Core Viewpoint - The regulatory scrutiny on Shenwan Hongyuan's underwriting practices has intensified, particularly concerning the IPO project of Hainuo Environmental Industry Co., Ltd, highlighting issues related to internal controls over R&D expenditures and previous warnings received by the company [1][5][6]. Group 1: Regulatory Actions - The Shenzhen Stock Exchange has taken self-regulatory measures against Shenwan Hongyuan Securities and its representatives due to inadequate oversight in the Hainuo IPO project [1][5]. - Hainuo's application for an IPO was previously questioned by the Shenzhen Stock Exchange regarding the composition and accounting of R&D expenses, indicating ongoing concerns about financial disclosures [2][3]. Group 2: Financial Performance - Hainuo's R&D expenses from 2020 to the first half of 2023 were reported as 3.60 million, 9.34 million, 10.23 million, and 4.24 million yuan, representing 2.57%, 3.79%, 4.06% of its revenue respectively, showing a trend of increasing R&D investment [2]. - The company has faced challenges in its IPO attempts, having previously failed twice before this current attempt [4]. Group 3: Previous Violations - Shenwan Hongyuan has a history of regulatory penalties related to its underwriting practices, particularly concerning R&D investment issues, indicating a pattern of compliance failures [5][7]. - The company has been criticized for not adequately verifying the accuracy of R&D personnel and expenditures in previous IPO applications, leading to significant discrepancies in reported figures [7][8].