Core Viewpoint - Jiangsu Securities Regulatory Bureau has issued administrative regulatory measures against Beijing Zhongtianhe Asset Appraisal Co., Ltd. and its signing appraiser Zhu Jie due to multiple professional issues identified in the equity transfer valuation project related to Donghua Energy Co., Ltd. [1] Group 1: Professional Deficiencies - The appraisal firm failed to provide sufficient basis for the evaluation of other equity instruments, not adequately verifying the asset and liability situation of the investment entities as of the evaluation benchmark date [2] - There was insufficient verification of the legal ownership of properties without title during the property appraisal, failing to confirm the appropriateness of Donghua Storage's rights and valuation [2] - Important parameters in the land use rights evaluation were determined without prudence, lacking sufficient basis for the land restoration rate used in the market approach [2] - The valuation of inventory, specifically the unit price of liquefied petroleum gas, lacked adequate market price source information as of the evaluation benchmark date [2] - The appraisal procedures for bank deposits were inadequate, with discrepancies in bank balance information and account bank details not being further investigated [2] Group 2: Violations of Standards and Regulations - The identified issues contravene multiple provisions of the Asset Appraisal Practice Standards and the Information Disclosure Management Measures for Listed Companies [3] - Zhu Jie, as the signing appraiser, is held primarily responsible for the issues related to the Donghua Storage valuation project [3] - The regulatory authority has mandated that both the appraisal firm and Zhu Jie must comply with relevant laws and standards, improve internal governance, and submit a written report within 30 days of receiving the decision [3]

Group 1 - The company Jiangsu Jin Yongheng Real Estate Asset Appraisal Co., Ltd. and its evaluators, Fang Jian and Chen Gang, are under scrutiny for failing to comply with the Securities Law regarding the registration of securities service business [1] - The asset appraisal process for Daren Electronics Co., Ltd. was found to have deficiencies, particularly in the insufficient analysis of comparable companies when using the market approach for valuation [2] - The lack of a preliminary asset appraisal report in the asset appraisal files indicates non-compliance with the Asset Appraisal Practice Standards [3] Group 2 - The actions of the company and the evaluators violate the Non-listed Public Company Information Disclosure Management Measures, leading to a warning letter and entry into the securities market integrity record [3] - The company is required to strengthen internal management and establish a quality control system to ensure the quality of appraisal services [3] - There is a provision for administrative review or litigation against the supervisory measures within specified timeframes [3]

Core Viewpoint - Zhejiang Securities Regulatory Bureau issued a warning letter to Kunyu Asset Appraisal Co., Ltd., highlighting violations in internal governance, quality control systems, independence management, and project execution quality [1][2][3] Group 1: Project Execution Quality Issues - The most prominent issue identified was project execution quality, with significant problems in insufficient assessment basis and frequent errors in the assessment calculation process [1] - Five core vulnerabilities in the assessment basis were noted, including inadequate revenue forecast analysis, lack of rationale for declining material cost ratios, insufficient asset impairment loss predictions, inconsistencies in forecast periods, and lack of basis for cost prediction parameters [1] - Multiple errors in the calculation process were highlighted, including incorrect data references in cost predictions, errors in income tax calculation formulas, and inaccuracies in historical asset impairment data used in assessments [1] Group 2: Responsibility of Signatory Appraisers - The warning letter specified two assessment projects involving listed companies, with signatory appraisers Han Guihua, Huang Xiaoling, and Lu Tingting bearing primary responsibility for the identified violations [2] - The projects included the valuation of Crystal Optoelectronics' acquisition of Guangdong Aikesi and the impairment testing of Northern Mining Services and Northern Mining Investment [2] Group 3: Internal Governance and Quality Control Issues - In terms of internal governance, the company’s assessment archive management system did not comply with assessment standards, and there were significant gaps in integrated management of branch offices [2] - Quality control issues were pervasive throughout the business process, including non-standard signing of project agreements, lack of separation between quality review personnel and signatory appraisers, and overdue filing of assessment documents [2] Group 4: Independence Management Violations - Concerns were raised regarding independence management, with several employees found to have engaged in illegal trading of stocks of listed companies involved in assessments, necessitating accountability for their actions [3] - The warning letter mandated Kunyu Asset Appraisal to adhere strictly to relevant laws and regulations, improve internal governance, enhance quality control systems, and strengthen independence management to elevate assessment execution quality [3]

Group 1 - The Shenzhen Stock Exchange issued a regulatory letter to Jiangsu Zhongqi Huazhong Tian Asset Appraisal Co., Ltd. and related parties due to issues identified in their asset evaluation practices [1] - Jiangsu Zhongqi Huazhong Tian was involved in the evaluation of the equity value of Shanghai Jingxin Technology Co., Ltd. for Suzhou Hengjiu Optoelectronics Technology Co., Ltd.'s acquisition announcement [1] - The evaluation report issued on January 24, 2025, lacked sufficient objective evidence to support the forecasts of business volume, growth rates, and working capital needs, relying heavily on management's subjective judgments [1][2] Group 2 - The selection of comparable companies by Jiangsu Zhongqi Huazhong Tian was deemed inappropriate due to significant differences in business structure, operational models, company size, and growth stages compared to Jingxin Technology [1][2] - The actions of Jiangsu Zhongqi Huazhong Tian and the signing appraisers violated multiple regulations, including the Asset Appraisal Practice Standards and the Stock Listing Rules [2] - The Shenzhen Stock Exchange urged Jiangsu Zhongqi Huazhong Tian and the involved appraisers to learn from these issues and adhere strictly to relevant laws and regulations to prevent future occurrences [2]

文/梧桐兄弟 3月4日，四川证监局披露关于2024年会计师事务所和资产评估机构从事证券业务随机抽查工作的公告，天健、立信分别有一个年报审计项目被抽中检查，结果都 被采取行政监管措施。 值得注意的是，天健、立信年报审计都被关注到审计底稿编制问题。 其中，天健执行的国城矿业股份有限公司（以下简称国城矿业或公司）2023年财务报表审计项目中， 一是部分审计底稿存在较多错误。二是对部分关键审计证据 未纳入审计底稿留存。三是部分底稿索引编制不规范。 上述行为不符合《中国注册会计师审计准则第1131号——审计工作底稿》（2022年12月）第三条、第四 条、第八条的相关规定。 立信在执行的迈克生物股份有限公司（以下简称迈克生物或公司）2023年财务报表审计项目中， 一是获取的部分有关审计证据未存档。二是部分审计底稿记录、 留痕不充分。 上述行为不符合《中国注册会计师审计准则第1131号——审计工作底稿》（2022年12月）第十条、第十七条的相关规定。 四川证监局关于2024年会计师事务所和资产评估机构从事证券业务随机抽查工作的公告 根据《国务院办公厅关于推广随机抽查规范事中事后监管的通知》《国务院关于在市场监管领域全面推行 ...