美晨科技是否涉嫌欺诈发行 600918又是否存立案调查风险

Core Viewpoint - Meicheng Technology has been confirmed to have committed financial fraud over a period of five years, resulting in a significant increase in reported revenue and profits, leading to a suspension of trading and a change in stock designation to "ST Meicheng" [1][2]. Financial Fraud Details - The financial fraud involved the inflation of revenue by over 1.438 billion yuan and profits by over 658 million yuan from 2014 to 2018, with specific annual figures showing substantial discrepancies between reported and actual figures [2]. - The inflated revenue percentages for each year were 2.06%, 20.67%, 24.60%, 5.53%, and 2.88%, while the inflated profit percentages were 17.91%, 75.64%, 49.78%, 15.49%, and 15.58% respectively [2]. Acquisition and Performance - Meicheng Technology acquired 100% of the shares of Sai Stone Garden Group for 600 million yuan, with a high premium of 377.96% over the assessed value [2][3]. - Despite the inflated financials, Sai Stone Garden exceeded its performance commitments in the initial years, but if the inflated amounts are excluded, it failed to meet the targets in the first year [3][4]. Capital Raising Activities - In 2015, Meicheng Technology initiated a private placement to raise up to 1.2 billion yuan, successfully raising 800 million yuan by the end of the year [4][5]. - The funds were intended to supplement working capital, with a significant portion allocated to the acquisition of Sai Stone Garden [5]. Regulatory and Legal Implications - Questions arise regarding whether Meicheng Technology is guilty of fraudulent issuance and the potential investigation risks for its sponsor, Zhongtai Securities, which was involved in the private placement [1][6]. - Zhongtai Securities had previously confirmed the accuracy of Meicheng Technology's financial statements, raising concerns about its due diligence and potential legal repercussions [6][8]. Future Outlook - Meicheng Technology is facing significant operational challenges, with declining revenues and extended project payment cycles, leading to the classification of Sai Stone Garden as a "negative asset" [6]. - The company plans to undergo a transformation starting in 2024, including divesting from loss-making segments of its business [6].