Zitian Technology(SZ:300280) 证券时报·2025-09-05 15:13Core Viewpoint - The regulatory authority demonstrates a "zero tolerance" approach towards financial fraud and misconduct by delisted companies, as evidenced by the severe penalties imposed on Delisted Longyu for its fraudulent activities from 2019 to 2022 [1][4][9]. Summary by Sections Regulatory Actions - Delisted Longyu received a notice of administrative penalty from the Shanghai Securities Regulatory Commission (SSRC), proposing a total fine of 38.1 million yuan for financial fraud and failure to disclose related party transactions [1][4]. - The SSRC has initiated investigations into Delisted Longyu's misconduct prior to its delisting, emphasizing a commitment to thorough investigations [3][4]. Financial Misconduct Details - From 2019 to 2022, Delisted Longyu inflated its revenue by 224.2 million yuan, 398.6 million yuan, 402.4 million yuan, and 428.8 million yuan, representing 16.61%, 44.57%, 50.46%, and 42.95% of the reported revenue for those years, respectively [4]. - The company also inflated its profit by 5.73 million yuan, 11.13 million yuan, 9.52 million yuan, and 10.93 million yuan, accounting for 60.48%, 10.36%, 7.48%, and 23.92% of the reported profit for the same periods [4]. Penalties and Accountability - The SSRC plans to impose a fine of 11.5 million yuan on Delisted Longyu and a fine of 16.9 million yuan on its actual controller, Xu Zengzeng, who will also face a ten-year ban from the securities market [6][7]. - Additional penalties totaling 9.7 million yuan will be levied against other responsible individuals, including the board of directors and financial executives [7]. Investor Protection and Market Integrity - The SSRC is actively working to recover losses for affected investors, having already facilitated the return of over 400 million yuan to Delisted Longyu from related parties [7]. - The actions taken against Delisted Longyu reflect the SSRC's commitment to enforcing strict delisting regulations and protecting investor rights, aiming to maintain a healthy market environment [9].