Guoxin Securities issued a warning letter for failure to exercise due diligence

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(Source: V-View Financial Reports)

On the 26th, the Chongqing Securities Regulatory Bureau issued a decision to take a warning letter measure against China Xiniya Fashion Limited (Guoxin Securities Co., Ltd.).

According to the above decision, upon investigation, Guoxin Securities, as the bond trustee manager, failed to diligently fulfill its duty to supervise the use of bond fundraising proceeds, violating the provisions of Article 7 of the “Measures for the Administration of Corporate Bond Issuance and Trading” (CSRC Order No. 113) and Article 6, Paragraph 1 of the “Measures for the Administration of Corporate Bond Issuance and Trading” (CSRC Order No. 180). The Chongqing Securities Regulatory Bureau decided to take the administrative regulatory measure of issuing a warning letter against Guoxin Securities and record it in the securities and futures market integrity file.

The above provisions show that issuers, underwriting institutions and their related staff members shall not engage in violations of fair competition, interest transfer, directly or indirectly seeking improper benefits, and other acts that disrupt market order during the issuance pricing and allocation process. Underwriting institutions, trustee managers, as well as professional institutions and personnel such as credit rating agencies, accounting firms, asset appraisal agencies, and law firms providing services for corporate bond issuances shall act diligently, strictly comply with professional standards and regulatory rules, and perform their obligations as stipulated and agreed.

The Chongqing Securities Regulatory Bureau stated that Guoxin Securities should carefully learn from the lesson, strengthen the study of relevant laws and regulations, improve the professional level of bond business, and take effective measures to prevent illegal and non-compliant conduct. Guoxin Securities shall submit a written rectification report to the Chongqing Securities Regulatory Bureau within 30 days of receiving the decision.

According to Wind data, for the full year 2025, Guoxin Securities underwrote bonds with a combined scale of 259.98 billion yuan, ranking 15th among 92 securities firms. Since 2026, Guoxin Securities has underwritten bonds with a combined scale of 48.262 billion yuan, also ranking 15th.

In recent years, regulatory authorities have continued to strengthen the accountability of intermediary institutions. This month, Lianshu Securities, as the trustee manager of corporate bonds for Shanghai Realand Finance Lease Co., Ltd., was issued a warning letter by the Shanghai Securities Regulatory Bureau of the China Securities Regulatory Commission due to inadequate performance of its fiduciary duties during the trustee management process. Huaxi Securities was taken the administrative regulatory measure of ordering corrections by the Sichuan Securities Regulatory Bureau due to issues including inadequate due diligence on major matters such as mortgage information in individual bond underwriting and trustee management projects, insufficient verification of fundraising use, and imperfect related work systems.

(The views in the article are for reference only and do not constitute investment advice. Investment involves risks; proceed with caution when entering the market.)

Cover and headline images source: AI-generated graphics

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