强制退市！这家公司4年造假被罚2.29亿，老板市场禁入10年

Core Viewpoint - *ST Dongtong (Beijing Dongfang Tong Technology Co., Ltd.) has been penalized for serious financial fraud, leading to its impending delisting, marking the 12th company to face such consequences in 2025, a record high in history [1][4][8]. Financial Fraud and Penalties - From 2019 to 2022, *ST Dongtong inflated its revenue by 432 million yuan and profits by 314 million yuan through fictitious business activities and premature revenue recognition [5][6]. - The company was fined a total of 2.7 billion yuan, with *ST Dongtong itself facing a fine of 2.29 billion yuan, while its actual controller, Huang Yongjun, was fined 26.5 million yuan and banned from the market for 10 years [4][5][6]. Regulatory Changes and Impact - The increase in companies facing mandatory delisting due to major violations is attributed to new delisting regulations that lower the thresholds for financial fraud, requiring a minimum of three consecutive years of fraud for delisting [8][9]. - The regulatory body has adopted a "zero tolerance" approach towards financial fraud, emphasizing that delisting is not the end but accountability is key [4][9]. Recent Trends in Delisting - In 2025, 12 companies have reached the threshold for mandatory delisting due to major violations, with 7 already completing the delisting process [4][8]. - The new regulations categorize delisting situations into four types, with financial fraud being a significant focus due to its severe social and legal implications [9].