Core Points - Shenyang Chemical Co., Ltd. received an administrative penalty from the Liaoning Regulatory Bureau of the China Securities Regulatory Commission for falsifying financial data from 2018 to 2021, resulting in a fine of 7 million yuan and warnings to responsible personnel [1] - The company’s subsidiary, Shenyang Wax Chemical, manipulated financial data by adjusting production input quantities and delaying inventory recognition, leading to false reporting in annual reports for four consecutive years [1] - Affected investors who purchased shares between March 21, 2019, and August 9, 2024, may register for compensation through the "Sina Investor Rights Protection Platform" [2][3] Summary by Sections - **Administrative Penalty**: Shenyang Chemical was warned and fined 7 million yuan due to false financial reporting, with key personnel facing market bans of 8 and 4 years [1] - **Investigation Background**: The company was under investigation for information disclosure violations, leading to the issuance of a notice of administrative penalty [1] - **Investor Compensation**: Investors who held shares during the specified period may be eligible for compensation, with the final compensation scope determined by the court [3]

Core Points - ST Shenhua (000698) has been penalized for information disclosure violations, receiving a total fine of 15.7 million yuan and warnings for four responsible individuals [1][3] - The violations involved significant financial misstatements over four consecutive years, impacting the integrity of financial reports [2][3] Summary by Sections Information Disclosure Violations - ST Shenhua's violations were identified as a result of its subsidiary, Shenyang Paraffin Chemical Co., manipulating financial data to meet management and assessment requirements [1][2] - The company reported false figures in its annual reports from 2018 to 2021, including inflated profits and understated costs [2] Financial Impact - In 2018, ST Shenhua falsely reduced operating costs and inflated total profits by 130 million yuan, which constituted 80.44% of the reported profit for that year [2] - The 2019 report showed a false reduction of operating costs and an inflation of profits by 204 million yuan, accounting for 29.4% of the reported profit [2] - In 2020, the company again misreported, with a false reduction of operating costs by 104 million yuan, representing 19.14% of the reported profit [2] - The 2021 report indicated a false inflation of operating costs and a reduction of profits by 148 million yuan, which was 70.11% of the reported profit [2] Penalties and Consequences - The penalties included a total fine of 15.7 million yuan, with specific fines for the chairman, general manager, and other responsible individuals [3] - The chairman, Sun Zesheng, received an 8-year market ban, while the chief accountant, Li Zhong, received a 4-year ban [3] - Other board members and executives received warnings and administrative measures from the regulatory authority [3] Investor Implications - Investors affected by the false disclosures are eligible to file civil lawsuits for damages, particularly those who purchased shares between March 21, 2019, and April 28, 2023 [4][5] - Legal experts emphasize the importance of timely action for investors to claim compensation before the statute of limitations expires [5]

Core Viewpoint - ST Shenhua (000698) has been penalized by the Liaoning Regulatory Bureau of the CSRC for false reporting in annual reports from 2018 to 2021, leading to significant financial misstatements [2][6]. Summary by Relevant Sections Financial Misstatements - The company’s wholly-owned subsidiary, Shenyang Wax Chemical, manipulated financial data from 2018 to 2021 by adjusting production input quantities and delaying inventory recognition, resulting in inflated profits and understated costs [5][6]. - Cumulatively, the company inflated total profits by 290 million yuan over the four years [8]. Specific Annual Report Adjustments - In 2018, the company understated operating costs by 130 million yuan, inflated total profits by 130 million yuan (80.44% of reported profit), and understated inventory by 509 million yuan [7]. - In 2019, operating costs were understated by 204 million yuan, with total profits inflated by the same amount (29.4% of reported profit) [7]. - In 2020, operating costs were understated by 104 million yuan, with total profits inflated by 104 million yuan (19.14% of reported profit) [7]. - In 2021, operating costs were inflated by 148 million yuan, leading to a reduction in total profits by the same amount (70.11% of reported profit) [7]. Penalties and Consequences - The company received a warning and a fine of 7 million yuan, while four senior executives were penalized, with the highest being an 8-year market ban for the former general manager, Sun Zesheng [10][11]. - Other executives received fines ranging from 100,000 to 350,000 yuan and varying lengths of market bans [11]. Company Response - ST Shenhua has committed to learning from this incident, improving compliance with laws and regulations, and enhancing internal governance to protect shareholder interests [11].

Core Viewpoint - The Shenyang Chemical case highlights significant risks associated with financial misconduct at subsidiaries, which can severely impact the parent company's financial integrity and market trust [4][5][6]. Summary by Sections Financial Misconduct Details - Shenyang Wax Chemical, a wholly-owned subsidiary of Shenyang Chemical, engaged in financial fraud from 2018 to 2021 by manipulating production input quantities and delaying inventory recognition, leading to false financial statements [1][2]. - The fraudulent activities resulted in inflated profits of CNY 130 million, CNY 204 million, and CNY 104 million for the years 2018, 2019, and 2020 respectively, while the 2021 report showed a profit reduction of CNY 148 million [2]. Regulatory Actions - The Liaoning Securities Regulatory Bureau imposed a total fine of CNY 15.7 million on Shenyang Chemical and four responsible individuals, with specific penalties including CNY 7 million for the company and CNY 3.5 million for the chairman [3]. - Several executives received warnings and fines, with two individuals facing market bans of 8 years and 4 years respectively [3]. Implications for Corporate Governance - The case underscores the systemic risks posed by subsidiary financial issues, which can distort the parent company's financial health and erode market confidence [5][6]. - The involvement of multiple levels of management in the misconduct indicates severe deficiencies in corporate governance and internal controls [6]. Recommendations for Improvement - Experts suggest enhancing legal regulations, improving corporate governance, and strengthening regulatory enforcement to mitigate such risks [7]. - Companies should implement strict vertical financial management and internal control systems for subsidiaries, ensuring that financial personnel appointments and assessments are led by the parent company [7].

Group 1 - Multiple listed companies received notices from regulatory authorities regarding suspected violations of information disclosure laws [1][4][7] - Haide Co. is under investigation by the CSRC for suspected information disclosure violations, with its actual controller Wang Guangxi being investigated [1] - Tianfeng Securities also received a notice from the CSRC for suspected information disclosure violations and illegal financing [4] Group 2 - Yuanda Intelligent received a pre-penalty notice from the Liaoning Securities Regulatory Bureau for falsely reporting sales revenue in multiple annual reports [7] - Puli Pharmaceutical, which has been delisted, received a pre-penalty notice for failing to disclose its 2024 annual report on time [10] - ST Shenhua was fined 7 million yuan for false records in its annual reports from 2018 to 2021, with the company correcting its financial data [13][14]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued administrative penalties against Shenyang Chemical Co., Ltd. and several individuals for violations related to false financial disclosures from 2018 to 2021 [2][4][5]. Group 1: Violations and Findings - Shenyang Chemical's subsidiary, Shenyang Wax Chemical, manipulated financial data by adjusting production input quantities and delaying inventory recognition, leading to false reporting in annual reports [4][5]. - Specific financial discrepancies include: - 2018: Reduced operating costs by CNY 129.91 million, inflated profit by 80.44% [4]. - 2019: Reduced operating costs by CNY 204.50 million, inflated profit by 29.4% [4]. - 2020: Reduced operating costs by CNY 104.23 million, inflated profit by 19.14% [4]. - 2021: Inflated operating costs by CNY 147.76 million, reduced profit by 70.11% [4]. Group 2: Penalties Imposed - Shenyang Chemical was fined CNY 7 million and received a warning [9]. - Key individuals received the following penalties: - Sun Zesheng (Chairman and General Manager): fined CNY 3.5 million and banned from the securities market for 8 years [7][9]. - Li Zhong (Chief Accountant): fined CNY 3 million and banned for 4 years [8][9]. - Yang Lin (Director): fined CNY 1.2 million [9]. - Leng Zhaojia (Finance Head): fined CNY 1 million [9].

Group 1 - The Shenzhen Stock Exchange issued a regulatory letter to Shenyang Chemical Co., Ltd. regarding false disclosures in annual reports from 2018 to 2021 [1] - The company and several key personnel, including the board secretary and independent directors, failed to fulfill their duties and were held responsible for the violations of the stock listing rules [1][2] - As of the report date, Shenyang Chemical's market capitalization is 3.1 billion yuan [3] Group 2 - For the first half of 2025, Shenyang Chemical's revenue composition was 63.14% from the polyether chemical industry, 35.95% from the chlor-alkali chemical industry, and 0.9% from other businesses [2]

证券代码：000698 证券简称：ST 沈化 公告编号：2025-043 沈阳化工股份有限公司 关于收到中国证券监督管理委员会辽宁监管局 《行政处罚决定书》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。 沈阳化工股份有限公司（以下简称"公司"）于 2024 年 8 月 9 日收到中国 证券监督管理委员会（以下简称"中国证监会"）下发的《中国证券监督管理委 员会立案告知书》（编号：证监立案字 0022024003 号），因公司涉嫌信息披露 违法违规，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法 律法规，中国证监会决定对公司立案。具体内容详见公司于 2024 年 8 月 10 日在 巨潮资讯网披露的《沈阳化工股份有限公司关于收到中国证券监督管理委员会立 案告知书的公告》（公告编号：2024-045）。 公司于 2025 年 9 月 30 日收到中国证券监督管理委员会辽宁监管局下发的 《行政处罚事先告知书》(〔2025〕5 号)，公司涉嫌信息披露违法违规案，已由 中国证券监督管理委员会辽宁监管局调查完毕，并依法拟对公司作出行政处罚。 具体内容 ...

沈阳化工股份有限公司关于 相关人员收到中国证券监督管理委员会辽宁监管局 警示函措施的公告 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。 沈阳化工股份有限公司（以下简称"公司"）获悉，相关人员收到中国证券 监督管理委员会辽宁监管局下发的出具警示函措施的决定（〔2025〕38 号）现 将有关情况公告如下： 一、警示函措施的具体内容 "王大壮、黄殿利、代越、李忠臣、刘沂、赵希男、范存艳、许卫东、胡宁、 孔伟、孙浩洋、邵长伟、王岩、杨向宏、卜新平、张国瑞、葛友根、吴粒、龙得 水、李永辉、张羽超、郭廷会、张振阳、周展鹏： 经查，沈阳化工股份有限公司（以下简称沈阳化工）存在信息披露违法行为， 辽宁证监局已于 2025 年 11 月 25 日对沈阳化工及相关责任人作出行政处罚。 沈阳化工时任董事、监事和高级管理人员王大壮、黄殿利、代越、李忠臣、 刘沂、赵希男、范存艳、许卫东、胡宁、孔伟、孙浩洋、邵长伟、王岩、杨向宏、 卜新平、张国瑞、葛友根、吴粒、龙得水、李永辉、张羽超、郭廷会、张振阳、 周展鹏未按照《上市公司信息披露管理办法》（证监会令第 40 号）第三条、《上 市公司 ...

Core Viewpoint - The company, ST Shenhua, has received an administrative penalty from the Liaoning Regulatory Bureau of the China Securities Regulatory Commission for violations in information disclosure, resulting in a fine of 7 million yuan [1] Group 1: Penalties and Fines - The company has been warned and fined 7 million yuan due to information disclosure violations [1] - The former chairman, Sun Zesheng, and the chief accountant, Li Zhong, received individual warnings and fines of 3.5 million yuan and 3 million yuan respectively [1] Group 2: Impact on Operations - The company stated that the aforementioned matters have not had a significant impact on its production and operational activities [1]