Core Viewpoint - The stock of *ST Guandao has experienced an extraordinary surge of over 250% within a short period, despite being embroiled in a long-standing financial fraud scandal and facing imminent delisting [1][3][5]. Group 1: Stock Price Movement - From June 25 to July 18, *ST Guandao's stock was suspended for trading three times due to abnormal fluctuations and recorded five instances of a 30% daily limit increase, leading to a market capitalization rise from under 200 million to 630 million [2][3]. - On July 15, two personal accounts were penalized by the Beijing Stock Exchange for manipulating the stock price, yet speculative trading continued, resulting in another 30% limit increase on July 16 with a trading volume of 161 million [6][4]. Group 2: Financial Fraud Details - *ST Guandao has been involved in systematic financial fraud for seven years, inflating revenue by over 1.465 billion from 2018 to mid-2024 through fabricated business documents and misleading financial statements [8][9]. - The fraudulent activities included the creation of fake sales and purchase contracts, invoices, and bank statements, involving multiple departments and the direct coordination of the controlling shareholder [8][9]. - The inflated revenue constituted between 85.87% to 99.39% of reported earnings, with a cumulative inflated cost of 754 million, indicating a severe misrepresentation of the company's financial health [9]. Group 3: Regulatory Actions and Consequences - The Shenzhen regulatory authority has proposed a fine of 10 million for *ST Guandao and additional penalties for responsible individuals, including lifetime bans from the securities market [9]. - Despite the ongoing speculative trading, the company's fundamentals are deteriorating, with a reported revenue of only 5.6 million and a net loss of 609,000 in the first quarter of 2025 [9].
5次30%涨停，暴涨超250%！这只财务造假7年的退市边缘股为何仍遭爆炒