去年4月，深交所公告3份自律监管措施决定，剑指海诺尔IPO项目。深交所现场督导发现，申万宏源保 荐的海诺尔存在研发投入相关内部控制执行不到位、研发费用归集及会计处理不规范等情形，在执业过 程中未予以充分关注并审慎核查，发表的核查意见不准确。为此，深交所对项目保荐人申万宏源及项目 保荐代表人秦明正、王鹏，采取约见谈话自律监管措施的决定。 上海市通信管理局于2025年11月26日发布消息"上海市通信管理局关于侵害用户权益行为APP（SDK） 的通报（2025年第十批）"。近期，上海市通信管理局组织第三方检测机构对我市APP（SDK）进行抽 查，共发现71款APP（SDK）存在侵害用户权益行为。其中，ICP备案主体为申万宏源证券（000562） 有限公司的申万宏源（版本号1.3.81）、申万宏源证券（版本号6.0.6）所涉问题均为账号注销难。申万 宏源（000166.SZ）年报显示，申万宏源证券有限公司为申万宏源全资子公司。 中国经济网北京1月7日讯 深圳商报·读创客户端1月4日发布文章《申万宏源（000166）IPO保荐屡受罚 投行业务质量评价连降两级》称，证券业协会近日公布2025年证券公司投行业务质量评价结果 ...

上海市通信管理局于2025年11月26日发布消息"上海市通信管理局关于侵害用户权益行为APP （SDK）的通报（2025年第十批）"。近期，上海市通信管理局组织第三方检测机构对我市APP （SDK）进行抽查，共发现71款APP（SDK）存在侵害用户权益行为。其中，ICP备案主体为申万宏源 证券有限公司的申万宏源（版本号1.3.81）、申万宏源证券（版本号6.0.6）所涉问题均为账号注销难。 申万宏源（000166.SZ）年报显示，申万宏源证券有限公司为申万宏源全资子公司。 (责任编辑：华青剑) 中国经济网北京1月7日讯 深圳商报·读创客户端1月4日发布文章《申万宏源IPO保荐屡受罚 投行业 务质量评价连降两级》称，证券业协会近日公布2025年证券公司投行业务质量评价结果。从结果看，93 家证券公司中，本次评价A类12家、B类66家、C类15家。其中，申万宏源从A类连降两级至C类引发市 场关注。去年以来，申万宏源已多次被监管处罚，这或许是其降级的主要原因。 去年3月，上交所连发四则处分，对科创板IPO企业国宏工具及其相关中介机构作出纪律处分。保 荐人申万宏源在发行上市申请过程中，存在保荐职责履行不到位的情形。为 ...

近日，上交所对国金证券（600109）两名保荐代表人陆玉龙、周杰采取"予以监管警示"的措施，两人作为飞潮（上海）新材料股份有限公司（下称"飞潮新 材"）首次公开发行股票并在科创板上市申请项目的保荐代表人，存在保荐职责履行不到位的情形。 最后一类是内部控制执行不到位。包括资金管理方面，与关联方资金往来补充审议流于形式；销售管理与收入确认方面，存在先签合同后审批、验收单日期 早于签收文件的情形；存货与成本管理方面，存在2020年末未盘点存货，外协加工管理制度缺失、流程不清、分摊不准确，生产人员工时统计口径不一致等 问题。 因此，上交所对飞潮新材及时任董事长何向阳、时任总经理何晟、时任财务负责人兼董事会秘书朱其高予以监管警示。 而作为飞潮新材IPO项目的保荐代表人，国金证券的陆玉龙和周杰未能有效识别这些问题并督促整改，被上交所认定"保荐职责履行不到位"，核心问题在于 核查程序存在明显缺失：两名保荐代表人不仅对上述违规情形核查不充分，导致信息披露不准确，还存在工作底稿不规范等情形。 公开资料显示，两名保代均有数年从业经验，陆玉龙曾先后在诚通证券、华金证券、中原证券（601375）担任职务，2020年起加入国金证券，曾 ...

Core Viewpoint - The recent warning issued by the Beijing Stock Exchange to Dongfang Securities highlights ongoing regulatory scrutiny and challenges faced by the company in its investment banking operations, particularly regarding its IPO sponsorship activities [1][2]. Group 1: Regulatory Actions - Dongfang Securities has received a warning from the Beijing Stock Exchange due to a lack of diligence, marking a significant regulatory action against the firm [1]. - In the past year, 11 sponsors from Dongfang Securities have faced regulatory penalties, indicating a troubling trend in compliance and oversight [2]. - The firm has been involved in multiple IPO projects, with 29 projects in the past year, of which 7 have been withdrawn, resulting in a withdrawal rate of approximately 24.1% [3]. Group 2: Recent IPO Sponsorships - Dongfang Securities sponsored the IPO of Dapeng Industrial, which has faced numerous challenges, including a change in accounting firms and multiple halts in the IPO process [1]. - The sponsorship team for Dapeng Industrial included representatives who had previously been penalized, raising concerns about the firm's compliance practices [1]. Group 3: Financial Performance - Despite regulatory challenges, Dongfang Securities reported strong financial performance in the first half of the year, with operating revenue of 8 billion yuan, a year-on-year increase of 38.8% [3]. - The net profit attributable to shareholders reached 3.463 billion yuan, reflecting a significant year-on-year growth of 64.02% [3]. - The investment banking segment generated a net income of 720 million yuan, up 31.62% year-on-year, indicating robust activity in this area [3].

Group 1 - The core role of lead underwriters in the IPO process at the Tokyo Stock Exchange (TSE) includes coordinating various parties, ensuring compliance, and maintaining market order [2] - Lead underwriters must conduct comprehensive due diligence to ensure issuers meet TSE listing standards and disclosure requirements, with a legal responsibility for any undisclosed significant issues [3][4] - They act as the main communication bridge between issuers and regulatory bodies, coordinating the listing application and process [4] Group 2 - Lead underwriters are responsible for pricing the IPO and supporting marketing efforts, balancing the issuer's financing needs with investor expectations [4] - Post-IPO, they have a continuous monitoring role, ensuring timely and accurate disclosure of periodic reports and significant events, while also supervising the issuer's business and governance [4][6] - The TSE has strict qualification requirements for lead underwriters, including holding a specific financial license and having sufficient IPO underwriting experience [7] Group 3 - The responsibilities of lead underwriters vary across different TSE market segments, with specific focus areas for high-growth innovative companies versus mature enterprises [5][7] - The regulatory framework emphasizes investor protection, requiring lead underwriters to prioritize investor interests and avoid misleading statements in prospectuses [5][6] - Legal liabilities for lead underwriters include civil, administrative, and criminal responsibilities for inadequate due diligence or fraudulent activities [7]

Core Points - Recent disciplinary actions have been taken against two representatives from CITIC Securities, Chen Qiang and Zhao Liang, who were involved in the IPO sponsorship of Guoyao Co., Ltd. [2] - Guoyao Co., Ltd. submitted its IPO application to the Shenzhen Stock Exchange on June 28, 2023, but later withdrew the application on June 22, 2024, along with its sponsor CITIC Securities [4] - The actual controller of Guoyao Co., Ltd., Wu Qiuhua, holds a significant 57.6% stake directly and controls an additional 11.4% through other entities, totaling 69.6% [4] - Wu Qiuhua has engaged in substantial financial transactions with individuals Zhang Guanghai and Zhou Aiguo, raising concerns about the legitimacy of these transactions [5] - CITIC Securities has faced multiple disciplinary actions this year, with representatives Hu Song and Yu Lei also penalized in May, and Liu Kuibo and Lü Yan penalized in July [5] Group 1 - CITIC Securities representatives Chen Qiang and Zhao Liang have been classified as C-level due to disciplinary actions by the Shenzhen Stock Exchange [2] - Guoyao Co., Ltd. withdrew its IPO application after it was initially accepted, indicating potential issues with the sponsorship process [4] - Wu Qiuhua's control over Guoyao Co., Ltd. is significant, with a total of 69.6% ownership [4] Group 2 - Wu Qiuhua's financial dealings with Zhang Guanghai and Zhou Aiguo involve large sums, prompting the Shenzhen Stock Exchange to request explanations regarding the nature and rationale of these transactions [5] - CITIC Securities has seen a pattern of disciplinary actions against its representatives, indicating potential systemic issues within the firm [5]

Core Points - The article discusses the IPO of Xinjiang Keli New Technology Development Co., Ltd. (Keli Co.), which is set to be listed on the Beijing Stock Exchange on October 29, 2024 [3][24]. - Keli Co. received a total score of 84.5, classified as B-level, with concerns regarding its disclosure quality, high issuance costs, reduced actual fundraising amount, and a decline in net profit after deducting non-recurring items in the first accounting year post-IPO [4][27]. Company Overview - Full name: Xinjiang Keli New Technology Development Co., Ltd. - Abbreviation: Keli Co. - Stock code: 920088.BJ - IPO application date: September 28, 2023 - Industry: Mining auxiliary activities [3][24]. Financial Performance - The expected fundraising amount is 208 million yuan, while the actual fundraising amount is 177 million yuan, indicating a decrease of 14.81% [18][27]. - In 2024, the company's operating revenue increased by 5.88% year-on-year, while the net profit attributable to the parent company grew by 3.26%. However, the net profit after deducting non-recurring items decreased by 4.11% compared to the previous year [20][27]. IPO Details - The underwriting and sponsorship fees for Keli Co. amount to 17.51 million yuan, with a commission rate of 9.90%, which is higher than the overall average of 7.71% [10][26]. - The company's issuance price-earnings ratio is 14.79 times, which is 71.21% of the industry average of 20.77 times [16][27]. Market Performance - On the first day of trading, the stock price increased by 397.27% compared to the issuance price [12][27]. - Over the first three months, the stock price rose by 208.33% from the issuance price [14][27]. Disclosure and Compliance - Keli Co. has been required to enhance its disclosure regarding procurement situations, product quality risks, and compliance with national industrial policies [6][24].

Core Viewpoint - The recent regulatory warning issued to Minsheng Securities by the Shenzhen Stock Exchange highlights significant compliance issues during the IPO sponsorship of Dija Pharmaceutical Group, raising concerns about the company's operational integrity and internal controls [3][4]. Group 1: Regulatory Issues - Minsheng Securities received a written warning from the Shenzhen Stock Exchange due to inadequate verification during the IPO process of Dija Pharmaceutical [3]. - The warning identified four main areas of concern regarding Dija Pharmaceutical's independence from its controlling shareholder, Disha Group, and related parties [4]. - Specific issues included failure to verify transaction details, lack of proper internal controls in sales and inventory management, and inaccuracies in accounting for returns [4]. Group 2: Financial Performance - According to the Q1 2025 report from Guolian Minsheng Securities, the company reported approximately 1.562 billion yuan in revenue, reflecting a year-on-year increase of 800.98% [4]. - The net profit attributable to shareholders was approximately 38 million yuan, indicating a turnaround from losses in the previous year [4].