, despite the ongoing investigation [3]