紫天科技财务造假近25亿元被严惩 企业治理不能用“家族信任”代替“制度约束”

Core Viewpoint - The case of *ST Zitian (300280) highlights the severe consequences of financial fraud, leading to significant penalties and the potential delisting of the company from the stock market [1][2][3] Group 1: Financial Fraud and Consequences - *ST Zitian has been fined a total of 38.4 million yuan by the Fujian Securities Regulatory Bureau for systemic financial fraud involving nearly 2.5 billion yuan in revenue [1] - The company's market value has plummeted to just over 400 million yuan, representing a loss of over 90% from its peak [2] Group 2: Governance Issues - The family ties among the company's executives led to a lack of accountability, as they engaged in mutual blame rather than cooperating with investigations [1][2] - The case serves as a warning that family-based governance cannot replace institutional constraints, emphasizing the need for independent directors and professional oversight [2] Group 3: Regulatory Compliance - The company's refusal to cooperate with regulatory investigations, including ignoring calls and messages from regulators, demonstrates a blatant challenge to regulatory authority [3] - The regulatory response indicates a zero-tolerance policy towards financial fraud and non-compliance, reinforcing the importance of adhering to market rules [3]