Tongtech(SZ:300379) IPO日报·2025-09-15 12:38Core Viewpoint - *ST Dongtong, once a leading middleware company in China, faces severe consequences due to systemic financial fraud over four years, leading to a significant drop in stock price and impending delisting [1][4][5]. Financial Fraud Details - The company inflated its revenue by a total of 432 million yuan and profits by 314 million yuan from 2019 to 2022, with annual inflated revenues ranging from 61.45 million yuan to 160.53 million yuan, and profits from 52.23 million yuan to 123.69 million yuan [4][5]. - The inflated figures represented 12.29% to 17.68% of reported revenues and 22.72% to 219.43% of reported profits during the respective years [4]. Regulatory Actions - On September 12, the company received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties due to the fraudulent activities [4]. - Following the discovery of the fraud, the company announced on September 14 that it would face delisting procedures due to significant violations, marking it as the 12th company to face such actions since 2025 [5]. Financial Performance - The company has reported continuous revenue decline and net losses for three consecutive years, accumulating losses of nearly 1.3 billion yuan [6][7]. - In the first half of 2025, the company reported a revenue of 240 million yuan, a year-on-year increase of 48.85%, but still recorded a net loss of 55.16 million yuan [7]. Governance Issues - The company has faced governance challenges, including an audit report for 2024 that was unable to express an opinion, indicating serious internal control issues [7]. - The CSRC has imposed a fine of 229 million yuan on the company and a total of 44 million yuan on seven responsible individuals, including the former chairman, who received a personal fine of 26.5 million yuan and a 10-year ban from the securities market [7][8].