Exchange regulators found negative conduct in the practice quality records of six securities firms' investment banking activities in the first half of this year.

The North Exchange recently reported on the regulatory situation in the first half of 2025. It was learned that the North Exchange issued public condemnation once, issued warning letters twice, gave verbal warnings ten times, and required written commitments eight times for violations of information disclosure and quality issues of intermediary institutions in 15 declared projects. It involved 15 issuers, 10 sponsoring institutions, 3 accounting firms, and 1 law firm, as well as 23 sponsoring representatives, 9 signing accountants, and 2 signing lawyers. For the 6 declared projects with quality issues of intermediary institutions, 6 negative practices were recorded, involving 6 sponsoring institutions. Three on-site inspections or cooperation with the China Securities Regulatory Commission were conducted for projects under review, involving 3 declared projects.