Core Points - *ST Zitian has received a decision from the Shenzhen Stock Exchange to terminate its stock listing due to financial reporting issues [1][5] - The stock will resume trading on September 15 and enter a delisting preparation period lasting 15 trading days, with the expected last trading day on October 13 [1] - Following the delisting preparation period, the stock will be delisted from the exchange [1][2] Financial Reporting Issues - The company was found to have false records in its financial accounting reports, leading to a directive from the China Securities Regulatory Commission (CSRC) for rectification, which was not completed within the required timeframe [5] - *ST Zitian has cumulatively inflated its revenue by 2.499 billion yuan over two consecutive years, with fraudulent activities identified in three periodic reports [5]

Core Viewpoint - *ST Zitian has been delisted due to serious financial fraud and failure to rectify false disclosures in its periodic reports [2][4][10] Group 1: Delisting Announcement - On September 5, *ST Zitian announced that it received a decision from the Shenzhen Stock Exchange to terminate its stock listing [4] - The stock will resume trading on September 15 and enter a delisting preparation period lasting 15 trading days, with the expected last trading date on October 13 [4][8] Group 2: Regulatory Actions - On May 20, *ST Zitian was ordered by the China Securities Regulatory Commission (CSRC) to rectify its financial reports due to false disclosures but failed to comply within the required timeframe [7] - The company was subsequently placed under delisting risk warning and did not disclose corrected financial reports within the two-month period, leading to the termination of its listing [7][8] Group 3: Financial Penalties - On August 22, *ST Zitian received an administrative penalty from the Fujian Regulatory Bureau, which included a fine of 8.5 million yuan for false disclosures in its 2022 annual report and 2023 semi-annual report [10] - Key executives, including the chairman and general manager, faced individual fines and were subjected to market bans due to obstructing regulatory investigations [11] Group 4: Compliance Failures - The company failed to effectively compile and disclose its 2024 annual report, leading to further penalties of 3.5 million yuan and additional fines for its executives [11]

【导读】严重财务造假， *ST 紫天被终止上市 中国基金报记者 李智 定期报告存在严重虚假记载， *ST 紫天被终止上市。 *ST 紫天终止上市 9 月 5 日晚间， *ST 紫天发布公告称，公司收到深交所下发的《关于福建紫天传媒科技股份 有限公司股票终止上市的决定》，深交所决定终止公司股票上市交易。公司股票于 9 月 15 日复牌并进入退市整理期，退市整理期为 15 个交易日，预计最后交易日期为 10 月 13 日。 根据当事人违法行为的事实、性质、情节与社会危害程度，依据《证券法》第一百九十七条 第二款的规定，福建证监局决定对 *ST 紫天责令改正，给予警告，并处以 850 万元罚款。 同时，对时任董事长、总经理及实际履行公司负责人相当职务的姚小欣给予警告，并处以 400 万元罚款；对财务总监李想给予警告，并处以 300 万元罚款；另有多位相关责任人被警 告，并被处以罚款。 值得注意的是，因姚小欣、李想拒绝、阻碍福建证监局对紫天科技执法工作，已被采取十年 证券市场禁入措施，违法行为恶劣，情节特别严重，依据相关规定，福建证监局决定对姚小 欣、李想采取终身证券市场禁入措施。 5 月 20 日， *ST 紫天因 ...

Core Viewpoint - The A-share market will see a significant unlock of restricted shares, totaling approximately 966.01 billion yuan, with 40 stocks experiencing share unlocks next week [2]. Group 1: Stock Unlock Details - 40 stocks will have their restricted shares unlocked from September 8 to 12, with a total unlock market value of 966.01 billion yuan [2]. - Among these, 12 stocks have an unlock market value exceeding 10 billion yuan, with notable mentions including Times Electric (278.23 billion yuan), Southern Network Storage (230.81 billion yuan), and BGI Genomics (133.82 billion yuan) [2][4]. - Southern Network Storage and Western Gold are among the stocks with restricted shares unlocked from directed placements, while the other three are from the initial public offering (IPO) original shareholders [2]. Group 2: Unlock Proportions - A total of 13 stocks have an unlock proportion exceeding 10%, indicating a potential impact on their stock prices [5]. - Stocks such as Minshida, Southern Network Storage, Sairun Bio, and Zhejiang Hengwei have unlock proportions above 50% [5]. - The detailed table lists various stocks, their unlock dates, market values, and the proportion of shares being unlocked [7]. Group 3: Company Performance Insights - Times Electric's largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, will unlock approximately 590 million shares, accounting for 43.42% of the total share capital [4]. - Times Electric reported a revenue of 12.214 billion yuan for the first half of 2025, reflecting a year-on-year growth of 17.95%, with a net profit of 1.672 billion yuan, up 12.93% [4]. - Minshida, listed on the Beijing Stock Exchange, achieved a revenue of 237 million yuan in the first half of 2025, marking a year-on-year increase of 27.91%, with a net profit of 63.03 million yuan, up 42.28% [8]. Group 4: Institutional Investment Insights - Institutions that participated in the directed placements of stocks like Western Gold and Southern Network Storage are expected to see positive returns from the unlocks, with Western Gold's return exceeding 180% and Southern Network Storage's over 70% [8]. - Among the 40 stocks, 15 are categorized as general equity incentive shares or restricted shares, with companies like Sany Heavy Energy and Zhaoyi Innovation having unlock market values exceeding 1 billion yuan [8].

同花顺控股股东易峥、股东凯士顺拟合计减持不超138.31万股;利仁科技实控人的一致行动人利仁投资拟减持不超3%股份;奥海科技股东吉安奥悦 拟减持不超2.57%股份;长江材料控股股东、实控人熊鹰拟减持不超3%股份;捷佳伟创股东李时俊拟减持不超0.8649%股份;家联科技股东镇海金塑、 镇海金模拟合计减持不超2.6166%股份;诚达药业股东前海晟泰拟减持不超过7.27%公司股份;科拓生物股东宁波顺懿拟减持不超过790.48万股股份 华伍股份控股股东及其一致行动人拟减持不超过3%股份;毕得医药股东舟山欣曦、宁波兰旦及其一致行动人拟合计减持不超2.86%股份;*ST紫天收 到股票终止上市决定;ST岭南公司及原控股股东收到证监会立案告知书 | | | 9月8日A股投资避雷针 | | --- | --- | --- | | 类别 | 公司 | 主要内容 | | 股东减持 | 同花顺 | 控股股东易峥、股东凯士顺拟合计减持不超138.31万股 | | | 利仁科技 | 实控人的一致行动人利仁投资拟减持不超3%股份 | | | 开普检测 | 副总经理王伟、宋霞拟减持合计不超0.67%股份 | | | 瑞ృ模具 | 奇瑞科技拟 ...

退市不免责！ 9月5日晚，已被终止上市的退市龙宇在全国中小企业股份转让系统网站发布公告称，公司收到上海证监局 的《行政处罚事先告知书》。根据《行政处罚事先告知书》，上海证监局针对退市龙宇2019年至2022年 通过虚假贸易业务虚增收入和利润，以及未按规定披露非经营性资金占用相关关联交易等事项，拟合计罚 款3810万元，同时对其实际控制人采取十年证券市场禁入措施。 退市龙宇在退市后仍被重罚，再次释放出监管部门对退市公司财务造假等违法违规行为的"零容忍"、坚 决"一追到底"的态度和决心。 退市不辍调查 造假细节浮出水面 今年7月3日，退市龙宇因2023年度财务会计报告被出具无法表示意见审计报告，2024年度财务会计报告 被出具无法表示意见审计报告、内部控制被出具否定意见审计报告，触及财务类退市标准，被上交所终止 上市。 针对退市龙宇相关问题的调查，在退市之前便已启动。2024年4月29日，上海证监局对公司及责任人采取 行政监管措施，对现场检查中发现的大额关联交易未履行审议程序且未披露、部分贸易业务无商业实质等 问题责令公司改正。 严惩违法主体 实控人禁入十年 基于查明的违法事实，监管部门既追责公司，也严惩责任人。 ...

Core Viewpoint - The company *ST Zitian has been terminated from listing on the Shenzhen Stock Exchange due to financial misconduct, including false accounting reports and failure to rectify issues as mandated by regulatory authorities [1][4]. Group 1: Termination of Listing - On September 5, the Shenzhen Stock Exchange made a decision to terminate the listing of *ST Zitian [1]. - The company's stock will resume trading on September 15 and enter a delisting preparation period lasting 15 trading days, after which it will be delisted [4]. Group 2: Financial Misconduct - *ST Zitian has been found to have inflated revenues by a total of 24.99 billion yuan over two consecutive years, with significant discrepancies in three periodic reports [5]. - In the 2022 annual report, the company falsely reported internet advertising fees and other services, inflating revenue by 778 million yuan, which accounted for 44.59% of total revenue, and profit by 85 million yuan, representing 35.99% of total profit [6]. - The 2023 semi-annual report showed an inflated revenue of 208 million yuan and profit of 79 million yuan, which constituted 14.56% and 51.64% of total revenue and profit, respectively [6]. - The 2023 annual report indicated an inflated revenue of 1.721 billion yuan, making up 78.63% of total revenue, due to improper revenue recognition practices [6]. Group 3: Regulatory Actions and Penalties - The Fujian Securities Regulatory Bureau has imposed a total penalty of 38.4 million yuan on *ST Zitian and its management for the fraudulent activities and failure to disclose important information [6]. - The former chairman and CFO of the company have been banned from the securities market for life due to their roles in the misconduct [6]. - Legal actions have been initiated by investors for civil compensation, and criminal investigations have been launched regarding the company's accounting practices [7].

Core Viewpoint - *ST Zitian will resume trading on September 15 and enter a delisting arrangement period due to financial misconduct, including false accounting reports and failure to rectify issues as mandated by the China Securities Regulatory Commission (CSRC) [1][4]. Financial Misconduct - *ST Zitian inflated its revenue by a total of 2.499 billion yuan over two years, involving fraudulent activities in three periodic reports [3]. - In the 2022 annual report, the company falsely reported 778 million yuan in revenue and 85 million yuan in profit, which constituted 44.59% and 35.99% of the respective total revenue and profit [3]. - The 2023 semi-annual report showed an early recognition of 207 million yuan in revenue and 79 million yuan in profit, with the inflated profit accounting for 51.64% of the total profit for that period [3]. - The 2023 annual report indicated that a subsidiary inflated revenue by 1.721 billion yuan, representing 78.63% of the total revenue, by misapplying accounting methods [3]. Regulatory Actions - The CSRC imposed a total fine of 38.4 million yuan on *ST Zitian and 12 management personnel for their involvement in the financial fraud [4]. - The former chairman and CFO received lifetime bans from the securities market, reflecting the regulatory body's zero-tolerance stance on such misconduct [4]. Ongoing Accountability Measures - The delisting of *ST Zitian is not the end of accountability, as the CSRC has initiated comprehensive measures against those involved in the fraud [6]. - Investors have begun civil lawsuits to recover losses incurred due to the company's fraudulent activities, and criminal investigations are underway for potential accounting concealment crimes [6]. - The severity of the violations may lead to further criminal charges under laws related to the disclosure of important information [6].

Core Viewpoint - *ST Zitian has been ordered to delist from the Shenzhen Stock Exchange due to serious financial misconduct, including significant false reporting of revenues and profits, leading to a termination of its listing status [1][2][4]. Group 1: Company Background and Financial Misconduct - *ST Zitian, formerly known as Nantong Forging, transitioned to the advertising and media sector after a series of acquisitions and a name change in 2018 [2]. - The company was found to have inflated its revenue by 2.499 billion yuan through fraudulent activities, including fictitious SMS services and inflated internet advertising fees [2][3]. - In 2022, the company reported inflated revenue of 778 million yuan, which constituted 44.59% of its disclosed revenue, and inflated profits of 85 million yuan, making up 35.99% of total profits [3]. - For the first half of 2023, *ST Zitian prematurely recognized revenue of 207 million yuan, representing 14.56% of that period's revenue, and inflated profits of 79 million yuan, accounting for 51.64% of total profits [3]. - The 2023 annual report showed inflated revenue of 1.721 billion yuan, which was 78.63% of the reported revenue, due to improper revenue recognition methods [3]. Group 2: Regulatory Actions and Consequences - The Shenzhen Stock Exchange issued a notice of termination of listing due to the company's failure to rectify its financial reports within the required timeframe [1][4]. - The company faced administrative penalties from the Fujian Securities Regulatory Bureau, with fines totaling 38.4 million yuan imposed on 12 members of the management team, including lifetime bans for the former chairman and CFO [4]. - Regulatory bodies are adopting a "zero tolerance" approach towards financial fraud, emphasizing comprehensive accountability for perpetrators, including civil, administrative, and criminal liabilities [5][6]. - Investors have initiated civil lawsuits against *ST Zitian, and criminal investigations are underway for potential accounting concealment and other violations [6].

Core Viewpoint - *ST Zitian will resume trading on September 15 and enter a delisting arrangement period due to financial misconduct, including false accounting reports and failure to rectify issues as mandated by the China Securities Regulatory Commission (CSRC) [2][5] Group 1: Financial Misconduct - *ST Zitian inflated its revenue by a total of 2.499 billion yuan over two years, involving fraudulent activities in three periodic reports [4] - In the 2022 annual report, the company falsely reported 778 million yuan in revenue and 85 million yuan in profit, which accounted for 44.59% and 35.99% of total revenue and profit, respectively [4] - The 2023 semi-annual report showed an early recognition of 207 million yuan in revenue and 79 million yuan in profit, with the inflated profit representing 51.64% of the total profit for that period [4] - The company misused the gross method for revenue recognition instead of the net method, leading to an inflated revenue of 1.721 billion yuan, which constituted 78.63% of the reported revenue for that period [4] Group 2: Regulatory Actions and Penalties - The CSRC imposed a total fine of 38.4 million yuan on *ST Zitian and 12 of its management personnel for the financial misconduct [5] - The former chairman and CFO of the company received lifetime bans from the securities market, highlighting the regulatory body's zero-tolerance approach [5] - The Shenzhen Stock Exchange confirmed that *ST Zitian's failure to rectify its financial reports within the required timeframe led to the inevitable delisting of its shares [5] Group 3: Ongoing Legal and Regulatory Consequences - Legal actions are underway, with investors filing civil compensation lawsuits to recover losses incurred due to the company's fraudulent activities [7] - The police have initiated an investigation into *ST Zitian for suspected "concealment of accounting vouchers," indicating potential criminal liability [7] - The case serves as a warning to the capital market that financial fraud can lead to severe consequences, including delisting and criminal prosecution for responsible individuals [7]