Core Viewpoint - The forced delisting of *ST Suwu is a significant action reflecting the regulatory authority's zero-tolerance stance towards illegal activities in the capital market, emphasizing the need for compliance and integrity among listed companies [2][3][4]. Summary by Sections Company Violations - *ST Suwu has been penalized for multiple violations, including failing to disclose the actual controller, inflating revenue and profits, and not reporting non-operational fund usage by related parties. The company faces a fine of 10 million yuan, and responsible individuals are fined a total of 20.5 million yuan, with the chairman banned from the securities market for 10 years [2][3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has implemented a strict punishment mechanism, which includes the forced delisting of *ST Suwu as part of a broader "cleaning" initiative in the capital market. This action aims to eliminate fraudulent entities and maintain a healthy market ecosystem [3][4]. Market Implications - The incident serves as a warning to investors about the risks of blindly following stocks without understanding the underlying compliance and operational integrity. It highlights the necessity for investors to be cautious and informed about the companies they invest in [3][4]. Future Outlook - The delisting of *ST Suwu is seen as a starting point for ongoing efforts to purify the capital market. The case is expected to serve as a cautionary tale for other companies, reinforcing the importance of legal compliance for sustainable business development [4].

*ST苏吴（600200）迎来退市倒计时。 11月25日深夜，*ST苏吴披露公告称，公司于11月25日收到中国证监会下发的《行政处罚决定书》，认 定公司未如实披露实际控制人，2018年至2023年年度报告存在虚假记载；虚增营业收入、营业成本和利 润，未按规定披露关联方非经营性占用资金情况，2020年至2023年年度报告存在虚假记载和重大遗漏。 上述情形触及重大违法强制退市情形，公司股票将被实施重大违法强制退市。 回溯前情，*ST苏吴于2025年2月26日收到中国证监会下发的《立案告知书》，因公司涉嫌信息披露违 法违规，中国证监会决定对公司立案。2025年11月25日，公司及相关当事人收到中国证监会出具的《行 政处罚决定书》。 经查明，*ST苏吴及相关人员存在以下违法事实： 一、未如实披露实际控制人，2018年至2023年年度报告存在虚假记载。2018年2月，*ST苏吴控股股东 苏州吴中投资控股有限公司发生股权变更，变更后，钱群山实际支配*ST苏吴行为，成为*ST苏吴实际 控制人。*ST苏吴2018年至2023年年度报告披露钱群英为实际控制人，存在虚假记载。 二、虚增营业收入、营业成本和利润，2020年至202 ...

Core Viewpoint - *ST Suwu has been identified by the China Securities Regulatory Commission (CSRC) for three major violations, leading to a mandatory delisting situation, with trading suspension starting from November 26 [1][5]. Group 1: Violations Identified - The CSRC's administrative penalty decision outlines three violations by *ST Suwu and related parties: failure to disclose the actual controller accurately, false reporting of revenue, costs, and profits from 2020 to 2023, and significant omissions regarding non-operating fund occupation by related parties from 2020 to 2023 [2][3]. - Specifically, after a change in shareholding in February 2018, the actual controller was identified as Qian Qunshan, but the company continued to report Qian Qunying as the controller in its annual reports from 2018 to 2023, constituting false records [3]. Group 2: Penalties Imposed - The CSRC has ordered *ST Suwu to correct its violations, issued a warning, and imposed a fine of 10 million yuan [3]. - Additionally, penalties totaling 20.5 million yuan have been imposed on Qian Qunshan, Qian Qunying, Chen Yi, Sun Xi, and Luo Xiao, with Qian Qunshan facing a 10-year ban from the securities market due to his role in the violations [4]. Group 3: Trading Suspension and Delisting Process - Following the CSRC's findings, *ST Suwu's stock is subject to mandatory delisting as per the Shanghai Stock Exchange's regulations, with trading suspension effective from November 26 [5]. - The company will enter a delisting transition period lasting 15 trading days, after which its stock will be delisted [7]. Group 4: Investor Compensation - Investors may seek compensation through various means, including advance compensation and legal actions, as the company faces delisting due to financial fraud [8][9].

Core Viewpoint - *ST Suwu has been identified by the China Securities Regulatory Commission (CSRC) for three major violations, leading to a mandatory delisting situation, with trading suspension starting from November 26 [2][5][14]. Summary by Sections Regulatory Violations - The CSRC issued an administrative penalty decision on November 25, confirming three violations by *ST Suwu and related parties: 1. Failure to disclose the actual controller truthfully, with false records in annual reports from 2018 to 2023 [9]. 2. Inflating revenue, operating costs, and profits, with false records in annual reports from 2020 to 2023 [10]. 3. Not disclosing the non-operational occupation of funds by related parties, with significant omissions in annual reports from 2020 to 2023 [11]. Penalties Imposed - The CSRC has ordered *ST Suwu to correct its violations, issued a warning, and imposed a fine of 10 million yuan. Additionally, fines totaling 20.5 million yuan were levied against individuals involved, including a 10-year market ban for the actual controller, Qian Qunshan [11][12]. Stock Suspension and Delisting Process - Following the CSRC's decision, *ST Suwu's stock will be suspended from trading starting November 26, as it falls under the mandatory delisting criteria set by the Shanghai Stock Exchange [14][16]. The stock will enter a delisting adjustment period of 15 trading days, after which it will be delisted [16]. Investor Protection Measures - In light of the financial fraud leading to delisting, investors may seek compensation through various means, including pre-compensation and legal actions, supported by recent regulatory measures aimed at enhancing investor protection [17].

Core Points - *ST Suwu is facing potential delisting due to violations including failure to disclose actual controllers and false reporting in annual reports from 2018 to 2023 [1][2] - The company has been found to have inflated revenue, costs, and profits through non-commercial trade activities with related companies, leading to significant discrepancies in financial reporting [2] - The China Securities Regulatory Commission (CSRC) has imposed a fine of 10 million yuan and ordered the company to rectify its violations, with the stock being suspended from trading starting November 26 [3] Financial Discrepancies - From 2020 to 2023, *ST Suwu inflated its reported revenue by amounts ranging from 37.67 million yuan to 49.53 million yuan, representing 16.82% to 26.46% of the reported revenue for those years [2] - The inflated costs during the same period ranged from 35.54 million yuan to 48.07 million yuan, accounting for 20.95% to 37.08% of the reported costs [2] - The total profit inflation was between 1.46 million yuan and 2.12 million yuan, which constituted 2.89% to 51.65% of the reported profit for the respective years [2] Regulatory Actions - The CSRC has mandated corrective actions and issued warnings, with the potential for mandatory delisting under the Shanghai Stock Exchange rules due to serious violations [3] - If the stock is delisted, it will enter a 15-day trading period marked as "delisting," followed by a five-day period before being officially removed from the exchange [3] - As of November 25, *ST Suwu's stock was trading at 1.24 yuan per share, with a total market capitalization of 881 million yuan [3]

Core Viewpoint - *ST Suwu is facing potential delisting due to significant violations of disclosure regulations and financial misstatements, as determined by the China Securities Regulatory Commission (CSRC) [1][2][3] Group 1: Violations and Financial Misstatements - The company and its related parties failed to disclose the actual controller and made false records in annual reports from 2018 to 2023, including inflated revenue, costs, and profits [1][2] - Specific inflated figures include: - Revenue inflated by 495.26 million CNY (26.46%), 468.51 million CNY (26.39%), 430.75 million CNY (21.26%), and 376.66 million CNY (16.82%) from 2020 to 2023 [2] - Costs inflated by 480.68 million CNY (37.08%), 448.24 million CNY (35.47%), 410.82 million CNY (28.40%), and 355.44 million CNY (20.95%) during the same period [2] - Total profit inflated by 14.58 million CNY (2.89%), 20.27 million CNY (51.65%), 19.92 million CNY (26.42%), and 21.22 million CNY (29.81%) [2] Group 2: Regulatory Actions and Consequences - The CSRC has ordered the company to rectify its violations, issued a warning, and imposed a fine of 10 million CNY, with other parties facing varying penalties [2] - Due to the severity of the violations, the company's stock will be suspended from trading starting November 26, and it may face mandatory delisting under the Shanghai Stock Exchange rules [3] Group 3: Current Stock Performance - As of November 25, the stock of *ST Suwu closed at 1.24 CNY per share, with a total market capitalization of 881 million CNY [4]

Core Viewpoint - *ST Suwu is facing potential delisting due to significant violations including false disclosures and inflated financial figures from 2018 to 2023 [2][4]. Financial Misconduct - The company and its subsidiaries inflated revenue, costs, and profits through non-commercial trade activities with related companies, resulting in inflated figures for the years 2020 to 2023 [3]. - Specific inflated amounts include: - Revenue: 495.26 million, 468.51 million, 430.75 million, and 376.66 million, representing 26.46%, 26.39%, 21.26%, and 16.82% of reported revenue respectively [3]. - Costs: 480.68 million, 448.24 million, 410.82 million, and 355.44 million, representing 37.08%, 35.47%, 28.40%, and 20.95% of reported costs respectively [3]. - Profits: 14.58 million, 20.27 million, 19.92 million, and 21.22 million, representing 2.89%, 51.65%, 26.42%, and 29.81% of reported profits respectively [3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has ordered the company to rectify its violations, issued a warning, and imposed a fine of 10 million [4]. - Due to the severity of the violations, the company’s stock will be suspended from trading starting November 26, and it may face mandatory delisting under the Shanghai Stock Exchange rules [4]. - If delisting occurs, the stock will enter a 15-day trading period marked as "delisted" before being officially removed from the exchange [4]. Market Impact - As of November 25, the stock of *ST Suwu reached a limit-up price of 1.24 yuan per share, with a total market capitalization of 881 million [4].

又有上市公司可能被终止上市。 *ST苏吴（600200）11月25日晚间公告，公司收到中国证监会《行政处罚决定书》，经查明，公司及相关人员存在以下违法事实：未如实 披露实际控制人，2018年至2023年年度报告存在虚假记载；虚增营业收入、营业成本和利润，2020年至2023年年度报告存在虚假记载；未 按规定披露关联方非经营性占用资金情况，2020年至2023年年度报告存在重大遗漏。 其中，*ST苏吴子公司江苏吴中进出口有限公司、中吴贸易发展（杭州）有限公司、江苏吴中海利国际贸易有限公司通过与浙江优诺德贸 易有限公司等多家关联公司开展无商业实质的贸易业务，虚增营业收入、营业成本和利润。上述行为导致*ST苏吴在2020年至2023年年度 报告中分别虚增营业收入49526.32万元、46850.82万元、43074.52万元、37666.41万元，占当期披露营业收入的26.46%、26.39%、21.26%、 16.82%；分别虚增营业成本48068.05万元、44823.70 万元、41082.09 万元、35544.47万元，占当期披露营业成本的37.08%、35.47%、 28.40%、20.95%；分别虚增 ...

*ST苏吴通过支付无商业实质的贸易业务采购款等形式向关联方提供资金，形成关联方非经营性占用资金。*ST苏吴未在2020年至2023年年度报告中披 露上述关联方非经营性占用资金情况，2020年至2023年年度报告存在重大遗漏。 11月25日，江苏吴中医药发展股份有限公司（简称*ST苏吴）公告称，收到中国证监会下发的《行政处罚决定书》。 因公司未如实披露实际控制人，2018年至2023年年度报告存在虚假记载等违法行为，证监会对*ST苏吴责令改正，给予警告，并处以1000万元罚款； 相关责任人均被警告，并合计被罚2050万元。其中，董事长钱群山被采取10年证券市场禁入措施。 上述情形触及《股票上市规则》规定的重大违法强制退市情形，公司股票将被实施重大违法强制退市。公司股票自2025年11月26日起停牌。 经查明，*ST苏吴及相关人员存在以下违法事实： 一、未如实披露实际控制人，2018年至2023年年度报告存在虚假记载。 2018年2月，*ST苏吴控股股东苏州吴中投资控股有限公司发生股权变更，变更后，钱群山实际支配*ST苏吴行为，成为*ST苏吴实际控制人。*ST苏吴 2018年至2023年年度报告披露钱群英为实际控 ...

点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据监管工作函内容，上海证券交易所指出，*ST苏吴的上述行为已触及《上海证券交易所股票上市规 则(2025年4月修订)》第9.5.1条第(一)项、第9.5.2条第一款第(六)项规定的重大违法强制退市情形。上交 所已发出重大违法强制退市的事先告知书，要求公司充分提示风险，做好股票终止上市的有关工作。 监管工作函同时对公司提出多项要求：一是公司全体董事、监事、高级管理人员应当勤勉尽责，维护公 司正常生产经营活动，保护公司和全体股东利益；二是在公司股票被摘牌前，公司及相关信息披露义务 人应当继续遵守相关法律法规，履行信息披露义务；三是公司应根据《股票上市规则》第9 ...