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Investment BankingThe people in charge got into trouble one after another.

Recently, a China Securities Journal reporter learned from the industry thatGuoyuan SecuritiesAssistant to the President in charge of investment banking, investmentBanking DepartmentGeneral managerWang ChenHe has been taken away for investigation. At present, the investment banking business of Guoyuan Securities is directly managed by President Hu Wei. Guoyuan Securities' 2023 annual report shows that Wang Chen is not among the company's senior executives.

It is not clear why Wang Chen was investigated, and Guoyuan Securities has not yet responded. In early 2023, Cai Yong, the former chairman of Guoyuan Securities, was investigated after his retirement.

Investment Banking General Manager Under Investigation

Wang Chen, born in 1975, worked in the Anhui International Trust and Investment Banking Department in his early years. In 2000, Anhui International Trust and Anhui Trust and Investment Company merged and reorganized to form Guoyuan Securities. Wang Chen then served as the managing director of the investment banking department of Guoyuan Securities for more than 20 years.

Wang Chen was once awarded the title of the first "Top Ten Outstanding Young Financial People in Anhui Province". He received a double bachelor's degree in economics and science from Wuhan University. After working, he obtained an EMBA degree from the Cheung Kong Graduate School of Business and completed the EMBA course in finance at Tsinghua University's PBC School of Finance.

In April 2004, Wang Chen became one of the first 609 sponsors in China. According to information released by the China Securities Association, Wang Chen has sponsored information for 12 projects, including 10 initial public offering projects and 3 non-public offering projects.IPOThe projects include Hengyuan Coal and Power, Baoxiniao, iFLYTEK, Anke Bio, Anhui Xin Media, and Sijin Intelligence.

Previously, Wang Chen said in an interview with the media that as the head of an investment bank, it is his primary responsibility to improve the quality of sponsored projects, perform sponsorship duties diligently, check from the source, and guard the application end. He explained that the sponsor institution should strictly follow the requirements of relevant systems and laws and regulations to provide in-depth guidance to the issuer, help it improve its corporate governance structure, establish and improve its internal control system, standardize its financial basis, and prevent "application with illness".

It is reported that many former executives of Guoyuan Securities are currently under investigation. In early 2023, Cai Yong, the former chairman of Guoyuan Securities, was taken away for investigation three years after his retirement, and no conclusion has been made public so far.

On March 1 this year, the Anhui Securities Regulatory Bureau issued a warning letter to Guoyuan Securities. The Anhui Securities Regulatory Bureau pointed out that Guoyuan Securities had deficiencies in honest management, failed to complete the equity cleanup of some direct investment projects within the promised period, had an incomplete business management system for issuing securities research reports, and failed to make emergency reports on information system failures in a timely manner. The Anhui Securities Regulatory Bureau required Guoyuan Securities to conduct internal accountability for relevant responsible personnel in accordance with the internal accountability system and submit written rectification and accountability reports.

Guoyuan Securities was established in October 2001 by the former Anhui International Trust and Investment Company and the former Anhui Trust and Investment Company as the main sponsors. On October 30, 2007, taking advantage of the equity split reform, the company successfully listed on the Shenzhen Stock Exchange through a backdoor listing of "Beijing Chemical Industry No. 2". In 2023, the company achieved operating income of 6.355 billion yuan, a year-on-year increase of 18.99%; and achieved a net profit attributable to shareholders of listed companies of 1.868 billion yuan, a year-on-year increase of 7.75%.

Many investment bankers "changed"

China Securities Journal reporters noticed that in recent years, in addition to Wang Chen of Guoyuan Securities, there have been "changes" in many investment bankers in the securities industry.

On July 31 this year,Haitong SecuritiesThe company announced that its board of directors had received the resignation report from Jiang Chengjun, who applied to resign from the position of deputy general manager of the company due to personal reasons. After his resignation, he will no longer hold any position in the company.

Public information shows that Jiang Chengjun was born in 1968, holds a master's degree in economics and is an economist. Jiang Chengjun joined Haitong Securities in 2000. From August 2000 to March 2023, Jiang Chengjun worked in the investment banking department and investment banking headquarters of Haitong Securities, successively serving as deputy general manager of the investment banking department, deputy general manager of the investment banking department (in charge of work), general manager of the investment banking department, and general manager of the investment banking headquarters; from March 2017 to June 2023, he served as assistant to the general manager of Haitong Securities, from April 2017 to July 2023, he served as joint company secretary and joint authorized representative of Haitong Securities, and from March 2017 to September 2023, he served as secretary of the company's board of directors.

In March 2023, the Integrity Shenzhen website reported that Luo Xianjin was under investigation. According to the report, Luo Xianjin, former general manager of the third business department of the investment banking division of Guosen Securities, is under disciplinary review and supervision investigation by the Shenzhen Municipal Commission for Discipline Inspection and Supervision for suspected serious violations of discipline and law. It is worth noting that Luo Xianjin had resigned from Guosen Securities in March 2015.

In November 2021, Du Xiongfei, former general manager of the debt financing headquarters and investment banking headquarters of Everbright Securities, was suspected of serious violations of discipline and law and was subject to disciplinary review by the Central Commission for Discipline Inspection and the National Supervisory Commission’s Discipline Inspection and Supervision Group stationed in Everbright Group and supervisory investigation by the Daqing Municipal Supervisory Commission.CITIC SecuritiesDirector of Debt Capital Markets Department of Co., Ltd.Everbright Securities Co., Ltd.Director and General Manager of Fixed Income Headquarters, General Manager of Fixed Income Headquarters of Everbright Securities Co., Ltd., General Manager of Debt Financing Headquarters of Everbright Securities Co., Ltd., General Manager of Debt Financing Headquarters and Investment Banking Headquarters of Everbright Securities Co., Ltd.

November 2021,Guotai JunanZhu Yi, former general manager of the investment bank, was investigated. At that time, the official website of the China Securities Regulatory Commission showed that according to the Central Commission for Discipline Inspection and the National Supervisory Commission’s Discipline Inspection and Supervision Group stationed in the China Securities Regulatory Commission and the Jiangsu Provincial Supervisory Commission: Zhu Yi, a member of the 14th, 15th, and 16th Main Board Issuance and Examination Committee of the China Securities Regulatory Commission, a former researcher of the Shanghai Regulatory Bureau, and general manager of the investment banking department of Guotai Junan Securities, was suspected of serious violations of law and is currently under supervision. In July 2022, Zhu Yi was expelled from the party for serious violations of the spirit of the Central Eight Regulations and the discipline of integrity.