第一创业公告截图 涉六年前鸿达兴业可转债项目 【文/羽扇观金工作室】 12月26日，深交所官网一则公告打破了资本市场的平静——第一创业证券股份有限公司（下称"第一创业"）披露， 其全资子公司第一创业证券承销保荐有限责任公司（下称"一创投行"）收到了江苏证监局的《行政处罚决定书》。 这纸罚单的背后，是一场跨越数年的可转债项目持续督导失职风波，牵扯出保荐机构履职缺位的行业隐忧。 券法》适用的特殊情形，作出了严厉的处罚决定：没收一创投行保荐业务收入424.53万元，并处以1273.58万元罚 款，合计罚没金额超1698万元；保荐代表人宋垚、范本源作为直接负责的主管人员，分别被处以150万元罚款。 两名保代各收150万罚单 故事的起点要追溯到2019年，彼时鸿达兴业股份有限公司启动可转债发行项目，一创投行凭借专业资质成为该项目 的保荐人，成功斩获424.53万元（不含税）的保荐业务收入。 公开资料显示，鸿达兴业创立于1991年，实控人为周奕丰。公司总部设在广州，拥有"资源能源、盐湖开发、化工、 环保、新材料、交易所和股权投资"七大产业体系。 2019年12月16日，鸿达兴业公开发行了2426.78万张可转债，每张面值 ...

【文/羽扇观金工作室】 12月26日，深交所官网一则公告打破了资本市场的平静——第一创业证券股份有限公司（下称"第一创业"）披露， 其全资子公司第一创业证券承销保荐有限责任公司（下称"一创投行"）收到了江苏证监局的《行政处罚决定书》。 这纸罚单的背后，是一场跨越数年的可转债项目持续督导失职风波，牵扯出保荐机构履职缺位的行业隐忧。 第一创业公告截图 涉六年前鸿达兴业可转债项目 故事的起点要追溯到2019年，彼时鸿达兴业股份有限公司启动可转债发行项目，一创投行凭借专业资质成为该项目 的保荐人，成功斩获424.53万元（不含税）的保荐业务收入。 公开资料显示，鸿达兴业创立于1991年，实控人为周奕丰。公司总部设在广州，拥有"资源能源、盐湖开发、化工、 环保、新材料、交易所和股权投资"七大产业体系。 2019年12月16日，鸿达兴业公开发行了2426.78万张可转债，每张面值100元，发行总额为24.27亿元，期限为6年，债 券简称"鸿达转债"（退市后为"鸿达退债"）。截至2024年3月18日，"鸿达转债"剩余可转债金额为3.37亿元。 然而项目落地仅一年，风险便已暴露。2019年起，由于化工行业不景气，鸿达兴业盈利 ...

Core Viewpoint - The regulatory penalties imposed on First Capital Investment Bank highlight the importance of compliance and diligence in the investment banking sector, particularly in the context of their role as underwriters and advisors in capital market transactions [1][3]. Group 1: Regulatory Actions - First Capital Investment Bank's subsidiary, First Capital Securities, was fined a total of 1,698 million yuan, which includes the confiscation of 424.53 million yuan in underwriting income and a fine of 1,273.58 million yuan due to regulatory violations [1][2]. - The violations were related to the continuous supervision of Hongda Xingye's convertible bond project, where the bank failed to adequately verify the use and repayment of raised funds, did not issue proper verification opinions, and neglected its reporting obligations [2][3]. Group 2: Financial Performance - First Capital Investment Bank reported a revenue of 2.985 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 24.32%, with a net profit attributable to shareholders of 771 million yuan, up 20.21% [3]. - The net income from investment banking services was 197 million yuan, showing a year-on-year increase of 15.20% [3]. Group 3: Industry Implications - The swift regulatory response, taking only 37 days from the initiation of the investigation to the announcement of penalties, underscores the increasing scrutiny and efficiency of regulatory bodies in the investment banking sector [3][4]. - The penalties may lead to potential impacts on ongoing projects, as clients may seek to avoid associations with firms under investigation, potentially affecting First Capital Investment Bank's future business opportunities [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) concluded its investigation into First Capital Securities' subsidiary, Yichuang Investment Bank, for failing to fulfill its duties during the ongoing supervision of Hongda Xingye's convertible bond project, resulting in significant penalties [1][2]. Group 1: Investigation and Penalties - Yichuang Investment Bank was found to have not adequately verified the use and repayment of raised funds, leading to false records in its supervisory documents [1]. - The penalties included a warning, the confiscation of 4.2453 million yuan in underwriting income, and a fine of 12.7358 million yuan [1]. - The project representatives received warnings and fines of 1.5 million yuan each [1]. Group 2: Hongda Xingye's Financial Issues - Hongda Xingye issued 242.678 million convertible bonds totaling 2.427 billion yuan, but misused nearly 70% of the raised funds [2]. - The company was penalized approximately 57.8 million yuan for various violations, including false disclosures in financial reports [2][3]. - As of April 2025, Hongda Xingye was declared bankrupt, with total assets of 9.964 billion yuan against liabilities of 33.845 billion yuan [3]. Group 3: Impact on First Capital Securities - First Capital Securities stated that the penalties would not significantly affect its operations or financial status [1]. - The company reported a revenue of 2.985 billion yuan and a net profit of 771 million yuan for the first three quarters of 2025, with a 15.13% increase in investment banking revenue [7]. - The firm aims to expand its bond underwriting business in the Beijing-Tianjin-Hebei region and enhance its IPO project reserves [8]. Group 4: Regulatory Environment and Future Implications - The CSRC's recent regulations indicate a shift towards stricter accountability for underwriting institutions, emphasizing the importance of diligent supervision [7]. - Future projects by Yichuang Investment Bank may be affected by the administrative penalties, although the CSRC has removed the clause linking individual project investigations to the suspension of other projects [9]. - The firm must restore industry trust through compliance and quality control in its future underwriting activities [9].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月7日晚间，第一创业发布的公告显示，其全资子公司一创投行被江苏证监局罚没合计1698万元。两 名直接负责的主管人员分别被罚150万元。 10月31日晚间，第一创业公告，一创投行收到中国证监会《立案告知书》（证监立案字0102025023 号）。因一创投行在鸿达兴业股份有限公司（简称"鸿达兴业"）2019年可转债项目中，涉嫌持续督导业 务未勤勉尽责，中国证监会决定对一创投行立案。 资深投行人士王骥跃此前接受上证报采访表示："鸿达兴业已经退市了，但对中介机构的追责还未结 束。这一案例体现了监管对压严压实保荐机构持续督导履职责任的监管导向，也警示其他券商要切实做 好持续督导工作，避免重保荐、轻督导的情况。" 一创投行被罚没1698万元 12月7日，第一创业公告，全资子公司一创投行于今年10月31日收到中国证监会《立案告知书》。因一 创投行在鸿达兴业2019年可转债项目中涉嫌持续督导业务未勤勉尽责，根据《中华人民共和国证券法》 《中华人民共和国行政处罚法》等法律法规，今年10月29日，中国证监会决定对一创投行立案。 今年12月5日，一创投行 ...

12月7日晚间，第一创业发布的公告显示，其全资子公司一创投行被江苏证监局罚没合计1698万元。两 名直接负责的主管人员分别被罚150万元。 10月31日晚间，第一创业公告，一创投行收到中国证监会《立案告知书》（证监立案字0102025023 号）。因一创投行在鸿达兴业股份有限公司（简称"鸿达兴业"）2019年可转债项目中，涉嫌持续督导业 务未勤勉尽责，中国证监会决定对一创投行立案。 资深投行人士王骥跃此前接受上证报采访表示："鸿达兴业已经退市了，但对中介机构的追责还未结 束。这一案例体现了监管对压严压实保荐机构持续督导履职责任的监管导向，也警示其他券商要切实做 好持续督导工作，避免重保荐、轻督导的情况。" 一创投行被罚没1698万元 江苏证监局拟决定：一、对一创投行责令改正，给予警告，没收保荐业务收入424.5万元，并处以 1273.59万元罚款，合计罚没约为1698万元；二、对宋垚、范本源给予警告，并分别处以150万元罚款。 第一创业表示，公司已督促一创投行切实以案为鉴，一创投行诚恳接受处罚，并将深刻反思、整改到 位，进一步强化执业质量管控，勤勉尽责、规范运作，全面提升投行执业质量，更好地服务资本市场高 质 ...

Core Insights - The case of Hongda Xingye represents one of the most severe capital collapses in A-shares history, with a staggering 40 consecutive trading days of price declines, leading to a 99.6% loss for 145,200 shareholders [1][9]. Company Overview - Hongda Xingye, originally Jiangsu Qionghua, was listed in 2004 and initially gained attention as a PVC sheet manufacturer. The company underwent several transformations, including a name change and a shift to hydrogen energy, which saw revenues soar from 1.9 billion yuan to 6 billion yuan between 2012 and 2017 [4][6]. - The company’s peak stock price reached 41.47 yuan during the 2015 bull market, with net profits exceeding 1 billion yuan [4]. Financial Crisis - Starting in 2021, Hongda Xingye faced significant debt defaults, with public bond defaults amounting to 4.45 billion yuan and overdue debts exceeding 12.736 billion yuan. By the end of 2021, the company had overdue short-term loans of 3.046 billion yuan and long-term loans of 1.241 billion yuan [6]. - The company's performance deteriorated sharply in 2022, with net profits dropping by 64.78%, and by 2023, the net loss expanded to 814 million yuan [6][9]. Stock Market Impact - The stock price fell below the 1 yuan threshold, triggering delisting conditions. The final trading day before delisting saw the stock close at 0.58 yuan, with shareholders unable to sell their holdings during the delisting period [9][10]. - Following delisting, the stock continued to decline, hitting a low of 0.12 yuan by March 2025, representing a 79% drop from the delisting price [11]. Investor Behavior and Market Dynamics - The case illustrates a critical lesson for investors regarding the dangers of low-priced stocks, as many investors were misled by the "low price equals safety" mentality. The liquidity in the market for delisted stocks is extremely low, making it difficult for investors to exit their positions [11][13]. - The modification of rules during the delisting period led to an immediate 80% drop in stock price, highlighting the risks associated with investing in stocks that are nearing delisting [13].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated an investigation into First Capital Securities' subsidiary, Yichuang Investment Bank, for failing to diligently supervise the convertible bond project of Hongda Xingye Co., Ltd. in 2019, highlighting the regulatory body's commitment to enhancing oversight responsibilities [1][4][12]. Group 1: Regulatory Actions - Yichuang Investment Bank received a notice from the CSRC regarding the investigation due to alleged negligence in its supervisory duties related to the 2019 convertible bond project of Hongda Xingye [1][4]. - The CSRC's decision to investigate is based on violations of the Securities Law and the Administrative Penalty Law of the People's Republic of China [4][12]. - The investigation serves as a warning to other securities firms, emphasizing the need for improved quality control in their supervisory practices [2][8]. Group 2: Company and Project Background - In December 2019, Hongda Xingye issued 24.27 billion yuan worth of convertible bonds, with Yichuang Investment Bank acting as the lead underwriter [7][12]. - Hongda Xingye was delisted in March 2024 after its stock price fell below 1 yuan, triggering mandatory delisting regulations [11][12]. - The company faced significant penalties for misusing raised funds, with 16.91 billion yuan being improperly allocated, and for inflating financial statements, resulting in a total of 35.05 billion yuan in inflated revenue [8][9]. Group 3: Financial Performance - Despite the ongoing investigation, First Capital Securities reported a revenue of 2.985 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 24.32% [13]. - The investment banking segment generated 197 million yuan in revenue during the same period, marking a 15.13% increase and accounting for 6.60% of the company's total revenue [13].

Core Viewpoint - The article discusses the regulatory actions taken against Yichuang Securities' subsidiary, Yichuang Investment Bank, due to its failure to diligently supervise the convertible bond project of Hongda Xingye, highlighting the need for enhanced oversight in the investment banking industry [1][5]. Group 1: Regulatory Actions - On October 31, Yichuang Securities announced that its subsidiary received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into its supervisory responsibilities related to Hongda Xingye's 2019 convertible bond project [1][5]. - The investigation stems from Yichuang Investment Bank's alleged failure to fulfill its supervisory duties during the continuous supervision period of the convertible bonds [1][6]. Group 2: Hongda Xingye's Financial Issues - Hongda Xingye issued 24.27 billion yuan worth of convertible bonds in December 2019, which were later subject to significant financial irregularities, including unauthorized changes in the use of raised funds amounting to 16.91 billion yuan [5][6]. - The company was found to have inflated its revenue by 35.05 billion yuan and profits by 40.78 billion yuan from 2020 to 2022, leading to false disclosures in its financial reports [6][8]. Group 3: Consequences and Penalties - Hongda Xingye was delisted in March 2024 after its stock price fell below 1 yuan for twenty consecutive trading days, and it faced administrative penalties totaling 57.8 million yuan from the Jiangsu Securities Regulatory Bureau [1][7]. - Key executives, including the controlling shareholder Zhou Yifeng, received lifetime bans from the securities market, while the financial director faced a 10-year ban [7][8]. Group 4: Yichuang Securities' Performance - Despite the regulatory scrutiny, Yichuang Investment Bank reported a significant increase in its investment banking activities, with a 296.64% year-on-year growth in underwriting amounts, totaling 25.27 billion yuan in the first half of the year [9]. - For the first three quarters of 2025, Yichuang Securities achieved a revenue of 2.985 billion yuan, reflecting a 24.32% increase year-on-year, with investment banking contributing 1.97 billion yuan, a 15.13% increase [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated an investigation into First Capital Securities' subsidiary, Yichuang Investment Bank, for failing to diligently oversee the convertible bond project of Hongda Xingye Co., Ltd. in 2019, highlighting the importance of regulatory compliance in the investment banking sector [1][2][5]. Group 1: Regulatory Actions - Yichuang Investment Bank received a notice from the CSRC regarding the investigation due to alleged negligence in its continuous supervision duties related to the 2019 convertible bond project [1][2]. - The investigation serves as a warning to other brokerage firms and is expected to enhance the industry's quality control and supervision practices [2][5]. Group 2: Company Background and Financials - Hongda Xingye issued 24.27 billion yuan worth of convertible bonds in December 2019, with a total of 24.27 million bonds issued at a face value of 100 yuan each [5]. - The company was delisted in March 2024 after its stock price fell below 1 yuan, triggering mandatory delisting regulations [7]. - In the first three quarters of 2025, First Capital Securities reported a revenue of 2.985 billion yuan, a year-on-year increase of 24.32%, and a net profit of 771 million yuan, up 20.21% [8]. Group 3: Legal and Financial Violations - Hongda Xingye was found to have misused 1.691 billion yuan of raised funds and inflated its revenue by 3.505 billion yuan, leading to significant legal repercussions for the company and its executives [6][7]. - The Jiangsu Securities Regulatory Bureau imposed fines totaling 57.8 million yuan on Hongda Xingye and its responsible individuals, with the company's actual controller facing a lifetime ban from the securities market [2][7]. Group 4: Market Impact - The ongoing investigation into Yichuang Investment Bank is expected to impact its market reputation, despite the firm achieving significant growth in its investment banking business, including a 296.64% increase in total underwriting amount in the first half of the year [8].