公告显示，专项基金出资人为五矿证券，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。投保基金公司担任专项基金管理人。 12月30日，中国证券投资者保护基金有限责任公司（以下简称"投保基金公司"）发布关于广道数字事件先行赔付专项基金的管 理人公告。 图片来源：投保基金公司网站 广道数字虚增营业收入及营业成本 监管部门对广道数字责令改正，给予警告，并处以1000万元罚款；对金文明给予警告，并处以1500万元罚款，并对其他当事人 做出不同程度处罚。 广道数字此前公告称，公司股票已于12月11日进入退市整理期，退市整理期为15个交易日，预计最后交易日为12月31日。 专项基金设立出资规模为2.1亿元 广道数字9月12日收到证监会下发的行政处罚决定书。 根据行政处罚决定书，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。 金文明作为广道数字的控股股东、实际控制人，明知和放任公司实施财务造假，协调第三方借款，审批同意其控制的两家关联 公司配合资金流转。 广道数字12月10日收到五矿证券声明，广道数字 ...

12月30日，中国证券投资者保护基金有限责任公司（以下简称"投保基金公司"）发布关于广道数字事件先行赔付专项基金的管 理人公告。 公告显示，专项基金出资人为五矿证券，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。投保基金公司担任专项基金管理人。 广道数字虚增营业收入及营业成本 广道数字9月12日收到证监会下发的行政处罚决定书。 根据行政处罚决定书，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。 金文明作为广道数字的控股股东、实际控制人，明知和放任公司实施财务造假，协调第三方借款，审批同意其控制的两家关联 公司配合资金流转。 监管部门对广道数字责令改正，给予警告，并处以1000万元罚款；对金文明给予警告，并处以1500万元罚款，并对其他当事人 做出不同程度处罚。 图片来源：投保基金公司网站 据统计，新证券法实施前，已有先行赔付相关案例：如欣泰电气、万福生科、海联讯（300277）等案例；新证券法实施后，紫 晶存储适用先行赔付，证券公司等中介机构出资设立专项赔付基金，在3个月内高效完成赔 ...

本报讯 （记者毛艺融）又一先行赔付专项基金设立。12月30日，中国证券投资者保护基金有限责任公司（以下简称"投保 基金公司"）发布关于广道数字事件先行赔付专项基金的管理人公告。 投保基金公司是经国务院批准设立的不以营利为目的的国有独资公司。投保基金公司表示，现接受五矿证券有限公司（以 下简称"五矿证券"）的委托，担任专项基金的管理人，负责该基金的日常管理及运作，不收取任何报酬。投保基金公司将勤勉 尽责，履行好管理人职责，切实维护投资者合法权益。 图片来源：投保基金公司官网 投保基金公司提醒，因深圳市广道数字技术股份有限公司（以下简称"广道数字"）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。 适格投资者如果接受赔付，则表明其愿意与基金出资人达成和解，自愿谅解基金出资人在广道数字事件中的责任，并将对 广道数字事件相关责任方主张虚假陈述损失赔偿的权利转让给基金出资人，自身不再向广道数字事件的责任方索赔。 如果不接受赔付，投资者可以向深圳证券期货 ...

（文章来源：证券时报网） 12月30日，中国证券投资者保护基金有限责任公司发布公告，为妥善处置深圳市广道数字技术股份有限 公司信息披露违法违规事件（下称"广道数字事件"）给投资者造成的损失，五矿证券有限公司出资设立 规模为2.1亿元的先行赔付专项基金，委托投保基金公司负责专项基金的日常管理及运作。 公告显示，该专项基金由五矿证券作为出资人，兴业银行北京分行担任专项基金资金监管银行，专项基 金的存续期限为自专项基金成立之日起3个月，投保基金公司可根据实际运作情况延长存续期。基金规 模将根据最终有效申报的适格投资者损失赔付金额进行动态调整，投保基金公司作为管理人将秉持客观 中立原则，无偿负责基金的日常管理及运作。 此次赔付面向因广道数字事件遭受投资损失的适格投资者，赔付范围与金额计算方法以五矿证券发布的 《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》为准。 值得注意的是，适格投资者如果接受赔付，则表明其愿意与基金出资人达成和解，自愿谅解基金出资人 在广道数字事件中的责任，并将对广道数字事件相关责任方主张虚假陈述损失赔偿的权利转让给基金出 资人，自身不再向广道数字事件的责任方索赔。如果不接受赔付 ...

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][6][10] Group 1: Delisting Trends - As of October 15, 2023, 13 companies have triggered mandatory delisting indicators due to major violations, marking a historical high [6][10] - Among these, 8 companies have already been delisted, including notable cases like Zhuolang Technology and Dongfang Group [6][10] - The delisting wave has highlighted the role of investment banks as gatekeepers, with 11 brokerage firms involved in the delisted companies [1][6] Group 2: Investment Banks' Responsibilities - Many problematic companies frequently changed their investment banks during periods of financial misconduct, complicating accountability [2][10] - Most involved investment banks issued "no objection" or "no issues found" reports during the supervision period, raising questions about their diligence [2][10] - The regulatory environment is pushing investment banks to reassess their responsibilities and improve their oversight practices [2][15] Group 3: Case Studies of Violations - ST Dongtong, involved in financial fraud from 2019 to 2022, had its investment bank, First Capital, implicated in fraudulent activities during a stock issuance [8][12] - Guohua Securities was the only firm to issue a risk warning regarding Jiuyou Co., while others remained silent despite ongoing fraud investigations [12][13] - Highong Data had the longest duration of fraud (2015-2023) and changed investment banks multiple times, indicating a pattern of evasion [10][11] Group 4: Regulatory Impact on Investment Banks - The shift towards stricter regulations has led to increased scrutiny of investment banks' roles, with many now enhancing their due diligence processes [15] - Investment banks are reportedly increasing their manpower and resources dedicated to ongoing supervision, reflecting a shift in focus due to regulatory pressures [15]

New Stock Listings - New stock "Aomeisen" (920080) listed at an issue price of 8.25 on October 10, 2025[1] - "Shangwei New Materials" (688585) has a tender offer period from September 29 to October 28, 2025[1] Delisting and Trading Alerts - "Zitian Tui" (300280) is in the delisting arrangement period with only 1 trading day remaining[1] - "Pinming Technology" (688109) is experiencing severe abnormal fluctuations[1] Market Updates - Multiple companies including "Kesi Technology" (688788) and "Bory Medical" (688166) have recent announcements related to trading activities[1] - "Ganfeng Lithium" (002460) and "Luoyang Molybdenum" (603993) have also made recent disclosures[1] Additional Information - A total of 30 companies have been highlighted for various trading activities and announcements on October 10, 2025[1] - Links to detailed announcements for each company are provided for further insights[1]

Core Viewpoint - *ST Guandao (839680.BJ) is likely to become the first company to be forcibly delisted from the Beijing Stock Exchange due to significant violations, following seven years of financial fraud [1][2]. Group 1: Financial Fraud Details - From 2018 to mid-2024, *ST Guandao systematically engaged in financial fraud, inflating revenue and costs through fake contracts, invoices, and other documents [2]. - The inflated revenue figures for the years 2018 to mid-2024 were 143 million, 192 million, 223 million, 249 million, 304 million, 283 million, and 72 million respectively, with proportions of reported amounts being 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% [2]. - The inflated costs during the same period were 65 million, 85 million, 117 million, 133 million, 163 million, 152 million, and 39 million, with proportions ranging from 83.30% to 99.13% of reported costs [2]. Group 2: Regulatory Actions - The former chairman and other executives faced severe penalties, including a fine of 15 million and a lifetime ban from the securities market for the chairman, while the financial officer was fined 5 million and also banned for life [4]. - The Beijing Stock Exchange issued a notice to *ST Guandao regarding the termination of its stock listing, citing the serious violations [1][4]. Group 3: Impact on Stakeholders - Minmetals Securities, as the sponsor and continuous supervision institution, failed to fulfill its responsibilities, leading to a proposed 220 million fund for compensating affected investors [5][6]. - The establishment of the compensation fund is based on Article 93 of the Securities Law, which has been previously utilized in other cases [6].

Core Viewpoint - *ST Guandao (839680.BJ) is likely to become the first company to be forcibly delisted from the Beijing Stock Exchange due to significant violations, following seven consecutive years of financial fraud [1][4]. Group 1: Financial Fraud Details - The company has been systematically committing financial fraud from 2018 to mid-2024, inflating revenue and costs through fake contracts, invoices, and other documents [6][7]. - The inflated revenue figures for the years 2018 to mid-2024 are as follows: 143 million, 192 million, 223 million, 249 million, 304 million, 283 million, and 72 million, representing 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% of the reported amounts respectively [7]. - The inflated costs during the same period were 65 million, 85 million, 117 million, 133 million, 163 million, 152 million, and 39 million, with proportions ranging from 83.30% to 99.13% of the reported costs [7]. Group 2: Regulatory Actions and Penalties - The China Securities Regulatory Commission (CSRC) has publicly disclosed the seven-year financial fraud, leading to severe penalties for the company's executives [6][10]. - The former chairman and actual controller, Jin Wenming, was fined 15 million and banned for life from the securities market for his role in the fraud [10]. - Other executives, including the former director and financial officer, were also penalized and banned from the market, with the company facing public condemnation and a five-year ban on new listings [10]. Group 3: Impact on Investors and Market - Minmetals Securities, the company's sponsor, failed to fulfill its oversight responsibilities, leading to a proposed 220 million fund to compensate affected investors [11]. - As of June 30, 2025, there were 6,634 shareholders of *ST Guandao, and the compensation fund aims to address their losses due to the company's fraudulent disclosures [11]. - This case serves as a reminder for investors to be cautious in selecting investment targets and emphasizes the need for stricter regulatory oversight of listed companies [11].

Core Viewpoint - *ST Guandao is facing potential delisting from the Beijing Stock Exchange due to significant violations related to false disclosures in its financial reports [1] Group 1: Company Announcement - On September 19, *ST Guandao received a notice from the Beijing Stock Exchange regarding the proposed termination of its stock listing [1] - The notice is a result of the company's previous announcement on September 12, which disclosed receiving an administrative penalty decision from the China Securities Regulatory Commission [1] Group 2: Regulatory Findings - The administrative penalty decision identified false records in the company's annual reports from 2018 to 2023, as well as the half-year report for 2024 and the draft for the 2024 specific object stock issuance [1] - These violations fall under the major illegal circumstances that trigger mandatory delisting as per the Beijing Stock Exchange listing rules [1] Group 3: Historical Context - *ST Guandao is noted as the first company to face mandatory delisting due to major violations on the Beijing Stock Exchange [1]

Core Viewpoint - *ST Guandao (839680.BJ) is facing mandatory delisting from the Beijing Stock Exchange due to significant violations involving extensive financial fraud over seven years, with over 80% of its revenue derived from inflated figures [1][2][3] Group 1: Company Violations and Penalties - The company has been found guilty of systematic financial fraud, with the China Securities Regulatory Commission (CSRC) confirming the fraudulent activities spanning from 2018 to 2024 [3][4] - The former chairman Jin Wenming and board secretary Zhao Lu received lifetime bans from the securities market and were fined a total of 20 million yuan, with Jin fined 15 million yuan and Zhao 5 million yuan [2][3] - The company reported inflated revenues of 1.43 billion yuan, 1.92 billion yuan, 2.23 billion yuan, 2.49 billion yuan, 3.04 billion yuan, 2.83 billion yuan, and 720 million yuan from 2018 to the first half of 2024, with corresponding inflated costs [4] Group 2: Role of the Underwriter - Wulian Securities, as the underwriter and continuous supervisor, failed to fulfill its responsibilities, leading to a proposed establishment of a 220 million yuan compensation fund for affected investors [6][7] - The firm did not effectively verify the authenticity of the company's financial data and business contracts during the listing process [7] Group 3: Historical Context - *ST Guandao was established in 2003 and listed on the New Third Board in November 2016, later becoming one of the first companies listed on the Beijing Stock Exchange in 2021, indicating it was already in a compromised state prior to its listing [5]