300630，终止上市！

Core Viewpoint - The Shenzhen Stock Exchange has announced the termination of the listing of Hainan Puli Pharmaceutical Co., Ltd. due to significant financial fraud, which involved false reporting of profits totaling 669 million yuan over two years, constituting 73.83% of the reported profits for those years [1][3][5]. Financial Fraud Details - Puli Pharmaceutical falsely recognized sales revenue and profits by fabricating sales of finished and raw pharmaceutical products, leading to inflated revenues of 436 million yuan in 2021 and 456 million yuan in 2022, which represented 28.90% and 25.23% of the reported revenues for those years, respectively [4][5]. - The company also misreported revenues from trading activities, resulting in additional inflated revenues of 78 million yuan in 2021 and 59 million yuan in 2022, accounting for 5.17% and 3.28% of the reported revenues [4][5]. Regulatory Actions - Following the issuance of the administrative penalty decision by the China Securities Regulatory Commission (CSRC), the Shenzhen Stock Exchange initiated the process for terminating the listing of Puli Pharmaceutical's stock and convertible bonds [7][8]. - The stock was suspended from trading on March 24, 2025, with a closing price of 2.49 yuan per share and a total market value of 1.398 billion yuan [8]. Company Background - Puli Pharmaceutical, established in 1992, specializes in drug research, production, and sales, and was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2017 [8]. Ongoing Investigations and Consequences - The CSRC has indicated that administrative penalties and forced delisting are not the end of the matter, as they will pursue comprehensive accountability for those involved in the financial fraud [12]. - The CSRC has also emphasized the importance of protecting investors' rights and will assist affected investors through various legal means [12].