Mei Ri Jing Ji Xin Wen·2025-12-09 07:26Core Viewpoint - The news highlights the significant financial misconduct of Jiangsu Wuzhong (ST Suwu), leading to its delisting from the Shanghai Stock Exchange due to serious violations of disclosure regulations and financial fraud [4][6]. Group 1: Company Misconduct - Jiangsu Wuzhong has been found to have failed to disclose its actual controlling shareholder for several years, leading to a lack of transparency [6]. - The company engaged in financial fraud from 2020 to 2023, inflating its revenue by a total of 1.771 billion yuan and profits by 75.9975 million yuan through non-commercial trade activities with related parties [6]. - As of the end of 2023, the non-operating funds occupied by related parties amounted to 1.693 billion yuan, representing 96.09% of the disclosed net assets [6]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision against Jiangsu Wuzhong and its executives, imposing a total fine of 30.5 million yuan [8]. - Key executives, including Qian Qunshan, who held multiple leadership roles, were found primarily responsible for the financial misconduct and will face a 10-year ban from the securities market [8]. - The CSRC rejected Jiangsu Wuzhong's defense regarding the nature of its trade activities, affirming that the transactions lacked commercial substance and were designed to obscure the misuse of funds [8].