920680，*ST广道被强制退市，此前连续6年半财务造假

Core Viewpoint - *ST Guangdao has been forced to delist from the Beijing Stock Exchange due to serious financial fraud, marking it as the first company to be delisted for such reasons on this exchange [1][3]. Summary by Sections Company Background - *ST Guangdao, officially known as Shenzhen Guangdao Digital Technology Co., Ltd., specializes in the development and sales of software products aimed at data applications. The company was listed on the New Third Board in November 2016 and became one of the first companies to be listed on the Beijing Stock Exchange in 2021 [3]. Financial Misconduct - The delisting decision is linked to long-term and systematic financial fraud, with false information found in annual reports from 2018 to 2023 and the first half of 2024. The company inflated its reported revenue and costs through fabricated sales and purchase contracts, invoices, bank receipts, delivery notices, and inventory receipts [3]. - The inflated revenue percentages for the respective periods were as follows: - 2018: 87.34% - 2019: 95.39% - 2020: 98.96% - 2021: 85.87% - 2022: 99.39% - 2023: 98.14% - 2024 (H1): 88.11% [3]. - The inflated cost percentages for the same periods were: - 2018: 84.53% - 2019: 91.17% - 2020: 98.41% - 2021: 83.30% - 2022: 99.13% - 2023: 92.26% - 2024 (H1): 83.81% [3]. Regulatory Actions - The company received a notice from the China Securities Regulatory Commission (CSRC) in December 2022 regarding an investigation into information disclosure violations, leading to a formal investigation [6]. - Following this, *ST Guangdao issued multiple announcements regarding the investigation's progress, the freezing of bank accounts, and the potential for delisting risk warnings [7]. - In April 2023, the company was officially warned of delisting, and its stock name was changed to *ST Guangdao. In September 2023, the CSRC issued an administrative penalty, imposing a fine of 10 million yuan and mandating corrective actions [8]. Leadership and Penalties - Key executives, including the chairman and general manager, were held accountable for the fraudulent activities and faced severe administrative penalties and market bans. The chairman, Jin Wenming, was fined 15 million yuan and received a lifetime ban from the securities market [9]. - The company's sponsor, Wukuang Securities, announced plans to establish a compensation fund of approximately 220 million yuan to compensate eligible investors for losses incurred due to the company's fraudulent disclosures [9].