连续4年造假！这家上市公司被罚2.29亿，老板市场禁入10年

Core Viewpoint - *ST Dongtong has been penalized for serious financial fraud, leading to its forced delisting, marking the 12th company to face such consequences in 2025, highlighting the increasing severity of regulatory measures against financial misconduct [1][2][7]. Financial Fraud Details - From 2019 to 2022, *ST Dongtong inflated its revenue by 432 million yuan and profits by 314 million yuan through fictitious business activities and premature revenue recognition [3][4]. - The company was found to have used false financial data in its 2022 private placement, constituting fraudulent issuance, which significantly increased the penalties imposed [3][4]. Penalties Imposed - The total penalty for *ST Dongtong amounts to over 270 million yuan, with the company itself fined 229 million yuan and its actual controller, Huang Yongjun, fined 26.5 million yuan and banned from the market for 10 years [3][4]. - The regulatory authority has indicated that any criminal leads related to this case will be transferred to law enforcement, emphasizing that delisting does not exempt the company from accountability [4]. Regulatory Environment - The increase in companies facing forced delisting due to major violations is not due to a rise in fraudulent companies but rather a result of stricter delisting regulations that lower the thresholds for identifying financial fraud [7][8]. - The new delisting rules categorize forced delisting into four types, with financial fraud being prioritized due to its severe social and legal implications [9]. Industry Impact - The current regulatory environment reflects a "zero tolerance" approach towards financial fraud, aiming to ensure that accountability is enforced beyond mere delisting [1][8]. - As regulatory scrutiny intensifies, the number of companies engaging in financial fraud is expected to decrease over time, as existing cases are resolved [8].