CDT(SZ:300344) Zhong Guo Jing Ying Bao·2026-02-15 13:29Core Viewpoint - ST Lifan (Lifan Shuke, 300344.SZ) has been penalized for three consecutive years of financial fraud, leading to a warning, a fine of 10 million yuan, and a proposed delisting by the Shenzhen Stock Exchange due to serious violations [2][4]. Group 1: Regulatory Actions - On February 14, 2026, ST Lifan received an administrative penalty decision from the Anhui Securities Regulatory Bureau and a notice of termination of listing from the Shenzhen Stock Exchange [2]. - The company was found to have inflated revenues by 638 million yuan and costs by 628 million yuan from 2021 to 2023 through various fraudulent activities [4]. - The Anhui Securities Regulatory Bureau has also proposed fines totaling 30 million yuan against 10 responsible individuals, including a 10-year market ban for three of them [4]. Group 2: Financial Misconduct Details - The inflated revenues and costs for each year were as follows: 2021 - 280 million yuan (revenue) and 277 million yuan (cost); 2022 - 312 million yuan (revenue) and 305 million yuan (cost); 2023 - 46 million yuan (revenue) and 45 million yuan (cost) [4]. - The company’s stock was under delisting risk warning since December 2, 2025, and was renamed from ST Lifan to *ST Lifan [4]. Group 3: Market Reactions - Prior to the announcement, ST Lifan's stock surged by 314.93% over 10 trading days, with seven days hitting the daily limit [4][6]. - Following the announcement of the delisting, the stock price fell significantly, with a cumulative drop of 35.89% over two trading days [6]. Group 4: Implications for Auditors - The accounting firm Zhongxing Cai Guanghua, which provided unqualified audit reports for ST Lifan from 2021 to 2023, is also under investigation for its role in the financial misconduct [10][12]. - Following the investigation, approximately 40 A-share listed companies have announced or are planning to dismiss Zhongxing Cai Guanghua as their auditor [11][13]. Group 5: Criminal Accountability - The China Securities Regulatory Commission (CSRC) has indicated that any criminal aspects related to the case will be referred to law enforcement agencies [15][16]. - Legal experts emphasize that the regulatory approach reflects a "zero tolerance" policy towards financial fraud, with a comprehensive accountability framework being established [16].