What are the reasons for the punishment of New Era Securities?

What are the reasons for the punishment of New Era Securities? 654.38+03 billion yuan investment bank New Era Securities was fined 45 million yuan.

The administrative penalty decision ([2019] No.52) recently made by China Securities Regulatory Commission shows that the documents issued by New Times Securities Co., Ltd. (hereinafter referred to as "New Times Securities") are described as "under construction" while knowing that two projects with a total contract value of 65.438+29.6 million yuan have not been constructed. Moreover, New Era Securities did not conduct continuous and in-depth due diligence, and the description of the documents issued was misleading. China Securities Regulatory Commission ordered correction and gave a warning, with a total fine of 44.708+10,000 yuan.

The following illegal facts are found in New Era Securities:

2065438+On March 6, 2005, New Age Securities officially acted as the independent financial advisor for Beautiful Ecology to acquire 0/00% equity of Jiangsu Bada Garden Co., Ltd. (hereinafter referred to as "Bada Garden"), and acted as the lead underwriter for Beautiful Ecology to purchase assets and raise matching funds through non-public offering of shares.

On March 24th, 20 12, Bada Garden signed a construction contract with Jinshahu Management Committee. The name of the project is "Phase II Project of Jinsha Lake Tourist Resort in Funing County" (hereinafter referred to as "Jinsha Lake Project"), and the total contract amount is 654.38+0 billion yuan. On October 28th, 2065438+2003,65438+200312003, Bada Garden and Zhenjiang Jiaotou signed the Investment, Construction and Handover Contract for Road Network Greening Project of Guantang New Town in Zhenjiang, with the project name "Road Network Greening Project of Guantang New Town in Zhenjiang" (hereinafter referred to as "Guantang Project"), with the contract amount of 296 million yuan. The total contract amount of the two projects is 654.38+29.6 million yuan.