连续多年财务造假 *ST广道拟被强制退市

Core Viewpoint - *ST Guangdao has been implicated in systematic financial fraud over the past seven years, leading to potential forced delisting from the Beijing Stock Exchange due to serious violations of listing rules [2][7]. Group 1: Financial Fraud Details - From 2018 to mid-2024, *ST Guangdao inflated its revenue by 1.465 billion yuan through the creation of false sales and purchase contracts, invoices, and other documents, with the inflated amounts exceeding 85% of reported figures for each period [3]. - The company also inflated its operating costs by 754 million yuan, with the inflated amounts ranging from 83.30% to 99.13% of reported costs [3]. - The fraudulent activities resulted in false disclosures in annual reports from 2018 to 2023 and the 2024 semi-annual report [3]. Group 2: Penalties and Consequences - The Shenzhen Securities Regulatory Bureau has proposed severe penalties, including a 10 million yuan fine for the company and a 15 million yuan fine for the actual controller, Jin Wenming, who may also face a lifetime ban from the securities market [4][5]. - Other executives, including the financial head Zhao Lu, are also facing fines ranging from 500,000 to 2.5 million yuan, with potential lifetime bans for their involvement in the fraud [5]. - Jin Wenming's 6.52 million shares (9.73% of total shares) have been judicially frozen due to financial disputes, although this does not currently affect control or normal operations [5]. Group 3: Market Impact and Future Risks - Due to the fraudulent activities, *ST Guangdao is at risk of being forced to delist, with its stock set to be suspended for one trading day and then subject to delisting risk warnings upon resumption [7][8]. - If formal penalties confirm the delisting standards, the company's stock will be terminated from listing, marking a significant case of accountability under the new registration system [8]. - The company’s sponsor, Wukuang Securities, is working on a compensation plan for investors affected by the fraudulent disclosures, indicating a proactive approach to mitigate investor losses [6].