江苏吴中退市背后 审计“看门人”该担何责？

Core Viewpoint - Jiangsu Wuzhong, once a prominent listed company, is set to delist from the A-share market due to a series of violations by its controlling shareholders, the Qian siblings, marking the end of its 26-year journey in the stock market [2] Group 1: Company Overview - Jiangsu Wuzhong was established in 1994 and listed on the Shanghai Stock Exchange in 1999, known as "China's first stock in public education" [2] - The company's market value fluctuated significantly, peaking at nearly 10 billion yuan after a recovery driven by a transformation into the medical beauty sector [2] - As of December 29, 2025, the company's stock price fell to 0.29 yuan, with a market value of only 206 million yuan, leading to its delisting on December 31, 2025 [2] Group 2: Regulatory and Audit Issues - Regulatory scrutiny on Jiangsu Wuzhong has been ongoing, with multiple warnings issued regarding its annual reports and fundraising plans [4] - The auditing firms, Zhonghui CPA and Zhongxing Caiguanghua CPA, provided unqualified audit opinions for several years, failing to identify significant financial fraud [3][4] - Following a regulatory investigation, Zhongxing Caiguanghua issued an audit report in April 2023 stating it could not express an opinion on the financial statements due to the ongoing investigation [5] Group 3: Financial Performance and Market Response - Jiangsu Wuzhong's stock price experienced a significant increase, rising from a low of 5.43 yuan to a high of 13.88 yuan, reflecting a more than 150% increase during the period from April 2022 to January 2025 [6] - Over 90 research reports from 18 brokerage firms recommended "buy" or "hold" ratings during the company's medical beauty transformation, contributing to the stock price surge [6] Group 4: Implications for Brokerage Firms - The involvement of brokerage firms in Jiangsu Wuzhong's financing activities raises questions about their due diligence and responsibility in light of the company's financial misconduct [7][8] - Legal experts suggest that if brokerage firms failed to identify financial fraud during the fundraising process, they could face administrative penalties and potential liability to investors [8]