Strong supervision, "this fire" is burning more and more.
Author |Small debt.
* |Bond Market Watch.
Wu Qing, who is known as the "butcher of the brokerage", punished two ** companies on February 8 on the second day of his appointment as chairman of the China Securities Regulatory Commission. Shenwan Hongyuan** and Ping An** were both ordered to make corrections due to bond violations, and the other received warning letters.
Wu Qing took up his new post on the third dayOn February 9, a fine was issued to the "inner ghosts" of China Merchants **. The China Securities Regulatory Commission (CSRC) concentrated on the illegal and illegal trading of many relevant personnel by China Merchants and imposed administrative penalties on 63 people, with a total fine81.73 million yuan.
The bond market observation noticed that in January before Wu Qing took office, the enterprise early warning was counted according to the penalty announcements announced by various exchanges and local securities regulatory bureausIn January, 65 bond issuers were fined for violating laws and regulations.
The reasons for the 65 bond issuers that were fined are still some common problems, mainly as followsFailure to timely and accurately disclose periodic reports and related party transactions, false records, failure to timely disclose overdue debts, major litigation, etc.
In addition, in addition to the 65 bond issuers who were fined, in January, there were 5 ** companies, including China Securities Construction Investment and SDIC**, as sponsor representatives and bond trustees, who were warned for failing to supervise the issuer's true, accurate, complete and timely disclosure of relevant information.
fromLook at the penaltiesThe 65 bond-issuing enterprises are mainly involved in warnings and warnings, recording in integrity files, ordering rectification, imposing fines, and filing cases for investigation. Among them, 46 cases were warnings, 16 cases were punished, 1 case was filed and arrested by the legal representative, and 1 case was filed for investigation.
Bond market observation found that there were 7 companies that were fined, and the amount of fines ranged from hundreds of thousands to millions. One of the fines is the mostSichuang Yihui (300078SZ) was fined up to 85.7 million yuan for major financial fraud.
Looking back, on the evening of January 8, Sichuang Yihui announced that the company received the "Administrative Penalty Decision" and "Market Ban Decision" issued by the Zhejiang Securities Regulatory BureauThe facts of the violation of the judgment Save include the fabrication of material falsehoods in the public offering documents and the existence of false records in the 2019 and 2020 annual reports.
At that time, Zhang Lizhong, the chairman and general manager of Sichuang Yihui, failed to effectively control Yihui TechnologyKnowing and instructing relevant employees to carry out the above-mentioned acts of inflating operating income, costs, profits, etcis the person in charge who is directly responsible.
Source: Canned Gallery.
Based on the above-mentioned illegal acts, the Zhejiang Securities Regulatory Bureau ordered Sichuang Yihui to make corrections, gave a warning, and imposed a total punishment85.7 million yuanPenalty; A warning was given to the chapter and a total penalty was imposed7.5 million yuanPenalty; At the same time, rightZhang Lizhong adopted a 10-year ban on market entry.
In addition,There are also two more serious punishment information。One example is ST Tiancheng (Tiancheng Holdings, 600112SH) due to suspected violations of information disclosure laws and regulationsThe CSRC decided to file a case against the company on January 16.
It is understood that ST Tiancheng is one of the earliest enterprises in China to master the technology and manufacturing process of electrical equipment, and the research and development and manufacturing of electrical equipment is the company's traditional main business.
However, since its listing, ST Tiancheng has been filed by the China Securities Regulatory Commission many times, and the company is currently in a state of loss. Among them, in the first three quarters of 2023, ST Tiancheng achieved attributable net profit of-9166.410,000 yuan.
And ST Tiancheng's latest developments, that is, on February 8,Due to the failure to fulfill the information disclosure obligation in a timely manner, and the profit and loss that may arise again accounts for 75% of the company's net profit attributable to the parent company in 20168%, and the relevant decision-making procedures were not implemented. The Shanghai Stock Exchange made a decision on ST Tiancheng and then chairman Wang GuoshengCirculate criticism and record it in the integrity file of the listed company.
In addition Storm Group (r Storm 1, 400115NQ) disclosed on January 25 that the company's legal representativeFeng Xin was arrested on suspicion of violating regulations and failing to disclose important information.
Previously, Baofeng Group and Feng Xin have been taken many times to restrict consumption, and in September 2021, the China Securities Regulatory Commission imposed a lifetime market ban on Feng Xin. It is reported that Baofeng Group was established in 2007, listed on the A-share market in March 2015, and delisted in October 2020.
In addition to the company being filed, the legal representative being arrested, the market ban and other punishment measuresA number of senior executives of a number of bond issuers were also punished to varying degrees.
Specifically, in addition to the then chairman Zhang Lizhong, who was fined and banned from the market for 10 years, Sichuang YihuiFour senior executives, including Sun Xinjun, the secretary of the board of directors at the time, were given warnings and fined a total of 6.5 million.
Blue shield retreat (300297SZ) disclosed a number of annual reports suspected of false records, and the company and its executives received notices of criticism and finesSome senior executives were publicly determined to be unfit to serve as directors, supervisors, or senior managers of listed companies for five years.
Source: Canned Gallery.
In addition, due to the concealment of the control relationship of the purchasers of five overseas public network businesses, financial fraud has been committed for many years, and there are false records in information disclosure. Beijing Securities Regulatory BureauXinwei Group (600485.)SH has been delisted) imposed a fine of 9 million,Wang Jing, chairman of the company, was fined10 millionAnd take a lifetime ** market ban measures, anotherOther executives such as Yu Rui and Liu Yun were respectively banned from the market for 10 yearsand punished separately1.5 million yuanfines.
In addition, such as Oceanwide Holdings, ST Meizhi, Aoyuan Group, Guirenniao Shares, Xingyuan Environment (300266SZ) and other senior executives of bond-issuing companies have been punished to varying degrees, such as regulatory warnings, fines, and public reprimands.
It is worth noting that in the list of violations approved by the letter in January, there are:Two bond-issuing urban investment companieswas also fined. They are Weifang Bincheng Investment and Development *** referred to as "Weifang Bincheng"), Chuxiong Prefecture State-owned Capital Investment Group *** referred to as "Chuxiong Prefecture State-owned Capital").
Specifically, Weifang BinchengHe was warned by the regulator for failing to timely disclose the overdue debts and major litigation and related freezing matters in a timely manner.
Source: Canned Gallery.
Chuxiong Prefecture state-owned capital in the 2021 interim report, 2021 annual report, 2022 interim report,None of them truthfully and accurately disclosed the use of the raised funds, and the company and relevant executives were notified and criticized.
Not only that, Weifang Bintou is also on the "List of Persistent Overdue as of January 31, 2024" disclosed by the Shanghai Bills Exchange on February 6Weifang Bintou is among the acceptors who have overdue more than 3 times within 6 months, the overdue balance of bill acceptance is 230020,000 yuan, the cumulative overdue amount1.5.1 billion yuan
In addition to the 65 bond issuers who were fined, five securities firms were also fined in January. Among them, China Securities Construction Investment and SDIC ** asSponsor Representative,Guotai Junan, Dongxing**, CICC asThe bond trustees are not in place due to the failure to perform their dutiesand other situations were warned.
*: Enterprise Early Warning.
On January 16, the official website of the China Securities Regulatory Commission disclosed4 bondsAdministrative regulatory measures,Guotai Junan, CICC, Dongxing**was taken to issue a warning letterTahoe Groupand Huang Qisen, chairman and general manager of the company, was taken administrative supervision measures of issuing a warning letter and talking to the regulator, and recorded it in the market integrity file database.
Specifically, three securities firms, including CICC, Guotai Junan, and Dongxing**, as the trustees of Tahoe Group's bonds, were under trusteeship during the period of trustee managementFailure to strictly abide by the Code of Professional Conduct, failure to maintain necessary attention to Tahoe's failure to disclose relevant material debt overdue and litigation matters, and failure to disclose relevant material matters in the annual fiduciary management affairs report violated the relevant regulations of the Administrative Measures for the Issuance and Trading of Corporate Bonds, and it is relatively rare to take regulatory measures against three large ** companies "at one time".
Source: Canned Gallery.
It is worth noting thatIn 2024, the CSRC's number one fine was issued on January 8 to Ruihua Certified Public Accountants (Special General Partnership), an intermediary involved in the Kangde Xin financial fraud case, with a total fine of 17.83 million yuan.
Whether it was during the tenure of Yi Huiman, the former chairman of the China Securities Regulatory Commission, in January, the China Securities Regulatory Commission issued regulatory warnings to five securities firms including China Securities Construction Investment and CICC, or the penalties for Shenwan Hongyuan, Ping An and China Merchants disclosed by the Securities Regulatory Commission after Wu Qing took office in FebruaryThere is a common identity - they are all important intermediaries in the market.
Since 2020, regulators, including the China Securities Regulatory Commission, have beenMore and more attention has been paid to the "gatekeeper" responsibility of the intermediary agencies。In March 2020 in an amendment to the Criminal Code,It is clarified that the sponsor shall be the subject of the crime of providing false supporting documents and the criminal subject of the crime of issuing material untruthfulness of supporting documents, and shall be investigated for criminal liability and sentenced to up to 10 years imprisonment. On December 26, 2020, the Standing Committee of the 13th National People's Congress deliberated and passed the Amendment to the Criminal Law. Since then, the responsibility and risk control requirements for intermediaries have emergedA clear promotion requirement
And from Wu Qing onceHe has served as the director of the Institutional Department, the director of the Risk Management Office, and the director of the ** Supervision Department of the China Securities Regulatory Commission, and a series of measures after serving as the chairman of the China Securities Regulatory CommissionWu Qing can only have higher requirements than his predecessor for the "gatekeeper" responsibility of intermediaries.
According to the Financial Associated Press, after Wu Qing took office, he held the 2024 system work conference of the China Securities Regulatory CommissionWu Qing stressed the need to promote the work in three aspects:
1. Highlight the investor-oriented concept. Starting from maintaining market fairness, we will systematically sort out and evaluate the key institutional arrangements of the capital market, focus on improving regulatory rules such as issuance and pricing, quantitative trading, and securities lending and lending, and clearly reflect the priority of protecting the legitimate rights and interests of investors, especially small and medium-sized investors.
Second, it is necessary to coordinate "stability" and "progress". Efforts should be made to enhance the internal stability of the capital market, improve the effective mechanism for maintaining the smooth operation of the capital market, strengthen the coordination of all parties, strengthen communication with the market, and stabilize the market and confidence with more effective measures. Adhere to the principle of promoting stability through progress, establishing first and then breaking down, further deepen the reform of the capital market in an all-round way, and improve the basic system of the capital market.
Third, it is necessary to highlight the integration of strong supervision, risk prevention and development. Adhere to the strengthening of supervision and risk prevention as an important guarantee for high-quality development, adhere to the main responsibility and main business of supervision, comprehensively strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision, and continuous supervision, and put supervision in place.
The violation of information disclosure has always been the "hardest hit area" of listed companies' ** violations of laws and regulations, and there will be a total of ** fields throughout 20231366Violations of information disclosure of listed companies, among them, companies that have been filed by the CSRC for suspected violations of information disclosure are104.
With the escalation of "zero tolerance" in supervision, the regulatory authorities have also increased their supervision of listed companies or related parties in terms of information disclosure violations and violations. And a series of heavy blows after Wu Qing took office, which made the fire of strong supervision more vigorous.
List of 65 bond-issuing companies fined **Enterprise Early Warning.
What do you think of the news that 65 bond issuers and 5 securities firms were fined in January? Will the regulatory authorities increasingly supervise listed companies and underwriting sponsors in the future? Welcome to leave a message in the comment area to discuss.
February** Dynamic Incentive Program