北交所首例！重大违法强制退市

Core Viewpoint - The article discusses the potential delisting of *ST Guangdao from the Beijing Stock Exchange due to significant violations related to false disclosures in its financial reports, marking a potential first case of mandatory delisting for major violations on this exchange [1][2][3]. Summary by Sections Announcement of Delisting - *ST Guangdao received a notice from the Beijing Stock Exchange on September 19, 2025, regarding the proposed termination of its stock listing due to violations identified in its financial disclosures from 2018 to 2023 [1][3]. Violations and Penalties - The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision, stating that *ST Guangdao's disclosures contained false records, which constitutes a major violation under the stock exchange rules, potentially leading to mandatory delisting [3][5]. Risk of Delisting - The company has issued thirteen warnings about the risk of delisting, indicating ongoing investigations and the possibility of being subjected to mandatory delisting due to significant violations [4]. Administrative Penalties - The CSRC has imposed a fine of 10 million yuan on *ST Guangdao for its violations, along with penalties on other relevant executives [5]. Sponsor's Compensation Actions - The case represents the first instance of a sponsor institution initiating advance compensation for investors affected by *ST Guangdao's violations. The sponsor has announced plans to establish a special fund for compensating eligible investors [6][7].