Guoyuan Securities Receives Warning Letter from Anhui Regulator Over Due Diligence Lapses in Fuhuang Steel Structure M&A Project

Deep News12-11

Anhui Securities Regulatory Bureau recently issued a warning letter to Guoyuan Securities Co., Ltd. and its project leaders Yang Shaojie and Liu Minhao for regulatory violations.

The investigation found that Guoyuan Securities, acting as the financial advisor for Anhui Fuhuang Steel Structure Co., Ltd.'s 2025 share issuance, cash acquisition, and related-party transaction project, failed to maintain sufficient professional caution in its due diligence. Specifically, the firm did not adequately verify the revenue recognition timing issues of the target company, Hefei Zhongke Junshi Vision Technology Co., Ltd. (referred to as "Zhongke Vision"), nor did it thoroughly examine the nature of transactions between Zhongke Vision and certain distributor clients. These oversights led to inaccuracies in the independent financial advisory report.

Yang Shaojie and Liu Minhao, as the lead project managers, were held primarily responsible for these violations. The Anhui regulator imposed administrative supervision measures, issuing a warning letter and recording the incident in the securities and futures market integrity archives.

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