突发！603388，将强制退市！严重财务造假，证监会严肃查处

Core Points - The China Securities Regulatory Commission (CSRC) has issued a serious administrative penalty notice to *ST Yuancheng (603388) for severe financial fraud, marking the company's continuous financial misconduct over three years [1][5][11] - The company is facing a potential delisting due to significant violations of securities laws, with the Shanghai Stock Exchange initiating delisting procedures [1][13] Financial Misconduct - *ST Yuancheng inflated its revenue and profits for three consecutive years, violating securities laws, with a total inflated revenue of 209 million and inflated profits of 50.46 million from 2020 to 2022 [6][9] - In the 2020 annual report, the company inflated operating costs by 115 million, revenue by 153 million, and total profits by 38.48 million, representing 22.75%, 21.48%, and 36.6% of the disclosed amounts respectively [6][9] - The company also failed to adjust financial records based on settlement results for various projects, leading to further inflated revenue and profits in the 2022 annual report [7] Penalties and Consequences - The CSRC plans to impose a fine of 37.45 million on the company and a total of 42 million on five responsible individuals, including a 10-year market ban for the actual controller [1][11][12] - The actual controller, Zhu Changren, is accused of orchestrating the financial misconduct and will face severe penalties under the Securities Law [9][11] Company Background and Current Status - Founded in 1999 and headquartered in Hangzhou, Zhejiang, *ST Yuancheng positions itself as an integrated environmental service provider focusing on leisure tourism and ecological landscape [13] - The company has been experiencing continuous losses since 2022, with losses exceeding 300 million in 2024 and a reported loss of 127 million in the first half of 2025 [13][14] - As of October 10, the company's market value has dwindled to 537 million [14]