2026年退市第一股！920680，上市4年造假7年！

Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. (referred to as "Guangdao Tui") has been delisted from the Beijing Stock Exchange due to severe violations, marking it as the first company to be forcibly delisted since the establishment of the exchange [1][7]. Group 1: Company Background - Guangdao Digital was established in 2003 and listed on the New Third Board in November 2016. It became one of the first companies to be listed on the Beijing Stock Exchange in November 2021. The company primarily develops and sells software products aimed at data applications, with Minmetals Securities as its sponsor [4][10]. Group 2: Financial Misconduct - The Shenzhen Securities Regulatory Bureau issued an administrative penalty decision on September 12, 2025, revealing that Guangdao Tui engaged in systematic financial fraud for seven years. The company’s annual reports from 2018 to 2023, the semi-annual report for 2024, and the draft for the 2024 private placement prospectus contained false records [4][10]. - Guangdao Tui inflated its reported revenue and costs by fabricating sales and procurement activities through fake contracts, invoices, bank receipts, delivery notices, and inventory receipts. The inflated revenue percentages for the years 2018 to 2023 and the first half of 2024 were 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% respectively. The inflated cost percentages for the same periods were 84.53%, 91.17%, 98.41%, 83.30%, 99.13%, 92.26%, and 83.81% respectively [4][10]. Group 3: Penalties and Compensation - The Shenzhen Securities Regulatory Bureau ordered Guangdao Tui to rectify its actions, issued a warning, and imposed a fine of 10 million yuan. The chairman and actual controller, Jin Wenming, received a warning and a fine of 15 million yuan, while other executives were also fined varying amounts. Jin Wenming and Zhao Lu were banned from the securities market for life [5][11]. - To compensate investors for their losses, Minmetals Securities announced on December 30, 2025, the establishment of a special fund of 210 million yuan to cover eligible investors who purchased and still held shares between September 30, 2021, and December 4, 2024 [6][11].