crashthegame| Four securities firms were "dragged down" by listed company Jin Tongling

When Dahua Institute was confiscated 41.32 million yuan and caused a sensation in the capital market, Jiangsu Securities Regulatory Bureau issued seven more fines on May 14, all of which were related to listed company Jin Tongling (300091) (300091, share price 1.68 yuan, market capitalization 2.502 billion yuan). Including Everbright Securities (601788), Guohai Securities (000750), Soochow Securities (601555) and Huaxi Securities (002926). Among them, Huaxi Securities was punished by suspending the qualification of sponsor business for 6 months. In addition, nine people are also subject to corresponding regulatory measures.

However, a reporter from the Daily Economic News noticed that although the four brokerages are all involved in Jin Tongling, the projects involved are different. Guohai Securities is related to Jin Tongling's non-public offering project in 2017. Everbright Securities is related to Jin Tongling's 2018 issue of shares to purchase assets and raise matching funds, while Huaxi Securities is involved in Jin Tongling's non-public offering project in 2019. Soochow Securities is involved in Jin Tongling's private bond offering project in 2021.

What happened to Jin Tongling?Crashthegame?

Four brokerages received tickets at the same time.

On May 14, Jiangsu Securities Regulatory Bureau disclosed that Guohai Securities failed to diligently and dutifully fulfill its relevant obligations in the process of performing its continuous supervision duties in the non-public offering of shares of Jin Tongling Technology Group Co., Ltd. (hereinafter referred to as Jin Tongling) in 2017. there are false records in the 2017-2019 continuous supervision on-site inspection report issued during the continuous supervision period, and the procedures for the release of the continuous supervision report do not comply with the regulations. Lin Ju and Tang Bin are the representatives of the continuous supervision and recommendation of the project.CrashthegameBear the primary responsibility for the above-mentioned violations. Therefore, Jiangsu Securities Regulatory Bureau has taken regulatory measures to issue warning letters to Guohai Securities, Lin Ju and Tang Bin.

On the same day, Jiangsu Securities Regulatory Bureau pointed out that Everbright Securities did not fully fulfill its verification obligations in the process of continuously supervising Jin Tongling in 2018 when it issued shares to purchase assets and raised matching funds. Using the professional advice of other securities service institutions did not carry out the necessary careful verification.CrashthegameAs a result, there are false records of the continuous supervision opinions produced and issued in 2018-2020. Zhou Ping and Wang Shiwei, the organizers of the financial advisers, are directly responsible for the above violations. Therefore, the Jiangsu Securities Regulatory Bureau has taken regulatory measures to issue warning letters to Everbright Securities, Zhou Ping and Wang Shiwei.

In addition, Jiangsu Securities Regulatory Bureau believes that there are some problems in the practice of Huaxi Securities in the practice of Jin Tongling's non-public stock offering sponsor project in 2019, such as lack of due diligence in due diligence, false records in issuing stock listing recommendations to specific targets, false records in the relevant reports issued during the continuous supervision stage, and inadequate implementation of on-site inspection.

Therefore, Jiangsu Securities Regulatory Bureau adopted a regulatory measure to suspend the qualification of sponsor business for six months for Huaxi Securities.CrashthegameLiu Jingfang and Zhang ran, as sponsors of Jin Tongling's private stock project in 2019, are also subject to two years of supervision by inappropriate candidates. Zheng Yi and Chen Qingling, as representatives of the continuous supervision and recommendation of the project, are subject to the supervision measures of the warning letter.

Finally, Jiangsu Securities Regulatory Bureau also pointed out that Soochow Securities did not do its duty diligently in Jin Tongling's non-public bond issuance project in 2021, and that the tracking and implementation of core opinions was inadequate, and the working paper was not perfect. As the person in charge of the project, Wang Qiuming is directly responsible for the above violations. Therefore, the Jiangsu Securities Regulatory Bureau has taken regulatory measures to issue warning letters to Soochow Securities and Wang Qiuming.

There are false records in the annual report

It is not difficult to find that the above four brokerages were fined for Jin Tongling, a listed company, only involving different projects. A reporter from the Daily Economic News learned that from 2017 to 2022, Jin Tongling and its wholly-owned subsidiaries falsely increased their business income and profits by various means.

In 2017, 2018, 2021 and 2022, the inflated operating income of Jin Tongling was 501 million yuan, 550 million yuan, 69 million yuan and 15 million yuan respectively, and the total inflated profit was 146 million yuan, 148 million yuan, 74 million yuan and 43 million yuan respectively. In 2019, Jin Tongling falsely reduced operating income by 197 million yuan and total profit by 39 million yuan. In 2020, Jin Tongling falsely reduced its operating income by 5 million yuan and increased its total profit by 57 million yuan.

From 2017 to 2022, the total amount of Jin Tongling's falsely increased or decreased profits accounted for 103.06%, 133.10%, 31.35%, 101.55%, 5774.38% and 11.83% of the company's total disclosed profits (absolute value), respectively, resulting in false records in the company's corresponding annual report.

Therefore, in early 2024, the Jiangsu Securities Regulatory Bureau imposed a fine of 1.5 million yuan on Jin Tongling and fines ranging from 600000 yuan to 2 million yuan on the relevant responsible persons.

In fact, on May 13, the punishment imposed by Jiangsu Securities Regulatory Bureau on Dahua Accounting firm (Special General Partnership) (hereinafter referred to as Dahua Institute) caused a stir in the capital market. Jiangsu Securities Regulatory Bureau pointed out that when Dahua audited Jin Tongling's financial statements from 2017 to 2022, there were major defects in risk assessment and internal control testing procedures, failure to take appropriate audit measures to deal with fraud risks, and major defects in substantive procedures. In violation of the provisions of the relevant practice standards, failed to perform due diligence obligations, and the audit reports issued were falsely recorded.

As a result, the Jiangsu Securities Regulatory Bureau confiscated 41.32 million yuan from Dahua and suspended it from engaging in securities services for six months. The official account of Dahua Institute said: "our institute sincerely accepts the punishment decision of the regulatory authorities, consciously accepts the supervision of various regulatory agencies, corporate customers and all sectors of society, and carries out comprehensive rectification and reform as required, and organizes profound self-reflection within the scope of the institute."

The reporter noted that at present, Dahua is reviewing 38 IPO projects, and about 15 listed companies announced the cancellation of cooperation with Dahua before and after the punishment.

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