Per reporter: Chen Chen Per editor: He Jianling
Image source: Photo_500441117
According to the statistics of the "Daily Economic News" reporter, calculated by the date of payment, the securities industry received a total of 36 fines (including 2 advance notices of administrative penalties) in March, involving 23 securities companies, of which the number of fines involving Shenwan Hongyuan Securities, Anxin Securities and Zhongtai Asset Management ranked first.
The reporter noted that Zhongde Securities, Ping An Securities and Guohai Securities were all severely punished for investment banking business violations in March; at the same time, as the hardest hit area for investment banking business penalties, a total of 16 sponsor representatives were punished in March, of which 6 were punished by the CSRC due to the "big change" in the performance of the sponsored project after the issuance and listing. It is worth mentioning that the March securities industry fine also involved 6 senior executives of securities companies.
In addition, in the first quarter of this year, the overall securities industry received a total of 95 fines, involving Anxin Securities, Zhejiang Commercial Asset Management, Ping An Securities, and Shenwan Hongyuan Securities. From a business point of view, the number of fines involving brokerage business and investment banking business is "equally divided", accounting for more than 80% of the total.
List of penalties imposed in the securities industry in March (Data source: per reporter statistics)
Zhongde, Ping An and Guohai have been severely punished for their investment banking business
Shanxi Securities announced that on March 18, 2022, Yang Lijun and Wang Xin, the signatory sponsor representatives of the company's holding subsidiaries Zhongde Securities and LeTV.com in 2016, received the "Advance Notice of Administrative Penalties" from the China Securities Regulatory Commission. The notice pointed out that Zhongde Securities did not fully obtain and compile the top ten customer sales in leTV's non-public offering sponsorship business in 2016; it did not effectively verify the authenticity of the business occurrence.
The China Securities Regulatory Commission (CSRC) intends to decide: to order Zhongde Securities to make corrections, give a warning, confiscate business income of 5.6604 million yuan, and impose a fine of about 11.3208 million yuan; give a warning to Yang Lijun and Wang Xin, and impose a fine of 150,000 yuan each.
At the same time, Ping An Securities, the sponsor of LeTV's IPO business, also received a fine. The Shenzhen Securities Regulatory Bureau recently issued a prior notice of administrative supervision measures to Ping An Securities, intending to take corrective measures against Ping An Securities and suspend the qualification of the sponsoring institution for three months, identifying the sponsoring representative and the person in charge of the sponsorship business of LeTV's IPO project as inappropriate for 5 to 10 years, and other corresponding compliance business and other relevant personnel have also taken measures such as regulatory talks.
In addition, Guohai Securities announced that on March 23, 2022, it received the CSRC's Administrative Penalty Decision. According to the decision, Guohai Securities acted as the lead underwriter of the bonds of Shengtong Group Company "16 Shengtong 01", "16 Shengtong 03" and "17 Shengtong 01". From FY 2013 to FY2017, Shengtong Group had inflated profits, and after deducting the inflated profits, the profit of Shengtong Group in each year was a loss. The above behavior led to false records in the prospectus of Shengtong Group. Guohai Securities, as the lead underwriter, issued false records related to the above financial information.
According to the CSRC, Guohai Securities failed to exercise due diligence in providing services for Shengtong Group's bond issuance and that the underwriting documents issued contained false records. The CSRC decided to order Guohai Securities to make corrections, give a warning, confiscate 17.98 million yuan of illegal gains, and impose a fine of 600,000 yuan.
Sixteen sponsor representatives were penalized
In March, the regulator punished 16 sponsor representatives separately, which became a prominent feature of the securities industry penalty in March. The "Daily Economic News" reporter combed and found that 10 of the sponsor representatives were punished accordingly for failing to be diligent and conscientious in the sponsorship process, failing to maintain sufficient attention and prudent verification, inadequate implementation of verification procedures, and inaccurate issuance of verification opinions.
They are: The share transfer company took self-discipline supervision measures of issuing warning letters to Ji Hongyu and Chen Feiyan of Anxin Securities; the stock transfer company publicly reprimanded Zhao Hongzhi and Li Jiyuan of Hualong Securities; the Shenzhen Stock Exchange gave notice and criticism sanctions to Zhongtian Guofu Fangwei and Zhao Liang; the Shenzhen Stock Exchange gave Notice and Criticism sanctions to Liu Shenghao and Shen Xiangfeng of Wanhe Securities; and the Shanghai Stock Exchange gave regulatory warnings to Sheng Peifeng and Deng Shaohua, underwriting sponsors of Shenwan Hongyuan Securities.
The remaining six sponsor representatives were punished by the CSRC for the "big change in face" of the performance of the sponsored project after the issuance and listing.
According to the CSRC, the Hangxin Technology convertible bond project sponsored by Guo Wei and Liu Ailiang lost money in the year the issuer publicly issued securities and listed them. Therefore, the CSRC took measures against Guo Wei and Liu Ailiang as inappropriate candidates for 3 months. Hangxin Technology Convertible Bond Prospectus shows that the sponsoring institution is Guotai Junan.
For the first investment project of Baoming Technology sponsored by Tang Manyun and Chen Mo, the operating profit of the issuer's securities in the year of issuance and listing fell by more than 50% compared with the previous year. Therefore, the CSRC took measures against Tang Manyun and Chen Mo to temporarily suspend documents related to administrative licensing for 3 months. According to the initial prospectus of Baoming Technology, the sponsor institution is BOC Securities.
For the Shenzhen Nova Convertible Bond Project sponsored by Wang Xingjian and Zhang Heng, the operating profit of the issuer in the year of issuance and listing of securities fell by more than 50% compared with the previous year. Therefore, the CSRC took measures against Wang Xingjian and Zhang Heng to temporarily suspend the acceptance of documents related to administrative licensing for 3 months. According to the prospectus of Shenzhen Nova Convertible Bonds, the sponsor institution is Haitong Securities.
Six senior executives of Zhongtai Asset Management, Shenwan Hongyuan Securities and Huarong Securities were punished
According to the Shanghai Securities Regulatory Bureau, Zhongtai Asset Management's individual asset management plans still use the historical closing price valuation for a long time when the bonds they invest have stopped auctioning, and the valuation method is unreasonable; the related party transaction system is not perfect, and the pricing method of related party transactions is not regulated in the system. Xu Jiandong, as the general manager of Zhongtai Asset Management and a member of the company's valuation committee, and Wang Hongyi, as the compliance director of Zhongtai Asset Management and a member of the company's valuation committee, are responsible for the above-mentioned related acts, and the Shanghai Securities Regulatory Bureau has taken regulatory measures against the two by issuing warning letters.
According to the Shanghai Securities Regulatory Bureau, when Shenwan Hongyuan Securities cooperated with Ant Wealth (Shanghai) Financial Information Service Co., Ltd. to carry out online investment advisory business, it did not independently carry out appropriateness management, did not fully understand the investor's situation, did not obtain information such as the customer's address, occupation, financial status, investment experience, integrity record, etc., and the operation of the relevant information system was not within the company's own control, and it failed to save customer information, appropriateness management and related service records locally. Fang Qingli, as a member of the executive committee and general manager of the wealth management division of Shenwan Hongyuan Securities at the time, and Xie Chen, as the then chief information officer of Shenwan Hongyuan Securities, had the leadership responsibility for the corresponding acts in the above violations. The Shanghai Securities Regulatory Bureau took regulatory measures against Fang Qingli and Xie Chen by issuing a warning letter.
According to the Beijing Securities Regulatory Bureau, Huarong Securities' investment banking business has problems such as imperfect business system system, incomplete income deferred coverage, insufficient full-time compliance staffing, lack of independence and practice quality of some projects; and some product investment decisions are not prudent, risk control is not in place, due diligence of investment targets is not solid, and major matters are not disclosed. Li Hu, as an executive in charge of huarong securities' investment banking business, is directly responsible for this; in addition, the occurrence and existence of asset management problems run through Gao He's tenure as the head of the relevant department of the asset management business, the assistant general manager in charge of the asset management business and the deputy general manager, and Gao He has substantively performed the relevant approval duties, which is directly responsible for this. Therefore, the Beijing Securities Regulatory Bureau took regulatory measures against the two men.
Nine tickets involved branches
According to the Jiangxi Securities Regulatory Bureau, there were six major violations in the Jiangxi branch of CITIC Securities, including the approval of the OA system process during the forced departure of the person in charge, and the inconsistency between the actual performance of the duties and the situation reported to the regulatory authorities. The Jiangxi Securities Regulatory Bureau took measures against the branch to order an increase in the number of internal compliance inspections. At the same time, Zhang Xinqing, as the head of the branch, was also subject to the supervision measures of being issued a warning letter.
According to the Shenzhen Securities Regulatory Bureau, Chen Nanpeng, an investment consultant of Anxin Securities Shantou Branch, released the "Invincible - 2022 China Stock Market Forecast" through the company's WeChat group and was forwarded, the branch did not strictly monitor and manage the WeChat group messages in accordance with the internal system requirements, and did not effectively control the relevant practice behavior of investment advisers. The Shenzhen Securities Regulatory Bureau decided to take regulatory measures against Anxin Securities Shantou Branch by issuing a warning letter and taking regulatory measures against Chen Nanpeng.
According to the Henan Securities Regulatory Bureau, during yang shuguang's tenure in the securities business department of Guodu Securities Luoyang Nanchang Road, he failed to standardize his own professional behavior and clean up the entrusted stock trading matters, so he took regulatory measures to issue a warning letter to him.
According to the Anhui Securities Regulatory Bureau, ciccumb wealth Ma'anshan Yinshan Road sales department privately sold private equity fund products that were not sold by the company; the blank contract text management of the sales department was not in place. The Anhui Securities Regulatory Bureau took measures to supervise the issuance of warning letters to the sales department; Chen Mao, as the person in charge of the sales department at the time, was directly responsible for this and was also taken to supervise the issuance of warning letters.
According to the Tianjin Securities Regulatory Bureau, there were three major violations in the Tianjin branch of Northeast Securities, including the illegal participation of personnel who did not have fund qualifications in fund sales activities. The Tianjin Securities Regulatory Bureau took regulatory measures against the branch by issuing a warning letter.
According to the Xinjiang Securities Regulatory Bureau, Liu Jinyu successively worked in the Securities Business Department of Xiangcai Securities Korla East Renmin Road and the Securities Business Department of Huarong Securities Korla Wenhua Road. As a securities and futures practitioner, he borrowed other people's accounts to trade with a cumulative loss of 2.0034 million yuan during his employment. The Xinjiang Securities Regulatory Bureau fined Liu Jin 30,000 yuan.
The number of fines issued by the four securities companies in the first quarter exceeded 5
With the release of the monthly report on penalties in the securities industry in March, the overall penalty situation in the first quarter of this year has also been revealed. Since the reporter has reported on it before, he will not repeat the content of the penalty, and only shows the penalty situation of the securities industry through data.
Statistics from the "Daily Economic News" reporter show that in the first quarter of this year, a total of 95 fines involving the securities industry were issued, including 24 fines from the headquarters, 10 from branches, and 68 by personnel (7 fines were jointly punished by the headquarters and the personnel, and the headquarters and the personnel were calculated separately).
If the personnel and branches involved in the sales department, branches and other branches are further classified as the headquarters, the 95 fines in the first quarter involved 43 securities companies, of which the largest number of fines involving Anxin Securities reached 11; followed by the fines involving Zhejiang Commercial Asset Management, the number of which reached 10. In addition, the number of fines involving Ping An Securities and Shenwan Hongyuan Securities was more than 5, and the number of fines involving Guotai Junan, Guosen Securities, Everbright Securities, Zhongtian Securities, Zhongtai Asset Management, Huarong Securities and Zhongtian Guofu securities companies was 3 or more.
From the perspective of the type of business to which the violation belongs, 39 of the 95 fines involve brokerage business (including investment advisory, sales, etc.), 38 involve investment banking business, 16 involve asset management business, and the remaining 2 involve corporate governance.
The reporter further combed and found that 12 of the 39 brokerage business fines involved violations in the sale of products, including violations of appropriateness requirements and illegal sales; sales of private equity funds that were not sold by the company; sales personnel who undertook post responsibilities that had conflicts of interest with fund sales activities, etc. The penalty objects included Ping An Securities Chongqing Branch, Chuancai Securities, Everbright Securities Dongguan Nancheng Hongfu Road Securities Business Department, CICC Wealth Ma'anshan Yinshan Road Business Department, and Northeast Securities Tianjin Branch.
Finally, judging from the punishment results, a total of 42 warning letters were issued, 15 regulatory talk measures, and 11 administrative penalties were issued, and the rest were ordered to make corrections, inappropriate candidates, circulate criticisms, verbal warnings, etc.
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