连续4年财务造假，IPO欺诈发行遭重罚

Core Viewpoint - Tonghui Information has been penalized by the Beijing Securities Regulatory Commission for illegal information disclosure, involving multiple executives and resulting in significant financial penalties and market bans for key individuals [2][4][5]. Group 1: Regulatory Actions - The Beijing Securities Regulatory Commission issued a notice of administrative punishment to Tonghui Information and its executives for violations from 2018 to 2021, including fabricating business contracts and manipulating revenue recognition [4][5]. - The company reported inflated revenues of 20.17 million yuan, 9.62 million yuan, 14.98 million yuan, and 18.07 million yuan for the years 2018, 2019, 2020, and 2021 respectively, along with inflated profits of 10.46 million yuan, 8.15 million yuan, 7.37 million yuan, and 5.88 million yuan for the same years [4][5]. Group 2: Financial Penalties - The penalties proposed by the Beijing Securities Regulatory Commission include a fine of 9 million yuan for Tonghui Information, 11.5 million yuan for Chairman Dai Fuhao, 7 million yuan for Vice President Cui Zhenying, and various fines for other executives [5][6]. - Dai Fuhao and Cui Zhenying face market bans of 10 years and 7 years respectively due to their significant roles in the violations [8]. Group 3: Financial Performance - In the first half of 2025, Tonghui Information reported revenues of 37.2 million yuan, a decline of 78.66% year-on-year, and a net loss of 14.39 million yuan, down 50.84% year-on-year [10]. - The company has experienced continuous net losses over the past three years, with losses of 46.5 million yuan, 128 million yuan, and 71.94 million yuan from 2022 to 2024 [10]. Group 4: Company Background - Established in 2008, Tonghui Information focuses on developing and promoting digital solutions in sectors such as education, healthcare talent training, port automation, and finance [10]. - The company transitioned from the National Equities Exchange and Quotations to the Beijing Stock Exchange in November 2021, becoming one of the first companies listed on the new exchange [10].