Recently, the China ** Industry Association announced the results of the 2023 ** corporate bond business practice quality evaluation. Among them, the rating result of Minsheng** was downgraded from B to C.
In January 2023, Minsheng** was issued a warning letter by the Shanghai Regulatory Bureau of the China Securities Regulatory Commission (CSRC) due to a number of reasons, including insufficient verification of the professional opinions provided by other intermediaries for individual bond projects. In July 2023, Minsheng ** failed to be diligent in the process of Fordco's initial public offering** and listing, and the China Securities Regulatory Commission (CSRC) took regulatory measures against Minsheng**.
The quality of bond business was downgraded from B to C
In July 2023, the revised Measures for the Evaluation of the Practice Quality of ** Corporate Bond Business (hereinafter referred to as the "Evaluation Measures") was officially released and implemented.
This practice quality evaluation is a comprehensive evaluation of the corporate bond business of each participating company in 2022, and at the same time appropriately takes into account the impact of some major violations of ** companies after the evaluation period and before the release of the evaluation results. Corporate bonds will be included in the evaluation in the following year. According to the "Evaluation Measures", the evaluation results are divided into three categories: A, B and C, and the division of the categories mainly reflects the relative level of compliance and internal control, practice quality and service ability of the participating ** corporate bond business, and does not involve the evaluation of the credit status and business qualifications of the ** company.
According to public data, the practice quality rating of Minsheng **'s bond business has declined, to year C, and the practice quality rating of Minsheng **'s bond business is B.
He was warned for violations in due diligence on bond underwriting.
Evaluation Measures" shows that if the first company fails to submit evaluation materials as required;The project punishment index score is 0;One of the three situations that other associations deem should be included, such as serious adverse social impacts, will be rated C.
Bread Finance checked the information and found that Minsheng ** received the "Decision on Issuing a Warning Letter to Minsheng ** Shares" issued by the Shanghai Regulatory Bureau of the China Securities Regulatory Commission (Shanghai Zheng Jian Du 2023 No. 22) in January 2023.
According to the document, Minsheng ** has the following problems in the process of engaging in bond underwriting and fiduciary management business: First, in terms of bond underwriting due diligence, individual bond projects do not fully verify the professional opinions provided by other intermediaries, and do not require the audit institution to supplement or correct the omissions and data errors in the audit report;The content of the due diligence working papers of individual bond projects was inaccurate, and the financial data quoted in some of the due diligence materials was incorrect. Second, in terms of bond trustee management, individual bond projects failed to timely announce to the market the interim trustee management affairs report on the issuer's serious untrustworthy behavior.
In addition, in July 2023, the China Securities Regulatory Commission issued the "Decision on Adopting Regulatory Talk and Regulatory Measures for Minsheng ** Shares***, Su Yongfa and Cui Yong".
According to the content of the "Decision", Minsheng ** failed to perform relevant duties diligently and conscientiously in the process of sponsoring the initial public offering and listing of Fujian Fortec Optoelectronics Co., Ltd. *** hereinafter referred to as the issuer, and did not find that the issuer had a number of undisclosed fund occupation, incomplete disclosure of illegal guarantee information, many other internal control problems and inaccurate information disclosure of R&D personnel.
Article serial number: 1739886122609283072).
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