Core Viewpoint - Hengli Industrial has been penalized for inflating its operating income by a total of 595 million yuan from 2020 to the first half of 2023, leading to false financial statements. The Hunan Securities Regulatory Bureau plans to impose fines totaling 39.4 million yuan on the company and 19 responsible individuals, highlighting the principle of "delisting does not exempt from liability" in securities regulation [1][2][3]. Summary by Sections Financial Misconduct - From 2020 to the first half of 2023, Hengli Industrial inflated its operating income by 227 million yuan, 181 million yuan, 136 million yuan, and 51 million yuan, representing 74.24%, 52.27%, 55.08%, and 47.77% of the reported operating income for those periods respectively [2] - The company also inflated its operating costs by 220 million yuan, 175 million yuan, 132 million yuan, and 49 million yuan, accounting for 77.53%, 53.9%, 55.45%, and 50.43% of the reported operating costs respectively [2] - The financial fraud was facilitated by third-party cooperation, where Hengli Industrial used its wholly-owned subsidiary to coordinate with suppliers and customers to create fictitious transactions [2][3]. Regulatory Actions - The Hunan Securities Regulatory Bureau intends to impose an 8 million yuan fine on Hengli Industrial and a total of 31.4 million yuan in fines on 19 responsible individuals, including the former chairman [3] - This is not the first penalty for Hengli Industrial post-delisting; previously, on September 19, the company and seven individuals were fined 11.5 million yuan for information disclosure violations [3]. Audit and Legal Issues - Hengli Industrial changed its auditing firm to Shenzhen Xutai Accounting Firm, which reported an adjusted revenue of 196 million yuan, leading to a significant disagreement between the two parties [4][5] - The company filed a lawsuit against the previous auditing firm, claiming damages of 38.27 million yuan due to alleged negligence and failure to provide timely audit evidence [6][7].

◎记者 夏子航 退市不是"免罚牌" 。监管"长牙带刺"，持续对退市公司及相关责任人的违法违规问题一追到底。 《行政处罚事先告知书》指出，恒立实业上述行为涉嫌违反《中华人民共和国证券法》（以下简称"证 券法"）第七十八条第二款，构成《证券法》第一百九十七条第二款所述违法行为。 根据证券法，信息披露义务人报送的报告或者披露的信息有虚假记载、误导性陈述或者重大遗漏的，责 令改正，给予警告，并处以一百万元以上一千万元以下的罚款；对直接负责的主管人员和其他直接责任 人员给予警告，并处以五十万元以上五百万元以下的罚款。 "关键少数"难辞其咎，遭重罚3140万元 调查认为，恒立实业时任董事长全面管理公司各项业务，组织决策开展乙二醇贸易，参与贸易事项审 批。 11月21日，湖南证监局向恒立实业发展集团股份有限公司（以下简称"恒立实业"，退市后简称"R恒立 1"，代码：400277）及相关责任人下发《行政处罚事先告知书》称，恒立实业年报等信息披露文件财务 数据涉嫌虚假披露一案已调查完毕，拟对恒立实业及19名相关责任人合计罚款3940万元。 这一处罚决定体现了监管部门对资本市场违法违规行为"零容忍"的坚决态度。监管部门持续高度关 ...

Core Viewpoint - The regulatory authority demonstrates a "zero tolerance" approach towards violations in the capital market, as evidenced by the administrative penalties imposed on Hengli Industrial Development Group Co., Ltd. for false financial disclosures [3][10][14]. Summary by Sections Regulatory Actions - On November 21, the Hunan Securities Regulatory Bureau issued an administrative penalty notice to Hengli Industrial and 19 related individuals, proposing a total fine of 39.4 million yuan [3][9]. - The penalties reflect the regulatory body's commitment to addressing illegal activities in the capital market, with ongoing investigations into Hengli Industrial's irregularities [3][10]. Financial Misconduct - Hengli Industrial was found to have inflated its revenue and costs through fictitious transactions in its glycol trading business, leading to significant discrepancies in its financial reports from 2020 to the first half of 2023 [4][5]. - The company reported inflated revenues of approximately 227 million yuan, 181 million yuan, 135 million yuan, and 51.19 million yuan for the respective years, constituting 74.24%, 52.27%, 55.08%, and 47.77% of the reported revenues [5]. Accountability of Executives - Key executives, including the chairman and president, were identified as directly responsible for the violations, with penalties totaling 31.4 million yuan for these individuals [6][9]. - Additional executives and board members were also implicated for failing to exercise due diligence regarding the company's trading activities and financial disclosures [7][8]. Consequences of Delisting - Hengli Industrial's stock was delisted on July 16 due to failure to disclose its 2024 annual report within the legal timeframe, marking a significant decline in its operational status [10][14]. - The company faced two separate investigations within a month, highlighting the regulatory body's swift action against non-compliance [13][14]. Investor Protection - Despite the company's delisting, the protection of investor rights remains a priority, with ongoing legal actions against companies for false disclosures, reinforcing the message that delisting does not equate to immunity from accountability [14].

退市不是"免罚牌"。监管"长牙带刺"，持续对退市公司及相关责任人的违法违规问题一追到底。 11月21日，湖南证监局向恒立实业发展集团股份有限公司（以下简称"恒立实业"，退市后简称"R恒立1"，代码：400277）及相关责任人下发《行政处罚事 先告知书》称，恒立实业年报等信息披露文件财务数据涉嫌虚假披露一案已调查完毕，拟对恒立实业及19名相关责任人合计罚款3940万元。 经调查，恒立实业为了扩大收入规模，以全资子公司湖南恒胜互通国际贸易有限公司（以下简称"恒胜互通"）为平台，协调供应商及客户，通过虚构交易 开展无商业实质的乙二醇贸易业务。 2020年至2023上半年，恒立实业分别虚增营业收入约2.27亿元、1.81亿元、1.35亿元、5119万元，占当期披露营业收入的比例分别为74.24%、52.27%、 55.08%、47.77%；分别虚增营业成本约2.20亿元、1.75亿元、1.32亿元、4941万元，占当期披露营业成本的比例分别为77.53%、53.9%、55.45%、 50.43%。 上述行为导致恒立实业2020年至2022年的年度报告、2023年半年度报告存在虚假记载。此前，恒立实业时任董事、监事、高 ...

经查，湖南证监局发现公司在恒立实业发展集团股份有限公司（简称恒立实业）2023年度营业收入扣除 情况及扣除后营业收入金额的专项核查项目执业中存在多个问题。 一、业务承接不规范 11月11日，湖南证监局公告，对深圳堂堂会计师事务所（普通合伙）及相关人员出具警示函。 《业务承接评价表》与《风险评估结果汇总表》中关于风险的表述前后矛盾。 四、实质性程序不到位 一是未及时归档修改后的策略及计划相关底稿。二是具体计划中未列示为应对重大错报风险拟实施的具 体程序及选择理由。 （一）异常情况核查不到位 三、风险识别和评估不到位 一是未就盘点发现的实际安装数量低于合同约定数量执行恰当的进一步程序，以评估收入是否满足确认 条件，未保持应有的职业怀疑。二是未就购、销货物不一致执行走访、回款流水穿透核查等进一步程 序。 （二）函证程序不到位 一是未函证相关设备安装业务收入情况。二是部分函证未记录函证收发地址、收件人及回函发件人身份 等信息的核验情况。 （三）访谈程序不到位 未获取恒立实业管理层就该营业收入扣除情况表编制责任出具的书面声明，也未在《恒立实业发展集团 股份有限公司关于2023年度营业收入扣除情况及扣除后的营业收入金额的 ...

Core Points - The Shanghai Composite Index fell by 0.41% to close at 3960.1860 points, while the Shenzhen Component Index dropped by 1.71% to 13175.221 points as of November 4 [1] Group 1: Top Gainers in Hunan Stocks - Changlan Technology opened at 16.740 and closed at 17.050, gaining 1.85% with a highest price of 17.720 and a lowest of 16.690, trading volume was 52,194 lots [2] - Mengjie Co., Ltd. opened at 4.270 and closed at 4.340, increasing by 1.64% with a highest price of 4.380 and a lowest of 4.260, trading volume was 239,327 lots [2] - Hunan Development opened at 13.100 and closed at 13.190, up by 1.46% with a highest price of 13.360 and a lowest of 13.020, trading volume was 247,072 lots [2] - Hunan Investment opened at 5.710 and closed at 5.780, rising by 1.40% with a highest price of 5.790 and a lowest of 5.660, trading volume was 170,367 lots [2] - Tianqiao Hoisting opened at 4.400 and closed at 4.510, increasing by 1.35% with a highest price of 4.530 and a lowest of 4.390, trading volume was 787,041 lots [2] Group 2: Top Losers in Hunan Stocks - Hengli Retreat opened at 0.160 and closed at 0.150, decreasing by 11.76% with a highest price of 0.170 and a lowest of 0.150, trading volume was 611,606 lots [3] - Qidi Pharmaceutical opened at 12.090 and closed at 11.450, down by 5.61% with a highest price of 12.090 and a lowest of 11.430, trading volume was 145,241 lots [3] - Kaimete Gas opened at 23.830 and closed at 23.340, falling by 4.70% with a highest price of 24.290 and a lowest of 23.130, trading volume was 763,116 lots [3] - Hunan Silver opened at 6.280 and closed at 6.130, declining by 3.46% with a highest price of 6.300 and a lowest of 6.090, trading volume was 991,979 lots [3] - Hunan Gold opened at 20.980 and closed at 20.530, decreasing by 3.16% with a highest price of 21.170 and a lowest of 20.260, trading volume was 473,720 lots [3]

Market Overview - As of October 27, the Shanghai Composite Index rose by 1.18%, closing at 3996.9445 points, while the Shenzhen Component Index increased by 1.51%, closing at 13489.403 points [1]. Top Gainers in Hunan Stocks - *ST Jingfeng opened at 7.690 and closed at 7.690, with a daily increase of 5.05%, maintaining the same price throughout the day, with a trading volume of 24,128 lots [2]. - Tianqiao Crane opened at 4.210 and closed at 4.340, rising by 4.08%, with a daily high of 4.350 and a low of 4.150, and a trading volume of 1,184,114 lots [2]. - Aoshikang opened at 39.620 and closed at 40.920, up by 3.52%, reaching a high of 41.240 and a low of 39.600, with a trading volume of 62,736 lots [2]. - Yanjinpuzi opened at 69.010 and closed at 70.350, increasing by 3.30%, with a daily high of 71.120 and a low of 68.500, and a trading volume of 36,492 lots [2]. - Hualing Steel opened at 5.740 and closed at 5.910, up by 2.96%, with a high of 5.970 and a low of 5.740, and a trading volume of 1,103,156 lots [2]. Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, experiencing a decline of 11.76%, with a daily high of 0.170 and a low of 0.150, and a trading volume of 611,606 lots [3]. - *ST Gaosi opened at 8.300 and closed at 8.350, down by 2.45%, with a high of 8.450 and a low of 8.130, and a trading volume of 58,408 lots [3]. - Changlan Technology opened at 17.700 and closed at 17.410, decreasing by 1.97%, with a high of 17.780 and a low of 17.200, and a trading volume of 45,737 lots [3]. - Hansen Pharmaceutical opened at 6.620 and closed at 6.510, down by 1.06%, with a high of 6.620 and a low of 6.480, and a trading volume of 94,306 lots [3]. - Hunan Investment opened at 5.730 and closed at 5.630, decreasing by 1.05%, with a high of 5.740 and a low of 5.580, and a trading volume of 171,054 lots [3].

Core Viewpoint - The long and tumultuous capital journey of *ST Hengli, a veteran listed company, is set to conclude in June 2025, as it faces delisting after failing to disclose a majority of its board's assurance on the authenticity of its 2024 annual report within the legal timeframe [1] Group 1: Company History - *ST Hengli was listed on the Shenzhen Stock Exchange in 1996, initially focusing on manufacturing automotive air conditioning equipment [3] - The company was first subjected to ST status in 2005 due to poor performance [4] - From 2006 to 2013, *ST Hengli faced a seven-year suspension from trading, during which it attempted various self-rescue operations, including asset sales and debt restructuring, to avoid delisting [5] - After regaining its listing, *ST Hengli quickly returned to losses, reporting net losses of 37 million yuan and 47 million yuan in 2014 and 2015, respectively [5][6] - In 2021, the company reported a profit of 171,960 yuan, but it suffered losses exceeding 10 million yuan in both 2022 and 2023, with revenue declining from 346 million yuan in 2021 to 111 million yuan in 2023 [7] Group 2: Efforts to Avoid Delisting - In August 2024, *ST Hengli announced that Xiangcheng Shenzhou acquired 76 million shares, becoming the largest shareholder, with plans to pivot towards lithium carbonate processing [8][9] - Following the acquisition, *ST Hengli projected a revenue increase to between 300 million and 350 million yuan for 2024, with over 200 million yuan expected from the newly acquired assets in Q4 [10] Group 3: Audit Controversy - The company's efforts to avoid delisting faced significant challenges when its auditor, Shenzhen Xutai Accounting Firm, raised serious doubts about its revenue figures, suggesting a reduction to 196 million yuan [11][12] - *ST Hengli disagreed with the auditor's assessment, leading to a major dispute over revenue recognition methods [14] - The company opted to sue the auditor for alleged obstruction during the audit process, seeking 38.27 million yuan in damages [16][17] Group 4: Final Penalties - Despite the lawsuit, *ST Hengli's delisting fate remained unchanged, as it received a warning and a fine of 3.5 million yuan from the Hunan Securities Regulatory Bureau [18] - Key executives, including the chairman and financial director, were also penalized with fines totaling 1.8 million yuan for their roles in the situation [19] - As of June 25, *ST Hengli entered a 15-day delisting preparation period, with the final trading day expected to be July 15, 2025, marking the end of its 29-year journey in the capital market [19]

Market Overview - As of October 17, the Shanghai Composite Index fell by 1.95%, closing at 3839.7553 points, while the Shenzhen Component Index dropped by 3.04%, closing at 12688.936 points [1]. Top Gainers in Hunan Stocks - Hunan Silver opened at 7.820 and closed at 8.040, gaining 4.28% with a highest price of 8.270 and a lowest price of 7.640, trading volume reached 338.5494 million shares [2]. - Mengjie Co. opened at 3.760 and closed at 3.860, up by 2.93%, with a highest price of 3.920 and a lowest price of 3.720, trading volume was 43.4706 million shares [2]. - Bubugao opened at 5.610 and closed at 5.740, increasing by 2.50%, with a highest price of 6.100 and a lowest price of 5.610, trading volume was 275.9286 million shares [2]. - *ST Biological opened at 8.890 and closed at 9.010, up by 1.69%, with a highest price of 9.050 and a lowest price of 8.820, trading volume reached 2.1293 million shares [2]. - *ST Gauss opened at 8.400 and closed at 8.470, gaining 1.19%, with a highest price of 8.650 and a lowest price of 8.320, trading volume was 3.6155 million shares [2]. Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, down by 11.76%, with a highest price of 0.170 and a lowest price of 0.150, trading volume reached 61.1606 million shares [3]. - Taijia Co. opened at 20.650 and closed at 19.370, decreasing by 8.20%, with a highest price of 20.890 and a lowest price of 19.360, trading volume was 14.601 million shares [3]. - Changlan Technology opened at 18.280 and closed at 16.900, down by 7.55%, with a highest price of 18.300 and a lowest price of 16.880, trading volume reached 8.7081 million shares [3]. - Jinbei Electric opened at 12.700 and closed at 11.820, decreasing by 7.51%, with a highest price of 12.740 and a lowest price of 11.770, trading volume was 44.8327 million shares [3]. - Aoshikang opened at 39.800 and closed at 37.070, down by 6.86%, with a highest price of 39.800 and a lowest price of 36.900, trading volume reached 5.6638 million shares [3].

Market Performance - As of September 22, the Shanghai Composite Index rose by 0.22%, closing at 3828.5764 points, while the Shenzhen Component Index increased by 0.67%, closing at 13157.974 points [1] Top Gainers in Hunan Stocks - Kaimete Gas opened at 21.880 and closed at 22.840, achieving a daily increase of 10.02% with a trading volume of 1,582,117 lots [2] - Hunan Silver opened at 6.540 and closed at 6.750, marking a rise of 9.93% with a trading volume of 3,188,413 lots [2] - Shanhe Intelligent opened at 15.560 and closed at 16.640, reflecting a gain of 5.05% with a trading volume of 2,981,456 lots [2] - Changgao Electric New opened at 7.730 and closed at 7.820, increasing by 4.97% with a trading volume of 586,730 lots [2] - Dianguang Media opened at 7.860 and closed at 8.160, up by 3.82% with a trading volume of 693,076 lots [2] Top Losers in Hunan Stocks - Hengli Retreat opened at 0.160 and closed at 0.150, experiencing a decline of 11.76% with a trading volume of 611,606 lots [3] - Huatian Hotel opened at 4.050 and closed at 3.860, down by 5.39% with a trading volume of 824,913 lots [3] - Jiugui Liquor opened at 68.300 and closed at 66.980, falling by 3.32% with a trading volume of 121,662 lots [3] - Yanjinpuzi opened at 70.800 and closed at 68.550, decreasing by 2.97% with a trading volume of 27,168 lots [3] - Qidi Pharmaceutical opened at 12.220 and closed at 11.870, down by 2.94% with a trading volume of 85,633 lots [3]