Core Points - New Dawn Technology Co., Ltd. faced disciplinary action from the Shanghai Stock Exchange due to multiple violations during its IPO process [2] - The company and its actual controller, Chairman and General Manager Zheng Zhenxiao, received a disciplinary notice, along with two sponsoring representatives from Huatai United Securities and three signing lawyers from Beijing Deheng Law Firm [2] Violation Details - The first violation involved concealing the interest arrangements between the actual controller Zheng Zhenxiao and former employee Ma, who was employed by a supplier after leaving the company and received indirect compensation through a subsidiary [4] - New Dawn's inconsistent statements regarding a 1.45 million yuan transfer to Ma's account raised concerns about the clarity of its equity structure and issuance conditions [4] - The second violation was related to severe mismanagement of the company seal, with discrepancies between the submitted seal usage records and the business system approval records [5] - There were instances of the seal being taken out without proper approval, notably by Zheng Zhenxiao's son, indicating significant internal control deficiencies [5] Company Response and Future Implications - New Dawn and Zheng Zhenxiao claimed that Ma's salary was "labor remuneration" and justified the seal's unauthorized use due to the "special identity" of the actual controller's son, but these defenses were rejected by the exchange [5] - The company voluntarily withdrew its IPO application in November 2024, eight months after the penalties, which may hinder its future IPO prospects [5] - New Dawn specializes in explosion-proof electrical equipment and aimed to raise 558 million yuan in 2023, with Zheng Zhenxiao holding a 56.82% stake [5]

Core Viewpoint - The Shenzhen Stock Exchange issued regulatory letters to Zhonghang Securities and Tianjian Accounting Firm regarding violations in the IPO withdrawal process of Zhejiang Fanyuan Technology Co., Ltd. (Fanyuan Technology), leading to written warnings and criticisms against the involved parties [1][2]. Group 1: Violations by Zhonghang Securities - Zhonghang Securities failed to adequately scrutinize the internal controls related to inventory management, leading to discrepancies in sales documentation and compliance with the company's inventory management system [1][2]. - The firm also neglected to properly investigate the internal controls concerning research and development (R&D), resulting in inconsistencies in reported R&D expenses and misclassification of personnel and departments [1][2]. Group 2: Additional Issues Identified - Zhonghang Securities did not sufficiently verify the financial transactions of the issuer and its related parties, including the actual controller's investments in large financial products and discrepancies in disclosed fund usage [2]. - The firm also lacked adequate documentation to support the investigation into the cost reduction of the issuer's automotive metal parts surface treatment business [2]. Group 3: Background on Fanyuan Technology - Fanyuan Technology has faced scrutiny for multiple errors in its IPO application documents, including inconsistencies in net profit figures and unclear definitions, prompting the exchange to demand corrections and improvements in information disclosure [3]. - The company specializes in the processing and manufacturing of key automotive components and submitted its IPO application in September 2022, which was accepted, but later withdrew its application in June 2024 after responding to multiple rounds of inquiries [3].

Core Viewpoint - The article discusses regulatory actions taken against Wuhang Securities, Zhongshen Zhonghuan Accounting Firm, and Shanxi Ningguoli New Materials Co., Ltd. due to multiple violations identified during the IPO process, leading to the termination of the company's IPO review on January 18, 2024 [1][3][4]. Summary by Sections Regulatory Actions - Shenzhen Stock Exchange issued regulatory letters to Wuhang Securities and Zhongshen Zhonghuan Accounting Firm, along with criticisms directed at the responsible parties including the signing accountants and the sponsoring representatives [1][2]. Violations Identified - The China Securities Regulatory Commission (CSRC) found numerous violations during the on-site inspection, including inadequate verification of the issuer's product-related matters, revenue recognition, internal controls, and other operational aspects [3][4][5]. Specific Violations by Wuhang Securities - Wuhang Securities failed to adequately verify the issuer's product-related matters, including discrepancies in inventory and revenue recognition processes. For instance, the issuer's inventory of products sent to customers was not properly accounted for, with significant discrepancies noted [5][6][7]. - The firm did not execute sufficient procedures for revenue recognition, with instances of revenue being recognized without proper documentation, affecting the accuracy of financial reporting [7][8][22]. Violations by Shanxi Ningguoli - Shanxi Ningguoli and its executives were found to have provided misleading information regarding product dispatch and revenue recognition, failing to disclose internal control deficiencies [4][20][21]. - The company reported significant figures in R&D expenses, but internal controls related to R&D were found to be inadequate, with discrepancies in the recognition of R&D personnel and expenses [9][23]. Other Internal Control Issues - The issuer's internal controls regarding raw material procurement and production were also found lacking, impacting the accuracy of cost accounting. The separation of incompatible duties was not effectively implemented [10][24]. - Issues were identified in the verification of sales service providers, with inadequate checks on the authenticity of transactions and the accuracy of service fee accruals [12][13]. Conclusion - The regulatory actions highlight the importance of compliance with internal controls and accurate financial reporting in the IPO process, emphasizing the need for thorough due diligence by sponsoring institutions [18][19].

Core Viewpoint - The article discusses the regulatory actions taken by the Shenzhen Stock Exchange against Diga Pharmaceutical Group Co., Ltd. and its associated parties due to various violations during the IPO application process, leading to the termination of their IPO review. Group 1: Regulatory Actions - The Shenzhen Stock Exchange issued three written warning letters and three public criticism decisions on April 30, 2025, against Diga Pharmaceutical and related parties [2][3] - The IPO application for Diga Pharmaceutical was accepted on June 16, 2023, but was terminated on June 12, 2024, due to the withdrawal of the application by the issuer and the sponsor [27] Group 2: Violations Identified - Diga Pharmaceutical and its key executives failed to fully disclose independence flaws and rectification measures, as well as internal control deficiencies related to sales, procurement, and inventory management [4][8] - The sponsor, Minsheng Securities, did not adequately scrutinize the issuer's independence issues and internal control irregularities, leading to inaccurate verification opinions [5][17] - The law firm, Shanghai Zechang, and the accounting firm, Tianjian, also failed to conduct thorough checks on the issuer's independence and internal control issues, resulting in regulatory warnings [19][21] Group 3: Specific Issues - The issuer prioritized purchasing from suppliers controlled by the actual controller, which raised concerns about independence and internal control [8][19] - There were discrepancies in the accounting treatment of returns, with the issuer misclassifying a return as a post-balance sheet adjustment, which should have been reflected in 2020 instead of 2019 [10][24] - The issuer's internal controls were found to be inadequate, with missing documentation and improper handling of sales and inventory management [9][15]

Group 1 - The core issue revolves around Hainuo Environmental Industry Co., Ltd.'s application for an initial public offering (IPO) being terminated by the Shenzhen Stock Exchange due to internal control deficiencies in R&D investment and improper accounting practices [2] - Shenwan Hongyuan Securities, the sponsor for Hainuo's IPO, failed to adequately address and verify these issues, leading to inaccurate verification opinions and incomplete documentation [2][3] - This incident marks the second disciplinary action against Shenwan Hongyuan in a month, following a previous reprimand related to another company's IPO process [2][4] Group 2 - The Shanghai Stock Exchange highlighted that Shenwan Hongyuan's sponsorship duties were not fulfilled adequately, including insufficient verification of R&D personnel and investment accuracy, governance deficiencies, and risks related to accounts receivable [3] - On April 18, the Shenzhen Stock Exchange announced self-regulatory measures against Shenwan Hongyuan and its representatives, indicating ongoing scrutiny of their practices [4]

来源：券商中国 5年内禁止IPO申报。 近日，上交所披露了《关于对想念食品股份有限公司及相关责任人予以纪律处分的决定》。据悉，想念食品（发行人）曾向上交所申请IPO并在主板上 市，后撤回发行上市申请文件。 经查明，发行人存在拒绝、阻碍现场检查并销毁相关证据材料，财务内部控制存在重大缺陷，重要信息披露不真实、不准确、不完整等多项违规行为，情 节严重，影响恶劣。交易所予以5年内不接受发行人提交的IPO文件的纪律处分。与此同时，相关中介机构也被纪律处分。 交易所认为，上述行为违反了2023年《上海证券交易所股票发行上市审核规则》（以下简称《审核规则》）第十五条、第二十五条、第四十二条等有关规 定。责任人方面，时任董事长兼总经理，时任财务总监系直接负责的主管人员，对发行人以上违规行为负有主要责任，严重违反了《审核规则》第二十六 条、第四十二条等有关规定。 02 5年禁止IPO申报 在规定期限内，相关当事人提出异议称：一是发行人积极配合检查工作并提供相关材料，相关数据删除问题系因网络安全隐患进行定期清理。二是特殊关 系经销商披露问题系因相关信息变更滞后造成。三是通过特殊关系经销商进行资金流转是产业带贫工作的业务，与公司 ...

Core Viewpoint - The Shanghai Stock Exchange has imposed a five-year ban on Xiangnian Food Co., Ltd. from submitting IPO applications due to serious violations, including obstructing inspections and providing false disclosures [2][9]. Group 1: Violations and Disciplinary Actions - Xiangnian Food was found to have obstructed on-site inspections, deleted historical data from their wheat storage business system, and provided incomplete and inaccurate disclosures [3][4]. - The company had significant internal control deficiencies, including abnormal financial transactions with special relationship distributors and missing key original documents for wheat procurement [4][8]. - The Shanghai Stock Exchange has decided to publicly reprimand the company and its responsible individuals, prohibiting them from serving as directors, supervisors, or senior management for five years [9][10]. Group 2: Response and Justifications - The company claimed that it cooperated with inspections and that data deletion was due to cybersecurity concerns, but these justifications were not accepted by the exchange [5][7]. - The company argued that the issues with special relationship distributors were due to delays in information updates, which was also dismissed by the exchange [7][9]. - The exchange found that the financial flows involving special relationship distributors were not justified, contradicting the company's claims of compliance [6][7]. Group 3: Impact on Related Entities - The accounting firm and sponsor involved in the IPO process also faced penalties for failing to fulfill their professional responsibilities adequately [10]. - Tianjian Accounting Firm received a public reprimand and a 24-month ban on signing IPO application documents due to their inadequate performance during the application process [10].

文/梧桐兄弟 近期，上交所连发三份纪律处分的决定，分别对想念食品股份有限公司（"想念食品"）及相关责任人、国金证券及2名签字保代、天健会计师事务所及2名签字会计 师予以纪律处分。 上交所决定： 对想念食品股份有限公司予以5 年内不接受发行人提交的发行上市申请文件的纪律处分，对孙君庚、王雪龙予以公开谴责并公开认定 5 年内不适合担任发行人董 事、监事、高级管理人员的纪律处分。 对国金证券股份有限公司予以公开谴责，对程超、宋乐真予以 24 个月内不接受保荐代表人签字的发行上市申请文件及信息披露文件的纪律处分。 对天健会计师事务所（特殊普通合伙）予以公开谴责，对刘钢跃、胡健予以 24 个月内不接受其签字的发行上市申请文件及信息披露文件的纪律处分。 据披露，想念食品曾向上海证券交易所（以下简称本所）申请首次公开发行股票并在主板上市，后撤回发行上市申请文件。经查明，想念食品在发行上市申请过程 中存在以下违规行为： 1、拒绝、阻碍现场检查，销毁相关证据材料。 在现场检查过程中，发行人及其相关人员无正当理由 删除小麦收储业务系统历史数据且无备份、人为删除物流台账 原始记录，提前清理工作电脑应对检查，并以消极态度对抗询问。 ...

文/飞云 3月12日，上交所连发三份监管措施决定书，分别对上海梦创双杨数据科技股份有限公司（以下简称"梦创双杨"）及时任董事长和财务负责人、IPO项目保荐机构 海通证券的两名保代、申报会计师中汇的三名签字注册会计师采取监管警示措施。经查，该公司在首次公开发行股票申请过程中，因在未满足履约验收条件、未 取得客户终验的情况下，即按照收款节点提前确认了部分收入，导致信息披露不实，涉及中介机构亦因未勤勉尽责被追责。 | 关于对上海梦创双杨数据科技股份有限公司及相关责任人予以监管警示的决定 | 2025-03-12 | | --- | --- | | 关于对保荐代表人费哲君、石迪予以监管警示的决定 | 2025-03-12 | | 关于对签字会计师黄继佳、陈震、周永辉予以监管警示的决定 | 2025-03-12 | 资料显示，梦创双杨2023年3月向上海证券交易所申请首次公开发行股票并在主板上市，后于同年12月撤回发行上市申请文件。海通证券为梦创双杨IPO保荐人， 费哲君、石迪作为指定的项目保荐代表人。中汇会计师事务所（特殊普通合伙）为梦创双杨IPO审计机构，黄继佳、陈震、周永辉为指定的签字注册会计师。 根据文件披露， ...

文/末日机甲 3月14日晚上，深交所公布对青岛科凯电子研究所股份有限公司、王建绘、王建纲、张春妍的监管函，对信永中和会计师事务所、毕强、唐守东的监管函，对中国 国际金融股份有限公司、王丹、贾义真的监管函。青岛科凯电子创业板IPO于2023年6月26日获得受理，已于2024年4月15日被宣布终止审核。而中金公司、信永中 和分别是该IPO项目的保荐机构、审计机构。深交所在对该项目现场督导后发现了发行人、保荐机构、审计机构的违规行为。深交所对保荐机构、审计机构、发行 人及其责任人的监管措施均为采取书面警示！ | 输入关键字 | YYYY-MM-DD 至 YYYY-MM-DD ▼ | 查询 | | | --- | --- | --- | --- | | . | 关于对中国国际金融股份有限公司、王丹、贾义真的监管函 | | 2025-03-14 | | . | 关于对信永中和会计师事务所（特殊普通合伙）、毕强、唐守东的监管函 | | 2025-03-14 | | . | 关于对青岛科凯电子研究所股份有限公司、王建绘、王建纲、张春妍的监管函 | | 2025-03-14 | | 已受理 | 已问询 | 终止 | | -- ...