财务造假！300391，强制退市！

Group 1 - *ST Changyao has been found to have committed violations related to financial reporting, including the acquisition of 52.75% of Hubei Changjiang Star Pharmaceutical Co., Ltd. in November 2020, which was subsequently consolidated into its financial statements [2] - From 2021 to 2023, subsidiaries of Changjiang Star fabricated inventory and sales documents, leading to inflated revenues of 215.32 million, 283.74 million, and 233.63 million yuan for the respective years, representing 9.12%, 17.57%, and 19.51% of reported revenues [3] - The inflated total profits for the same years were 56.40 million, 63.38 million, and 43.71 million yuan, accounting for 35.62%, 88.23%, and 6.42% of the reported total profits [3] Group 2 - The company has been warned that its financial reporting from 2021 to 2023 contains false records, which may lead to the termination of its stock listing under the revised rules of the Growth Enterprise Market [3] - As of January 23, *ST Changyao's stock has experienced a continuous rise, with a total increase of 109.09%, reaching a price of 0.92 yuan per share and a market capitalization of 322 million yuan [4] Group 3 - The current regulatory environment is increasingly focused on combating financial fraud, with multiple departments collaborating to strengthen oversight and enforcement against such practices [6] - A recent meeting highlighted a shift in regulatory strategy from reactive punishment to proactive prevention and comprehensive accountability across all parties involved, including major shareholders and intermediaries [6] - The establishment of a comprehensive prevention and punishment system aims to enhance the integrity of the capital market, ensuring that fraudulent activities are met with severe consequences and that investors have avenues for compensation [6]