Group 1 - The company has approved the proposal to appoint ShineWing Hong Kong Certified Public Accountants Limited as the auditor for its H-share issuance and listing on the Hong Kong Stock Exchange [1][3] - ShineWing Hong Kong has extensive experience in auditing for overseas listings and possesses the necessary independence and professional capability [1][2] - The board of directors has agreed to submit the proposal to the shareholders' meeting for approval, and the appointment will take effect upon approval at the 2024 annual shareholders' meeting [1][4] Group 2 - ShineWing Hong Kong provides auditing, tax, and consulting services and has served numerous listed companies in Hong Kong across various industries [2] - The firm has over 400 employees and has not faced any civil lawsuits or penalties in the last three years [2] - The audit committee of the board reviewed ShineWing Hong Kong's qualifications and confirmed its capability to meet the financial audit requirements for the H-share issuance [2][3]

Core Viewpoint - Liaoning Chengda Co., Ltd. plans to reappoint Crowe Horwath as the financial audit and internal control audit institution for the year 2025, with a one-year term [1]. Group 1: Basic Information of the Accounting Firm - The accounting firm Crowe Horwath was established on December 22, 2011, and operates as a special partnership [1]. - As of December 31, 2024, Crowe Horwath has 239 partners and 1,359 registered accountants, with 445 of them having signed audit reports for the securities service industry [1]. - The firm primarily serves industries such as manufacturing, information transmission, software and IT services, wholesale and retail, and utilities [1]. Group 2: Audit Client and Risk Management - Crowe Horwath has 11 audit clients in the same industry and has accumulated a professional risk fund and purchased professional insurance with a total compensation limit exceeding RMB 900 million [2]. - In the past three years, the firm has not faced any civil liability related to its professional conduct and has received 0 criminal penalties, 2 administrative penalties, and 15 supervisory measures [2]. Group 3: Project Team Information - The project partner is Guan Tao, a registered accountant since 1998, with experience in auditing listed companies [2]. - The signing registered accountant is Lai Jipeng, also a registered accountant since 2010, who has signed 3 audit reports for listed companies in the last three years [2][3]. - The quality control reviewer is Ma Qin, a registered accountant since 2004, who has reviewed 15 audit reports for listed companies in the last three years [3]. Group 4: Audit Fees - The audit fee for 2025 is set at RMB 1.8 million, with RMB 1.4 million for financial audit and RMB 400,000 for internal control audit, unchanged from 2024 [3][4]. Group 5: Approval Process for Reappointment - The audit committee of the board has reviewed Crowe Horwath's qualifications and performance, concluding that the firm meets the requirements of the Securities Law and is capable of fulfilling the company's audit needs [4]. - The board of directors approved the proposal to appoint Crowe Horwath at a meeting held on May 23, 2025, with a unanimous vote of 9 in favor and 0 against [4]. - The reappointment is subject to approval by the shareholders' meeting and will take effect upon approval [4].

证券代码：300125 证券简称：*ST 聆达 公告编号：2025-052 聆达集团股份有限公司 关于续聘 2025 年度审计机构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 聆达集团股份有限公司（简称：公司）于2025年5月19日召开的第六届董事 会第二十四次会议，审议通过了《关于续聘2025年度审计机构的议案》，拟续聘 致同会计师事务所（特殊普通合伙） （简称：致同所）为公司2025年度审计机构， 聘期一年。公司董事会提请股东大会授权公司董事长根据市场情况和实际业务情 况与审计机构协商确定2025年度审计费用。上述议案尚需经公司股东大会审议通 过。具体内容如下： 致同所 2024 年度业务收入 26.14 亿元，其中审计业务收入 21.03 亿元，证券 业务收入 4.82 亿元。2024 年年报上市公司审计客户 297 家，主要行业包括制造 业；信息传输、软件和信息技术服务业；批发和零售业；电力、热力、燃气及水 生产供应业；交通运输、仓储和邮政业，收费总额 3.86 亿元；2024 年年报挂牌 公司客户 166 家，主要行业包括制造业；信息传输、 ...

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 Shanghai Securities Regulatory Bureau has imposed an administrative penalty on Lixin Certified Public Accountants for violations in the audit report of Huahong Jitong's 2017 annual report, marking a repeated offense for the firm [1][4][6]. Group 1: Violations by Lixin Certified Public Accountants - Lixin Certified Public Accountants issued an audit report for Huahong Jitong's 2017 annual report that contained false records due to fictitious trades and underreporting of bad debt provisions [4][5]. - The firm failed to exercise due diligence during the audit process, overlooking significant discrepancies in the sales and receivables processes, and did not obtain sufficient appropriate audit evidence [5][6]. Group 2: Penalties Imposed - The Shanghai Securities Regulatory Bureau ordered Lixin to correct its practices, confiscated business income of 518,867.92 yuan, and imposed a fine of 1,037,735.84 yuan, totaling 1,556,000 yuan [6]. - The responsible auditors, He Mou Chun and Wan Mou Ling, received warnings and were fined 50,000 yuan each [6]. Group 3: Previous Offenses - In December 2024, Lixin was penalized by the Shenzhen Securities Regulatory Bureau for similar violations related to the audit of Rihai Intelligent, resulting in a total penalty exceeding 11 million yuan [7][8][12].

Core Viewpoint - The recent revision of the "Management Measures for the Record of Accounting Firms Engaging in Securities Services" aims to enhance the quality of audits and establish a more dynamic regulatory environment for accounting firms in the capital market [1][4][10] Group 1: Regulatory Changes - The revised measures introduce a mechanism for the entry and exit of accounting firms, breaking the "lifetime system" and promoting a competitive environment focused on quality rather than price [2][8] - The new regulations include a dual constraint system of "rectification within a time limit + public announcement" to enhance regulatory deterrence and eliminate blind spots in supervision [2][8] Group 2: Impact on the Industry - The revision is expected to lead to the elimination of firms that do not meet the new record-keeping requirements or have serious violations, thereby optimizing the market structure for accounting firms engaging in securities services [3][10] - The number of accounting firms qualified to engage in securities services has significantly increased from 40 to over 100 since the initial implementation of the record-keeping system [4] Group 3: Specific Requirements - The revised measures require accounting firms to submit detailed documentation regarding their internal management and quality control systems during the initial record-keeping process [6][8] - New requirements include the submission of information about any legal or regulatory actions against the firm or its personnel in the past three years [6][8] Group 4: Internal Management and Quality Control - The emphasis on integrated management within accounting firms is crucial, with a focus on shared interests among partners and a comprehensive performance evaluation system to ensure quality over short-term gains [9][11] - The revision aims to enhance the internal management and quality control of accounting firms, which is essential for maintaining high standards in securities services [10][11]

Group 1 - The core viewpoint of the article highlights a significant increase in the number of A-share listed companies changing their audit firms, indicating a growing demand for high-quality audit services [1][2] - As of April 22, 2025, 62 audit firms reported changes involving 1,110 listed companies, compared to 55 firms and 519 companies in the previous year [1][2] - The change in audit firms reflects companies' desire for more independent, objective, and professional audit opinions to enhance the credibility of financial information [1][2] Group 2 - Among the companies that changed auditors, 460 cited business development or audit needs as reasons, while 312 followed regulations for rotation, and 241 mentioned long service periods of previous auditors [2] - The regulatory environment has intensified, leading companies to prefer higher-quality audit firms, resulting in some firms losing market share [2][3] - The introduction of regulations limiting the tenure of auditors for state-owned enterprises aims to improve audit quality and reduce risks associated with long-term relationships between auditors and companies [3] Group 3 - Audit firms are encouraged to enhance audit quality through better internal controls, improved processes, and higher professional standards to stand out in a competitive market [4] - There is a need for audit firms to strengthen their expertise, particularly in emerging industries and complex business areas, to expand their market share [4]

Core Viewpoint - The article discusses the regulatory scrutiny faced by Shenwan Hongyuan Securities in relation to the IPO project of Hainuoer Environmental Industry Co., Ltd., highlighting issues with internal controls over R&D expenditures and previous regulatory penalties faced by the company [1][4][10]. Group 1: Regulatory Actions - The Shenzhen Stock Exchange announced self-regulatory measures against Shenwan Hongyuan Securities and its representatives due to issues in the Hainuoer IPO project, including inadequate internal controls over R&D expenditures [1][4]. - Hainuoer has faced multiple regulatory actions, including three failed IPO attempts, with the latest being the withdrawal of its application in July 2024 [6][7]. Group 2: R&D Expenditure Issues - Hainuoer's reported R&D expenditures from 2020 to the first half of 2023 were 3.60 million, 9.33 million, 10.23 million, and 4.24 million, representing 2.57%, 3.79%, 4.06% of its revenue respectively, indicating a trend of increasing R&D investment [5]. - The Shenzhen Stock Exchange found discrepancies in Hainuoer's disclosures regarding R&D expenses, including issues with the classification and accounting of these costs [4][8]. Group 3: Shenwan Hongyuan's Past Penalties - Shenwan Hongyuan has previously received multiple warnings and penalties related to its sponsorship duties, particularly concerning R&D expenditure issues in other IPO projects [10][15]. - The company was criticized for failing to adequately verify the accuracy of R&D personnel and expenditures in its past projects, leading to regulatory actions [12][13].

Group 1 - The intermediary system for NASDAQ IPOs is crucial for connecting local operations with international capital markets, directly impacting the success rate and financing efficiency of listings [1] - Key intermediary institutions include investment banks, law firms, accounting firms, depositary banks, market makers, and public relations and investor relations consultants [1][27] - The article provides a comprehensive analysis of the roles, service offerings, fee structures, and selection strategies of these intermediaries, along with practical guidelines for 2025 market dynamics [1] Group 2 - Investment banks play a vital role in valuation pricing, roadshow strategies, and risk hedging, with underwriting fees ranging from 5-7% for amounts less than $100 million and 3-5% for amounts greater than $500 million [2][40] - Law firms are responsible for cross-border compliance, including VIE structure reviews and data security, with fixed fees between $500,000 and $2 million depending on complexity [3][4][40] - Accounting firms focus on financial restructuring and internal control establishment, charging between $500,000 and $1.5 million based on revenue [7][10][40] Group 3 - Depositary banks facilitate the issuance of American Depositary Receipts (ADRs) and cross-border settlements, with fees ranging from $50,000 to $200,000 [12][15][40] - Market makers manage liquidity and crisis response, charging annual fees between $100,000 and $500,000 [17][20][40] - Public relations and investor relations consultants assist in brand building and crisis management, with service fees ranging from $200,000 to $1 million [22][25][40] Group 4 - The overall fee structure for intermediaries in the IPO process can range from $200,000 to $600,000, accounting for 8-15% of the total financing amount [40] - Cost optimization strategies include selecting boutique investment banks for smaller fundraising and splitting auditing tasks to save costs [41] - The selection of intermediaries should consider industry expertise, regional experience, and crisis management capabilities [42][44] Group 5 - The intermediary system for NASDAQ listings exhibits a dual characteristic of "international rules + local adaptation," requiring firms to navigate both global standards and local regulatory environments [47][48] - Companies should prioritize intermediaries with capabilities that blend Western and Chinese practices to ensure compliance and efficiency in the IPO process [49]

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。 ...