Guodu Securities has once again been reprimanded by regulators for failing to exercise due diligence in certain bond underwriting projects. On May 15, the Beijing Securities Regulatory Bureau (BSRB) disclosed five administrative supervision measures. An investigation found that Guodu Securities Co., Ltd. (referred to as Guodu Securities, 870488.NQ) failed to prudently verify significant changes in the issuer's major clients and the authenticity of related sales revenue in certain corporate bond underwriting projects. It also did not adequately verify issues concerning the authenticity of related engineering projects involving accounts receivable and inventory. The BSRB stated that these actions violated relevant provisions of the "Administrative Measures for the Issuance and Trading of Corporate Bonds." Consequently, the bureau decided to impose a regulatory interview as an administrative supervision measure on Guodu Securities. The company's principal responsible person is required to attend this interview at the BSRB on a specified date, bringing valid identification. On the same day, the BSRB also took action against four individuals involved in the project at Guodu Securities. The project lead was banned from the industry for one year, and three other project team members were issued warning letters as administrative supervision measures. Specifically, due to the aforementioned violations, the BSRB determined that project lead Hu Haitian is an unsuitable person. He is prohibited from holding positions related to bond underwriting business at securities companies or performing the duties of such positions for one year from the date the administrative supervision decision was made. Project team members Tang Dawei, Peng Jiahua, and Lu Xuan were issued warning letters as administrative supervision measures. Previously, on May 7, Guodu Securities had already received a warning letter from the Anhui Securities Regulatory Bureau concerning its bond business. The Anhui bureau found that the company bond "H22 Guohou 1," for which Guodu Securities served as the trustee, had issues including untimely disclosure of certain significant matters and inaccurate information disclosure in its 2023 and 2024 annual reports. Regarding these matters, Guodu Securities failed to exercise due diligence, paid insufficient attention to risks associated with the issuer's major external investments, and did not effectively urge the issuer to fulfill its information disclosure obligations promptly and accurately. The Anhui bureau decided to issue a warning letter as an administrative supervision measure against Guodu Securities and recorded this in the securities and futures market integrity archive. Official information shows that Guodu Securities was established on December 28, 2001, listed on the New Third Board in March 2017, and has a registered capital of 5.83 billion yuan. The company primarily engages in securities brokerage, proprietary trading, asset management, investment banking, and credit trading businesses, operating 60 branches nationwide. Regarding the equity structure, the 2025 annual report indicates that in May 2025, Zheshang Securities Co., Ltd. became the controlling shareholder of Guodu Securities through a board of directors reshuffle, holding a 34.7692% stake. The company's actual controller changed to Zhejiang Communications Investment Group Co., Ltd. According to Guodu Securities' 2025 annual report data, the company achieved annual operating revenue of 1.607 billion yuan, a year-on-year decrease of 10.98%. Net profit attributable to shareholders of the parent company was 740 million yuan, a year-on-year decrease of 19.99%. In its annual report, Guodu Securities attributed the decline in performance primarily to the impact of a "low-interest-rate, high-volatility" bond market, which led to a decrease in fixed-income business performance compared to the previous year. In terms of management, in May 2025, Guodu Securities completed its board of directors reshuffle. Qian Wenhai, then Party Secretary and President of Zheshang Securities, assumed the role of Chairman at Guodu Securities. Zhang Hui, who had long served at Zheshang Securities, was appointed General Manager. In January 2026, Guodu Securities appointed Zhou Liang as Deputy General Manager. Zhou Liang previously held leadership positions in departments such as the Fixed Income Headquarters and Bond Investment Banking Headquarters at Zheshang Securities.
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