Group 1 - The Sci-Tech Innovation Board (STAR Market) has seen a total of 591 companies listed and raised a total of 927.16 billion yuan in IPO funds, with a total market capitalization exceeding 7 trillion yuan as of July 22, 2025 [1] - The STAR Market has significantly optimized the industry structure of the A-share market and serves as an important platform for tackling key core technologies [1] - Among the 65 securities firms that provided underwriting and sponsorship services, Guotai Junan leads with 112 companies, followed by CITIC Securities with 99 companies [1] Group 2 - The top five securities firms by underwriting amount are Guotai Junan (213.78 billion yuan), CITIC Securities (167.07 billion yuan), CICC (130.25 billion yuan), CITIC Jianzhong (88.01 billion yuan), and Huatai Securities (62.29 billion yuan) [2][4] - Guotai Junan's leading position is attributed to the strong presence of both firms in Shanghai [4] - CITIC Jianzhong has successfully sponsored 64 IPOs in the STAR Market over six years, despite facing reputational damage due to involvement in a fraudulent issuance case [5][7] Group 3 - The fraudulent case involving Zijing Storage, which was sponsored by CITIC Jianzhong, resulted in significant financial discrepancies, including inflated revenues and profits totaling approximately 2.22 billion yuan and 86 million yuan respectively [8][9] - Zijing Storage was found to have engaged in financial misconduct, leading to its delisting and significant penalties for CITIC Jianzhong, including a commitment of approximately 1.275 billion yuan to compensate investors [9] - The reputation of CITIC Jianzhong has been adversely affected, resulting in a B-class rating from the China Securities Association for three consecutive years [9]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has significantly optimized the industry structure of the A-share market since its launch on July 22, 2019, with a total of 591 companies listed and a cumulative IPO fundraising of 927.156 billion yuan by July 22, 2025 [1][2]. Underwriting and Fundraising - A total of 65 securities firms have provided underwriting and sponsorship services for the 591 STAR Market companies, with Guotai Junan leading in the number of underwritings at 112, followed by CITIC Securities with 99 [1][2]. - The top five securities firms by underwriting amount are Guotai Junan (213.777 billion yuan), CITIC Securities (167.069 billion yuan), CICC (130.254 billion yuan), CITIC Jianzhong (88.015 billion yuan), and Huatai Securities (62.288 billion yuan) [2][4]. Performance of CITIC Securities - CITIC Securities has earned approximately 6.996 billion yuan in underwriting and sponsorship income from 99 STAR Market IPO projects, maintaining its position as the top firm in this regard [5]. - Despite its strong performance, CITIC Securities faced scrutiny due to its involvement with *ST Guandian, which has been flagged for potential delisting risks, highlighting the challenges in maintaining underwriting quality [5][6]. Issues with *ST Guandian - *ST Guandian has been criticized for failing to disclose non-operating fund occupation and related party transactions, leading to significant omissions in its financial reports [6][7]. - The company’s 2022 annual report contained false records, inflating bank deposits by 139 million yuan, which constituted 13.37% of its total disclosed assets [7][8]. - The ongoing issues with *ST Guandian raise questions about the accountability of CITIC Securities and its staff regarding their oversight responsibilities [8].