zerogameroulette|处罚落地 华西证券遭暂停保荐业务半年

Picture worm creativity / picture Tan Chudan / tabulation Zhou Jingyu / drawing

Tan Chudan, a reporter from the Securities Times

On the evening of May 5th, Huaxi Securities (002926) announced that Jiangsu Securities Regulatory Bureau decided to suspend the qualification of the company's sponsor business for six months, from April 28 to October 27, 2024.

Huaxi Securities said that it is deeply sorry for the troubles caused to investors and all sectors of society, and will learn lessons in the future, improve and improve the internal control mechanism of investment banking business, and continue to improve the quality of investment banking business.

According to the 2023 annual report of Huaxi Securities, the company's investment banking business is the third largest source of income, with revenue last year.Zerogameroulette8500 million yuan, but more than 80% of it contributed to the bond business.

Sponsor business qualification

Suspended until the end of October

Half a month after Huaxi Securities received the advance notice of the penalty, the company disclosed on the evening of May 5 that the punishment had officially landed. According to the announcement, Jiangsu Securities Regulatory Bureau decided to suspend the qualification of sponsor business for six months for Huaxi Securities, which will be suspended from April 28 to October 27, 2024.

The penalty of Huaxi Securities is related to Jin Tongling (300091) 2019 recommendation program. Jiangsu Securities Regulatory Bureau said that in the course of the practice of the project, Huaxi Securities had not done due diligence in due diligence, and there were false records in the letter of recommendation for the listing of stocks issued to specific objects. there are some problems such as false records in the relevant reports issued during the continuous supervision stage and inadequate implementation of on-site inspection, which violates the relevant provisions of the measures for the Administration of Securities issuance and listing sponsor Business.

As early as early January this year, the Jiangsu Securities Regulatory Bureau punished Jin Tongling. The total amount of falsely increased or reduced profits of the listed company from 2017 to 2022 accounted for 103.06%, 133.10%, 31.35%, 101.55%, 5774.38% and 11.83% of the company's total profits disclosed in each year, respectively, resulting in false records in the company's corresponding annual report. The Jiangsu Securities Regulatory Bureau ordered Jin Tongling to correct, gave a warning and imposed a fine of 1.5 million yuan. The relevant Dong Jiangao was also given a warning and a fine.

The two signatures of the above-mentioned fixed increase project were also punished. According to the announcement of Huaxi Securities, Jiangsu Securities Regulatory Bureau has determined that Liu Jingfang and Zhang ran are unsuitable candidates, and shall not hold relevant duties or actually perform the above-mentioned duties in the recommendation business of securities issuance and listing of securities companies within 2 years from the date of the decision on regulatory measures.

Huaxi Securities said that the company will learn lessons, seriously reflect, strengthen management, improve and improve the internal control mechanism of investment banking business, and continue to improve the quality of investment banking business. The company will thoroughly implement the requirements of strict access to issuance and listing, improving the quality of listed companies, and building a first-class investment bank, earnestly fulfill the responsibility of the "gatekeeper" of the capital market, and constantly improve its ability to serve the real economy.

Investment bank income

Give priority to bond business

What impact the penalty will have on Huaxi securities investment banking business has attracted market attention. According to Huaxi Securities, the above regulatory measures are expected to have a certain impact on the development of the company's investment bank sponsor business.

According to the 2023 annual report, the income of Huaxi securities investment banking is 185 million yuan, which is the third largest source of income after brokerage and wealth management business and credit business. The sector fell 15.49 per cent year on year last year, contributing 5.8 per cent to the company's revenue that year.

However, it is worth noting that the income of Huaxi Securities Investment Bank is mainly bond business, and the operating income of corporate bond financing business in 2023 is 150 million yuan, accounting for more than 80% of the investment bank income.

According to Huaxi Securities, the company completed the main underwriting of 44 corporate bonds and 1 financial bond in 2023, with an underwriting amount of 21.153 billion yuan. Huaxi Securities said that give full play to its geographical advantages, occupy a large market share in the Sichuan region, and establish advantages and form a brand in local government bonds, green bonds, innovative start-up bonds, rural revitalization bonds and other varieties.

When talking about this year's business plan, Huaxi Securities said that through "research + investment + investment banking", it will support the development of the real economy with capital, make good use of the "stock-debt link", cultivate a number of small and medium-sized enterprises with high technological content and in line with the strategy of a powerful country, and explore to provide full-life cycle capital market services for enterprises. Focus on breaking through specific industries or regions, focus on sub-areas to build professional brands, and transform to the direction of characteristics and quality; through "research + investment + investment banking + wealth management", to provide a full range of comprehensive financial services for high-quality listed companies and their shareholders.

The quality of the recommendation should not be underestimated.

In addition to Huaxi Securities, there are itsZerogamerouletteHis securities firm is subject to regulatory attention on the fixed increase project.

In mid-April, Soochow Securities (601555) was placed on file for investigation by the Securities Regulatory Commission on suspicion that Gome Communications (600898) and Zixin Pharmaceutical (002118) had not done their duty diligently in the business of recommending non-public shares.

Soochow Securities said that the company will actively cooperate with the relevant work of the China Securities Regulatory Commission and fulfill its information disclosure obligations in strict accordance with regulatory requirements.

It is reported that Zixin Pharmaceutical issued an announcement of delisting on August 4 last year, and the company's last increase was in April 2016. Gome Communications said on April 24 that because the company's net profit before and after deducting non-recurring profits and losses after audit in 2023 was negative, and after deducting business income unrelated to the main business and income without commercial substance, the operating income was less than 100 million yuan; at the end of 2023, the company's stock was implemented * ST.

As a number of brokerages have been punished for fixed-increase projects, Wang Jiyue, a senior investment banker, has analyzed to reporters that it may be that regulators want to bring the investment bank's attention to the quality of fixed-increase sponsors in order to standardize the quality of fixed-increase sponsors.

Some people in the industry believe that for quite a long time in the past, the due diligence of refinancing projects on financial authenticity depends on historical audit reports, and now sponsor institutions need to be responsible for the financial authenticity of listed companies in the past three years.