重整之路彻底终结！*ST长药三年造假，退市终成“无解”局

Core Viewpoint - *ST Changyao (Changjiang Pharmaceutical Holdings Co., Ltd.) faces severe financial distress and has been declared bankrupt after failing to meet restructuring requirements, primarily due to three consecutive years of financial fraud totaling 7.33 billion yuan in inflated revenue and 1.68 billion yuan in inflated profits [2][4][5]. Financial Performance - The company's stock price plummeted to 1.18 yuan per share, with a total market value of only 413 million yuan [2][3]. - In 2023, *ST Changyao reported a revenue decline of 25.86% to 1.198 billion yuan, with a net loss exceeding 600 million yuan [6][9]. - Cumulative inflated revenue over three years amounted to 7.33 billion yuan, with the scale of fraud increasing each year [5][14]. Corporate Governance and Fraud - The financial fraud was orchestrated by the original controlling shareholder, Luo Ming, who misled investors regarding the company's financial health [6][14]. - The company has been penalized for failing to fulfill its financial reporting obligations, with 14 responsible individuals facing penalties for their roles in the fraud [14][15]. Bankruptcy and Restructuring - The court has ruled against the company's restructuring application, effectively ending any hope for recovery [2][8]. - The company has been involved in 151 lawsuits with a total amount of 1.93 billion yuan, and 68.35% of its bank accounts have been frozen, indicating a complete financial breakdown [11][12]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has acted swiftly, issuing a notice of administrative penalties within a month and a half of the investigation [14]. - The company has triggered mandatory delisting rules due to three consecutive years of false financial reporting, with the likelihood of delisting being almost certain [15].