全员入刑！紫晶存储10名高管集体获罪

Core Viewpoint - The case of "Zijingshu Storage" (688086.SH) marks a significant turning point in China's capital market regulation, highlighting a new phase of strict enforcement against financial fraud, as the company becomes the first to be forcibly delisted from the Sci-Tech Innovation Board due to major violations [1][8]. Company Overview - Zijingshu Storage, established in 2010, was once a representative of domestic optical storage technology, initially focusing on Blu-ray media and later expanding into optical storage equipment and solutions for key sectors such as government, finance, and healthcare [2][9]. - The company successfully went public in February 2020, reaching a market value exceeding 10 billion yuan, and was regarded as a benchmark in hard technology [2][9]. Financial Misconduct - From 2017 onwards, the company systematically fabricated business operations and inflated profits to meet IPO agreements and maintain stock prices, resulting in a total of 754 million yuan in inflated revenue and 375 million yuan in inflated profits over four years, ultimately leading to a massive loss of 1.097 billion yuan [2][10]. - The company misled investors by concealing 135 million yuan in external guarantees in its prospectus and failing to disclose additional guarantees amounting to over 700 million yuan, which peaked at 22.46% of its net assets [4][12]. Legal Consequences - In November 2024, the public prosecution was initiated against Zijingshu Storage and ten individuals, culminating in a shocking verdict in November 2025, where all ten executives received prison sentences, with no one receiving probation [5][13]. - The actual controller, Zheng Mu, was sentenced to 7 years and 6 months in prison, while other executives received sentences ranging from 2 to 6 years and fines totaling 1.2 million yuan [5][13][14]. Accountability of Intermediaries - The collapse of Zijingshu Storage also implicated its underwriter, CITIC Securities, which was held responsible for 1.1 billion yuan in advance compensation, setting a historical record in A-share history [6][15]. - The new regulatory framework emphasizes that the responsibility for truthful information disclosure extends beyond companies to include brokers, accountants, and lawyers, who may face penalties ranging from 1 million to 10 million yuan if found complicit in fraudulent activities [6][15]. Regulatory Implications - The Zijingshu Storage case is part of a broader trend where several companies have faced severe penalties for financial fraud, indicating a clear regulatory path that emphasizes strict oversight under the registration system [6][17]. - The case illustrates that the era of leniency is over, and that information disclosure is critical, with fraudsters facing significant legal and financial repercussions [6][17].