严重财务造假！强制退市！

Core Viewpoint - Guangdao Digital has been penalized by the China Securities Regulatory Commission (CSRC) for systematic financial fraud from 2018 to mid-2024, leading to a significant overstatement of revenue and costs, resulting in the company's stock being forced to delist [2][12]. Summary by Sections Financial Fraud Details - From 2018 to mid-2024, Guangdao Digital inflated its reported revenue by amounts ranging from 71.64 million to 304 million yuan annually, with the inflated revenue constituting over 99% in some years [4][5]. - The company also inflated its reported costs, with similar high percentages of over 90% in several years [4][5]. Penalties and Consequences - The CSRC has imposed fines ranging from 500,000 to 15 million yuan on the company and its executives, with the actual controller Jin Wenming and secretary Zhao Lu facing lifetime bans from the securities market [6][11]. - The company is mandated to correct its practices and has been fined 10 million yuan, while Jin Wenming faces a total fine of 15 million yuan [11][12]. Stock Market Impact - Guangdao Digital's stock will be suspended from trading starting September 15, 2025, due to serious violations of the Beijing Stock Exchange listing rules, leading to a forced delisting [12][13]. - The company's market capitalization was reported at 638 million yuan as of September 12, 2025 [15]. Company Background - Guangdao Digital specializes in software product development and sales aimed at data applications, claiming to have significant experience in digital government services [14].