Recently, Guangzhou Discipline Inspection Commission issued a disciplinary review and supervision investigation. Li Fangjin, Secretary of the Party committee and chairman of Guangzhou Financial Holding Group Co., Ltd., is suspected of serious violation of discipline and law, and is currently under the disciplinary review and supervision investigation of Guangzhou Municipal Commission for Discipline Inspection. According to relevant information, Li Fangjin entered Guangzhou financial holding in May 2014. From March 2016 till now, Li Fangjin has been Secretary of the Party committee and chairman of the board of Guangzhou Financial Holding Co., Ltd., and also served as the chairman of Wanlian securities when investigated. At present, Wanlian securities, which is in the process of IPO, is the holding securities company of Guangzhou financial holding. Guangzhou financial holding holds 49.1% equity of Wanlian securities and is the largest shareholder. Whether the chairman of the board of directors is investigated will affect Wanlian securities is not known. According to public data, Wanlian securities is a wholly-owned state-owned securities company in Guangzhou, which was established with the approval of China Securities Regulatory Commission on August 23, 2001, with a registered capital of 5.954 billion yuan. Headquartered in Guangzhou and rooted in the Pearl River Delta, the company has set up branches in major provinces, municipalities directly under the central government and economically active cities. < / P > < p > it is worth noting that in June 2019, Wanlian securities submitted an IPO application to the CSRC, and on April 17 this year, Wanlian securities received the first feedback from the CSRC. According to the feedback, the CSRC raised 32 feedback questions on the standardization, information disclosure and financial and accounting information of Wanlian securities, involving the decline of equity, related party transactions, deduction of non net profit, and the main business of brokerage, investment banking, asset management, self operation and credit of Wanlian securities. So far, IPO has not made further progress. It ranked 68th among the latest enterprises applying for the first listing on the main board of Shanghai Stock Exchange, and the audit status was “feedback”. However, it remains to be seen whether the chairman’s investigation will change the IPO path of Wanlian securities. Some analysis points out that the violation of discipline does not belong to the legal situation of listing, which depends on how the regulatory authorities determine. In addition, the violation of discipline is a personal problem, not a company problem. If Li Fangjin is no longer the chairman of Wanlian securities, the issuance conditions will not be triggered. < p > < p > in addition, while Wanlian securities issued the prospectus to rush for IPO, the company has been plagued with punishment. Half a month before the investigation, Wanlian securities was punished by Guangdong Securities Regulatory Bureau on September 28. Administrative regulatory measures decision  No. 132 shows that Wanlian securities, as the sponsor securities company of Zhongyu technology, failed to fulfill its duties diligently and strictly in the process of prior review of its information disclosure documents, continuous supervision of its information disclosure obligations and improvement of corporate governance mechanism, etc., and failed to pay attention to the above-mentioned illegal behaviors of the company in time The company took effective measures to rectify, which violated the provisions of Article 54 of the measures for the supervision and administration of unlisted public companies (Order No. 96 of the CSRC). Therefore, it was issued a warning letter and ordered to carefully check the problems existing in the practice and formulate practical and feasible rectification measures. At the same time, according to public data, Wanlian securities was punished by Jiangsu securities regulatory bureau for the same problem more than a year ago. On February 26, 2019, Wanlian securities was issued a warning letter by the national stock transfer company due to its failure to fulfill its duties and obvious omissions in the information disclosure audit process of Zhongxun post and Telecommunications annual report. < p > < p > in addition, Wanlian securities acted as the sponsor of Jiangxi green giant project is not smooth. On April 29 this year, China Securities Regulatory Commission (CSRC) disclosed the “decision on the adoption of regulatory measures against Jiangxi green giant ecological environment Co., Ltd. not accepting stock issuance application within 36 months”. The CSRC pointed out that there were a lot of problems in the process of Jiangxi green giant’s application for IPO and listing, such as changing the name, abstract and subsidiary account records of the bank’s counterparties. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website releases information 24 hours a day, which is an important window for China to carry out international communication and information exchange.