I know there are tigers on the mountain, so I prefer to go to Tiger Mountain.
Compacting sponsors' responsibilities is not an empty phrase.
Recently, after the nearly 60 million overraised capital of 688237.SH was removed without knowledge, it was investigated by the Securities Regulatory Commission on November 18.
The main reason is that Super Aviation Technology changed the use of the IPO overraised funds without permission and did not “truthfully” disclose it.
According to a summary of the announcement information, Chuozhuo Aviation Technology announced on August 16 that its 59.95 million yuan of overraised capital was used to purchase structured deposit products from Zheshang Bank, but in reality, this deposit was deposited into China Merchants Bank and became security deposit for bank acceptance notes with other companies.
It is worth noting that as the joint sponsor of Super Aviation Technology's listing on the Science and Technology Innovation Board in 2022 and the continuous supervisory agency after listing, Haitong Securities (600837.SH) and China Aviation Securities need to monitor the use of this capital.
Strangely enough, the investigation by the relevant departments found that during the supervision process, Haitong Securities and China Aviation Securities had actually discovered that the overraised funds stored by Super Aviation in the CMB had untrue disclosure of the use of funds and that bank deposits were frozen, yet no effective investigation or supervision was carried out in a timely manner.
Moreover, Haitong Securities and China Aviation Securities also claimed in the “2023 Continued Supervision Semi-Annual Follow-up Report” that there were no irregularities in the disclosure of information or the management and use of raised funds during the period of continuous supervision by Chaozhuo Aviation.
This is clearly not in line with the actual situation.
On November 21, the Shanghai Stock Exchange issued regulatory warnings to Haitong Securities, China Aviation Securities, and then-current supervisory sponsor representatives Zhu Jisai, Chen Bangyu, Guo Weiming, and Sun Jie.
“Continued supervisory agencies and relevant personnel of listed companies should take it as a warning. In carrying out their duties, they should strictly abide by laws, regulations, rules and other regulatory documents and the firm's business rules, fulfill their obligation of loyalty and diligence, verify and verify the authenticity, accuracy, and completeness of the documents and materials on which professional opinions are issued, and the documents produced and issued must not contain false records, misleading statements or major omissions.” The Shanghai Stock Exchange pointed out.
However, even though Haitong Securities and China Aviation Securities knew that the fund-raising disclosure was untrue, they still issued clear verification opinions on this. Whether they need to bear more joint and several liability for investors is yet to be further investigated by the supervisory authorities.
