Tongtech(SZ:300379) Mei Ri Jing Ji Xin Wen·2025-09-12 11:29Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative penalty against Beijing Orientcom Technology Co., Ltd. (ST Dongtong) for falsifying financial data in its periodic reports, leading to potential delisting from the Shenzhen Stock Exchange [1][3]. Group 1: Financial Misconduct - ST Dongtong has been found to have inflated revenue and profits for four consecutive years from 2019 to 2022, violating securities laws [1][3]. - The company is facing a proposed fine of 229 million yuan and penalties totaling 44 million yuan for seven responsible individuals, including a 10-year market ban for the actual controller [1][9]. - The inflated revenue figures were 61.45 million yuan, 84.85 million yuan, 125.51 million yuan, and 160.53 million yuan for the years 2019 to 2022, respectively, representing 12.29%, 13.25%, 14.54%, and 17.68% of reported revenue [6][9]. Group 2: Securities Issuance Violations - The company fabricated significant false content in its securities issuance documents, including the prospectus for a stock issuance that falsely referenced inflated financial data from 2019 to 2021 [7][9]. - In June 2023, ST Dongtong reported raising approximately 2.2 billion yuan through the issuance of 106,024,096 shares, which was based on the previously falsified financial data [7][9]. Group 3: Company Background - ST Dongtong is recognized as a pioneer and leader in middleware and industry information solutions, providing services across various sectors including telecommunications, government, finance, energy, and transportation [10]. - For the first half of 2025, the company reported revenue of 240 million yuan, a year-on-year increase of 48.85%, and a reduction in net loss from 1.66 billion yuan to 551.58 million yuan, marking a 66.80% improvement [10].