皮海洲：对北交所首单退市事件的几点思考

Core Viewpoint - The delisting of *ST Guandao marks a significant event as it becomes the first company to be delisted from the Beijing Stock Exchange, highlighting concerns about the quality of listed companies in a relatively new market [1][3]. Group 1: Delisting Process - *ST Guandao has received a formal notice from the Beijing Stock Exchange regarding the termination of its stock listing, with a 15-day window for the company to appeal the decision [1]. - Following the delisting, the company's shares will transition to the national stock transfer system, where they will be managed under specific regulations [1]. Group 2: Financial Fraud - The company has been involved in financial fraud for seven consecutive years, inflating revenue and costs through fabricated documents, leading to significant discrepancies in reported figures [2]. - From 2018 to the first half of 2024, *ST Guandao inflated its reported revenue by amounts ranging from approximately 142.97 million yuan to 303.97 million yuan, with the inflated figures constituting up to 99.39% of the reported amounts in certain years [2]. - The inflated costs during the same period ranged from approximately 64.65 million yuan to 162.51 million yuan, also representing a significant percentage of the reported figures [2]. Group 3: Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued an administrative penalty against *ST Guandao on September 12, 2025, resulting in lifetime bans for the chairman and financial officer from the securities market [3]. - The delisting decision by the Beijing Stock Exchange is a direct consequence of the CSRC's findings regarding the company's financial misconduct [3]. Group 4: Market Implications - The delisting of *ST Guandao raises questions about the vetting process for companies entering the Beijing Stock Exchange, particularly regarding the oversight of companies with a history of financial misconduct [4]. - The involvement of accounting firms in the fraud raises concerns about their responsibilities and potential negligence in detecting the fraudulent activities over the years [4]. Group 5: Compensation Initiatives - The underwriting institution, Wukuang Securities, has proposed to establish a compensation fund of approximately 220 million yuan to address the investment losses suffered by affected investors due to the company's violations [5]. - While the initiative to compensate investors is commendable, it should not absolve the underwriting institution or responsible parties from accountability for their roles in the situation [5].