Since the beginning of this year, China Merchants has taken the initiative to withdraw 2 sponsored IPO projects, namely Chengjie Intelligent and Times Decoration.
Bread Finance combed through the information publicly notified by the regulatory authorities and found that in 2023, China Merchants ** received a regulatory letter issued by the Shenzhen Stock Exchange due to sponsorship business violations.
Withdrew 2 IPO sponsorship projects during the year.
Since 2024, the review status of the two IPO projects sponsored by China Merchants ** has been changed to "terminated", and all of them have been withdrawn on their own initiative.
Chengjie Intelligent mainly develops lithium battery mid-section core winding equipment, and expands to other mid-section processes such as die-cutting, lamination, and helium inspection, and submits an IPO application to the Science and Technology Innovation Board in June 2023. In January 2024, Chengjie Intelligent and the sponsor China Merchants** applied for withdrawal of the listing application documents.
Times Decoration is a decoration service provider for residential fine decoration, public building decoration, curtain wall and landscape engineering, and submitted an IPO application to the ** main board in March 2023. The exchange has inquired about the company, but the company has not yet responded. According to the announcement in March 2024, Times Decoration and the sponsor China Merchants** have applied to withdraw the listing application documents.
He has received fines for sponsorship business violations.
According to the statistics reported by the regulatory authorities, China Merchants ** was punished by the regulator for sponsoring business violations last year.
In September 2023, the Shenzhen Stock Exchange issued the "Regulatory Letter on Lu Yao and Liu Xingde of China Merchants ** Shares". According to the document, "on September 30, 2022, the firm accepted the application for the initial public offering of Shenzhen Dacheng Precision Equipment Co., Ltd. *** recommended by China Merchants ** Co., Ltd. *** hereinafter referred to as China Merchants ** or the sponsor (hereinafter referred to as the issuer) and listed on the GEM. The China Securities Regulatory Commission (CSRC) conducted on-site inspections of issuers. It was found that China Merchants **, as the sponsor, and Lu Yao and Liu Xingde, as the sponsor representatives, had the following violations in the process of sponsoring the issuer's initial listing: 1. Failure to fully verify the issuer's income-related internal control irregularities and rectifications, and the basis for revenue recognition; 2. The verification procedures for the standardization of accounting and the accuracy of presentation of some of the issuer's accounting accounts are not in place".
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