Recently, Pengye Software, sponsored by Kaiyuan Securities, withdrew its IPO application. Since 2024, Kaiyuan Securities has terminated 4 IPO projects one after another.
Bread Finance combed through the information disclosed by the exchange and found that there will be 3 IPO termination projects of Kaiyuan Securities in 2023, all of which are projects of the Beijing Stock Exchange.
Since 2022, among the new shares sponsored by Kaiyuan Securities, 2 new shares have broken on the first day of listing. In addition, in 2023, Kaiyuan Securities will be punished by the regulatory authorities for sponsorship business violations.
Pengye Software withdrew its IPO
According to the disclosure announcement on April 2, Pengye Software applied to withdraw the listing application documents.
Pengye Software provides packaged software products and related management software for the engineering construction industry, and its main business is mainly divided into four categories: technology development and consulting, standardized software sales, hardware sales and licensing fees. The company submitted an IPO application to the Beijing Stock Exchange in June 2023, and the Beijing Stock Exchange conducted two rounds of inquiries about Pengye Software, including whether the business growth space is limited, the reasonableness of performance fluctuations, and whether there is a risk of continuous decline.
Since 2024, Kaiyuan Securities has terminated 4 IPO projects one after another, namely Pengye Software, Jianlu Shares, Shengyuan Technology, and Shengan Transmission.
Last year, three IPO projects were terminated
According to the data disclosed by the exchange, Kaiyuan Securities will terminate 3 IPO projects in 2023, all of which are projects of the Beijing Stock Exchange.
Jintai Merrill Lynch submitted an IPO application to the Beijing Stock Exchange in June 2023. The Beijing Stock Exchange has conducted four rounds of inquiries about the company, including the impact of cyclical fluctuations in the downstream industry on the issuer's operational stability. In December 2023, Jintai Merrill Lynch withdrew its listing application documents and terminated the IPO review.
Tiansong Medical submitted an IPO application to the Beijing Stock Exchange in June 2022 and will be reviewed at the meeting in January 2023. The results of the Listing Committee's deliberations showed that the issuer and the intermediaries failed to fully verify and eliminate reasonable doubts about the dealer's operation and commercial reasonableness in the previously suspended deliberation opinion, insufficient verification and justification basis for whether the dealer bears costs and expenses on behalf of the issuer, failed to fully explain that the issuer's R&D capability and technological innovation matched the relevant content disclosed in the prospectus, and the reasonableness of the fundraising project for expanding production capacity was insufficient. Combined with the deliberations of the Listing Committee, the Beijing Stock Exchange terminated the review of Tiansong Medical's IPO.
Some of the sponsored new shares were broken when they were listed
Wind data shows that since 2022, Kaiyuan Securities has sponsored more than 10 new listings, of which 2 new shares broke on the first day of listing.
The issue price of Dongfang Carbon is 12.6 yuan per share. In June 2023, the company was listed for the first time, with the highest share price of 10.75 yuan per share on the same day, and closed 21.67%. As of April 2, 2024, the closing price of Dongfang Carbon is 9.03 yuan per share, and the stock price is in a broken state.
Ricky Intelligent Manufacturing was listed for the first time in December 2022 with an issue price of 7.93 yuan per share, breaking 11.73% on the first day of listing. As of April 2, 2024, the closing price of Ricky Intelligent Manufacturing is 4.99 yuan per share, excluding dividends and other factors, it is still broken by more than 20%.
He has been fined for sponsorship business violations
According to the statistics reported by the regulatory authorities, Kaiyuan Securities will be fined for sponsorship business violations in 2023.
In November 2023, the Beijing Stock Exchange disclosed the "Decision on Adopting Self-Regulatory Measures against Kaiyuan Securities Co., Ltd. and Related Responsible Entities". According to the documents, Kaiyuan Securities has the following violations in the public offering and listing project of Jianlu shares: "1. The implementation of the issuer's income confirmation procedures is not in place; 2. The verification of the abnormal capital flow of the issuer's key personnel is insufficient; 3. The disclosure content of the application documents is inconsistent with the sponsor working papers; and 4. The implementation of the internal control system of the sponsor institution is not in place."
In November 2023, the Henan Securities Regulatory Bureau issued the "Decision on Issuing a Warning Letter to Kaiyuan Securities Co., Ltd." During the on-site inspection of Baorunda supervised by Kaiyuan Securities by the Henan Securities Regulatory Bureau, it was found that Baorunda had the problem of capital occupation by the actual controller and its related parties. According to the warning letter, Kaiyuan Securities "failed to be diligent and conscientious in the process of continuous supervision, failed to be diligent and conscientious in fulfilling its duty of prudent verification, failed to timely discover the capital occupation of the actual controller and related parties of Baorunda, and failed to effectively supervise Baorunda to disclose information in a true, accurate, complete and timely manner".
(Article Serial Number: 1775417586473897984)
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