Every hot comment | Ping An Securities is fined and sponsor business must be "refined" operation

On June 24, the Shenzhen Securities Regulatory Bureau decided to adopt a three -month supervision measure for Ping An Securities to suspend the qualifications of sponsorship agencies from June 23 to September 22, 2022. The Shenzhen Securities Regulatory Bureau requires Ping An Securities to rectify the existing issues, effectively improve the business quality of investment banking, and submit a written rectification report before the expiration of the pause period. The author believes that when a sponsor business is carried out, it is the best strategy to implement the "refined" operation.

The punishment of Ping An Securities was mainly involved in the listing of Sumulas LeTV. The regulatory department investigated and determined that Ping An Securities publicly issued stocks for the first time in Sumulating LeTV and the listing of GEM for its due diligence, the internal control mechanism was not implemented, and the issuer's financial data and actual situation issued in the issued sponsors issued the issued sponsors issued the issue of the issuer and the actual situation issued Not matching. Based on this, the Shenzhen Securities Regulatory Bureau made the above punishment.

In fact, LeTV's listing was quite controversial. At that time, LeTV was a video website, but it was not comparable to many well -known video websites in the same industry in terms of scale, popularity, market influence, or capital investment. Moreover, before and after the listing of LeTV, the video website is basically in a state of losing money and is also the secret of the industry. However, LeTV has been "exclusive" and has achieved "profit" for many years, and can meet the issuance conditions of the GEM, which has been questioned by many parties and abroad. But it was such a company that actually successfully went public. It turns out that LeTV has achieved the purpose of listing through financial fraud.

This is not the first time that Ping An Securities has been punished for the listing of sponsor companies, nor is it the first time that the regulatory authorities have taken supervision measures for three months of suspension of sponsors' qualifications. In 2013, Ping An Securities sponsored Wanfu Shengke's fraud in the East Window Incident. Ping An Securities, as a sponsor, was suspended for three months, and the total penalty was as high as 76.5 million yuan. This is also the biggest ticket issued by the Securities Regulatory Commission since the establishment of the sponsorship. In the previous 2011, Shengjing Shanhe sponsored by Ping An Securities Summer Shengshan River was questioned by market financial fraud. Whether it will eventually be used for the second time, and Ping An Securities and relevant Bao Dai have also been adopted by regulatory measures.

Ping An Securities has frequently flipped on the sponsor business. It has both market environmental factors and is also closely related to the extensive business strategy adopted by the broker in the sponsor business.

On the one hand, as one of the three traditional businesses of brokerage companies, investment banking business has been valued. Through the horse circles, it occupies more market share, produces greater market influence, creates a siphon effect, and then maximizes its own interests, becoming the first choice for many sponsor agencies, and the establishment of the GEM and the rapid development of small and medium -sized boards. Become a good time to become a rare development in the industry. Excessive importance to performance assessment, neglecting risk control issues have become a common problem for multiple brokerage investment banks.

On the other hand, in the case of fighting for large projects, Ping An Securities focuses on the investment banking business in small and medium -sized enterprises. The intention is overtaking through the curve to achieve bigger and stronger, and rises rapidly in small and medium -sized securities firms. Therefore, its extensive operating strategy is mainly to adopt the methods of efficient, fast, processed, and batch operations. In 2010 and 2011, the number of underwriters and IPO underwriting revenue ranked first in the market for two consecutive years, which was closely related to its extensive operating strategy, but the problem was also arisen.

The listing of enterprises is a systematic project that needs to work together to work together. The sponsor to avoid the occurrence of Ping An Securities' punishment cases, and the issuer needs to disclose information without concealment, and there is no information that should be disclosed and not disclosed. It also requires the "refined" operation of sponsors. Do not let go of any details, do not miss any loopholes, leave any questions, and no dead ends. As large as corporate governance, the "three meetings" operation, each number and decimal point of the financial data, and the full coverage of the corners of the edge. For eligible enterprises, the sponsors will be stored, otherwise they should resolutely say "no" to it, and must not be "favored".

After many years, although the penalty of the Shenzhen Securities Regulatory Bureau was pursuing penalties, the positive significance of this still could not be wiped out. Penalties will not only have a negative impact on the brand and reputation of Ping An Securities, but also affect their investment banking business. Ping An Securities was punished this time, and it also sounded the alarm to the sponsor business of the brokerage firm. Do not diligent in the process of practice, and it is destined to pay the price.

Daily Economic News

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