920680，重大违法强制退市！

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the listing of *ST Guandao due to long-term and systematic financial fraud, marking it as the first company to be forcibly delisted for major violations on the exchange [2][4][5]. Group 1: Company Background - *ST Guandao, officially known as Shenzhen Guandao Digital Technology Co., Ltd., primarily develops and sells software products aimed at data applications. The company was listed on the New Third Board in November 2016 and became one of the first companies to be listed on the Beijing Stock Exchange in 2021 [7]. Group 2: Financial Fraud Details - The company has been found to have engaged in financial fraud for seven consecutive years, with significant inflation of revenue and costs. The China Securities Regulatory Commission (CSRC) identified false disclosures in annual reports from 2018 to 2023 and the first half of 2024 [4][6]. - Specific figures indicate that *ST Guandao inflated its reported revenue by 143 million, 192 million, 223 million, 249 million, 304 million, 283 million, and 72 million from 2018 to the first half of 2024, representing percentages of 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% respectively [9]. - Similarly, the inflated operating costs were 65 million, 85 million, 117 million, 133 million, 163 million, 152 million, and 39 million during the same period, with corresponding percentages of 84.53%, 91.17%, 98.41%, 83.30%, 99.13%, 92.26%, and 83.81% [9]. Group 3: Regulatory Actions and Penalties - The CSRC imposed a fine of 10 million yuan on *ST Guandao and issued severe penalties against key executives, including a lifetime ban from the securities market for the former chairman and other senior management [11]. - The Beijing Stock Exchange also publicly reprimanded *ST Guandao and its executives, prohibiting them from holding positions in listed companies for life [11]. Group 4: Investor Compensation - The termination of *ST Guandao's listing has raised concerns about investor compensation. Minmetals Securities, as the sponsor and continuous supervisor, failed to fulfill its responsibilities, leading to the establishment of a compensation fund of approximately 220 million yuan to compensate eligible investors for their losses [12][14]. - The compensation mechanism is designed to provide a more efficient remedy for small investors facing high litigation costs and long recovery periods [14].