CDT(SZ:300344) 2 1 Shi Ji Jing Ji Bao Dao·2026-02-15 06:27Core Viewpoint - *ST Lifan faces delisting after three consecutive years of financial fraud, with the Anhui Securities Regulatory Commission imposing a fine of 10 million yuan and initiating delisting procedures due to false financial disclosures from 2021 to 2023 [1][5][6]. Group 1: Financial Fraud Details - *ST Lifan inflated revenue and costs through three main methods: agency business, financing trade, and fictitious trade [2][3]. - The company engaged in agency business with 12 companies, using total amount accounting despite lacking control over the goods, which violates accounting standards [2]. - Financing trade involved signing contracts with clients while providing upfront payments, which should not be recognized as revenue or costs [2]. - Fictitious trade in 2022 involved a business with a media company that lacked commercial substance, leading to further inflated financial figures [3]. Group 2: Financial Impact - From 2021 to 2023, *ST Lifan's financial reports showed significant inflation: - In 2021, revenue was inflated by 280 million yuan (50.09% of total revenue) and costs by 277 million yuan (60.61% of total costs) [4]. - In 2022, revenue was inflated by 312 million yuan (51.67%) and costs by 305 million yuan (53.54%), with a profit inflation of 510,000 yuan (0.33%) [4]. - In 2023, revenue was inflated by 45.87 million yuan (24.00%) and costs by 45.23 million yuan (27.55%) [4]. Group 3: Regulatory Actions and Consequences - The Anhui Securities Regulatory Commission ordered *ST Lifan to correct its practices, issued a warning, and imposed a fine of 10 million yuan [5]. - The company is set to be delisted due to the cumulative inflated revenue exceeding 500 million yuan over two years, which is more than 50% of the reported revenue for those years [6]. - *ST Lifan has received multiple warnings regarding delisting risks and has been under scrutiny for its accounting practices since at least January 2024 [9].