*ST元成连续三年财务造假触及退市红线

Core Points - *ST Yuancheng is facing delisting from the A-share market due to its stock market value falling below 500 million yuan for 20 consecutive trading days [1][2] - The company has been involved in financial fraud, inflating revenue by 209 million yuan and profit by 50 million yuan from 2020 to 2022 [1] - The Zhejiang Securities Regulatory Bureau has proposed fines totaling 37.45 million yuan for the company and 42 million yuan for five responsible individuals, along with a 10-year market ban for the actual controller [2] Financial Misconduct - The company inflated labor and machinery costs related to the Yuelongshan International Tourism Resort project, leading to significant revenue and profit inflation [1] - In 2022, the company failed to adjust its financial records based on settlement approvals for various infrastructure projects, resulting in an additional inflation of 14 million yuan in revenue and 13 million yuan in profit [1] - The use of inaccurate financial data from previous years has led to the fabrication of significant false content in the company's non-public stock issuance documents for 2022 [1] Market Impact - Following the announcement of penalties on October 14, the stock price of *ST Yuancheng has been in decline, with a closing market value of 189 million yuan as of November 10 [2] - The Shanghai Stock Exchange has initiated a suspension of trading for *ST Yuancheng starting November 11, pending a review of the delisting decision [2]