Changyao Group(SZ:300391) Zheng Quan Shi Bao·2025-12-26 14:00Core Viewpoint - *ST Changyao has been found to have inflated revenue and profits for three consecutive years (2021, 2022, and 2023), violating securities laws and regulations, leading to potential severe penalties and delisting risks [1] Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued an administrative penalty notice to *ST Changyao, proposing a fine of 10 million yuan for the company [1] - A total of 14 individuals involved will face fines amounting to 31 million yuan, with the former general manager, Luo Ming, facing a lifetime ban from the securities market [1] - Another individual, Yang Zhenghui, is subject to a 10-year ban from the securities market [1] Group 2: Stock Market Implications - Due to the findings, *ST Changyao's stock is at risk of being forcibly delisted for major violations, with a risk warning to be implemented starting December 29 [1]