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Since this year, securities companies have been punished frequently. Since February 7, when Wu Qing, the new chairman of the Securities Regulatory Commission, took office, the regulatory authorities had issued 98 tickets to 33 securities companies within three months on May 7, and three securities companies were investigated, two of which received huge tickets quickly. None of the top ten securities companies has been spared this round of punishment.
In addition to securities companies, dozens of A-share companies have also been investigated since 2024. Among them, there are both companies with financial fraud and enterprises with difficult annual reports. As of April 30, at the end of the annual report quarter, 24 A-share companies had been delisted, of which 9 had completed delisting.
Under strong supervision, market confidence is recovering.
Securities companies encounter strong supervision
When Wu Qing, the new chairman of the CSRC, was the director of the risk office, he led the disposal of a number of securities firms with operational risk exposure, so he was once known as the "butcher of securities firms". Since Wu Qing took office as the chairman of the CSRC, securities companies, listed companies and financial institutions have been punished frequently due to violations of laws and regulations, and some chaos in the capital market has been effectively managed.
According to statistics, since Wu Qing, the new chairman of the CSRC, took office on February 7, the regulatory authorities have issued 98 tickets to 33 brokers within three months on May 7, and three brokers have been investigated. Two of them have received huge tickets quickly. None of the top ten securities companies has been spared this round of punishment.
Different from the past, CITIC Securities (600030. SH), CICC (601995. SH), Haitong Securities (600837. SH) and other leading securities companies were not spared from the fines issued by securities companies in the past three months; At the same time, the ticket also involves many businesses such as Liangrong, equity pledge, OTC derivatives, proprietary investment, etc; Among them, the recommendation business of securities companies has become the focus of the regulators.
According to incomplete statistics, in the last month, there were more than ten securities companies that suffered punishment due to issuing recommendation, bond underwriting and other businesses, including CITIC Securities, Haitong Securities, Soochow Securities, Bohai Securities, and Huaxi Securities. Among them, many securities companies have received fines due to violations of the same subject, and some have received multiple fines due to violations of multiple subjects.
Because Jin Tongling (300091. SZ) has been falsifying financial information for six consecutive years, Jiangsu Securities Regulatory Bureau issued seven punishment decisions on May 14, involving Everbright Securities (601788. SH), Guohai Securities (000750. SZ), Soochow Securities (601555. SH), Huaxi Securities (002926. SZ) and their employees. Among them, the recommendation business of Huaxi Securities was suspended for six months due to the recommendation of Jintongling's private offering in 2019. However, CITIC Securities and Haitong Securities, the leading securities companies, have received many tickets for their targets such as CNNC Titanium Dioxide and Gree Real Estate.
In addition to securities companies, more than 100 employees have been punished. The ticket mainly involves violations of investment banking business, illegal stock speculation, illegal consignment sales, improper marketing, proprietary trading, etc.
It should be noted that in addition to securities firms, Dahua Certified Public Accountants (hereinafter referred to as "Dahua Accounting Firm") also suffered punishment and was suspended from securities business in June. After the punishment was released, more than 50 A-share companies dismissed Dahua Stock Exchange, which affected many IPO enterprises.
The pace of delisting is expected to accelerate
In addition to securities companies, the supervision of listed companies' violations is also the focus of the recent work of the CSRC. Since 2024, dozens of A-share companies, including Century Huatong (002602. SZ), Yuanda Intelligent (002689. SZ) and Zhongtai Chemical (002092. SZ), have also been investigated. Among them, there are both companies with financial fraud and enterprises with difficult annual reports.
In 2024, many listed companies such as Dongxu Optoelectronics (000413. SZ), Dongxu Lantian (000040. SZ) and Puli Pharmaceutical (300630. SZ) will have difficulty in producing annual reports. These companies are also suspected of failing to disclose the annual report on time and other information disclosure violations, and have been filed by the CSRC.
The supervision on listing was strengthened, and the supporting delisting system was also followed up. On May 15, 2024, during the "May 15 National Investor Protection Publicity Day" activity, Wu Qing, Chairman of the CSRC, said that "zombie enterprises" and black sheep should be resolutely removed from the market.
According to incomplete statistics, since 2024, 19 companies said they had received the notice of delisting in advance, and 9 companies completed delisting within the year. Among them, financial compulsory delisting is still the main situation of enterprise delisting, and the number of enterprises that touch the face value delisting is increasing. Nearly 8 of the 19 companies have become main board companies, half of which are from the main board of Shenzhen Stock Exchange.
Among them, * ST Meishang (300495. SZ) has committed many irregularities such as financial fraud and information disclosure fraud for nine consecutive years, and Guangfa Securities, the sponsor, was also involved in the * ST Meishang incident. At present, * ST Meishang has been locked out of the market due to financial fraud and consecutive years of losses, and the black sheep will eventually be eliminated.
In recent years, illegal and criminal acts such as fraudulent issuance, financial fraud, insider trading, and market manipulation have seriously infringed on the legitimate rights and interests of investors, resulting in losses for investors. Since last year, the CSRC has resolutely implemented the requirements of supervision on "long teeth with thorns" and edges and corners, and the number of cases investigated and handled and the amount of penalties have increased significantly. The number of A-share delisted enterprises has continued to grow in recent years, and the "shell" value has become increasingly low.
The difficulty of the first round has been greatly improved
To be optimistic about the entrance is also the focus of the regulatory work this year. Since February 5, after the meeting of Marco Polo Holding Co., Ltd. (hereinafter referred to as "Marco Polo") was postponed for voting, no A-share IPO enterprise has passed the review of the municipal party committee.
Choice data shows that since 2024, only 37 A-share companies have completed the IPO, with a total amount of 27.227 billion yuan raised; Compared with 137 issuing enterprises in the first two quarters of 2023 and 163.04 billion yuan of raised capital, there were 72.99% and 83.31% declines respectively.
The pace of IPO has slowed down, and the requirements of the regulatory authorities for the first company have also been significantly improved. At the beginning of the year, the regulators said that they could not bring enterprises with no long-term return ability into the market. On the evening of May 15, the CSRC issued and implemented the Guidelines for the Application of Regulatory Rules - Issuance Category No. 10 (hereinafter referred to as the Guidelines), putting forward many new requirements for enterprises to be IPO.
Among them, the space related to dividends accounts for the largest proportion. The regulators require enterprises to disclose "relevant provisions on profit distribution in the company's articles of association" in the prospectus; "the special research and demonstration of the board of directors on shareholder returns and the reasons for the corresponding planning arrangements;" "Profit distribution plans such as cash dividends within three years after listing, plan contents, basis and feasibility of formulation, and explain the use arrangement of undistributed profits in combination with its own business situation;" "The contents of the company's long-term return plan, as well as the main considerations when formulating the plan.".
In addition to specific information, the Guidelines also put forward new requirements for the purpose of listing, the establishment and improvement of modern enterprise systems, the necessity of this financing, the use plan of raised funds, sustainable operation ability and future development plan.
As of May 12, 135 enterprises have announced the termination of examination (withdrawal of materials+rejection/termination of registration) by the Shanghai Shenzhen North Exchange since this year. Among them, 133 companies withdrew their orders on their own initiative, one company would be rejected in the IPO, and one company was terminated due to the failure to eliminate the suspension of the review in time or to supplement the submission of effective documents.
Withdrawal of materials does not mean exemption from liability. Since this year, including Shanghai Rongsheng Biological Pharmaceutical Co., Ltd., Zhejiang Xingxing Cold Chain Integration Co., Ltd., Dalian Kelide Semiconductor Materials Co., Ltd. and other companies, 13 companies planning to IPO have been punished, some of which have withdrawn materials. Intermediaries such as SDIC Securities and Rongcheng Accounting Firm also received tickets.
Under strong supervision, investors' confidence in the capital market is recovering. Recently, Wang Yajun, co head of Goldman Sachs Asia (excluding Japan) equity capital market, said in an interview with media such as brokerage China, "From the perspective of international investors, A-share is actually a very attractive market." Since Wu Qing, the new chairman of the CSRC, took office for a hundred days, A-shares have also risen by about 10%. (produced by Think Finance) ■
