2024-07-27
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Don’t athletes know that the financial sector is being rectified?
Author | Liu Qinwen
Editor: Gao Yuanshan
Source | Yema Finance
Previously, the wife of a securities firm employee flaunted her wealth, which led to salary restrictions in the industry.TodayCITIC Construction InvestmentAn intern flaunted his wealth and leaked an IPO project, which once again attracted attention.
On July 26, a video titled "A Day in the Investment Banking Internship of a 985 Freshman" was widely circulated online. The video featured three investment banking projects, namely, China Securities, HaiRou Innovation Project, WangYuan Technology Pioneer Project, and GuoNeng Information Control Technology Co., Ltd., as well as luxury cars and other elements.He is called by netizens as: a rich second-generation investment bank intern who "overthrew" the top investment banks on his own.
Image source: Canned Image Library
As the video was dug deeper and deeper, netizens also found more suspicious points. Why did the sports student go to a financial company for internship? How was the confidentiality measure implemented?
what is interesting is,The intern first issued an apology through Cailianshe last night, and then said through the Beijing News in the middle of the night, "I was not informed that this was confidential material. I have not made any statement of apology." What is going on?
Recently, a netizen with the TikTok account name "Qiao Chu" posted a video titled "A Day in the Life of a 985 Freshman Investment Bank Internship". The intern's behavior was quite high-profile, and he showed off his lifestyle and working environment in the video.
In the video, the intern drove a Beijing-licensed car in the morning.PorscheDrive to work, clock in at 10 o'clock,Then, the working environment of CITIC Construction Investment and several pages of PPT files were displayed, including "Refinancing Tightening", "Wangyuan Technology Pioneer Project Launch Conference Materials", and "HaiRou Innovation Project Financial Diagnosis Report", and attached the words "start work".
Then he went to Guoneng Information Control Technology Co., Ltd., saying that he was "working on a project." Then he went to the IPO conference room.There was also a page of handwritten notes andShanghai BankConfirmation letter from a branchAfter get off work, the intern first practiced golf and then made an appointment for a badminton game in the evening.
The leisurely life made netizens call him "Young Master", and later it was also exposed by netizens.The intern's real name is Wang Qiaochu, a sports student at Huazhong University of Science and Technology., attended the Beijing Bayi School for high school and entered university through martial arts.
Image source:Weibo
Beijing Bayi School, founded in 1947, is located in the core area of Zhongguancun Science Park. It is a model high school in Beijing and one of the oldest high schools in Beijing.
Huazhong University of Science and Technology Sports also released on June 24, 2024A tweet titled "Our school student Wang Qiaochu won gold and silver medals in the Asian University Wushu Championships!"
Image source: Huazhong University of Science and Technology Sports Official Account
The article states, "During the four days of fierce competition, Wang Qiaochu performed every move decisively and resolutely on the field, and completed every jump with all her strength.With his absolute advantage in training level and super stable performance on the field, he finally stood on the podium of Asian Wushu Champion, bringing glory to HUST and adding color to the motherland.”
Interestingly, the tweetThe text was written by Wang Qiaochu himself and Zhang Nan, which has received over 100,000 reads so far.
Image source: Huazhong University of Science and Technology Sports Official Account
Later, Red Star News asked the School of Physical Education of Huazhong University of Science and Technology to verify the matter. According to Red Star News, a telephone operator of the School of Physical Education of Huazhong University of Science and Technology responded:The college does have a student with that name, and the student is a member of the school's high-level martial arts team., his academic record is affiliated with the School of Public Administration of the university, and he is currently a student of the class of 2023.
As to whether this student is the male student studying at CICC in the video, the school staff said: "The student may have gone for summer practice, but the practice is not arranged by the school, so we don't have the specific information." The staff member said that they would further verify whether the student is the student involved in the incident rumored online.
As the video continued to ferment, on the afternoon of July 26,CITIC SecuritiesIn response, the company said, “The content of the video involves sensitive information of our customers and violates our compliance management regulations.At present, our company has ordered the student to terminate his studies and has initiated accountability procedures against the relevant responsible persons in accordance with relevant company regulations.”
CITIC Securities said that the company will learn from this incident, further strengthen internal management and strictly enforce discipline requirements.
Shortly after CITIC Securities responded, Cailianshe reported that it had contacted the intern, who said, "Recently, the personal life videos I uploaded to public media were subject to false speculation and fabrication.The current online discussions about my identity are all false information. My father is Wang Chao, who has retired. I have deeply realized my mistakes and I deeply apologize for them.After I discovered my problem, I immediately removed the relevant video from my personal account, and I implore everyone not to forward it. I will reflect deeply on it, learn lessons, and I implore everyone to forgive me! ”
But it is worth noting that late at night on July 26, the Beijing News published another article saying that the reporter had contacted the person involved in the incident. The person involved said,The materials appearing in the video were distributed to regular employees in the name of learning materials, and they were not informed that they were confidential materials.The information about his family circulated online are all rumors, and the car in the video was purchased legally.
He also stated thatI have not made any statement of apology.As for the content of the video, the person involved said, "The video you are seeing now is not the original version. They downloaded it and edited it maliciously."
Image source: Weibo
Fu Jian, a well-known criminal defense lawyer and director of Henan Zejin Law Firm, believes thatThis incident reflects the serious lack of confidentiality awareness among interns and also exposes the obvious deficiencies of CICC Securities in intern management and risk control.From a legal perspective, do interns need to bear legal responsibility? It depends on whether they have violated the confidentiality agreement signed with the company. If the internship contract clearly stipulates the confidentiality obligation and the intern is aware of the harmfulness of leaking the information, then they need to bear the corresponding legal responsibility, including but not limited to civil compensation and possible administrative or criminal liability.
Regardless of whether the person involved apologizes or not, the video has undoubtedly put CICC in the spotlight.
CITIC Securities was established on November 2, 2005. It is a large-scale national comprehensive securities company approved by the China Securities Regulatory Commission.CITIC Securities, CITIC Securities,CICC(CICC Securities) andHuatai SecuritiesFour brokerage firms,It enjoys a high reputation in the industry for its scale, brand influence and service quality, and is known as "Three Zhong and One Hua". It is a well-deserved "top investment bank".
According to statistics from the IPO consulting service agency "Elephant Investment Consulting IPO", from 2021 to 2023, there will be a total of 1,245 A-share IPO companies, and a total of 83 sponsors will provide listing sponsorship services to listed companies.CITIC Construction Investment Securities ranked second with 112 listed projects.
Image source: Elephant Research Institute
Under the strict IPO regulatory environment in 2024, the first two companies that successfully applied for listing on the A-share market: Xi'an Taijin New Energy Technology Co., Ltd. and China Uranium Corporation, also chose CICC as the sponsor to escort their listing and underwrite.
Although it is a big brother in the industry, CICC has also been repeatedly warned by regulatory authorities for violations in the performance of its sponsored projects.
Public information shows thatSince 2024, CICC and its related sponsors have received 12 fines.
On January 3, 2024, CITIC Construction Investment was arrested for failing to provide adequate risk warnings regarding performance forecasts during the sponsorship process of Core World Technology Co., Ltd.; and for failing to pay sufficient attention to the market conditions of the issuer and comparable companies in the same industry when the market sentiment declined.Failure to fully verify the issuer's sales to end customers and failure to prudently express professional opinions on the issuer's performance forecasts, and urged the issuer to improve the quality of information disclosure, etc. The Shenzhen Stock Exchange took the self-regulatory measure of a written warning.
Image source: Sina Finance
On the 24th of the same month, the Shandong Securities Regulatory Bureau found that CITIC Construction Investment'sYunding TechnologyIn the process of using the raised funds of RMB 868 million, there were situations where the relevant systems were not sound and the use was not standardized.CSC failed to perform its duties diligently, continuously supervise listed companies to improve their systems, and take measures to regulate the use of raised funds to supplement working capital and repay debts.Ultimately, the Shandong Securities Regulatory Bureau took regulatory measures against CITIC Construction Investment by issuing a warning letter.
On April 30, the Beijing Securities Regulatory Bureau found that CITIC Construction Investment had the following problems: it was not prudent in conducting over-the-counter options and proprietary business;Inadequate management of employees, the company's governance is not standardized, reflecting that the company has failed to effectively implement compliance management, risk management and internal control.
Image source: Sina Finance
The latest penalty was imposed on July 22.The Shanghai Stock Exchange found that CITIC Securities, as the sponsor of the Hengda Intelligent Control Project, and Yan Yan and Lv Yingxia, as the sponsor representatives of the Hengda Intelligent Control Project, failed to perform their sponsorship duties. Specific violations include: insufficient verification of R&D expenses; and inadequate implementation of the confirmation procedure.
The Shanghai Stock Exchange stated thatThe sponsor failed to fully verify the issuer's R&D expenses and did not properly implement the confirmation procedures, resulting in inaccurate disclosures.The sponsor representative was primarily responsible for failing to perform his sponsorship duties properly. The Shanghai Stock Exchange decided to issue a regulatory warning to CITIC Construction Investment Securities, Yan Yan and Lv Yingxia.
Public information shows that Hengda Intelligent Control had terminated the review on May 11, 2024.
"In the past few years, CITIC Construction Investment has been repeatedly warned by regulators for failing to perform due diligence during the sponsorship of relevant projects.This reflects that CITIC Construction Investment Group's sense of responsibility and due diligence in the project sponsorship process are insufficient. This requires CITIC Construction Investment Group to strengthen its internal management, improve the professionalism and business level of employees, ensure they can be diligent and responsible in future projects, and avoid similar problems from happening again." said industry observer Hong Shibin.
In addition to the impact on CICC, the most unfair thing about this video showing off wealth is probably the three major projects that were leaked.
The video shows thatThe three leaked projects are "Hairo Innovation Project", "Wangyuan Technology Pioneer Project" and "National Energy Information Control Technology Co., Ltd."
Wangyuan Technology is a company responsible for swimming pool cleaningrobotThe company is engaged in R&D, design, production and sales. The prospectus shows that from 2020 to the first three quarters of 2023,Wangyuan Technology's revenue was RMB 131 million, RMB 290 million, RMB 324 million and RMB 342 million respectively, and its net profit was RMB 45.4512 million, RMB 97.311 million, RMB 98.7261 million and RMB 75.4377 million respectively.
Image source: Prospectus
According to public data from Maytronics, a listed company in the same industry, in 2021, Wangyuan Technology's shipments in the global private pool cleaning robot market accounted for approximately 14%, ranking third in the world.
It is worth noting thatCITIC Construction Investment is also one of the shareholders of Wangyuan Technology.
The prospectus shows that on October 17, 2021, CITIC Construction Investment Nanjing Fund, Jiashan Fund; Yida No. 2 Fund, Yida Xinhai Fund; Jiangsu Zijin Fund, Chizhou Dongsheng Yingda, Hainan Haisheng, and iFlytek Haihe invested in the company in the form of increased registered capital. After the investment,CITIC Construction Investment indirectly holds 3.51% of the shares, and Yida Capital indirectly holds 1.62%.
At the same time, Wangyuan Technology also signed gambling agreements with CITIC Construction Investment, Yida Capital, Yiyi Shares, etc.The two parties agreed that Wangyuan Technology will achieve qualified listing before December 31, 2024.
On March 15, 2024, the Shenzhen Stock Exchange disclosed that Wangyuan Technology submitted an application to withdraw its listing application. However, according to the video information, the time of the launch conference materials of Wangyuan Technology's pioneer project was June 2024, which shows that although Wangyuan Technology withdrew its application, it is still working hard for its IPO.
Image source: Weibo
Guoneng Information Control was established in April 2003 and mainly provides wind turbine pitch control system solutions.At present, the State Energy Information Control New Energy Integrated Control System has covered 25 provinces and regions across the country, and has completed the construction and deployment of local power generation groups such as Jinneng Holding and CITIC Pacific Energy, with a total installed capacity of new energy exceeding 35 gigawatts.
In April this year, the competent department of the place where Guoneng Xinkong was registered visited the company and held a symposium to understand its business situation and listing progress; on July 2, Guoneng Xinkong just completed the share reform. But as of now, it has not yet applied for an IPO.
Hai Robotics focuses on the research and development and design of box-type warehouse robot systems, and has achieved independent research and development of core elements such as the robot body, underlying positioning algorithm, control system, robot scheduling, and intelligent warehouse management system.
At present, Hai Robotics has implemented more than 1,300 projects around the world, which are widely used in multiple industries and scenarios such as global footwear, automobiles, retail, 3C manufacturing, energy, medicine, third-party logistics, cross-border e-commerce, etc.
Qichacha shows that since 2015, HaiRou Innovation has completed 9 rounds of financingThe shareholders are also very luxurious, including a number of star investment institutions such as Today Capital, 5Y Capital, Sequoia China, Lenovo Star, and Best Logistics.The company's valuation reached US$2.08 billion (approximately RMB 15 billion).
Image source: Qichacha
What’s even more fatal is that the intern leaked not only the three major projects, but also a page of handwritten notes. Weibo blogger “Slacking Professor Medici” said, “The first sentence gave away the secret.The so-called "unified version of income" means redoing a set of income confirmation processes, re-issuing invoices, and ensuring that the corresponding drafts are accurate, which is almost equivalent to fraud....The three companies involved here are in big trouble."
Image source: Weibo
Some netizens also gave detailed explanations on the two sentences "After the agreement comes back, a unified version of the income invoice will be made" and "Both parties need to unify the signed contract."The first sentence means to fake more performance before the materials are submitted. The second sentence means to explain how to fake, it depends on maintenance. What exactly is maintenance? This is the old routine of CITIC Construction Investment. Hengda Intelligent Control is cheating in this way. Because Kehuan is the parent company of CITIC Control, it provides maintenance for itself and says that the price is the price. "
On July 22, CITIC Construction Investment was punished for failing to fully verify the R&D expenses and failing to implement the confirmation procedures in the Hengda Intelligent Control Project.
Image source: Xiaohongshu
Under the comments of other related posts, one netizen directly stated, "There is a company called Wangyuan Technology, which is our rival. We have already arranged to report it.It is highly likely that he will have the opportunity to go public next year, and he will have to prepare financial data for another year. The performance in 2024 will not be as good as that in 2021-2023. I can only wish him good luck. "
Image source: Xiaohongshu
"It is difficult to judge the impact of the three projects, namely the HaiRou Innovation Project, the WangYuan Technology Pioneer Project and the National Energy Information Control Technology Co., Ltd.But generally speaking, the leakage of project information may attract the attention of competitors and increase project risks. At the same time, for projects involving IPOs, information leakage may affect investors and regulators’ views on the company., which will have an adverse impact on the progress of the project." said Bai Wenxi, vice chairman of the China Enterprise Capital Alliance.
The new chairman of the China Securities Regulatory Commission, Wu Qing, just proposed on June 5 that we must strictly abide by discipline.Purify your life and friends circle outside of the "eight-hour workday". It has only been a month since an intern in the financial industry showed off his wealth online and leaked sensitive information.This not only exposes the problems of financial institutions in employee training and internal risk control, but also reflects the need for financial practitioners to strengthen self-discipline and external discipline so that the industry can be purified and develop healthily and in the long run.
What do you think about this video showing off wealth? Feel free to leave a comment below to discuss.
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