Core Viewpoint - The first delisted company of 2026, Guangdao Digital, faced termination of its listing on January 5 after a 15-day delisting adjustment period, following a systematic financial fraud case that inflated revenues by over 1.4 billion yuan [1] Group 1: Financial Fraud Details - Guangdao Digital's fraudulent activities included fabricating sales and procurement through fake contracts, invoices, and bank receipts, leading to a cumulative inflated revenue of approximately 1.466 billion yuan from 2018 to mid-2024, with a staggering 99.39% inflation rate in 2022 [3] - The fraud was exposed in December 2024, prompting regulatory inquiries and investigations, which revealed that the company's management, including the actual controller Jin Wenming, was complicit in the fraudulent activities [2][3] Group 2: Regulatory Actions and Penalties - The regulatory authorities imposed maximum penalties on Guangdao Digital, including a fine of 10 million yuan for the company and a total of 30.5 million yuan for 12 responsible individuals, with lifetime market bans for key figures [4] - Minmetals Securities, the underwriting institution, established a 210 million yuan compensation fund to address investor losses, reflecting the regulatory requirement for accountability among intermediaries [4] Group 3: Market Oversight and Future Implications - Since 2024, the China Securities Regulatory Commission (CSRC) has maintained a "zero tolerance" policy towards financial fraud, handling 159 cases and imposing fines totaling 8.1 billion yuan [5] - The CSRC emphasized the need for enhanced measures to improve the quality of listed companies and protect investor rights, indicating a commitment to high-quality market development [6]

Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. has been delisted from the Beijing Stock Exchange due to severe financial fraud, marking it as the first company to be forcibly delisted for major violations since the exchange's establishment [1][3]. Company Overview - Guangdao Digital was established in October 2003, focusing on data application software development and sales, particularly in the digital government sector. The company was listed on the New Third Board in November 2016 and became one of the first companies to list on the Beijing Stock Exchange in November 2021, initially seen as a high-growth stock due to its revenue growth [3]. Fraud Discovery and Investigation - The fraud was exposed in late 2024, following media reports on irregularities in intercepting audit confirmation letters. The Beijing Stock Exchange issued an inquiry, leading to a formal investigation by the China Securities Regulatory Commission (CSRC) [3][4]. - On September 12, 2025, the CSRC concluded its investigation, confirming serious systemic financial fraud. The Beijing Stock Exchange decided to delist Guangdao Digital on November 12, 2025, due to major violations [3][4]. Scale of Fraud - From 2018 to mid-2024, Guangdao Digital inflated its revenue by 1.466 billion yuan, with each period showing an inflation rate exceeding 85%. In 2022, the inflated revenue reached 304 million yuan, accounting for 99.39% of the reported revenue, while in the first half of 2024, the inflated revenue was 71.646 million yuan, representing 88.11% [4]. - The company also inflated its operating costs by 754 million yuan during the same period, with inflation rates ranging from 83.30% to 99.13% [4]. Involvement of Executives - The fraud was a collective effort involving multiple executives, including the controlling shareholder and CEO, Jin Wenming, who was aware of and allowed the fraudulent activities. Key figures like Zhao Lu, the former director and CFO, were central to organizing the fraud, while other executives participated in various capacities [4][5]. Regulatory Actions and Penalties - The Shenzhen Securities Regulatory Bureau imposed penalties on Guangdao Digital, including a fine of 10 million yuan. Jin Wenming was fined 15 million yuan and banned from the securities market for life. Zhao Lu and another executive received fines of 5 million yuan and 2.5 million yuan, respectively [5]. - A compensation fund of 210 million yuan has been established by the underwriting institution to compensate eligible investors for losses incurred due to the company's violations [5]. Stock Market Activity - Prior to and after the delisting, Guangdao Digital experienced significant speculative trading, with a 251.49% increase over six trading days in July 2025 and a subsequent 118% increase during the delisting period, indicating notable retail investor activity [5].

新华财经上海1月6日电（林郑宏） 2026年1月5日晚，深圳市广道数字技术股份有限公司（下称"广道数 字"）发布公告，公司股票被北京证券交易所终止上市并摘牌，成为2026年首只退市股票，也是北交所 首只退市股票。 公开资料显示，广道数字成立于2003年10月24日，于2021年11月15日在北交所上市，每股发行价12.25 元，发行市值1.784亿元，保荐机构和主承销商均为五矿证券。 根据深圳证监局2025年9月12日下发的《行政处罚决定书》，广道数字系统性财务造假长达数年。广道 数字披露的2018年至2023年年报、2024年半年报，以及《2024年度向特定对象发行股票募集说明书（草 案）》存在虚假记载。 具体来看，广道数字通过制作虚假购销合同、发票、银行回单、发货通知单及入库单等方式，虚构销售 和采购业务，从而虚增营业收入及营业成本。2018年至2023年以及2024年上半年，广道数字虚增的营业 收入占当期报告记载金额的比例，分别为87.34%、95.39%、98.96%、85.87%、99.39%、98.14%、 88.11%。 2018年至2023年、2024年上半年，广道数字虚增的营业成本占当期报告 ...

Core Viewpoint - Guangdao Digital has been officially delisted from the Beijing Stock Exchange due to severe financial fraud, marking the first case of forced delisting for major violations since the exchange's establishment [1][2]. Group 1: Company Overview - Guangdao Digital was founded in 2003 and listed on the New Third Board in November 2016, later becoming one of the first companies to list on the Beijing Stock Exchange in November 2021, focusing on data application software development and sales [1]. - The company reported continuous revenue growth since its listing, with a revenue of 306 million yuan in 2023, initially viewed as a high-growth stock on the exchange [1]. Group 2: Fraudulent Activities - The financial fraud began in 2018, three years before the company's listing, involving systematic inflation of revenue by 1.465 billion yuan through fictitious contracts and documents, with the highest annual inflation rate reaching 99.39% [1][2]. - The fraud was highly organized, with the actual controller and financial executives directly involved in creating false documentation and obstructing audits, indicating a collective conspiracy rather than isolated misconduct [2]. Group 3: Regulatory Actions and Consequences - In September 2025, the Shenzhen Securities Regulatory Bureau imposed a fine of 10 million yuan on Guangdao Digital and a total of 30.5 million yuan on 12 responsible individuals, including lifetime bans for key executives [3]. - The fraudulent activities extended to the issuance of stock fundraising documents, misleading investors during attempts to raise additional capital [3]. Group 4: Investor Compensation and Market Implications - In response to investor losses, the underwriting institution, Wukuang Securities, established a compensation fund of 210 million yuan to cover eligible investors who held shares during the fraudulent period [3]. - The case highlights the limitations of current investor protection mechanisms and the need for stronger regulatory oversight to prevent similar occurrences in the future [4][5].

Group 1 - The core point of the article is the forced delisting of Guandao Digital due to severe financial fraud, marking it as the first major violation delisting case on the Beijing Stock Exchange [1][4] - Guandao Digital inflated its revenue by 1.465 billion yuan over seven years, with a peak inflation rate exceeding 99% [4][3] - The company engaged in fraudulent activities including intercepting audit confirmation letters and using fake seals to mislead auditors [2][3] Group 2 - The company was established in 2003 and listed on the New Third Board in 2016, later becoming one of the first companies listed on the Beijing Stock Exchange in 2021 [2] - The financial misconduct involved creating false sales and purchase contracts, invoices, and bank receipts, leading to significant misrepresentation in financial reports [3][4] - The regulatory response included a fine of 10 million yuan for Guandao Digital and penalties totaling 30.5 million yuan for 12 executives, with lifetime bans for key individuals [4][3] Group 3 - Despite the delisting, Guandao Digital's stock experienced a dramatic increase of 466% in price prior to the delisting, attracting many investors [6] - The underwriter, Wukuang Securities, established a compensation fund of 210 million yuan to address investor losses due to the company's fraudulent disclosures [6][5] - The regulatory environment has been tightening, with 32 companies delisted in 2025 for various reasons, including financial misconduct [8][7]

Core Viewpoint - Guandao Digital (920680.BJ) has been officially delisted from the Beijing Stock Exchange due to severe financial fraud, marking the first major delisting case in 2026 and the first of its kind for the exchange [1][2]. Group 1: Financial Fraud Details - The company engaged in financial fraud for seven years, inflating its revenue by 99% and creating a closed loop of deception involving intercepting audit confirmations and using forged seals [1][2][3]. - From 2018 to the first half of 2024, Guandao Digital inflated its revenue by a total of 1.465 billion yuan, with the highest inflation rate exceeding 99% in certain years [3][4][5]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) initiated an investigation and issued a notice of administrative penalties, resulting in a fine of 10 million yuan for Guandao Digital and additional fines totaling 30.5 million yuan for 12 executives, including the controlling shareholder [4][5]. - The company’s fraudulent activities led to the issuance of false financial reports from 2018 to 2023, affecting its credibility and market standing [4][5]. Group 3: Investor Impact and Compensation - Following the delisting, Guandao Digital's stock experienced significant volatility, with a peak increase of 466% before the delisting [6]. - Minmetals Securities, the company's sponsor, established a compensation fund of 210 million yuan to address investor losses incurred due to the company's fraudulent disclosures [6][7]. Group 4: Regulatory Environment and Future Implications - The delisting of Guandao Digital aligns with the recent regulatory push to enforce stricter delisting standards and enhance investor protection in the capital market [8][9]. - The CSRC has emphasized the importance of protecting investors' rights in cases of major violations leading to delisting, encouraging proactive compensation measures from controlling shareholders [9].

中经记者 孙汝祥 夏欣 北京报道 证券市场先行赔付制度迎来第五例实践。 2025年12月30日，五矿证券公告，作为广道数字的保荐机构和主承销商，五矿证券出资2.1亿元，正式 设立广道数字事件先行赔付专项基金，用于先行赔付适格投资者因广道数字虚假陈述所遭受的投资损 失。 证监会有关部门负责人指出，先行赔付是《证券法》规定的证券纠纷多元化解机制之一，证监会支持相 关市场机构、人员按照《证券法》的相关规定，主动自愿开展先行赔付工作，积极有效化解市场矛盾纠 纷，便捷高效地维护投资者合法权益。 相关专家对《中国经营报》记者表示，先行赔付能够提高投资者获得赔偿的效率，缓释相关责任主体的 声誉风险，降低监管与司法成本，是一项"多赢"的制度，值得大力推广。 在此之前，中国证券市场先行赔付只有四次实践，分别是2013年万福生科案、2014年海联讯案、2017年 欣泰电气案和2023年紫晶存储案。 五矿证券设立先行赔付专项基金 2025年12月30日披露的《五矿证券有限公司关于正式设立广道数字事件先行赔付专项基金的公告》（以 下简称"《公告》"）显示，专项基金出资人五矿证券已将设立出资额2.1亿元足额划付至专项基金资金 监管账户 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is actively supporting the implementation of representative litigation procedures to protect investors' rights, particularly in cases of securities fraud, as demonstrated by recent court rulings and the establishment of compensation funds [1][2][3]. Group 1: Representative Litigation Cases - The Jin Tong Ling case has resulted in a first-instance judgment ordering compensation of over 770 million yuan to more than 43,000 investors, primarily individual investors [1]. - The Jin Tong Ling case is the third instance of a representative litigation ruling following the Kangmei Pharmaceutical and Zeda Yisheng cases, showcasing the effectiveness of this legal mechanism in protecting investor rights [2]. - The Shenyang Intermediate Court has initiated the representative litigation process for the Jinzhou Port securities fraud case, marking the fifth instance of such litigation in the capital market [2]. Group 2: Support for Investor Protection - The CSRC will continue to support the Investor Service Center in its legal role to represent investors in civil litigation and to facilitate the judicial process [3]. - The establishment of a special compensation fund of 210 million yuan for the Guangdao Digital case demonstrates the proactive measures being taken to address investor losses and facilitate settlements [4]. - The CSRC encourages market institutions to voluntarily engage in advance compensation efforts as part of a diversified dispute resolution mechanism under the Securities Law [5].

Group 1 - The core purpose of the special fund is to compensate eligible investors for losses incurred due to the information disclosure violations by Guangdao Digital Technology Co., Ltd. [1][4] - The special fund is established by Wukuang Securities Co., Ltd. and managed by the China Securities Investor Protection Fund Co., Ltd. [1][7] - The total amount of the special fund is set at 210 million RMB, which has been fully transferred to the fund's regulatory account prior to the announcement [9][11] Group 2 - Eligible investors who accept compensation must confirm their acceptance and agree to transfer their rights to claim damages against Guangdao Digital to the fund's contributors [2][12] - The compensation scope includes investors who bought Guangdao Digital stocks between September 30, 2021, and December 4, 2024, and still hold them on December 4, 2024 [12][14] - Investors who do not accept compensation within the specified period can seek mediation or arbitration through relevant institutions [4][11] Group 3 - The compensation amount will be calculated based on the actual losses incurred by eligible investors due to the Guangdao Digital incident, deducting losses caused by market risk factors [15][21] - The calculation method for investment loss includes both primary and secondary market transactions, with specific formulas for each scenario [17][18] - The average closing price of Guangdao Digital from December 5 to December 18, 2024, is set as the benchmark price for loss calculations [20]

依照适格投资者与基金出资人达成和解的相关约定，投保基金公司委托中国证券登记结算有限责任公司北京分公司于2026 年3月12日（划付日）起，通过结算参与人将赔付资金代为划付给完成有效申报的适格投资者，或由专项基金资金监管银行将 已完成有效申报的赔付资金划付至适格投资者确认的银行账户，适格投资者应于2026年3月23日至3月31日对赔付金的到账情况 进行查询。 对于未来先行赔付基金的优化方向，高磊建议，可以进一步细化资金使用情况、申请条件与审批流程等关键信息的透明 度，明确审批时限标准，进一步增强市场各方对先行赔付基金的认同与运用。 投保基金公司提醒，因深圳市广道数字技术股份有限公司信息披露违法违规（以下简称"广道数字事件"）而遭受投资损失 的投资者（以下简称"适格投资者"），应及时关注五矿证券发布的相关公告，并重点关注其中广道数字事件先行赔付专项基金 的赔付范围及赔付金额的计算方法等实质性内容。 为赔付适格投资者，五矿证券出资设立专项基金。投保基金公司接受基金出资人委托，担任专项基金的管理人。专项基金 设立出资规模为2.1亿元。基金规模最终将根据完成有效申报的适格投资者损失赔付金额进行调整。 万商天勤律师事务所 ...