CDT(SZ:300344) Zheng Quan Shi Bao Wang·2025-11-28 23:56Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued administrative penalties and market bans against Lifan Shuke Co., Ltd. for falsifying financial data in its periodic reports, marking a significant step in the crackdown on financial fraud in the capital market [1][2]. Group 1: Company Actions and Penalties - Lifan Shuke has been found to have inflated revenues and costs for three consecutive years, violating securities laws [2]. - The CSRC plans to impose a fine of 10 million yuan on Lifan Shuke and a total of 30 million yuan on 10 responsible individuals [2]. - The company is suspected of triggering mandatory delisting due to serious violations, prompting the Shenzhen Stock Exchange to initiate delisting procedures [1][2]. Group 2: Financial Data Manipulation - From 2021 to 2023, Lifan Shuke inflated its revenue by a total of 638 million yuan and costs by 628 million yuan through various fraudulent activities [2]. - The specific annual inflation figures include 280 million yuan in revenue and 277 million yuan in costs for 2021, 312 million yuan in revenue and 305 million yuan in costs for 2022, and 46 million yuan in revenue and 45 million yuan in costs for 2023 [2]. Group 3: Regulatory Framework and Implications - The case exemplifies a comprehensive regulatory approach combining administrative penalties, market bans, criminal referrals, delisting execution, and intermediary accountability [1][4]. - The CSRC's actions reflect a shift from reactive measures to proactive governance aimed at preventing financial fraud at its source [1][4]. - The regulatory environment has seen an increase in the number of companies facing mandatory delisting due to financial fraud, with Lifan Shuke being the 14th such case this year [6]. Group 4: Intermediary Accountability - The case also involves the accounting firm Zhongxing Caiguanghua, which is under investigation for failing to perform due diligence [2][3]. - The regulatory focus on intermediaries highlights the importance of their role in maintaining market integrity and the need for strict enforcement of their responsibilities [4][7]. - The establishment of a multi-layered accountability system aims to delineate clear behavioral boundaries for all market participants, thereby protecting investor rights and enhancing market ecology [7].