Core Viewpoint - Guangdao Digital has been officially delisted from the Beijing Stock Exchange due to severe financial fraud, marking the first case of forced delisting for major violations since the exchange's establishment [1][2]. Group 1: Company Overview - Guangdao Digital was founded in 2003 and listed on the New Third Board in November 2016, later becoming one of the first companies to list on the Beijing Stock Exchange in November 2021, focusing on data application software development and sales [1]. - The company reported continuous revenue growth since its listing, with a revenue of 306 million yuan in 2023, initially viewed as a high-growth stock on the exchange [1]. Group 2: Fraudulent Activities - The financial fraud began in 2018, three years before the company's listing, involving systematic inflation of revenue by 1.465 billion yuan through fictitious contracts and documents, with the highest annual inflation rate reaching 99.39% [1][2]. - The fraud was highly organized, with the actual controller and financial executives directly involved in creating false documentation and obstructing audits, indicating a collective conspiracy rather than isolated misconduct [2]. Group 3: Regulatory Actions and Consequences - In September 2025, the Shenzhen Securities Regulatory Bureau imposed a fine of 10 million yuan on Guangdao Digital and a total of 30.5 million yuan on 12 responsible individuals, including lifetime bans for key executives [3]. - The fraudulent activities extended to the issuance of stock fundraising documents, misleading investors during attempts to raise additional capital [3]. Group 4: Investor Compensation and Market Implications - In response to investor losses, the underwriting institution, Wukuang Securities, established a compensation fund of 210 million yuan to cover eligible investors who held shares during the fraudulent period [3]. - The case highlights the limitations of current investor protection mechanisms and the need for stronger regulatory oversight to prevent similar occurrences in the future [4][5].
“四年上市路”终成空，“七年造假史”现原形 2026退市第一股广道数字摘牌