Recently, the China ** Industry Association announced the results of the 2023 ** corporate bond business practice quality evaluation. Among them, the rating result of Zhongtian Guofu was downgraded from B to C.
In January 2022, Zhongtian Guofu was issued a warning letter by the China Securities Regulatory Commission (CSRC) for failing to diligently and conscientiously urge the issuer to fulfill its information disclosure obligations in accordance with the regulations. In September 2023, Zhongtian Guofu was supervised by the China Securities Regulatory Commission (CSRC) for violations such as the effectiveness of supervision by the internal control department and the lack of independence in performing duties.
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, Zhongtian Guofu's bond business practice quality rating has declined for two consecutive years, and is now down to year C, and the company's bond business practice quality rating is A and B respectively.
Recently, he was interviewed by the regulator due to the lack of supervision effectiveness of the internal control department.
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 Zhongtian Guofu received the "Decision on Issuing Warning Letters to Zhongtian Guofu***, Fang Wei and Zhao Liang" issued by the China Securities Regulatory Commission in January 2022.
According to the documents, Zhongtian Guofu failed to diligently urge the issuer to fulfill its information disclosure obligations in accordance with the regulations in the process of sponsoring the initial public offering and listing of Zhejiang Xinyong Biochemical Co., Ltd.
In addition, in September 2023, the China Securities Regulatory Commission issued the "Decision on Taking Regulatory Talk Measures against Zhongtian Guofu".
According to the content of the "Decision", Zhongtian Guofu has the following violations: first, the effectiveness of supervision and the independence of the internal control department in performing duties are insufficient, the follow-up and implementation of the core opinions of some projects are not in place, the sponsor work report has greatly deleted the concerns, the core does not pay attention to the major risk issues regarding the withdrawal of the project, the salary assessment system is unreasonable, and there are excessive incentives. Second, the risk prevention and control mechanism for honest employment is not perfect, and the review system of third-party service institutions is not in place. Accordingly, the CSRC required the compliance officer and the investment banking business leader of Zhongtian Guofu to accept a regulatory interview.
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