A company currently pursuing an IPO is Hansen (Shanghai) Marine Equipment Technology Co., Ltd., operating under the stock short name Hansen Marine Equipment (837291.NQ). The sponsoring institution is Shenwan Hongyuan Securities (000166.SZ), with sponsor representatives Gao Fei and Yu Jinyang. In previous coverage, analysis was directed at the company's sales expenses, highlighting that its sales personnel spend nearly 300,000 yuan per capita annually on entertainment, a figure over 20 times higher than comparable industry peers. The rationality of this data has been questioned, casting doubt on the company's fundamentals. Beyond Hansen Marine Equipment's own financials, one of the IPO's sponsor representatives, Yu Jinyang of Shenwan Hongyuan Securities, also warrants closer scrutiny.

According to reports, records on the Securities Association of China's website show that Yu Jinyang's professional capability assessment result was marked as 'failing to meet basic requirements.' His professional test score fell within the 60-point range on the association's Sponsor Representative Classification List B (Institutional Verification). To register as a signing sponsor, Shenwan Hongyuan Securities relied on Article 8 of the Securities Companies' Sponsorship Business Rules, providing four verification materials: over 10 years of sponsorship-related work experience, participation in more than two sponsorship projects in the last three years, a master's degree in finance, and a certified public accountant qualification. Only then was his registration as a practicing sponsor representative completed.

However, a more intricate detail concerning both Hansen Marine Equipment and Shenwan Hongyuan Securities raises questions about the authenticity of their disclosures. In the Sponsorship Recommendation Report issued by Hansen Marine Equipment, Yu Jinyang's sponsorship business experience is stated as: 22 years in securities, 12 years in investment banking, and leading or participating in the IPOs of Yunnan Copper (000878.SZ) and Shenhuo Coal & Power (000933.SZ), as well as the public offerings to non-specific qualified investors and listings on the Beijing Stock Exchange for Huilong Piston (833455.BJ) and Lingge Technology (833284.BJ). A rough calculation suggests that 22 years of securities experience would trace back to around 2004. Yet, the two IPO projects cited in the disclosure, Yunnan Copper (listed in 1998) and Shenhuo Co. (listed in 1999), predate Yu Jinyang's entry into the securities industry. How could he have 'led or participated' in these projects before his career even began?

Of course, it cannot be definitively asserted that the information about Yu Jinyang's sponsorship business experience is erroneous. It is plausible that in the late 1990s, he might have contributed to the IPO work of Yunnan Copper and Shenhuo Coal & Power in capacities such as auditing, appraisal, or legal roles. Nevertheless, it is quite remarkable for a sponsor with only 22 years of professional experience to be linked to IPO projects that have been listed for 27 or 28 years, as revealed in a disclosure centered on 'sponsorship business experience.' This rare and 'bizarre' case is worth noting and discussing.