*ST广道造假面临退市

Core Viewpoint - *ST Guandao is facing potential delisting from the Beijing Stock Exchange due to serious financial misconduct, including falsifying financial reports and overstating revenue and costs from 2018 to 2024 [1][2]. Group 1: Financial Misconduct - The company inflated its revenue by 143 million yuan, 192 million yuan, 223 million yuan, 249 million yuan, 304 million yuan, 283 million yuan, and 72 million yuan for the years 2018 to 2024 H1, respectively, with proportions of 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% of the reported amounts [2]. - Correspondingly, the inflated costs were 65 million yuan, 85 million yuan, 117 million yuan, 133 million yuan, 163 million yuan, 152 million yuan, and 39 million yuan, with proportions ranging from 83.30% to 99.13% of the reported costs [2]. Group 2: Regulatory Actions - The company received a notice from the Beijing Stock Exchange indicating the intention to terminate its stock listing due to violations of listing rules [1]. - The former chairman and actual controller, Jin Wenming, was fined 15 million yuan and banned for life from the securities market for his role in the financial fraud [2][3]. - Other executives, including Zhao Lu, were also penalized and banned from the securities market for their involvement in the misconduct [2][3]. Group 3: Role of the Sponsor - Wukuang Securities, as the sponsor and continuous supervisor, failed to fulfill its responsibilities in verifying the authenticity of the company's financial data and business contracts [3][4]. - The firm announced plans to establish a compensation fund of approximately 220 million yuan to address investor losses due to the company's violations [4]. - Regulatory authorities maintain a strict stance against illegal activities, with ongoing monitoring of other companies and potential violations in the market [4].