龙宇股份财务造假 退市后仍遭重罚

Core Viewpoint - The case of Shanghai Longyu Data Co., Ltd. highlights that delisting does not exempt companies from legal and regulatory responsibilities, as the regulatory authorities are increasingly stringent in pursuing accountability for financial misconduct and information disclosure violations [1][7]. Group 1: Financial Misconduct - Longyu Data has been found to have inflated revenue and profits in its annual reports from 2019 to 2022, with inflated revenues of 2.242 billion, 3.986 billion, 4.024 billion, and 4.288 billion respectively, and corresponding inflated profits of 5.73 million, 11.137 million, 9.5195 million, and 10.9332 million [2][3]. - The company engaged in fictitious trading activities involving metals, oil products, and ethylene glycol, leading to false records in its annual reports from 2019 to 2022 [2]. Group 2: Regulatory Actions - The Shanghai Securities Regulatory Commission has proposed a total fine of 38.1 million for Longyu Data and its responsible individuals due to violations of information disclosure regulations [4][5]. - The company was delisted from the Shanghai Stock Exchange in July 2023 after receiving adverse audit opinions on its financial reports for 2023 and 2024 [4][5]. Group 3: Accountability Measures - The regulatory authorities are committed to thoroughly investigating the company's actions prior to its delisting, ensuring that financial fraud is addressed [5][7]. - The actual controller of Longyu Data, Xu Zengzeng, faces a fine of 16.9 million and a 10-year ban from the securities market, while other responsible individuals are also subject to penalties totaling 9.7 million [5][6]. Group 4: Industry Implications - The trend of holding delisted companies accountable for past misconduct is becoming standard practice, as evidenced by similar cases involving other companies that faced penalties after delisting [7]. - The establishment of a comprehensive accountability system for companies that have delisted due to misconduct is expected to enhance compliance awareness among market participants and bolster investor confidence [8].