退市首日两度临停，普利制药暴跌73%、可转债跌超18%

Core Viewpoint - Puli Pharmaceutical has officially entered the delisting preparation period due to serious financial fraud, marking a significant case of forced delisting in the A-share market [2][7]. Group 1: Company Overview - Puli Pharmaceutical, once a star in the pharmaceutical industry with a stock price exceeding 100 yuan, has faced severe penalties for financial misconduct, leading to its delisting [2][9]. - The company reported a dramatic decline in net profit from 4.08 billion yuan in 2020 to a loss of 982.7 million yuan in 2023, indicating a hollowing out of actual performance after excluding fraudulent activities [9]. Group 2: Financial Fraud Details - The China Securities Regulatory Commission (CSRC) found that Puli Pharmaceutical inflated its revenue by 1.029 billion yuan and profits by 669 million yuan over two years, accounting for 73.83% of the disclosed profits during that period [7]. - In 2021, the company falsely reported 514 million yuan in revenue (34.07% of that year's disclosed revenue) and 290 million yuan in profit (62.06% of disclosed profit) [7]. - In 2022, the inflated figures were 515 million yuan in revenue (28.51%) and 379 million yuan in profit (86.36%) [7]. Group 3: Market Reaction - On the first day of the delisting preparation period, the stock price of Puli Pharmaceutical plummeted by 77%, closing at 0.65 yuan per share, with a total market value shrinking to 365 million yuan, a loss of over 20 billion yuan from its peak [3][9]. - The convertible bonds issued by Puli also experienced a significant drop, with an intraday decline of 33.72% [5]. Group 4: Regulatory Actions - The CSRC imposed a fine of 10 million yuan on Puli Pharmaceutical, with the chairman and other executives facing substantial penalties and market bans [8]. - The new delisting regulations have led to increased scrutiny, with over 30 ST stocks facing similar fates, indicating a tightening of financial and regulatory standards in the market [11].