证监会亮剑：长药锁定退市、立方遭警示 火中取栗式炒作遭棒喝
2 1 Shi Ji Jing Ji Bao Dao·2026-01-23 13:33

Core Viewpoint - *ST Changyao has been officially penalized by the China Securities Regulatory Commission (CSRC) for systematic false reporting in its annual reports from 2021 to 2023, leading to imminent forced delisting due to major violations [2][4][7]. Financial Misconduct - *ST Changyao has been found to have engaged in financial fraud for three consecutive years, with significant false reporting in its annual financial statements [4][7]. - The company inflated its revenue by 215 million yuan, 284 million yuan, and 234 million yuan for the years 2021, 2022, and 2023 respectively, representing 9.12%, 17.57%, and 19.51% of the reported revenue for those years [5]. - The inflated profit totals were 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan for the same years, accounting for 35.62%, 88.23%, and 6.42% of the reported profit respectively, with 2022 showing an alarming 90% inflation rate [5][6]. Regulatory Actions - The CSRC has imposed a fine of 10 million yuan on *ST Changyao and mandated corrective actions due to the confirmed financial misconduct [7]. - The company is facing multiple delisting risks, including major violations, financial delisting, and trading delisting, as it has reported negative net assets and negative profits for the last three accounting years [7][8]. Market Behavior - Despite the serious delisting risks, *ST Changyao's stock price has surged, with a cumulative increase of over 100% in a short period, indicating a significant divergence from its fundamental performance [2][9]. - The stock has been trading below the 1 yuan threshold for 17 consecutive trading days, approaching the delisting threshold of 20 days [8]. Similar Cases - *ST Lifang is experiencing a similar situation, with allegations of financial fraud and stock price volatility despite the risks of forced delisting [2][10]. - Both companies have seen unusual trading activity, with significant price increases despite ongoing regulatory scrutiny and warnings about the risks involved [9][10].