Before the festival, among the dozens of IPO and fixed value-added projects that fell into the “suspension tide” due to the filing and investigation of intermediaries, several projects resumed review one after another.
On the evening of February 15, Ja Solar Technology Co.Ltd(002459) (002459. SZ) announced that it had received the notice of China Securities Regulatory Commission on resumption of examination of administrative license application, and the CSRC decided to resume the examination of the company’s issuance application.
Ja Solar Technology Co.Ltd(002459) told the reporter of shell finance that it had not received the request to replace the intermediary. After submitting the corresponding materials to the CSRC and resubmitting the application for going to the meeting, the company received the notice on resumption of examination of administrative license application issued by the CSRC on February 15. According to the previous disclosure, Ja Solar Technology Co.Ltd(002459) the law firm hired for the fixed increase project is Beijing Jindu law firm.
Three weeks ago, affected by the investigation of Jindu, ShineWing and Zhongde securities, several IPO and fixed value-added projects were suddenly suspended.
According to the statistics of shell finance reporter, on January 26, a total of 60 IPO projects on the gem of Shenzhen Stock Exchange and the science and Innovation Board of Shanghai Stock Exchange were suspended. The securities service institutions hired were filed for investigation by the CSRC, involving Sino German Securities Co., Ltd., Beijing Jindu law firm and ShineWing Certified Public Accountants (special general partnership).
In addition, Ja Solar Technology Co.Ltd(002459) , Sichuan Huati Lighting Technology Co.Ltd(603679) (603679. SH) and Shandong Xinhua Pharmaceutical Company Limited(000756) (000756. SZ) fixed value-added projects of three listed companies were suspended due to the employment of the above intermediaries.
Sino German securities, Jindu and ShineWing were filed for investigation, or involved in LETV’s fixed increase in 2016.
The parent company of Zhongde securities Shanxi Securities Co.Ltd(002500) (002500. SZ) announced on January 18 that the holding subsidiary Zhongde securities received the notice of filing a case from the CSRC. In accordance with the securities law of the people’s Republic of China, the administrative punishment law of the people’s Republic of China and other laws and regulations, the China Securities Regulatory Commission decided to file a case against Zhongde securities due to the suspected violation of the recommendation business in the 2016 non-public offering of shares by LETV information technology (Beijing) Co., Ltd.
According to the announcement of LETV, which has been delisted at that time, it will increase 107 million non-public offering new shares in 2016 and raise 4.799 billion yuan, which will be used for the construction of video content resource library. Zhongde securities is the sponsor of LETV’s fixed increase project, Beijing Jindu law firm is the project lawyer, and ShineWing is the audit and capital verification institution.
In April 2021, the CSRC imposed varying degrees of market prohibition on five responsible subjects such as Jia Yueting. In addition to the illegal issuance and fraud of LETV’s public offering of shares in 2016, LETV’s decision also constitutes a punishment for non-public issuance of shares.
In addition to the resumption of the review of Ja Solar Technology Co.Ltd(002459) fixed increase projects, the reporter of shell finance and economics learned that some previously suspended IPO projects have resumed the review.
In terms of the science and Innovation Board of the Shanghai Stock Exchange, Beijing Tongmei Crystal Technology Co., Ltd. and other three enterprises affected by the employment of Jindu as a law firm have successively resumed the issuance and listing audit and obtained inquiries after February 9. According to the official website of the Shanghai Stock Exchange, the above-mentioned enterprises “have eliminated the suspension of the audit listed in Item (2) of paragraph 1 of Article 64 of the rules for the examination and approval of the issuance and listing of shares on the science and Innovation Board of Shanghai Stock Exchange”.
It is not uncommon in recent years for intermediary agencies to be investigated due to the spread of served enterprises.
In August 2021, Hualong securities, zhongxingcai Guanghua certified public accountants, Beijing Tianyuan law firm and Kaiyuan Asset Appraisal Co., Ltd. were filed for investigation. These four institutions are all intermediaries that Blue Mountain Technology (830815. NQ) applied for the listing of the selected layer in April 2020. In November 2020, blue mountain technology was put on file for investigation on suspicion of violation of letter phi.
In November 2021, the CSRC imposed penalties on the above four institutions. The CSRC believed that the four institutions failed to be diligent and responsible, and there were false records in the materials issued. It ordered Hualong securities to make corrections and imposed a fine of varying amounts, and the relevant personnel were given a warning and fined.
The reporter of shell finance and economics was concerned that the CSRC issued the “guidance on improving the quality of information disclosure of prospectus under the registration system” on January 28, which mentioned “improving the reasonable trust system and further urging intermediaries to return to their duties”.
With regard to the formulation of the guidance, the CSRC said in the drafting note that the opinions will strengthen the accountability and ensure the implementation of various measures to improve the quality of information disclosure in the prospectus, “The illegal information disclosure of issuers, intermediaries and their related personnel shall be subject to administrative punishment according to law. If they are suspected of committing a crime, they shall be transferred to the judicial organ for criminal responsibility according to law. We will promote the improvement of the civil compensation system and mechanism for illegal information disclosure and strengthen the protection of investors.”.
