8月4日晚，*ST天茂（000627）发布股票可能被终止上市的第四次风险提示公告，其因无法在规定期限 内披露2024年年报和2025年一季报，于7月8日被实施退市风险警示。若在两个月内仍未披露半数董事保 证真实、准确、完整的2024年年报，将被深交所终止上市。 2025年以来，因触及重大违法类、交易类、财务类或规范类强制退市标准，类似上述的风险提示公告频 现。在监管明确应退尽退的严格政策导向下，A股"出清"速度持续加快。在刚刚过去的7月，便有9家企 业相继退市，与此同时，还有近百家企业被实施退市风险预警。 "近年来，监管推动市值标准等交易类退市指标逐步完善。"分析人士表示，此前交易型退市多因上市公 司股价低于面值，目前总市值低于5亿元、股东人数低于2000人等退市标准也在逐步显效。今年的8家交 易型退市企业中，有5家退市原因为"股价低于面值"，3家为"低于五亿元市值"。 据《金融时报》记者统计，今年截至8月7日，已有23家A股上市公司退市，其中，交易型退市(如股价 低于面值)的有8家，规范型退市的有7家，有3家企业为主动型退市，重大违法强制退市和财务型退市的 分别有3家、2家。 "A股市场正在逐步建立和完善一 ...

8月3日，上市公司ST帕瓦（688184）披露了《浙江帕瓦新能源股份有限公司关于公司共同实际控制人之一、董事张宝被立案侦查的公告》，公司于2025 年8 月1 日收到公安机关出具的《立案决定书》， 公司共同实际控制人之一、董事张宝涉嫌职务侵占被公安机关立案侦查。 根据此前公司实际控制人之一张宝出具的《资金占用情况说明》，公司实际控制人之一张宝通过供应商占用公司资金 14,142.00 万元，占用销售货款4,991.88 万 元，合计占用公司资金本金 19,133.88 万元。截至2025年7月26日，公司仅收到张宝归还的上述占用款项 3,000 万元。 其中： 1、7月30日，红相股份（300427）公告，公司于29日收到公司实际控制人杨成先生通知， 厦门市公安局对其出具了《取保候审决定书》，根据《中华人民共和 国刑事诉讼法》相关规定， 决定对其取保候审 ，期限从 2025 年7月29日起算。 文/梧桐兄弟 ST帕瓦也是7月份以来，第8家上市公司高管/实控人因财务造假、信息披露违规、职务侵占等违规事项牵涉刑事犯罪事宜。 根据此前公告，2024 年 4 月 3 日，公司及相关当事人收到中国证券监督管理委员会厦门 ...

Core Viewpoint - The recent criminal accountability for financial fraud among listed companies reflects the effective implementation of the regulatory framework aimed at combating financial misconduct in the capital market [1][2][4]. Group 1: Criminal Accountability - In July, five listed companies disclosed that their actual controllers and executives faced criminal charges due to financial fraud, including measures taken by law enforcement and court actions [1][2]. - The actual controller of Zhejiang Haiyan Liyuan Environmental Technology Co., Ltd. received a one-year prison sentence (with a one-and-a-half-year probation) and a fine of 3.3 million yuan for violating information disclosure laws [2]. - The trend indicates a significant increase in criminal accountability, with a focus on primary offenders, particularly actual controllers and key executives [2][3]. Group 2: Multi-Dimensional Accountability - Companies are facing both criminal and civil liabilities, establishing a multi-dimensional accountability system that has become the norm [3][5]. - For instance, Jinzhou Port has faced 23 lawsuits related to securities fraud, amounting to 5.5392 million yuan in claims [3]. - This dual approach aims to deter fraud and protect investor rights, creating a governance loop that discourages fraudulent activities [3]. Group 3: Regulatory Framework and Governance - The regulatory environment has been strengthened since the issuance of comprehensive guidelines by multiple government agencies to enhance the accountability mechanisms against financial fraud [4][6]. - The focus is on ensuring that all responsible parties, including executives and even supply chain personnel, are held accountable, promoting a shift from mere compliance to substantive responsibility [5]. - Recommendations include improving legislative measures, expediting case processing, and expanding the scope of accountability to include intermediary institutions [6].

Core Viewpoint - The article highlights the increasing trend of forced delisting of companies due to serious violations, particularly following the implementation of new regulations and stricter enforcement measures in the Chinese capital market [1][7][8]. Group 1: Forced Delisting Trends - Jinzhou Port has been forced to delist due to significant violations, marking it as another company subjected to this regulatory action [1]. - Since the beginning of 2025, nine companies have entered the delisting process due to serious violations, including Zhuolang Technology and Puli Pharmaceutical [8]. - The new "National Nine Articles" and subsequent regulations have laid a foundation for the strict enforcement of delisting policies, particularly targeting companies with severe misconduct [7][8]. Group 2: Criminal Penalties and Enforcement - The regulatory environment has shifted towards a "three penalties linkage" approach, combining administrative, civil, and criminal penalties for serious violations [3][4]. - Companies like Jintongling and Ruiskanda have faced criminal charges following administrative and civil penalties, illustrating the new enforcement trend [4][6]. - The number of companies facing criminal penalties has significantly increased, with over ten companies involved since early 2025 [2][6]. Group 3: Accountability of Third Parties - Regulatory bodies are intensifying penalties against third parties involved in financial fraud, as seen in the case of Yuebo Power, where accomplices were also penalized [2][11]. - The trend of holding third parties accountable reflects a broader strategy to dismantle the networks that facilitate financial misconduct in the capital market [11]. Group 4: Investor Protection Measures - There is a growing emphasis on protecting investors affected by corporate fraud, with measures such as civil compensation being initiated in cases of information disclosure violations [12][13]. - Recent guidelines have been established to support timely compensation for investors, enhancing the accountability of responsible parties [13].

New Stock Issuance - Multiple companies are scheduled for new stock issuance on July 24, 2025, including *ST Zitian (300280) and ST Nanzhi (002305) [1] - Significant announcements were made for companies like Guosheng Tang (300436) and Huayin Power (600744) on July 17 and July 15, respectively [1] Trading Alerts - Companies such as Gaoguan Min Explosive (002827) and Zhongyan Dadi (003001) have recent trading alerts as of July 24, 2025 [1] - A total of 50 companies have been flagged for abnormal trading fluctuations, indicating potential market volatility [2] Market Trends - The report highlights a trend of increased market activity with numerous companies announcing significant changes in stock status [1] - The presence of multiple *ST (Special Treatment) companies suggests heightened scrutiny and potential risk for investors [1] Regulatory Compliance - Companies are required to disclose significant announcements to ensure transparency in trading activities [1] - The report emphasizes the importance of monitoring announcements to assess market conditions and investment risks [1]

Summary of Key Points Core Insights - The report highlights significant stock suspensions for various companies due to major asset restructuring and control changes, indicating potential volatility in the market [2][3][4]. Company-Specific Summaries - **Invesco Great Wall S&P Consumer Select ETF (QDII)**: The ETF will be suspended from trading on July 24, 2025, until 10:30 AM to protect investor interests [2]. - **Hui Green Ecology (001267)**: The stock is suspended due to planning for a major asset restructuring, effective from July 22, 2025 [2]. - **Jiangte Electric (002176)**: The stock is suspended due to a planned change in company control, effective from July 22, 2025 [2]. - **Zhonglin Group SCP Bonds (multiple series)**: Various SCP bonds from Zhonglin Group will be suspended starting November 21, 2023, indicating ongoing financial adjustments [2][3][4]. Industry Insights - The report indicates a trend of companies undergoing significant restructuring, which may lead to increased market volatility and investment risks in the affected sectors [2][3][4].

Core Viewpoint - The company Tuisijingang (SH600190) is set to be delisted due to serious financial misconduct, with its last trading day on July 18, 2025, and delisting effective on July 25, 2025 [1][7]. Group 1: Company Overview - Tuisijingang primarily engages in logistics services for bulk goods, including oil, chemicals, grain, coal, metal ores, and steel [5]. - The company was listed on the B-share market in May 1998 and on the A-share market in June 1999 [5]. Group 2: Financial Misconduct and Regulatory Actions - The company has faced scrutiny for financial fraud, leading to significant penalties from the Liaoning Securities Regulatory Bureau, totaling 38.6 million yuan [6][7]. - On May 29, 2025, the company received a regulatory notice from the Shanghai Stock Exchange regarding mandatory delisting due to serious violations in annual report disclosures [7]. - The stock entered a delisting preparation period on June 30, 2025, which lasted for 15 trading days, concluding on July 18, 2025 [7]. Group 3: Delisting Process and Investor Guidance - Following delisting, Tuisijingang's shares will transition to the National Equities Exchange and Quotations (NEEQ) system for trading [8]. - The company has advised investors to pay attention to announcements from the lead broker regarding share confirmation and to complete necessary account setup for trading [8].

Core Viewpoint - The article highlights the increasing involvement of third-party entities in financial fraud within the A-share market, with regulatory bodies intensifying efforts to combat this issue and hold all parties accountable [3][4][6]. Group 1: Financial Fraud Cases - Approximately 30 companies in the A-share market have been penalized or are under investigation for financial fraud this year, with at least 7 of these cases involving third-party collaboration, accounting for 23% of the total [4][5]. - Notable companies involved in financial fraud with third-party assistance include *ST Suwu, *ST Hengjiu, *ST Guangdao, *ST Jingang, ST Langyuan, ST Zhiyun, and ST Zhongqingbao [4]. - The *ST Suwu case involved its subsidiaries engaging in non-substantive trade activities with multiple related companies, resulting in inflated revenue of 1.771 billion yuan and inflated profits of 76 million yuan from 2020 to 2023 [4]. Group 2: Characteristics of Third-Party Involvement - The trend of third-party collaboration in financial fraud has emerged as a new characteristic of capital market misconduct, driven by factors such as the need to evade regulatory scrutiny and the rise of professional "fraud accomplices" [6][13]. - The complexity of these fraud schemes often involves multiple independent parties, making it difficult for regulators to identify and address the underlying issues [13][14]. - The involvement of third parties creates a network of deceit that can lead to systemic risks and undermine market trust [8][9]. Group 3: Challenges for Auditors - Third-party collaboration in fraud poses significant challenges for external auditors, as these accomplices may manipulate various stages of the auditing process to conceal the true nature of transactions [9][10]. - The effectiveness of traditional audit procedures is compromised when companies and their accomplices coordinate their efforts to mislead auditors [10]. - The prevalence of third-party involvement in fraud is a key reason for the frequent failures of auditing standards and practices [10]. Group 4: Regulatory Response - The China Securities Regulatory Commission (CSRC) is actively exploring comprehensive measures to hold third-party accomplices accountable, including administrative, civil, and criminal penalties [11][12]. - The CSRC has begun to impose penalties on third-party entities involved in fraud, as seen in the case of Yuebo Power, where accomplices faced fines for their roles in the fraudulent activities [12]. - Future regulatory efforts will focus on dismantling the "ecosystem" of fraud by targeting both the primary perpetrators and their accomplices [12][15].

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets announced significant updates, including stock issuance terminations, share transfers, acquisitions, and financial performance reports, which may present investment opportunities and risks for investors [2]. Major Events - Jinbo Co., Ltd. announced the termination of its plan to issue A-shares to specific investors for the year 2025 [3]. - Cross-Border Communication's largest shareholder successfully auctioned 8 million shares for 36.09 million yuan, with no change in control [4]. - Shanghai Shimao Development's subsidiary plans to sell part of its Quanzhou project for 2.053 billion yuan, expecting a net profit of approximately 163 million yuan [6]. - Prit Group's subsidiary introduced a strategic investor, Guangzhou Guoyan No. 1, through a capital increase [7]. - Caesar Travel's subsidiary intends to acquire 51% of Guotour Fujian for 16.83 million yuan [8]. - Dongfang Fortune's shareholder plans to transfer 159 million shares, representing 1% of the total share capital [9]. - Changhong High-Tech plans to acquire 100% of Guangxi Changke's equity, with shares resuming trading on July 21 [10]. - Weifu High-Tech intends to convert its B-shares to be listed on the Hong Kong Stock Exchange [11][12]. - ST Yazhen's stock will resume trading on July 21 after completing a verification process [13]. - ChipLink Integration plans to acquire 72.33% of ChipLink Yuezhou for 5.897 billion yuan [14]. - Notai Bio will be subject to risk warnings, changing its A-share abbreviation to ST Notai due to previous financial misreporting [15]. - Delisted Jinguang's stock will cease trading on July 25 [16]. - Bohui Co. plans to purchase servers and related assets for intelligent computing services, with a total expenditure not exceeding 390 million yuan [17]. Financial Performance - CICC's subsidiary reported a net profit of 987 million yuan for the first half of the year [21]. - Great Wall Motors reported a net profit of 6.337 billion yuan, a decrease of 10.22% year-on-year [22]. - Shuangjie Electric expects a net profit of 100 million to 120 million yuan, an increase of 16.03% to 39.23% year-on-year [23]. - Shentong Technology reported a net profit of 64.278 million yuan, a year-on-year increase of 111.09% [24]. - Sanhuan Group anticipates a net profit of 1.128 billion to 1.333 billion yuan, a growth of 10% to 30% year-on-year [25][26]. - Nanjing Gaoke's contract sales reached 820 million yuan, a year-on-year increase of 824.68% [27]. - Kaierda expects a net profit of 1.97 million to 2.56 million yuan, a decrease of 89.11% to 91.62% year-on-year [28]. Major Contracts - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Technology for a business collaboration worth up to 500 million yuan [29]. - Oke Technology signed a 176 million yuan equipment sales contract, accounting for 40.51% of its last year's revenue [30]. - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical for various technical collaborations [31]. Shareholding Changes - Hongbaoli's major shareholder plans to reduce its stake by up to 2% [33]. - Yaopi Glass's shareholder plans to reduce its stake by up to 2% [34]. - Dingsheng New Materials' shareholders plan to reduce their stake by up to 3% [35]. - Huiyun Titanium's controlling shareholder plans to reduce its stake by up to 3% [36]. - MediX's shareholder plans to reduce its stake by up to 1.49% [37]. - Aopu Optoelectronics' controlling shareholder plans to reduce its stake by up to 1% [38]. - Huada Jiutian's major shareholders plan to reduce their stakes by up to 1.5% [39][40]. Financing Activities - Zhengyu Industrial plans to raise up to 450 million yuan through a private placement [41]. - Dongwu Securities plans to raise up to 6 billion yuan through a private placement, with specific subscriptions from major investors [42]. - Weiguang Bio plans to raise up to 1.5 billion yuan for its smart industrial base project [43].

Core Viewpoint - The company Tuisijingang is set to be delisted from the stock exchange due to serious financial misconduct, including falsifying financial reports and inflating profits over several years [5][6][7]. Group 1: Delisting Announcement - Tuisijingang's stock will be suspended from trading on July 21, 2025, with the last trading day being July 18, 2025, and the delisting date set for July 25, 2025 [1][6]. - After delisting, the company's shares will transition to the National Equities Exchange and Quotations (NEEQ) system for trading [7]. Group 2: Financial Misconduct - The company has been involved in financial fraud, with inflated profits reported for the years 2022 to 2024, including a profit inflation of 36.10 million yuan in 2022 (22.46% of reported profit), 68.08 million yuan in 2023 (65.96%), and 15.38 million yuan in Q1 2024 (62.05%) [5]. - The China Securities Regulatory Commission (CSRC) has imposed a fine of 20 million yuan on Tuisijingang and issued warnings to 11 responsible individuals, including a 10-year market ban for the former Deputy General Manager and CFO [5][6]. Group 3: Company Background - Tuisijingang primarily engages in logistics services for bulk commodities, including oil, chemicals, grains, coal, metals, and steel [5]. - The company was listed on the B-share market in May 1998 and on the A-share market in June 1999 [5].