*ST苏吴的“父子”连环劫：17%股权全冻、2400万骗税罚没、9次退市警报，退市几成定局

Core Viewpoint - *ST Suwu is facing an imminent delisting risk due to severe financial mismanagement, including shareholder equity freeze and penalties from tax fraud, which have exacerbated its already fragile financial situation [1][3][9]. Group 1: Shareholder and Equity Issues - The controlling shareholder, Wuzhong Investment, has had its 17.27% stake completely frozen, losing almost all rights to dispose of these shares [3][4]. - The frozen shares are valued at approximately 117 million yuan based on the current stock price of 0.95 yuan per share [3]. - If the stock price remains below 1 yuan for 20 consecutive trading days, the company may face termination of its listing on the Shanghai Stock Exchange [3][4]. Group 2: Financial Mismanagement and Fraud - *ST Suwu has been involved in serious financial misconduct, including concealing fund occupation and falsifying financial statements, leading to administrative penalties from the China Securities Regulatory Commission [4][5]. - The company has reported significant non-operating fund occupation, with amounts rising from 127 million yuan in 2020 to 1.693 billion yuan in 2023, representing 96.09% of its net assets [5][7]. - Over the four years from 2020 to 2023, *ST Suwu inflated its revenue by nearly 1.8 billion yuan, with inflated revenue percentages ranging from 16.82% to 26.46% [8]. Group 3: Legal and Regulatory Challenges - The subsidiary, Wuzhong Import and Export, has been penalized 24 million yuan for tax fraud, which adds further pressure to *ST Suwu's financial situation [9][10]. - The fraudulent activities spanned from 2011 to 2018, resulting in illegal gains of over 160 million yuan, indicating systemic issues in internal controls and risk management [9][10]. - The company has issued multiple warnings regarding delisting risks, with nine notifications since July 14, indicating ongoing regulatory scrutiny [17]. Group 4: Market Reactions and Future Outlook - Despite the ongoing financial turmoil, there has been speculative trading activity, with small investors possibly attempting to capitalize on perceived undervaluation, as the stock price remains around 1 yuan [17][18]. - The company reported a net loss of 44.42 million yuan in its latest financial report, with a significant decline in revenue, highlighting the deteriorating financial health [18]. - The potential impact of ongoing legal issues, such as the arbitration case involving a key product, could further diminish revenue streams, complicating the company's recovery prospects [18].