Core Viewpoint - *ST Lifan faces delisting after three consecutive years of financial fraud, with the Anhui Securities Regulatory Commission imposing a fine of 10 million yuan and initiating delisting procedures due to false financial disclosures from 2021 to 2023 [1][5][6]. Group 1: Financial Fraud Details - *ST Lifan inflated revenue and costs through three main methods: agency business, financing trade, and fictitious trade [2][3]. - The company engaged in agency business with 12 companies, using total amount accounting despite lacking control over the goods, which violates accounting standards [2]. - Financing trade involved signing contracts with clients while providing upfront payments, which should not be recognized as revenue or costs [2]. - Fictitious trade in 2022 involved a business with a media company that lacked commercial substance, leading to further inflated financial figures [3]. Group 2: Financial Impact - From 2021 to 2023, *ST Lifan's financial reports showed significant inflation: - In 2021, revenue was inflated by 280 million yuan (50.09% of total revenue) and costs by 277 million yuan (60.61% of total costs) [4]. - In 2022, revenue was inflated by 312 million yuan (51.67%) and costs by 305 million yuan (53.54%), with a profit inflation of 510,000 yuan (0.33%) [4]. - In 2023, revenue was inflated by 45.87 million yuan (24.00%) and costs by 45.23 million yuan (27.55%) [4]. Group 3: Regulatory Actions and Consequences - The Anhui Securities Regulatory Commission ordered *ST Lifan to correct its practices, issued a warning, and imposed a fine of 10 million yuan [5]. - The company is set to be delisted due to the cumulative inflated revenue exceeding 500 million yuan over two years, which is more than 50% of the reported revenue for those years [6]. - *ST Lifan has received multiple warnings regarding delisting risks and has been under scrutiny for its accounting practices since at least January 2024 [9].

Core Viewpoint - The company *ST Lifan is facing termination of its stock listing due to financial fraud, having reported false financial data for three consecutive years, which has led to significant regulatory actions [2][3][4]. Group 1: Financial Fraud and Regulatory Actions - The company received a notice from the Shenzhen Stock Exchange on February 14, 2026, indicating the intention to terminate its stock listing due to serious violations of financial reporting [2][5]. - The administrative penalty decision from the China Securities Regulatory Commission confirmed that the company inflated its revenue and costs through various fraudulent activities, including agency business and fictitious trades [4][6]. - The total amount of inflated revenue for 2021 and 2022 exceeded 500 million yuan, accounting for over 50% of the reported annual revenue for those years [6]. Group 2: Stock Performance and Market Reaction - The stock of *ST Lifan experienced a dramatic rise, with a peak increase of over 400% from a low of 0.66 yuan to a high of 3.33 yuan within a short period [11][12]. - Following the announcement of the financial fraud and subsequent regulatory scrutiny, the stock faced two consecutive trading halts with a 20% drop on February 12 and 13, 2026 [10][16]. - The company has reported losses for three consecutive years, with an expected net loss of between 180 million yuan and 210 million yuan for 2025 [16].

Core Viewpoint - *ST Lifan has been penalized for financial fraud, leading to a potential delisting of its stock due to three consecutive years of false financial reporting [1][2] Group 1: Penalties and Actions - The Anhui Securities Regulatory Bureau has imposed a fine of 10 million yuan on *ST Lifan and ordered the company to rectify its actions [1] - The Shenzhen Stock Exchange has issued a notice of intent to terminate the listing of *ST Lifan's stock [2] Group 2: Financial Misreporting Details - From 2021 to 2023, *ST Lifan inflated its reported revenue and costs through various fraudulent activities, resulting in false disclosures in its annual reports [1] - In 2021, the company inflated its revenue by 280 million yuan, accounting for 50.09% of that year's reported revenue, and inflated costs by 277 million yuan, which was 60.61% of the reported costs [1] - In 2022, the inflated revenue reached 312 million yuan, representing 51.67% of the reported revenue, while inflated costs were 305 million yuan, or 53.54% of the reported costs [1] - In 2023, the company inflated its revenue by 46 million yuan, which was 24.00% of the reported revenue, and inflated costs by 45 million yuan, accounting for 27.55% of the reported costs [1] Group 3: Implications of Fraud - The total amount of inflated revenue for 2021 and 2022 exceeded 500 million yuan, surpassing 50% of the total reported revenue for those years [2] - The company has triggered mandatory delisting conditions due to significant legal violations [2] - Trading of *ST Lifan's stock will be suspended starting February 24, 2026 [2]

Core Viewpoint - *ST Lifan is facing potential delisting due to significant financial misconduct, including false reporting of revenue exceeding 500 million yuan over two years, which constitutes over 50% of the reported annual revenue for those years [1][4]. Group 1: Regulatory Actions - On February 14, *ST Lifan received a notice from the Shenzhen Stock Exchange indicating the intention to terminate its stock listing due to false disclosures in annual reports from 2021 to 2023 [1]. - The Anhui Securities Regulatory Bureau issued an administrative penalty notice on November 28, 2025, stating that the company inflated revenue by 638 million yuan and costs by 628 million yuan through various fraudulent activities [4]. - The company’s stock was suspended from trading on February 24, following the notice from the Shenzhen Stock Exchange [1]. Group 2: Financial Performance - *ST Lifan has reported continuous losses for three consecutive years from 2022 to 2024, with an expected net loss of between 180 million yuan and 210 million yuan for 2025 [5]. - The company experienced a significant drop in stock price, falling below 1 yuan per share in January 2026 [4]. Group 3: Market Reactions - The stock exhibited high turnover and volatility, with a notable price fluctuation of 40.41% on February 4 [5]. - Following the release of a public letter by the controlling shareholder, the stock price hit the daily limit increase on January 20, indicating a temporary recovery in market sentiment [4].

Core Viewpoint - *ST Lifan is facing termination of its stock listing due to significant financial misconduct, including falsifying financial reports over three consecutive years [2][4]. Group 1: Financial Misconduct - The Anhui Securities Regulatory Bureau revealed that *ST Lifan inflated its operating income and costs through various fraudulent activities, leading to false disclosures in its annual reports from 2021 to 2023 [2]. - In 2021, the company inflated its operating income by 280 million yuan, accounting for 50.09% of that year's revenue, and inflated operating costs by 277 million yuan, which was 60.61% of the total costs [2]. - In 2022, the inflated operating income was 312 million yuan, representing 51.67% of the revenue, while inflated costs were 305 million yuan, or 53.54% of total costs [2]. - For 2023, the company inflated its operating income by 45.87 million yuan, which was 24.00% of that year's revenue, and inflated costs by 45.23 million yuan, accounting for 27.55% of total costs [2]. Group 2: Regulatory Actions - The Anhui Securities Regulatory Bureau has ordered *ST Lifan to correct its financial statements, issued a warning, and imposed a fine of 10 million yuan [3]. - Due to the severity of the violations, *ST Lifan is subject to mandatory delisting as it has exceeded the threshold of 500 million yuan in inflated revenue over two years, which is more than 50% of the reported annual revenue for those years [4]. - The company will be suspended from trading starting February 24 [4]. Group 3: Audit and Compliance Issues - The accounting firm Zhongxing Caiguanghua has been implicated in the case and is under investigation for failing to perform due diligence [8]. - The company announced plans to change its auditing firm to Younitizhenqing Certified Public Accountants for the 2025 fiscal year, moving away from Zhongxing Caiguanghua [9]. - The 2024 internal control audit by Zhongxing Caiguanghua resulted in a denial opinion, indicating significant issues with the company's financial reporting [10].

Group 1 - The company *ST Lifan received an administrative penalty from the China Securities Regulatory Commission for inflating revenue and costs through various fraudulent activities, including agency business and fictitious trade [1] - The total amount of falsely reported revenue for the years 2021 and 2022 reached 591,582,002.31 yuan, accounting for 50.91% of the total reported revenue for those two years [1] - The company is at risk of being delisted due to serious violations of the Shenzhen Stock Exchange's listing rules, with trading of its stock set to be suspended on February 24, 2026 [1] Group 2 - A logistics giant experienced a market value loss of 23.3 billion yuan, while a disruptive company in the same sector saw its stock price triple within two days [2] - The article highlights the potential risks associated with traditional industries being disrupted by smaller companies leveraging AI technology [2]

Group 1 - The company has been found to have false disclosures in its annual reports from 2021 to 2023, with a total inflated revenue exceeding 500 million yuan, which is over 50% of the reported annual revenue for those years [2] - The company received an administrative penalty from the Anhui Regulatory Bureau, which includes a warning and a fine of 10 million yuan [2] - In 2021, the inflated revenue was 280 million yuan, accounting for 50.09% of that year's revenue, while in 2022, it was 312 million yuan, making up 51.67% of the revenue [2] Group 2 - The stock of *ST Lifan experienced two consecutive trading halts after a period of unusual trading activity, where it achieved seven limit-up days in ten trading days, resulting in a cumulative increase of 314.9% [3] - As of February 13, the stock price was reported at 1.87 yuan, with a market capitalization of 1.2 billion yuan [4] - The company has a total of 30,735 shareholders as of the end of Q3 2025 [6] Group 3 - The company, formerly known as Taikong Zhizao, was established in 1999 and primarily engaged in non-metallic mineral products [6] - In 2020, the company rebranded to focus on intelligent software and digital services, transitioning from its original construction materials business [6] - The company is associated with Shenzhen Chaolifang Data Technology Co., which aims to become a leading provider of data center and cloud computing infrastructure solutions [6] Group 4 - The company expects a net loss of 180 million to 210 million yuan for the year 2025, compared to a net loss of 125 million yuan in the previous year, indicating an increase in losses [7]

Core Viewpoint - The company *ST Lifan (300344) is facing termination of its stock listing due to significant false disclosures in its annual reports from 2021 to 2023, with cumulative inflated revenue exceeding 500 million yuan, which is over 50% of the reported annual revenue for those years [2][4]. Group 1: Financial Misconduct - The Shenzhen Stock Exchange issued a notice indicating that the company had false disclosures in its annual reports for 2021 to 2023, with inflated revenue of over 500 million yuan, which is more than 50% of the total reported revenue for those years [2][4]. - In 2021, the company inflated its revenue by 280 million yuan, accounting for 50.09% of that year's revenue, and inflated costs by 277 million yuan, which was 60.61% of the total costs [4]. - In 2022, the inflated revenue was 312 million yuan, representing 51.67% of that year's revenue, and inflated costs were 305 million yuan, or 53.54% of total costs [4]. - For 2023, the inflated revenue was approximately 45.87 million yuan, which is 24.00% of that year's revenue, and inflated costs were about 45.23 million yuan, accounting for 27.55% of total costs [4]. Group 2: Regulatory Actions - The Anhui Regulatory Bureau has ordered the company to rectify its practices, issued a warning, and imposed a fine of 10 million yuan [5]. - The company's stock will be suspended from trading starting February 24 due to these regulatory actions [4][5]. Group 3: Stock Performance and Shareholder Information - The company experienced two consecutive trading halts prior to the announcement, following a period of unusual trading activity where it achieved seven limit-up days in ten trading days, resulting in a cumulative increase of 314.9% [5]. - As of the end of Q3 2025, the company had 30,735 shareholders [5]. Group 4: Company Background and Business Transition - The company, previously known as Taikong Zhizao Co., Ltd., was established in 1999 and is a member of Lingnan Holdings Group, primarily engaged in the non-metallic mineral products industry [5]. - In 2020, the company rebranded to Lifan Digital Science and Technology, shifting its focus to intelligent software and digital services [6]. - The company is associated with Shenzhen Chaolifang Data Technology Co., Ltd., which was established in December 2023 and aims to provide global data center and cloud computing infrastructure solutions [6].

【#*ST立方终止上市# 连续3年财务造假】*ST立方今日公告称，公司于2月14日收到深圳证券交易所下 发的《事先告知书》，拟决定终止公司股票上市交易。 告知书指出，公司2021年至2023年年度报告信息披露存在虚假记载，2021年和2022年连续两年存在虚假 记载的营业收入金额合计达到5亿元以上，且超过该两年披露的年度营业收入合计金额的50%。公司股 票将于2月24日起停牌。 此外，公司同日公告称，收到中国证券监督管理委员会安徽监管局下发的《行政处罚决定书》，其中指 出，公司通过开展代理业务、融资性贸易、虚假贸易虚增营业收入、营业成本、利润总额，导致2021年 至2023年年度报告存在虚假记载。 其中，2021年，虚增营业收入2.8亿元，占当年营业收入的50.09%，虚增营业成本2.77亿元，占当年营 业成本的60.61%； 2022年，虚增营业收入3.12亿元，占当年营业收入的51.67%，虚增营业成本3.05亿元，占当年营业成本 的53.54%，虚增利润总额51.04万元，占当年利润总额绝对值的0.33%； 2023年，虚增营业收入4586.94万元，占当年营业收入的24.00%，虚增营业成本4522. ...

Group 1 - A total of 7 stocks experienced a price increase of over 40% during the week from February 9 to February 13, with 22 stocks rising more than 30% [1] - The stock with the highest increase was掌阅科技, which saw a weekly rise of 61.11% [1] - Other notable gainers included顶固集创, with a rise of 60.47%, 芯原股份 at 43.71%, and 首都在线 at 41.99% [1] Group 2 - In the decline category, 7 stocks had a drop of over 20% during the same week [1] - The stock with the largest decline was *ST立方 (维权), which fell by 32.73% [1] - Other significant decliners included *ST云创 with a drop of 29.60% and 巨力索具 with a decline of 24.24% [1]