(Yicai Global) Nov. 10 -- A sponsorship expert at China's Essence Securities is prohibited from conducting initial public offering business for half a year after tampering with Wild Wind Pharmaceutical's listing documents.
Yu Youjie will not be allowed to help IPO-hopefuls get through the listing process for six months, the China Securities Regulatory Commission recently wrote in a statement on its website. Zhejiang province-based Wild Wind's planned IPO on the Growth Enterprise Market was terminated on June 24.
Moreover, the regulator held supervisory talks with Wang Zhichao, another investment banking expert at the Shanghai-based securities brokerage. The CSRC also requested Essence to strengthen the internal management of its investment banking business and keep the responsible personnel accountable.
Yu had modified Wild Wind's IPO documents without the financial company's approval, the CSRC said. But Yu seems to have moved on already as Shandong province-based Luscious Pet Food said it received a notice from Essence on Oct. 24 that Yu will be replaced.
Yu was registered as a sponsorship representative in July 2020, according to the Securities Association of China. Before that, he worked in securities at Essence since August 2017.
Editor: Emmi Laine, Xiao Yi