A股史上最惨烈的资本崩塌案之一，正在老三板无声地上演。 退市前10个一字跌停，退市后又是30个一字跌停——连续40个跌停板，股价从巅峰41.47元跌 至0.18元，14.52万股东眼睁睁看着账户缩水99.6%，却连一刀割肉的机会都没有。 这家名为鸿达兴业的公司，用一场长达数年的"跌停马拉松"，彻底击碎了 投资者对于低价股的侥幸幻想。 2004年6月25日，一家名为江苏琼花的公司在深交所上市，主营业务是生产PVC片材。 当时谁也没想到，这家看似普通的企业，会成为日后A股退市潮中的典型样本。 同年9月，因涉嫌信息披露违法违规，证监会对公司立案调查。 市场信心彻底崩溃，股价开始连续低于1元面值。 2023年12月21日至2024年1月18日，ST鸿达股价连续20个交易日低于1元，触发面值退市条件。 退市前的最后阶段，公司股票连续10个一字跌停，2024年1月 18日最后一个A股交易日，股价定格在0.58元。 上市初期，江苏琼花曾因"二代身份证材料供应商"的概念被市场热炒，但光鲜表象下隐患早已埋下：上市次月就被曝光违规委托理财，收到中小板首张罚 单；2006年至2008年，时任董事长私自用公司公章为关联方担保22笔， ...

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].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated an investigation into First Capital's investment banking subsidiary for failing to diligently oversee the convertible bond project of Hongda Xingye Co., Ltd. in 2019, highlighting the ongoing responsibility of underwriters throughout the bond's lifecycle [1][11]. Group 1: Company Actions and Responsibilities - First Capital's investment banking arm will actively cooperate with the CSRC and adhere to regulatory disclosure obligations, stating that its current operations remain normal [2]. - The investment bank had previously issued a warning regarding the risk of default on the convertible bonds issued by Hongda Xingye, indicating significant uncertainty about the company's ongoing viability [2][11]. Group 2: Financial Details of Hongda Xingye - In December 2019, Hongda Xingye issued 24.27 billion yuan worth of convertible bonds, with a maturity of six years, and as of March 18, 2024, 337 million yuan of these bonds remained outstanding [3]. - The company’s stock was delisted on March 18, 2024, after its share price fell below 70% of the conversion price for 23 consecutive trading days, leading to concerns about its ability to meet bond redemption obligations [4][11]. - As of the bankruptcy ruling, Hongda Xingye had total assets of 9.964 billion yuan and total liabilities of 33.845 billion yuan, resulting in a net asset deficit of 23.881 billion yuan [9]. Group 3: Regulatory and Market Implications - The case underscores the regulatory trend of holding underwriting institutions accountable for their ongoing supervisory responsibilities, warning other firms to enhance their diligence in continuous oversight [1][11]. - The market has begun to reflect on the responsibilities of intermediary institutions amid Hongda Xingye's financial collapse, emphasizing the need for investment banks to maintain a high level of diligence in their supervisory roles [11].

Core Viewpoint - First Capital's subsidiary, Yichuang Investment Bank, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to diligently supervise the 2019 convertible bond project of Hongda Xingye, highlighting the ongoing responsibilities of investment banks in continuous supervision [2][3][15]. Group 1: Investigation Details - Yichuang Investment Bank received a notice from the CSRC regarding the investigation due to alleged negligence in continuous supervision during the Hongda Xingye convertible bond project [2][3]. - The investigation reflects a regulatory trend emphasizing the accountability of underwriting institutions in their ongoing supervisory roles [2][15]. Group 2: Background on Hongda Xingye - Hongda Xingye issued 24.27 billion yuan worth of convertible bonds in December 2019, with a maturity of six years, and has since faced significant financial difficulties [6][12]. - As of March 18, 2024, Hongda Xingye's remaining convertible bond amount is 337 million yuan, and the company has been delisted due to continuous stock price declines [6][9]. Group 3: Financial Status and Risks - Hongda Xingye's financial situation is dire, with total assets of 9.964 billion yuan and total liabilities of 33.845 billion yuan, resulting in a net asset deficit of 23.881 billion yuan [14]. - The company has defaulted on multiple bonds, totaling 4.465 billion yuan, and is undergoing bankruptcy proceedings with a total debt of 19.075 billion yuan [12][14]. Group 4: Regulatory Actions and Implications - The CSRC has previously penalized Hongda Xingye for misusing raised funds and failing to disclose significant legal matters, leading to a broader scrutiny of the responsibilities of intermediary institutions [15]. - The case serves as a warning to other investment banks about the importance of diligent ongoing supervision to protect investors' interests [7][15].

Core Viewpoint - A Chinese investment bank, First Entrepreneurship, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to diligently supervise its business operations related to a convertible bond project involving Hongda Xingye Co., Ltd. [2][5] Group 1: Investigation Details - First Entrepreneurship's subsidiary, First Entrepreneurship Securities, received a notice of investigation from the CSRC on October 31, 2025, regarding its role in the 2019 convertible bond project for Hongda Xingye [2][5] - The CSRC's decision to investigate was based on allegations that First Entrepreneurship did not fulfill its supervisory responsibilities during the project [5] Group 2: Background on Hongda Xingye - Hongda Xingye's convertible bonds, which were issued in December 2019, had a total issuance size of 2.427 billion yuan and a duration of six years [5] - The company, primarily engaged in the production and sale of chemical products such as polyvinyl chloride (PVC) and caustic soda, faced delisting in March 2024 due to stock price issues [5] Group 3: Regulatory Actions - In June 2025, the Jiangsu Securities Regulatory Bureau imposed administrative penalties on Hongda Xingye and eight related individuals, including fines totaling 18.5 million yuan for misusing raised funds [6] - The actual controller of Hongda Xingye, Zhou Yifeng, received a lifetime ban from the securities market, while the financial director, Lin Guisheng, was banned for ten years [6] - The company was found to have made false disclosures in its financial reports and failed to timely disclose significant legal and arbitration matters [6]

Core Viewpoint - A brokerage firm, Yichuang Investment Bank, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to diligently supervise its business activities related to a convertible bond project involving Hongda Xingye Co., Ltd. [2][5] Group 1: Investigation Details - Yichuang Investment Bank received a notice of investigation from the CSRC on October 31, 2025, regarding its role in the 2019 convertible bond project of Hongda Xingye [2][5] - The investigation is focused on allegations that Yichuang Investment Bank did not fulfill its supervisory responsibilities during the project [5] Group 2: Company Background - Hongda Convertible Bonds, which were listed in December 2019, had an issuance scale of 2.427 billion yuan and a duration of 6 years [6] - Yichuang Investment Bank acted as the lead underwriter for the Hongda Convertible Bonds [6] Group 3: Regulatory Actions - In June 2024, the Jiangsu Securities Regulatory Bureau imposed administrative penalties on Hongda Xingye and eight related individuals, with fines ranging from 500,000 yuan to 22 million yuan [6][7] - The actual controller of Hongda Xingye, Zhou Yifeng, received a lifetime ban from the securities market, while the financial director, Lin Guisheng, was banned for 10 years [7][8] Group 4: Misuse of Funds - The Jiangsu Securities Regulatory Bureau found that Hongda Xingye misappropriated funds raised in 2019, with some being used by its controlling shareholder and related parties [7] - The company’s financial reports from 2019 to 2022 contained false records regarding the use of raised funds and failed to disclose significant legal and arbitration matters in a timely manner [7]