4天暴涨109%难逃退市！*ST长药财务造假触目惊心

Core Viewpoint - The company *ST Changyao is facing imminent delisting due to multiple risks, including trading, financial, and major legal violations, despite a temporary stock price surge of over 100% in four days [1][3]. Group 1: Delisting Risks - As of January 21, 2026, *ST Changyao's stock price was 0.64 CNY per share, having been below 1 CNY for fifteen consecutive trading days, with a market capitalization under 300 million CNY for nine days [2][9]. - The company is projected to have negative equity by the end of 2025, further complicating its financial situation [2][9]. - On January 23, 2026, the China Securities Regulatory Commission (CSRC) issued an administrative penalty decision, confirming the company's financial fraud over three years, which triggered the delisting process [3][10]. Group 2: Financial Fraud - The company has been found to have inflated its revenue by 215 million CNY, 284 million CNY, and 234 million CNY in the years 2021, 2022, and 2023 respectively, totaling over 700 million CNY in inflated revenue [5][11]. - The fraud involved not only surface-level data manipulation but also specific project confirmations, leading to an inflated profit of 4.55 million CNY due to improper loss recognition on a project [12]. - The CSRC has imposed a fine of 10 million CNY on the company and a total of 31 million CNY on 14 responsible individuals, with the former general manager banned from the securities market for life [5][12]. Group 3: Investor Rights and Compensation - The company’s restructuring plan has largely failed, with a court ruling against a restructuring application on December 29, 2025 [6][13]. - Investors affected by the company's situation have avenues for compensation, with specific timeframes for eligibility to file claims [7][14]. - The company’s stock was officially suspended from trading on January 26, 2026, as the delisting process commenced [6][10].