920680，重大违法强制退市！

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the listing of *ST Guandao due to long-term and systematic financial fraud, marking it as the first company to be forcibly delisted for major violations on the exchange [2][4]. Group 1: Financial Misconduct - *ST Guandao was found to have engaged in financial fraud for seven consecutive years, significantly inflating both revenue and costs through the fabrication of sales and purchase contracts, invoices, and other documents [5][7]. - The company reported inflated revenues of 143 million, 192 million, 223 million, 249 million, 304 million, 283 million, and 72 million from 2018 to the first half of 2024, representing percentages of 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% of the reported amounts for those periods [9]. - Correspondingly, the inflated costs were 65 million, 85 million, 117 million, 133 million, 163 million, 152 million, and 39 million, with percentages of 84.53%, 91.17%, 98.41%, 83.30%, 99.13%, 92.26%, and 83.81% [9]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a fine of 10 million yuan on *ST Guandao and issued warnings, while key executives faced severe penalties, including lifetime bans from the securities market [12]. - The former chairman and other senior management were held accountable for the fraudulent activities, with the chairman fined 15 million yuan and banned for life, while the secretary was fined 5 million yuan and also banned for life [12]. Group 3: Investor Compensation - As a response to the fraud and subsequent delisting, Minmetals Securities is actively working on a compensation plan for eligible investors, establishing a special fund of approximately 220 million yuan for this purpose [14]. - The compensation mechanism aims to provide timely relief to investors affected by the company's fraudulent disclosures, addressing the challenges of high litigation costs and lengthy recovery processes for small investors [14].