Zhong Guo Ji Jin Bao·2026-01-02 03:53Core Viewpoint - Derun Electronics has been penalized for financial fraud, leading to a significant fine and a change in stock status to "ST Derun" due to continuous financial misreporting [1][7][8]. Group 1: Financial Fraud Details - Derun Electronics was found to have fabricated over 500 million yuan in receivables, orchestrated by its actual controller, Qiu Jianmin, resulting in a total fine of 22.5 million yuan [1][4]. - The fraudulent activities included creating fictitious receivables of 395 million yuan in 2020 and 113 million yuan in 2021, along with underreporting credit impairment losses and capital reserves [4][5]. - In 2022, the fraud escalated with Qiu Jianmin directing a subsidiary to provide funds to joint ventures under the guise of "prepaid goods," leading to further fictitious reporting [4][5]. Group 2: Regulatory Actions and Stock Status - The Shenzhen Securities Regulatory Commission issued a warning and fines to both Derun Electronics and Qiu Jianmin, with the company facing a 700 million yuan fine and Qiu facing a total of 1.2 million yuan in penalties [7][8]. - Derun Electronics' stock will be suspended for one day on January 5, 2026, and will resume trading on January 6, 2026, under the new designation "ST Derun," with a trading limit of 5% [1][8]. Group 3: Company Performance and Control Risks - Derun Electronics has reported a net loss of 1.225 billion yuan in 2024, marking a decline of over 500%, largely due to losing control over a key subsidiary, Meta [10][11]. - The company has faced continuous net losses for six years, totaling nearly 3.2 billion yuan, with revenue declining by 15.7% in the first three quarters of 2025 [10][11]. - The controlling shareholder's shares are under judicial auction due to debt issues, reducing their stake to 5.68%, raising concerns about potential changes in control [11].