Core Viewpoint - The regulatory authority has taken significant action against *ST Yuancheng for systematic financial fraud over three consecutive years, leading to substantial penalties and the initiation of delisting procedures [2][4][10]. Group 1: Financial Fraud Details - *ST Yuancheng inflated its operating income by 209 million yuan and its total profit by 50.46 million yuan from 2020 to 2022 [2][4]. - The company used fraudulent financial data in its 2022 non-public stock issuance documents, constituting fraudulent issuance [2][4]. - The penalties include a fine of 37.45 million yuan for the company and a total of 42 million yuan for five responsible individuals, with the actual controller and chairman, Zhu Chang, fined 28 million yuan and banned from the securities market for ten years [6][8]. Group 2: Regulatory Environment - The increase in major illegal delisting cases is attributed to significant adjustments in delisting regulations rather than an increase in fraudulent companies [3][12]. - The new regulations specify that companies with continuous fraud for three years or more will be firmly delisted, and the thresholds for fraud amounts and ratios have been lowered [12][13]. - The regulatory approach now includes a "three penalties linkage" system, combining administrative, civil, and criminal penalties for financial fraud cases, reflecting a zero-tolerance policy towards market violations [3][7][12]. Group 3: Market Impact - *ST Yuancheng is the 13th company in 2025 to meet the criteria for mandatory delisting due to major violations, marking a historical high [11]. - Among the companies that have faced delisting, eight have already completed the process, indicating a trend towards stricter enforcement of delisting regulations [11]. - The current regulatory environment is expected to lead to a decrease in the number of companies engaging in systematic financial fraud, as the existing risks are gradually being cleared [12].

Mergers and Acquisitions - Guilin Tourism plans to publicly transfer 100% equity and debt of its wholly-owned subsidiary, Guilin Zijiang Danxia Tourism Co., Ltd. The transaction has received approval from the Guilin State-owned Assets Supervision and Administration Commission, and the counterparty has not yet been determined. This transaction is not expected to constitute a major asset restructuring [1] Shareholding Changes - China Unicom's shareholder, the State-owned Enterprise Structural Adjustment Fund, intends to reduce its stake by up to 1.20%, which equates to a maximum of 375 million shares. This reduction aims to optimize the structure of state-owned capital and meet its own development needs [2] - Zhongzhou Special Materials announced that its controlling shareholder's concerted actor, Shanghai DunJia Investment Management Co., Ltd., reduced its stake by 2.8481 million shares during a period of abnormal stock trading. This reduction aligns with previously disclosed plans and is not considered illegal [3] - Strong Rui Technology's controlling shareholder, Strong Rui Technology, and its concerted actor, Strong Rui Investment, plan to reduce their stake by up to 3%, totaling a maximum of 3.1028 million shares within three months after the announcement [4] Earnings Forecast - Lianhua Holdings expects its net profit attributable to shareholders for the first three quarters of 2025 to be between 250 million and 280 million yuan, representing a year-on-year increase of 51.39% to 69.55% [5] - Chongqing Pharmaceutical Holdings anticipates its net profit attributable to shareholders for the first three quarters of 2025 to be between 358 million and 400 million yuan, reflecting a year-on-year growth of 22.51% to 36.88% [6] - Daotong Technology forecasts its net profit attributable to shareholders for the first three quarters of 2025 to be between 710 million and 738 million yuan, indicating a year-on-year increase of 31.17% to 36.34% [7] Risk Matters - *ST Yuancheng has received a notice from the China Securities Regulatory Commission regarding potential major illegal forced delisting due to false records in annual reports from 2020 to 2022, which may lead to significant legal consequences [8] - KJY has received an administrative penalty decision, including a warning and a fine of 1.5 million yuan, for failing to timely disclose guarantees provided by its wholly-owned subsidiary [10] - New Dazhou A has received overdue debt collection notices from Great Wall Asset Management, which may lead to a decline in the company's financing capabilities and exacerbate its financial strain [11]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated administrative penalties against *ST Yuancheng for falsifying financial data in its periodic reports, which includes inflated revenue and profits over three consecutive years [1]. Summary by Categories Regulatory Actions - The CSRC plans to impose a fine of 37.4546 million yuan on *ST Yuancheng and a total of 42 million yuan in fines on five responsible individuals [1]. - The actual controller of *ST Yuancheng will face a 10-year ban from the securities market [1]. Potential Consequences - *ST Yuancheng is suspected of triggering significant violations that could lead to mandatory delisting, prompting the Shanghai Stock Exchange to initiate delisting procedures [1]. - The CSRC will transfer any potential criminal evidence to law enforcement agencies in accordance with relevant laws and regulations [1].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against *ST Yuancheng for serious financial fraud, including inflated revenues and profits over three consecutive years, leading to potential delisting from the Shanghai Stock Exchange [2][12]. Summary by Sections Financial Fraud Details - *ST Yuancheng has been found to have inflated operating costs by 158 million yuan, operating income by 209 million yuan, and total profit by 50.46 million yuan from 2020 to 2022 [6]. - In the 2020 annual report, the company inflated operating costs by 115 million yuan, operating income by 153 million yuan, and total profit by 38.48 million yuan, which represented 22.75%, 21.48%, and 36.6% of the respective reported figures [6]. - The company also failed to adjust financial records based on settlement results for the Huaiyin project, leading to an inflated operating income of 14.16 million yuan and total profit of 13.45 million yuan in the 2022 annual report [7]. Penalties and Consequences - The CSRC plans to impose a fine of 37.4546 million yuan on *ST Yuancheng and a total of 42 million yuan in fines on five responsible individuals, including a 10-year market ban for the actual controller [2][10]. - The company is facing potential forced delisting due to serious violations of securities laws, as indicated by the CSRC's findings [12]. Company Background and Current Status - *ST Yuancheng, established in 1999 and headquartered in Hangzhou, Zhejiang, has been experiencing continuous losses since 2022, with losses exceeding 300 million yuan in 2024 and a reported loss of 127 million yuan in the first half of 2025 [14]. - As of October 10, the company's market capitalization has dwindled to 537 million yuan [14].

对于可能涉及的犯罪线索，证监会将坚持应移尽移的工作原则，严格按照《刑法》《最高人民检察院公 安部关于公安机关管辖的刑事案件立案追诉标准的规定（二）》的规定移送公安机关。 据证监会消息，近日，证监会对上交所主板上市公司元成环境股份有限公司（简称*ST元成）涉嫌定期 报告等财务数据存在虚假记载作出行政处罚事先告知。 证监会出手。 经查，*ST元成连续三年虚增收入和利润，违反证券法律法规。证监会拟对上市公司罚款3745.46万元， 对5名责任人员合计罚款4200万元，对实际控制人采取10年证券市场禁入。 *ST元成涉嫌触及重大违法强制退市情形，上交所将依法启动退市程序。 综合自：证监会发布、公司公告 声明：数据宝所有资讯内容不构成投资建议，股市有风险，投资需谨慎。 2020年至2022年期间，在实际控制人祝昌人组织、指使下，*ST元成通过虚增越龙山国际旅游度 假区相关项目（以下简称"越龙山项目"）劳务和机械成本、虚增相应项目产值等方式，累计虚增 营业成本1.58亿元、营业收入2.09亿元、利润总额5046.02万元。 2022年9月前后，公司先后收到淮阴区张棉、徐溜、三凌、南陈集、渔沟工业园区道路基础设施工 程项目 ...

Core Points - The China Securities Regulatory Commission (CSRC) has issued a serious administrative penalty notice to *ST Yuancheng (603388) for severe financial fraud, marking the company's continuous financial misconduct over three years [1][5][11] - The company is facing a potential delisting due to significant violations of securities laws, with the Shanghai Stock Exchange initiating delisting procedures [1][13] Financial Misconduct - *ST Yuancheng inflated its revenue and profits for three consecutive years, violating securities laws, with a total inflated revenue of 209 million and inflated profits of 50.46 million from 2020 to 2022 [6][9] - In the 2020 annual report, the company inflated operating costs by 115 million, revenue by 153 million, and total profits by 38.48 million, representing 22.75%, 21.48%, and 36.6% of the disclosed amounts respectively [6][9] - The company also failed to adjust financial records based on settlement results for various projects, leading to further inflated revenue and profits in the 2022 annual report [7] Penalties and Consequences - The CSRC plans to impose a fine of 37.45 million on the company and a total of 42 million on five responsible individuals, including a 10-year market ban for the actual controller [1][11][12] - The actual controller, Zhu Changren, is accused of orchestrating the financial misconduct and will face severe penalties under the Securities Law [9][11] Company Background and Current Status - Founded in 1999 and headquartered in Hangzhou, Zhejiang, *ST Yuancheng positions itself as an integrated environmental service provider focusing on leisure tourism and ecological landscape [13] - The company has been experiencing continuous losses since 2022, with losses exceeding 300 million in 2024 and a reported loss of 127 million in the first half of 2025 [13][14] - As of October 10, the company's market value has dwindled to 537 million [14]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against *ST Yuancheng for serious financial fraud, including inflated revenues and profits over three consecutive years, leading to potential delisting from the Shanghai Stock Exchange [2][6][12]. Summary by Sections Financial Fraud Details - *ST Yuancheng inflated its operating costs by 158 million yuan, operating income by 209 million yuan, and total profit by 50.46 million yuan from 2020 to 2022, with the 2020 annual report showing inflated operating costs of 115 million yuan, operating income of 153 million yuan, and total profit of 38.48 million yuan, representing 22.75%, 21.48%, and 36.6% of the disclosed amounts respectively [8]. - In 2022, the company failed to adjust financial records based on settlement approvals for various infrastructure projects, resulting in inflated operating income of 14.16 million yuan and total profit of 13.45 million yuan, which accounted for 4.33% and 24.6% of the disclosed amounts respectively [9]. - The company fabricated significant false content in its non-public stock issuance documents in 2022, using inaccurate financial data from the previous years [10]. Regulatory Actions - The CSRC plans to impose a fine of 37.45 million yuan on *ST Yuancheng and a total of 42 million yuan on five responsible individuals, with the actual controller facing a 10-year ban from the securities market [2][12][14]. - The company is suspected of major violations that could lead to mandatory delisting, as it has not received a formal penalty decision yet [16]. Company Background and Financial Status - Founded in 1999 and headquartered in Hangzhou, *ST Yuancheng focuses on environmental services, including leisure tourism and ecological landscape [16]. - The company has been experiencing continuous losses since 2022, with losses exceeding 300 million yuan in 2024 and a reported loss of 127 million yuan in the first half of 2025 [16]. - As of October 10, the company's market capitalization is only 537 million yuan [17].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative penalty against *ST Yuancheng for suspected false financial reporting, proposing fines totaling 37.45 million yuan for the company and 42 million yuan for five responsible individuals, along with a 10-year market ban for the actual controller [1][2][4]. Financial Misconduct - *ST Yuancheng has been found to have inflated revenue and profits for three consecutive years from 2020 to 2022, violating securities laws [2][3]. - The company inflated operating costs by 158 million yuan, operating income by 209 million yuan, and total profit by 50.46 million yuan during this period [3]. - In the 2022 annual report, *ST Yuancheng reported inflated operating income of 14.16 million yuan and inflated total profit of 13.45 million yuan, which represented 4.33% and 24.60% of the disclosed amounts, respectively [3]. Regulatory Actions - The CSRC plans to impose a fine of 37.45 million yuan on *ST Yuancheng and additional fines on responsible individuals, including 28 million yuan on the actual controller [4]. - This case marks the 13th company this year facing severe penalties for financial fraud, indicating a historical high in regulatory actions [5]. Market Impact - The CSRC's crackdown on financial fraud is part of a broader effort to enhance market integrity and enforce stricter exit mechanisms for companies that engage in such practices [5][6]. - The regulatory body emphasizes a comprehensive accountability system targeting not only the companies but also their key stakeholders, including actual controllers and auditors [6].

证券代码：603388 证券简称：*ST 元成 公告编号：2025-115 元成环境股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 元成环境股份有限公司（以下简称"公司"）股票于 2025 年 9 月 30 日、 2025 年 10 月 9 日、2025 年 10 月 10 日连续三个交易日内收盘价格跌幅偏离值 累计超过 12%，属于《上海证券交易所交易规则》规定的股票交易异常波动情形。 ● 重大违法强制退市风险。2025 年 10 月 10 日，公司收到中国证监会下发 的《行政处罚事先告知书》，认定：1、公司 2020 年至 2022 年年报存在虚假记 载：（一）通过虚增越龙山项目成本和产值，虚增公司 2020 年至 2022 年年报营 业收入和利润总额；（二）未及时将淮阴项目价审差异入账处理，虚增公司 2022 年年报营业收入和利润总额；2、公司 2022 年非公开发行股票文件编造重大虚 假内容。上述事项将触及《上海证券交易所股票上市规则》第 9.5.1 条第（一） ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice regarding administrative penalties against Yuancheng Environment Co., Ltd. (*ST Yuancheng) for falsifying financial data in its periodic reports, leading to potential delisting from the Shanghai Stock Exchange [1][8]. Group 1: Financial Misconduct - Yuancheng Environment has been found to have inflated revenue and profits for three consecutive years (2020-2022), violating securities laws [1][5]. - The company inflated its operating costs by approximately 158.44 million yuan, revenue by about 208.90 million yuan, and total profit by around 50.46 million yuan through manipulation of the Yuelongshan project [2]. - In 2022, the company failed to adjust its financial records based on the settlement results of the Huaiyin project, leading to an inflated revenue of approximately 14.16 million yuan and profit of about 13.45 million yuan, which represented 4.33% and 24.60% of the reported figures, respectively [3]. Group 2: Regulatory Actions - The CSRC plans to impose a fine of approximately 37.45 million yuan on Yuancheng and a total of 42 million yuan on five responsible individuals, including a 10-year market ban on the actual controller, Zhu Changren [1][8]. - The company’s 2022 non-public stock issuance documents contained significant false information, violating multiple provisions of the Securities Law [4][6]. - The CSRC has indicated that Yuancheng's actions may trigger mandatory delisting procedures due to serious violations of the listing rules [8]. Group 3: Individual Accountability - Zhu Changren, as the actual controller, is accused of orchestrating the financial misconduct and will face a 10-year ban from the securities market [5][8]. - Other key personnel, including Zhou Jinhai, Yao Lihua, and Chen Ping, are also facing fines and warnings for their roles in the financial misreporting [9].