000070大案，迎重要节点

Core Viewpoint - The recent criminal judgment against the defendants involved in the acquisition of Shenzhen TeFa Dongzhi Technology Co., Ltd. highlights significant issues of contract fraud and embezzlement, which have led to substantial financial implications for TeFa Information [3][5][6]. Group 1: Criminal Judgment Details - The Guangdong Province Shenzhen Intermediate People's Court issued a criminal judgment against four defendants for contract fraud and embezzlement, with the total amount involved being particularly large [3]. - The judgment includes the recovery of criminal proceeds, such as 145 million yuan in cash and unsold stocks from the defendants, along with additional amounts from other defendants totaling 2.76 million yuan and 21.55 million yuan respectively [3][5]. Group 2: Acquisition Background - The issues stem from a problematic acquisition made ten years ago, where TeFa Information purchased 100% of Shenzhen TeFa Dongzhi for 190 million yuan, with unrealistic profit commitments made by the sellers [6][7]. - The initial profit commitments were significantly exceeded from 2015 to 2017, but the company faced severe losses in 2019 and 2020, leading to unmet future commitments and necessitating compensation payments [7][8]. Group 3: Financial Impact and Market Reaction - The financial troubles of TeFa Dongzhi resulted in a drastic shift in TeFa Information's profitability, leading to a reported loss of 600 million yuan in 2021 and subsequent regulatory scrutiny [8][9]. - Despite these challenges, TeFa Information's stock price increased by over 130% within the year, although it faced a trading halt recently, closing at 13.37 yuan with a total market capitalization of 12.04 billion yuan [9].