来源：CINNO综合整理 9月29日，昆山市人民法院日前披露（2025）苏0583破申376号破产审查案件，东旭（昆山）显示材料有限 公司（下称"昆山东旭显示"）因申请人山东高速环球融资租赁有限公司申请，正式进入破产审查程序。这 家曾承载国内TFT-LCD产业配套升级使命的企业陷入绝境，背后是东旭集团从"显示材料巨头"跌落至债务 泥潭的沉重轨迹。 作为东旭集团布局显示产业链的重要棋子，昆山东旭显示的出身自带行业光环。其由集团旗下上市公司东 旭光电与昆山开发区国投控股有限公司联合组建，专注于第5代TFT-LCD彩色滤光片（CF）的研发制造。 总投资31亿元的生产线项目落子昆山光电产业园，占地200亩、建筑面积15万平米，建成后形成月产165K 片G5彩色滤光片的产能规模，一度成为国内同类型项目中的标杆，被寄予"提升TFT-LCD本地配套率、降 低产业成本"的厚望。 从借政策东风崛起为"中国版康宁"，到因财务造假、债务爆雷而陷入困局，李兆廷一手打造的千亿帝国， 最终在监管重锤下走向终局。 2025年6月，河北证监局对"东旭系"开出总计16.6亿元的天价罚单，创始人李兆廷被处以5.89亿元罚款，并 被终身禁止进入证 ...

Core Viewpoint - The Chinese regulatory authorities have adopted a "zero tolerance" approach towards financial fraud, significantly increasing penalties for companies involved in such activities, aiming to create a market environment where fraud is discouraged [1][2][4]. Group 1: Regulatory Actions - ST Emergency announced a fine of 5.9 million yuan due to financial fraud in its 2022 annual report, marking the eighth penalty issued by regulators for financial fraud in September alone [1]. - Over 30 companies have received penalties for financial fraud this year, including both listed and delisted companies, indicating a strict stance against the notion of "retirement from the market" as an escape from accountability [2][4]. - The regulatory authorities have issued substantial fines, with several companies facing penalties exceeding 100 million yuan, enhancing the deterrent effect on the market [4][5]. Group 2: Legal Framework and Enforcement - The new securities law has significantly increased penalties for financial fraud and fraudulent issuance, with fines ranging from 10% to 100% of the illegally raised funds [5]. - The enforcement focus has shifted to include third parties involved in financial fraud, such as suppliers and intermediaries, broadening the scope of accountability [6][7]. - There has been an increase in civil and criminal liabilities for those responsible for financial fraud, enhancing the overall deterrent effect of regulatory actions [7]. Group 3: Market Impact and Ecosystem - The regulatory crackdown aims to foster a market ecosystem where entities are deterred from committing fraud, thereby protecting investors and maintaining market integrity [3][6]. - The emphasis on holding key individuals, such as controlling shareholders and actual controllers, accountable reflects a commitment to ensuring that all parties involved in financial misconduct face consequences [7]. - The approach to penalizing intermediaries, such as accounting firms and law firms, for their roles in facilitating fraud is intended to restore trust in the market and reinforce the responsibilities of these entities [6][7].

Core Insights - The rise and fall of the "Dongxu System" serves as a cautionary tale in the history of China's capital markets, marked by financial fraud and debt crises that led to significant regulatory penalties and the eventual collapse of its companies [1][14]. Company Overview - The "Dongxu System" was founded by Li Zhaoting in 1997, initially focusing on CRT glass manufacturing before transitioning to LCD glass substrates, benefiting from government support [3][4]. - Dongxu Group became a leading player in the LCD glass substrate industry, with its subsidiary Dongxu Optoelectronics (000413.SZ) going public in 2011 and reaching a market capitalization exceeding 100 billion yuan [3][4][5]. Financial Misconduct - A systematic financial fraud case from 2015 to 2019 involved inflating revenues by 645.85 billion yuan and profits by 207.83 billion yuan, leading to a record fine of 16.6 billion yuan from the Hebei Securities Regulatory Bureau [1][12][13]. - Dongxu Group's financial health deteriorated significantly, with cumulative losses of 520.27 billion yuan from 2019 to 2023, and a debt-to-asset ratio of approximately 84.86% as of June 2024 [8][10]. Regulatory Actions - The group faced multiple regulatory penalties, including investigations for information disclosure violations and non-compliance with financial reporting [11][12][13]. - Dongxu Optoelectronics was delisted from the stock market after its share price fell below 1 yuan for 20 consecutive trading days, while Dongxu Lantian was also delisted in April 2025 [11][12]. Asset Recovery Potential - Despite the collapse, there are indications that some of Dongxu Group's optical assets may still hold value, with local state-owned enterprises assessing the disposal value of related assets [2][15]. - The glass substrate industry remains critical, with significant demand in China and a low domestic production rate for high-generation lines, suggesting potential for future growth and recovery [16][17]. Project Developments - Dongxu Group has initiated several projects in various regions, including a significant investment in the Qingdao Optoelectronic Industry Park, which aims to enhance domestic production capabilities for display materials [18][20]. - However, some projects have faced delays or have stalled, indicating ongoing challenges in funding and operational capacity [21][22].

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges plan to adjust the price fluctuation limit for risk warning stocks from 5% to 10%, aiming to enhance pricing efficiency in the market [2][9]. Group 1: Risk Warning Stocks - Risk warning stocks include "*ST" and "ST" stocks, which are subject to trading restrictions due to financial irregularities that may lead to forced delisting [2]. - As of July 2, there are 99 "*ST" stocks and 74 "ST" stocks in the main boards of the Shanghai and Shenzhen markets [2]. - "*ST" stocks have a higher risk of delisting compared to "ST" stocks, with most stocks that were forcibly delisted this year being "*ST" stocks [2]. Group 2: Stock Performance - Stocks that received a "*ST" designation often experience significant price declines prior to delisting, with examples showing price drops between 75% and 92% in the year leading up to their delisting [2]. - For instance, after being designated as "*ST", Taihe Water's stock price fell by 20% in the month prior to the announcement and dropped 9.54% on the announcement day [3]. - Highong Co. transitioned from "ST" to "*ST" in April 2024, with its stock price declining by 48% over the year and an additional 9% from the beginning of the year to July 2 [4]. Group 3: Market Implications - The adjustment of the fluctuation limit to 10% means that if a company's fundamentals improve, its stock price can rise more quickly, and conversely, if the fundamentals worsen, the stock price can fall rapidly, potentially leading to faster delisting [9]. - Experts advise that ordinary investors should avoid "*ST" and "ST" stocks due to their inherent risks and historical performance trends [9].

Core Viewpoint - The regulatory authorities have intensified oversight on delisted companies, with a significant increase in penalties issued this year compared to the previous year, aimed at protecting the rights of small and medium investors and enhancing market integrity [1][2][3]. Regulatory Actions - As of July 10, 2023, 19 delisted companies have received 20 penalties from the China Securities Regulatory Commission (CSRC) or local regulatory bodies, a substantial increase from 10 penalties in the same period last year [2]. - The penalties include 18 administrative punishment decisions and 2 advance notices of administrative punishment, reflecting a strict "delisting does not exempt from liability" policy [2]. Case Examples - Nanjing Yuebo Power System Co., Ltd. was fined a total of 3.8 million yuan for failing to disclose its annual report on time and for financial misconduct, highlighting the regulatory focus on financial integrity [2]. - Guangdong Haiyin Group Co., Ltd. was penalized 13 million yuan for failing to disclose significant transactions with related parties in its annual reports, demonstrating the zero-tolerance approach of regulators [3]. Investor Compensation - Efforts to support investor compensation are ongoing, with various lawsuits initiated against delisted companies for losses incurred due to fraudulent activities [4]. - The Supreme People's Court and the CSRC have issued guidelines allowing investors to file civil compensation lawsuits for losses caused by false statements [4]. Legal Framework and Enforcement - There is a call for improved legal frameworks to facilitate investor rights and lower the costs of legal actions, emphasizing the need for streamlined processes and enhanced collaboration among regulatory bodies [5]. - The regulatory framework includes a multi-faceted accountability system that combines administrative, civil, and criminal measures to deter fraudulent activities in the capital market [6][7].

Core Viewpoint - The case of Dongxu Group serves as a significant warning for companies regarding the importance of risk management and internal controls, highlighting that neglecting these aspects can lead to severe consequences, including substantial financial penalties and market exclusion [4][6]. Financial Performance and Crisis Trajectory - Dongxu Group's financial data revealed a troubling crisis trajectory, with cash reserves evaporating by nearly 50 billion yuan and other receivables surging from 10.2 billion yuan to 65.9 billion yuan, an increase of 55.7 billion yuan [3]. - The group reported revenue of 34.4 billion yuan but incurred a net loss of 32.9 billion yuan, with its two listed companies suffering losses for three consecutive years from 2020 to 2022 [3][4]. Risk Management Failures - The root cause of Dongxu's downfall was its inadequate risk management, characterized by aggressive and blind expansion across multiple industries without a corresponding enhancement in internal controls and risk identification capabilities [4][5]. - The financial fraud exposed within the company exemplified a lack of risk awareness and failure in internal controls [4]. Importance of Risk Control Framework - The book "Three Lines of Defense in Enterprise Risk Management" emphasizes that while development is crucial, neglecting safety can lead to irreversible damage, making risk management a core competitive advantage [4][6]. - Companies must elevate risk management to a strategic priority, establishing a systematic risk management framework to avoid repeating Dongxu's mistakes [4][6]. Recommendations for Effective Risk Management - The highest management must recognize the strategic value of risk control and integrate it into the company's top-level design, allocating necessary resources [5]. - A comprehensive risk management mechanism should be established, covering risk identification, assessment, response, monitoring, and continuous improvement [5]. - A multi-layered defense system should be constructed, with clear responsibilities and collaboration among business units, risk management departments, and audit functions to ensure effective risk control [5][6].

Core Viewpoint - The article discusses the administrative penalties imposed by the Hebei Securities Regulatory Bureau on Dongxu Optoelectronics for fraudulent stock issuance, highlighting the total amount raised and the penalties applied to the company and its controlling shareholders [1][3][11]. Group 1: Fraudulent Stock Issuance - Dongxu Optoelectronics raised a total of 7.565 billion yuan through fraudulent stock issuance in 2017 [2][11]. - The penalties imposed on Dongxu Optoelectronics, its actual controller, and its controlling shareholder amount to 378 million yuan each, which is 5% of the total raised amount, representing the maximum penalty under the old securities law [1][4][11]. Group 2: Legal Framework and Penalties - The investigation was conducted based on the provisions of the 2005 and 2019 revised Securities Law of the People's Republic of China, which outlines the penalties for fraudulent issuance [3][10]. - The new Securities Law significantly increases the penalties for fraudulent stock issuance, allowing for fines of 10% to up to 1 times the illegal fundraising amount for already issued securities [12][13][14]. Group 3: Involvement of Key Individuals - The actual controller, Li Mouting, and the controlling shareholder, Dongxu Group, were found to have organized and directed Dongxu Optoelectronics in committing the fraudulent acts, leading to separate legal actions against them [7][8].

Group 1: US Tariff Plans and Market Reactions - President Trump plans to announce new tariffs in the coming days, indicating a willingness to negotiate tariff agreements with other countries, but any agreements will likely occur after the tariffs take effect on April 2 [1] - The US stock market saw significant declines, with the Nasdaq dropping 2.7%, the S&P 500 down 1.97%, and the Dow Jones falling 1.69% [1][4] Group 2: Technology Sector Performance - Major tech stocks experienced declines, with Netflix, Google, Amazon, and Meta falling over 4%, while Tesla, Microsoft, and Intel dropped over 3% [2] - The Nasdaq Golden Dragon China Index fell by 3.11%, with popular Chinese stocks like Baidu and NIO dropping over 5% [2] Group 3: IPO Market Developments - Wolfspeed's stock plummeted approximately 52%, marking the worst single-day performance for an IPO in the US [3] - CoreWeave's IPO closed flat at $40 on its first day of trading [3] Group 4: Commodity Market Trends - COMEX gold futures for June rose by 0.59% to $3116.6, marking a weekly increase of 2.26% [4] - WTI crude oil futures for May fell by 0.8% to $69.36 per barrel, with a weekly increase of 1.58% [4] Group 5: Regulatory and Taxation News - The Trump administration is unexpectedly considering higher taxes on the wealthy, which could provide room for other priority issues [6] - The EU plans to impose mild penalties on Apple and Meta under its digital market regulations, potentially leading to fines amounting to billions of dollars [8] Group 6: Market Movements and Trends - The six major state-owned banks in China reported a total net profit of approximately 1.4 trillion yuan for 2024, averaging about 38 billion yuan per day [17] - The Chinese central bank stated that current financial risks are overall controllable, with the financial system's resilience expected to improve as the macro economy recovers [20]

东旭光电科技股份有限公司（以下简称"公司"）于2024年9月20日收到深 圳证券交易所出具的《关于东旭光电科技股份有限公司股票终止上市的决定》（深 证上〔2024〕775号）。鉴于公司股票被深圳证券交易所决定终止上市，根据《深 圳证券交易所股票上市规则（2024年修订）》《关于退市公司进入退市板块挂牌 转让的实施办法》等相关规定，公司应当在股票被终止上市后及时做好相关工作， 以确保公司股份在摘牌后四十五个交易日内可以进入全国中小企业股份转让系 统有限责任公司依托原证券公司代办股份转让系统设立并代为管理的两网公司 及退市公司板块（以下简称"退市板块"）挂牌转让。 证券代码：000413、200413 证券简称：ST 旭电、ST 东旭 B 公告编号：2024-068 东旭光电科技股份有限公司 关于公司股票终止上市暨摘牌的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 特别提示： 公司股票已被深圳证券交易所决定终止上市，并将于 2024 年 10 月 11 日被 摘牌。 一、终止上市的证券种类、证券简称、证券代码、终止上市决定日期、摘牌 日期 1、证券种类、证 ...

得股东名册、报送退市板块股份初始登记申请数据、向全国股转公司申请证券简 称和证券代码等。 证券代码：000413、200413 证券简称：ST 旭电、ST 东旭 B 公告编号：2024-067 东旭光电科技股份有限公司 关于聘请主办券商的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 特别提示： 请投资者或托管券商等市场主体在公司股票摘牌前及时了结股票质押式回 购、约定购回、融资融券、转融通、深股通等业务。 一、聘请主办券商的情况说明 东旭光电科技股份有限公司（以下简称"公司"）A 股和 B 股股票在 2024 年 7 月 18 日至 2024 年 8 月 14 日期间，通过深圳证券交易所交易系统连续二十个 交易日的每日股票收盘价同时均低于 1 元，触及深圳证券交易所《股票上市规则 （2024 年修订）》第 9.2.1 条第一款第五项规定的股票终止上市情形。公司于 2024 年 9 月 20 日收到深圳证券交易所下发的《关于东旭光电科技股份有限公司 股票终止上市的决定》（深证上[2024]775 号），深圳证券交易所决定终止公司 股票上市。 鉴于公司 A ...