Investor.com" Meng Xing.
Towards the end of the year, Hu Wei, vice president of Guoyuan ** Co., Ltd. *** hereinafter referred to as "Guoyuan **" 000728, SZ) was promoted to president.
Recently, Guoyuan** announced that the company received a written resignation report from Shen Hefu on December 15. After Shen Hefu resigned as director of the executive committee and president due to work adjustment, he still served as secretary of the party committee, chairman of the board, chairman of the strategy and sustainable development committee of the board of directors, member of the remuneration and nomination committee of the board of directors, and director of Guoyuan International Holdings, a holding subsidiary of the company.
At the same time, after the qualification review and nomination of the remuneration and nomination committee of the board of directors of the company, it was agreed to appoint Hu Wei as the president and director of the executive committee of the company, and the term of office will expire from the date of deliberation and approval of the board of directors to the expiration of the tenth board of directors. After the adjustment, Hu Wei no longer serves as the vice president and deputy director of the executive committee of the company.
The performance of proprietary and investment banks is differentiated
According to the data, Hu Wei was born in 1981 and served as the project manager of Guoyuan** Investment Banking Headquarters, the deputy manager of the third and fifth business departments of the investment banking headquarters, the manager of the fifth and ninth business departments of the investment banking headquarters, the general manager of the equity management department, the deputy general manager and the manager of the third business department of the investment banking headquarters, and the deputy secretary of the Guoyuan ** Party Committee, director, deputy director of the executive committee, and vice president.
According to the company's official website, Hu Wei is mainly responsible for the standing work of the company's six major business committees, including investment banking business, wealth credit business, proprietary business, asset management business, institutional business, and international business, and concurrently serves as the person in charge of sponsor business.
According to the third quarter report of 2023, Guoyuan**'s revenue in the first three quarters was 493.4 billion yuan, an increase of 27 percent year-on-year68%；Net profit attributable to shareholders of listed companies142.6 billion yuan, an increase of 23 percent year-on-year00%。
From the perspective of the company's specific business, the company's net brokerage fee income is 69.1 billion yuan, down 932%；Net fee income from asset management business was 07.2 billion yuan, a year-on-year increase of 229%。
In recent years, Guoyuan** has paid more and more attention to the development of investment banking business. In the 2022 ** corporate investment banking business quality evaluation results released by the China ** Industry Association, Guoyuan** was rated Class A, ranking second among all participating securities firms.
According to the semi-annual report released by Guoyuan ** this year, the company's "14th Five-Year Plan" strategic plan shows that during the "14th Five-Year Plan" period, the company strives to rank among the top 20 in the industry in terms of comprehensive ability and main management indicators. Led by the investment bank, the company will focus on the five development directions of platformization, digitalization, specialization, marketization and institutionalization, and focus on the track of "industrial research + industrial investment + industrial investment banking + comprehensive wealth management", make every effort to improve the service capabilities of the whole business chain, and build a first-class industrial investment bank with core competitiveness in perseverance.
However, Guoyuan**'s investment banking business has not performed well this year. According to the company's third quarterly report, as of the end of the third quarter of this year, the company's investment banking revenue was 15.9 billion yuan, down 74 percent year-on-year84%。
At a recent investor research conference, some investors mentioned the decline in the company's investment banking business. In this regard, Guoyuan ** said that in the first half of this year, the full registration system of A-shares was officially implemented, and the investment banking business ushered in new development opportunities, which also put forward higher requirements for the company's practice quality and comprehensive financial service capabilities, and the competition in the capital market became more intense, in addition to the cyclical nature of investment banking projects also had a certain impact.
Wind data shows that as of December 18, Guoyuan** has sponsored a total of 15 IPO projects this year, of which 4 companies have voluntarily withdrawn, and the withdrawal rate has reached 2667%。
In addition, since the beginning of this year, the best performance among all the businesses of Guoyuan** is the self-operated business. The third quarterly report shows that as of the end of the third quarter, the company's investment income was 117 billion yuan, a year-on-year increase of 123458%。The company explained that it was mainly due to the increase in the income from the disposal of trading financial assets and derivatives.
The quality of practice is questioned by the market
Although Guoyuan** said in its reply to investors that the quality of practice is the "bottom line" and "lifeline" of investment banking business, the fact that the company once served as a sponsor for Taihu Jinzhang Technology Co., Ltd. (hereinafter referred to as "Jinzhang Technology") is still questioned by the market.
In July this year, the Shenzhen Stock Exchange released the "Shenzhen Stock Exchange Issuance and Listing Review Dynamics" (Issue 6, 2023), in which the Shenzhen Stock Exchange mentioned an on-site supervision case. Although the Shenzhen Stock Exchange uses an anonymous method to announce the notified enterprises and sponsors, some market participants found that the IPO companies in the on-site supervision cases notified by the Shenzhen Stock Exchange were Jinzhang Technology, and the company's sponsor brokerage was Guoyuan** after screening the withdrawn and on-site supervision companies.
According to the data, in December 2019, Jinzhang Technology signed the "Lead Underwriting Agreement" and the "Sponsorship Agreement" with Guoyuan**, entrusting Guoyuan** to act as the sponsor of the initial public offering** and listing on the GEM. In June 2020, the Listing Committee of the Shenzhen Stock Exchange accepted its GEM IPO application, and in December of that year, the company voluntarily withdrew it after four rounds of inquiries.
At that time, the fourth round of audit inquiry letter issued by the Shenzhen Stock Exchange to Jinzhang Technology showed that there were many problems in the practice quality of Guoyuan**. After investigation, the Shenzhen Stock Exchange found that the sponsor's verification of the issuer's and its related parties' capital flows and capital transactions was not comprehensiveThe sponsor failed to prudently verify that the size of the client's business as stated in the interview record was clearly inconsistent with the issuer's sales amount to the client;The verification procedures carried out by the sponsor with respect to the final sales of the issuer's major customers are inconsistent with the disclosure;The sponsor walk-through test procedures, cut-off test procedures, and construction in progress verification procedures are not in place;The sponsor failed to carefully check the discrepancies between the data contained in the interview records and the corroborated data;The internal control test of the sponsor's procurement and payment cycle was not implemented in place.
In response to the inquiry of the Shenzhen Stock Exchange, Guoyuan** replied that in the process of project implementation, the sponsor strictly abides by the business rules and industry self-discipline norms formulated in accordance with the law in all material aspects, strictly implements the internal control system, can effectively ensure the quality of practice, conduct comprehensive verification and verification of the issuer's issuance and listing application documents and information disclosure materials, and make professional judgments on the issuer's compliance with the issuance conditions, listing conditions and information disclosure requirements. He prudently expressed his opinions, and was responsible for the authenticity, accuracy and completeness of the prospectus and the relevant documents issued, and earnestly complied with the provisions of Article 7 of the Registration Measures.
In the "Listing Review Dynamics" released this year, the Shenzhen Stock Exchange highlighted two major suspected financial fraud problems of Jinzhang Technology: the fairness of the issuer's related party procurement** and the abnormal sales revenue to some customers.
Even though Jinzhang Technology has withdrawn its IPO application for many years, the Shenzhen Stock Exchange still believes that the sponsor has doubts about the reasonableness of the issuer's sales revenue verification method at that time. In its response to the audit inquiry, the sponsor disclosed that it had demonstrated that the issuer's sales to major customers matched the scale and financial data of the client's business based on the VAT return data provided by the issuer's customers. After supplementary verification by the sponsor, the amount of the customer's purchase from the issuer is estimated based on the input VAT tax amount of the customer's VAT tax return, which is significantly less than the amount of the issuer's book sales to the aforesaid customer.
The Shenzhen Stock Exchange said that in response to the above-mentioned anomalies, the issuer and the sponsor failed to provide a reasonable explanation. After on-site supervision, the issuer and the sponsor took the initiative to apply for withdrawal of the declaration. (Produced by Thinking Finance).