Core Viewpoint - The article discusses the recent regulatory actions taken by the Henan Provincial Asset Evaluation Association against an institution that allegedly engaged in unfair competition by bidding below the maximum procurement price by 45%, which is considered a violation of the "Implementation Opinions on Anti-Unfair Competition" [2][3]. Group 1: Regulatory Actions - The Henan Provincial Asset Evaluation Association issued a regulatory notice to the institution, emphasizing the need for risk identification and adherence to evaluation standards during project execution [2]. - This case marks the first public report of low-price bidding since the release of the "Implementation Opinions" in July 2023, aimed at protecting public interests and promoting fair competition in the asset evaluation industry [2][3]. Group 2: Implementation Opinions - The "Implementation Opinions" require evaluation institutions to supervise each other and resist unfair competition, fostering a fair competitive environment [3]. - Institutions can report suspected unfair competition to various regulatory bodies, providing evidence related to bidding prices, cost calculations, and historical fees [3]. Group 3: Related Notifications - The Interbank Market Dealers Association also issued a notification to combat "involution" in the bond market, emphasizing the need for reasonable cost calculations by lead underwriters [4]. - The notification encourages market participants to report violations related to underpricing and interference in underwriting fee quotes [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) imposed administrative penalties on WalkerSun (Beijing) International Asset Appraisal Co., Ltd. for failing to exercise due diligence in asset evaluation, resulting in misleading statements in their reports [2][4][9]. Group 1: Evaluation Process Issues - WalkerSun was commissioned by Beijing Jiecheng Century Technology Co., Ltd. to evaluate assets provided by a debtor, charging a total fee of 150,943.40 yuan [4]. - The evaluation report, issued on April 15, 2022, assessed six TV dramas and two scripts, with a total valuation of 127.3093 million yuan as of December 31, 2021 [4][5]. - The evaluation process lacked thorough verification of asset ownership, failing to support clear conclusions regarding asset rights [5][6]. Group 2: Misleading Statements - WalkerSun did not adequately verify the evaluation data, leading to errors in revenue predictions and cost assessments [6][8]. - The use of incorrect discount rate parameters and failure to consider specific risks associated with cultural enterprises were noted as significant flaws in the evaluation [7][8]. Group 3: Penalties Imposed - The CSRC ordered WalkerSun to rectify its practices, confiscated the business income of 150,943.40 yuan, and imposed a fine of 500,000 yuan [9][10]. - The two signing appraisers, Li Hui and He Congyang, received warnings and fines of 200,000 yuan each for their roles in the misleading evaluation [9].

Core Viewpoint - The importance of property valuation is increasingly highlighted in the context of rapid economic development, with the company providing efficient and accurate assessment services since its establishment in September 2014 [1] Group 1: Necessity of Property Valuation - Property valuation is essential for determining fair transaction prices, mitigating risks from information asymmetry, and providing strong price references in scenarios like mortgage loans and asset restructuring [2] - Property valuation plays a significant role in legal disputes and insurance claims [2] Group 2: Company's Valuation Services - The company offers various assessment services, including: - Property Valuation: Covering residential, commercial, and industrial properties using methods like market comparison, income, and cost approaches [2] - Land Valuation: Providing accurate assessments based on geographical location, usage, and market demand [2] - Expropriation Valuation: Assisting clients in evaluating the value of expropriated land and properties during urban planning and infrastructure projects [2] - Loss Valuation: Helping clients understand their losses in the event of natural disasters or other emergencies for subsequent claims [2] - Business Valuation: Offering assessments for mergers, acquisitions, and financing by analyzing financial status and market prospects [3] - Machinery and Equipment Valuation: Evaluating equipment based on usage, market demand, and technology levels [5] - Nursery and Flower Valuation: Addressing the growing demand for assessments in the horticulture industry [5] - Orchard Valuation: Considering land, tree species, and yield for comprehensive assessments [5] - Livestock Farm Valuation: Evaluating farms based on animal types, scale, and market conditions [5] - Intangible Asset Valuation: Providing assessments for intangible assets like patents and trademarks [5] - Rent Valuation: Helping landlords and tenants reach agreements on reasonable rental prices [5] Group 3: Assessment Process - The company follows a structured assessment process to ensure accuracy and objectivity, which includes: - Demand Analysis: Engaging with clients to understand their assessment needs and background information [7] - Data Collection: Conducting site inspections and gathering relevant market data and historical transaction information [7] - Data Analysis: Analyzing collected data and applying appropriate valuation methods to calculate asset value [7] - Report Writing: Compiling detailed assessment reports that include basis, methods, and final results [7] - Client Feedback: Communicating with clients post-report submission to gather feedback and address any questions [7] Group 4: Conclusion - The company is dedicated to providing professional online assessment consulting services, aiming to deliver accurate and reliable reports across various asset valuation fields [9]

Core Viewpoint - The China Asset Appraisal Association (CAAA) has released the "Implementation Opinions on Anti-Unfair Competition Behavior" to protect public interests and the legitimate rights of appraisal institutions, encourage fair competition, prevent "involution" competition, and promote high-quality development in the asset appraisal industry [1]. Summary by Sections Anti-Competition Standards - The "Implementation Opinions" define standards for low-price competition, stating that if an appraisal institution's bid is below 50% of the average bid of all compliant institutions, competitors can report this behavior [2][3]. Mutual Supervision - Appraisal institutions are encouraged to supervise each other to resist unfair competition and maintain a fair competitive environment. They can report suspected unfair competition to various authorities, including the CAAA and local associations, providing evidence for investigation [4]. Legal Recourse - Institutions that believe their rights have been harmed by unfair competition can file lawsuits in people's courts [5]. Evidence for Reporting - Institutions can provide evidence of low-cost bidding through various means, including bid prices, cost accounting, and historical charges. Specific thresholds for reporting include bids below 50% of the average bid and below 45% of the maximum project price [6][7]. Industry Self-Regulation - The CAAA and local associations are tasked with strengthening industry self-regulation, guiding appraisal institutions to compete legally, and establishing monitoring mechanisms for bidding behavior. They will focus on investigating reported unfair competition and may impose penalties for non-compliance [8]. Market Overview - As of June 2024, there are 272 securities appraisal institutions in China, a decrease of 9 from the previous year. The majority are located in major cities like Beijing, Shenzhen, and Shanghai, accounting for 61.8% of the total [9]. Workforce and Revenue - By the end of 2023, there were 9,282 asset appraisers, a 4.2% increase year-on-year. The total revenue for securities appraisal institutions reached 11.27 billion yuan, a 3.0% increase, with asset appraisal income making up 75.4% of total revenue [10][11]. Report Generation - In 2023, 213 securities appraisal institutions issued 12,069 asset appraisal reports, a 26.8% increase from the previous year, with 91.4% of these reports issued for listed companies [12]. Regulatory Updates - By the end of 2024, the Ministry of Finance and the China Securities Regulatory Commission will revise the "Filing Measures for Securities Service Business by Asset Appraisal Institutions," tightening filing requirements and enhancing ongoing supervision [13].

Group 1 - The provincial finance department has issued and publicized a checklist of administrative inspection items related to enterprises, emphasizing transparency and accountability in the use of power [1][2] - The checklist is based on the principle of "no inspection without basis" and covers six major areas, including government procurement supervision, accounting information quality supervision, and asset evaluation industry supervision [1] - The finance department will conduct inspections to ensure the fairness, transparency, and compliance of government procurement activities, as well as the authenticity and compliance of accounting practices [1][2] Group 2 - Inspections will also focus on the quality of practice, risk management, and internal controls of accounting firms and asset evaluation institutions to promote the rational allocation and effective utilization of state-owned assets [2] - The checklist aims to standardize the inspection management of the provincial finance department and guide the standardized construction of administrative inspections at all levels of finance departments in the province [2] - The finance department plans to comprehensively advance and strictly regulate administrative law enforcement related to enterprises, enhancing the level of law enforcement [2]

Group 1 - China International Capital Corporation (CICC) acts as the sponsor for HANSAN (Nanjing) Technology Co., Ltd.'s initial public offering (IPO) on the ChiNext board, committing to compensate investors for losses due to false statements or omissions in the documents it produces [1] - Beijing Junhe Law Firm serves as the special legal advisor for the issuer's IPO, promising to compensate investors for losses caused by false statements or omissions in the documents it issues, while accepting supervision from regulatory bodies and the public [2] - The auditing firm for HANSAN (Nanjing) Technology Co., Ltd. commits to compensate investors for losses resulting from false statements or omissions in the audit reports and related documents it produces for the IPO [3] Group 2 - The verification and review institution for HANSAN (Nanjing) Technology Co., Ltd. also commits to compensate investors for losses due to false statements or omissions in the verification reports and related documents it issues for the IPO [6] - Kun Yuan Asset Appraisal Co., Ltd. acts as the appraisal agency for the issuer's IPO, promising to compensate investors for losses resulting from false statements or omissions in the asset appraisal report it produces, contingent upon a judicial ruling [8]

Core Viewpoint - In the first half of 2025, all 13 companies that submitted merger and acquisition projects for review in the A-share market were approved, resulting in a 100% approval rate [1]. Group 1: Independent Financial Advisors Performance Ranking - A total of 13 independent financial advisory firms participated in the 13 approved merger and acquisition projects [2]. - The top-ranked independent financial advisor was Dongfang Securities with 3 projects, followed by Huatai United Securities with 2 projects [3][4]. Group 2: Legal Advisors Performance Ranking - Ten law firms were involved in the legal services for the 13 approved merger and acquisition projects [5]. - The leading law firm was King & Wood Mallesons with 3 projects, while Guohao (Shanghai) and Shanghai Jintiancheng both ranked second with 2 projects each [6][7]. Group 3: Audit Firms Performance Ranking - Eleven accounting firms provided auditing services for the 13 approved merger and acquisition projects [8]. - The top audit firm was Tianjian with 3 projects, followed by Daxin and Xinyong Zhonghe, both with 2 projects [9]. Group 4: Asset Evaluation Firms Performance Ranking - Eleven asset evaluation firms were involved in the asset evaluation services for the 13 approved merger and acquisition projects [10]. - The leading asset evaluation firm was Jinzheng (Shanghai) with 3 projects, followed by Zhonglian Evaluation with 2 projects [11].

Group 1 - The transaction involves the exchange of coal-related assets and liabilities held by Anyuan Coal Industry Group Co., Ltd. with 85.5 million shares (57% stake) of Ganzhou Jinhui Magnetic Selection Technology Equipment Co., Ltd. held by Jiangxi Jiangtong Holdings Development Co., Ltd. The cash difference will be settled between the parties [1][2] - The independent financial advisor, CITIC Securities Co., Ltd., confirmed that there were no direct or indirect paid engagements of third-party institutions or individuals in this transaction [1][2] - The independent financial advisor conducted a thorough review of the hiring of third-party institutions by the listed company and found that the hiring of the asset evaluation institutions was legal and compliant with the relevant regulations of the China Securities Regulatory Commission [2]

Core Viewpoint - The article emphasizes the importance of asset evaluation in ensuring fair and reasonable transactions in the market, highlighting the regulatory efforts to enhance the quality of asset evaluation services and maintain industry order [2][4]. Group 1: Regulatory Oversight - The Ministry of Finance has announced a quality inspection for 15 asset evaluation institutions engaged in securities services in 2024, resulting in administrative penalties for 5 institutions and 14 evaluators [2][3]. - Regulatory authorities are intensifying supervision and inspection of the asset evaluation industry, sending a clear signal of "strict regulation and zero tolerance" towards illegal activities [2][3]. Group 2: Industry Challenges - Despite regulatory efforts, various illegal activities persist in the asset evaluation sector, including falsified reports and improper valuation practices [3][4]. - Specific cases of misconduct include a real estate evaluation company with 347 reports involving forgery and another company with significant inaccuracies in revenue projections [3]. Group 3: Management and Compliance - The shift to a filing management system in 2019 has led to a significant increase in the number of asset evaluation institutions, but strict entry management is still necessary to maintain industry credibility [4][5]. - Regulatory requirements for filing include internal management, quality control, and the establishment of professional risk funds, emphasizing the need for compliance to prevent a decline in industry standards [4][5]. Group 4: Future Directions - The asset evaluation industry plays a crucial role in national asset reform and capital market regulation, with new asset types providing opportunities for growth [5]. - Continuous adherence to principles of independence, objectivity, and fairness is essential for maintaining market order and supporting economic development [5].

Core Viewpoint - The Ministry of Finance has conducted a joint inspection of the asset appraisal industry, resulting in administrative penalties for five appraisal institutions, 14 appraisers, and one legal representative, alongside self-discipline penalties for four institutions and 18 appraisers [1][3][7]. Group 1: Inspection Results - A total of 15 asset appraisal institutions engaged in securities services were evaluated, leading to administrative penalties or self-discipline measures for 9 institutions and 32 appraisers [3][6]. - The penalties included warnings, fines, and operational suspensions, with notable fines such as 15.66 million yuan for Jiaxin Tuotou and 1.11 million yuan for Beijing Zhongjinhao [3][4]. Group 2: Typical Cases - Seven typical cases were disclosed, highlighting issues such as forged signatures, false documentation, and significant inaccuracies in revenue forecasts [2][5]. - Jiaxin Tuotou was found to have 347 appraisal reports with forged signatures and was penalized with a warning, a one-year business suspension, and a total fine of 15.66 million yuan [3]. - Zhejiang Zhongheng and Beijing Zhongjinhao also faced penalties for various infractions, including lack of essential investigation records and serious inaccuracies in revenue predictions [4][5]. Group 3: Regulatory Environment - The regulatory framework for asset appraisal institutions has been strengthened, with new amendments to the "Asset Appraisal Institutions Engaging in Securities Services Business Filing Measures" aimed at enhancing supervision and management [6][7]. - The Ministry of Finance emphasized a "strict supervision and zero tolerance" approach to ensure a transparent and orderly market environment [7].