Zhong Guo Ji Jin Bao·2026-01-02 04:24Core Viewpoint - The company, Derun Electronics, has been penalized for financial fraud involving over 500 million yuan in fictitious receivables, leading to significant fines and regulatory actions [1][4][12]. Group 1: Regulatory Actions and Penalties - On December 31, 2025, Derun Electronics received an administrative penalty notice from the Shenzhen Securities Regulatory Bureau due to years of financial fraud [1]. - The total fines amount to 22.5 million yuan, with the actual controller, Qiu Jianmin, facing a five-year ban from the securities market [4][12]. - The company's stock will be suspended for one day on January 5, 2026, and will resume trading on January 6, 2026, under the new name "ST Derun," with a trading limit of 5% [4][14]. Group 2: Details of Financial Fraud - The fraud was orchestrated by Qiu Jianmin, who implemented a systematic scheme to fabricate receivables during 2020 and 2021, resulting in fictitious receivables of 395 million yuan and 113 million yuan, respectively [9]. - In 2022, the fraudulent activities became more complex, with Qiu directing a subsidiary to provide funds under the guise of "prepaid goods," leading to further fictitious receivables of 26.83 million yuan [9][10]. - The fraudulent activities resulted in false records in the annual reports for 2020 and 2021, as well as the semi-annual report for 2022 [10]. Group 3: Financial Performance and Control Issues - Derun Electronics reported a net loss of 1.225 billion yuan in 2024, marking a decline of over 500% year-on-year, primarily due to losing control over a significant subsidiary, Meta [17]. - The company has faced six consecutive years of net losses, totaling nearly 3.2 billion yuan from 2019 to 2024 [17]. - In the first three quarters of 2025, the company achieved revenue of 3.267 billion yuan, a decrease of 15.7% year-on-year, but net profit improved by 157.68% to 72.53 million yuan [19]. - The controlling shareholder's shares are under judicial auction, reducing their stake to 5.68%, raising concerns about potential changes in control [19]. Group 4: Company Overview - Derun Electronics, established in 1989 and listed in 2006, specializes in the research, manufacturing, and sales of electronic connectors and precision components, serving various industries including home appliances and electric vehicles [16].