ST股年末遭密集监管，A股“炒小炒差”风气逆转

Core Viewpoint - The trend of "speculating on small and poor-performing stocks" in the A-share market is shifting towards risk aversion, as evidenced by the recent penalties and delistings of several ST companies due to long-term financial fraud [1][12]. Group 1: Company Penalties and Financial Fraud - Both ST Yuan Zhi and *ST Li Fang have been subjected to risk warnings and penalties for long-term financial fraud, with *ST Li Fang being fined a total of 40 million yuan for inflating revenue by over 600 million yuan over three years [1][4]. - ST Yuan Zhi was found to have inflated revenue by approximately 336 million yuan and profit by about 93.26 million yuan from 2019 to 2021, while *ST Li Fang inflated revenue by 638 million yuan from 2021 to 2023 [2][5]. - The penalties for ST Yuan Zhi and its responsible individuals amounted to 21 million yuan, while *ST Li Fang faced a total penalty of 40 million yuan, including fines for its chairman and other executives [4][5]. Group 2: Financial Performance and Adjustments - Both companies have faced significant financial losses, with ST Yuan Zhi reporting a cumulative loss of over 400 million yuan from 2018 to 2022, and *ST Li Fang accumulating losses exceeding 1 billion yuan from 2020 to 2024 [9][12]. - ST Yuan Zhi had to correct its financial statements multiple times, resulting in a shift from profit to loss for the years 2020 and 2021, while *ST Li Fang also faced scrutiny for its accounting practices and had to adjust its revenue recognition methods [6][8]. - The financial adjustments led to significant reductions in reported revenues, with *ST Li Fang adjusting its revenue down by over 50 million yuan due to accounting errors [6][8]. Group 3: Market Trends and Regulatory Environment - The recent regulatory actions against ST companies are part of a broader trend towards a "zero tolerance" approach and the normalization of delisting mechanisms in the context of ongoing registration system reforms [1][12]. - The market sentiment is shifting from speculative trading to a focus on quality investments, as investors become more cautious and seek to avoid risks associated with problematic ST companies [1][12]. - The regulatory environment is tightening, with increased scrutiny on financial disclosures and corporate governance, aiming to cleanse the market of fraudulent entities and ensure a healthier capital market [12].