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Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. has been delisted from the Beijing Stock Exchange due to severe financial fraud, marking it as the first company to be forcibly delisted for major violations since the exchange's establishment [1][3]. Company Overview - Guangdao Digital was established in October 2003, focusing on data application software development and sales, particularly in the digital government sector. The company was listed on the New Third Board in November 2016 and became one of the first companies to list on the Beijing Stock Exchange in November 2021, initially seen as a high-growth stock due to its revenue growth [3]. Fraud Discovery and Investigation - The fraud was exposed in late 2024, following media reports on irregularities in intercepting audit confirmation letters. The Beijing Stock Exchange issued an inquiry, leading to a formal investigation by the China Securities Regulatory Commission (CSRC) [3][4]. - On September 12, 2025, the CSRC concluded its investigation, confirming serious systemic financial fraud. The Beijing Stock Exchange decided to delist Guangdao Digital on November 12, 2025, due to major violations [3][4]. Scale of Fraud - From 2018 to mid-2024, Guangdao Digital inflated its revenue by 1.466 billion yuan, with each period showing an inflation rate exceeding 85%. In 2022, the inflated revenue reached 304 million yuan, accounting for 99.39% of the reported revenue, while in the first half of 2024, the inflated revenue was 71.646 million yuan, representing 88.11% [4]. - The company also inflated its operating costs by 754 million yuan during the same period, with inflation rates ranging from 83.30% to 99.13% [4]. Involvement of Executives - The fraud was a collective effort involving multiple executives, including the controlling shareholder and CEO, Jin Wenming, who was aware of and allowed the fraudulent activities. Key figures like Zhao Lu, the former director and CFO, were central to organizing the fraud, while other executives participated in various capacities [4][5]. Regulatory Actions and Penalties - The Shenzhen Securities Regulatory Bureau imposed penalties on Guangdao Digital, including a fine of 10 million yuan. Jin Wenming was fined 15 million yuan and banned from the securities market for life. Zhao Lu and another executive received fines of 5 million yuan and 2.5 million yuan, respectively [5]. - A compensation fund of 210 million yuan has been established by the underwriting institution to compensate eligible investors for losses incurred due to the company's violations [5]. Stock Market Activity - Prior to and after the delisting, Guangdao Digital experienced significant speculative trading, with a 251.49% increase over six trading days in July 2025 and a subsequent 118% increase during the delisting period, indicating notable retail investor activity [5].