Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. (*ST Guangdao) has been found to have engaged in financial fraud by fabricating sales and procurement documents, leading to significant inflation of reported revenue and costs, which may result in severe penalties including potential delisting from the Beijing Stock Exchange [1][3][6] Summary by Sections Company Actions and Findings - *ST Guangdao inflated its revenue by amounts ranging from 71.65 million to 2.49 billion CNY over several years, with the inflated figures constituting up to 99.39% of reported revenue in certain periods [3][4] - The fraudulent activities persisted for six and a half years, indicating a long-term pattern of misconduct [3][6] Regulatory Response - The Shenzhen Securities Regulatory Bureau has proposed a fine of 10 million CNY for the company and 15 million CNY for the chairman and actual controller, Jin Wenming, along with fines for other board members [1][6] - The regulatory body is considering a lifetime ban from the securities market for Jin Wenming and Zhao Lu, the financial head, due to their direct involvement in the fraud [6][8] Independent Directors' Accountability - Independent director An Xiumei, who has been with the company since September 2020, claimed ignorance of the fraudulent activities but failed to provide evidence of due diligence [2][5] - Other independent directors also expressed limited knowledge of the company's operations, yet they signed off on financial reports that contained false information [4][5] Investor Protection Measures - Minmetals Securities has initiated a plan for advance compensation to investors affected by the fraudulent disclosures, proposing a fund of approximately 220 million CNY for this purpose [8][9] - The firm aims to fulfill its responsibilities as a gatekeeper in the securities market and mitigate investor losses resulting from *ST Guangdao's actions [8][9]
广道数字财务造假殃及独董 知名大学教授共领30多万元薪酬，或被罚60万元