China’s market regulator has fined China International Capital Corporation (CICC), believed to be China’s Goldman Sachs, 6 million yuan ($841,000) for its failure to conduct due diligence as a sponsor of the failure to list new shares of local chip company S2C in 2021, according to the investment. deposit of the bank with the Hong Kong Stock Exchange.

The China Securities Regulatory Commission (CSRC) also confiscated 2 million yuan of the company’s sponsorship business income and issued warnings and fines of 1.5 million yuan each to CICC executives Zhao Shanjun and Chen Liren, representatives of the initial public offering (IPO) sponsors. .

CICC’s “failure to exercise due diligence” in its sponsorship of S2C’s IPO to the Science and Technology Innovation Board, as well as the “false statements” in the sponsorship letter The issuance and other materials it published violate the Securities Law of the People’s Republic of China and constitute an illegal act, according to the CICC disclosure.

“The company commits to an investor-oriented approach, continuously improving professional quality control, rigorously protecting “entry” into the capital market, fulfilling its responsibility as a “guardian” and better serving the development of high quality of the capital market. capital market,” he adds.

The CICC said its operations remained normal.