沐邦高科财务造假被立案：2.28亿资金缺口背后的资本困局

Core Viewpoint - Jiangxi Mubang High-tech Co., Ltd. is under formal investigation by the China Securities Regulatory Commission for suspected financial data falsification in its annual reports and other periodic disclosures, involving significant accounting errors and misuse of raised funds [1] Financial Irregularities - The financial issues at Mubang High-tech have been evident, with the company issuing two announcements on March 1 and April 30, 2025, regarding corrections of accounting errors, indicating inaccuracies in previously disclosed financial information [2] - The 2024 annual report and internal control evaluation report contained multiple errors, highlighting severe deficiencies in internal governance [2] - The acquisition of Inner Mongolia Haoan Energy Technology Co., Ltd. for 980 million yuan in 2022, which was intended to enter the photovoltaic sector, has led to risks, as the actual performance in 2024 did not meet the profit commitments, triggering full compensation clauses [2] Fund Misuse - Mubang High-tech's financial crisis is alarming, with over 227 million yuan of raised funds being judicially seized from February 2024 to April 2025 [3] - The company transferred raised funds to the accounts of controlling shareholders and related parties through prepayments for goods and engineering, then returned them as "accounts receivable" to repay loans and other non-investment projects, constituting misuse [3] - As of July 2025, the company has had 26.86 million yuan of its accounts frozen [3] Regulatory Actions - Following the investigation, Mubang High-tech and its actual controller, Liao Zhiyuan, along with CFO Tang Xiaochun, have been ordered to take corrective measures by the Jiangxi Securities Regulatory Bureau [4] - If financial fraud is confirmed, the company could face fines up to 10 million yuan, while the actual controller may incur fines between 5 million and 10 million yuan, along with potential market bans or criminal liability [4] - This situation serves as a warning that cross-border mergers are not a "magic cure," and financial fraud will ultimately lead to severe consequences [4]