上市公司造假并被强制退市：钱氏姐弟资本局

Core Viewpoint - The article discusses the significant decline in the stock price of Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (referred to as "*ST Suwu"), which has lost 90% of its market value since the involvement of the Qian siblings, with the stock price dropping from 11 yuan to 1.24 yuan by November 25, 2025 [1][15]. Summary by Sections Company Control and Ownership - In February 2018, Qian Ying, the sister of Qian Qunshan, acquired control of Jiangsu Wuzhong through a share transfer transaction valued at approximately 707 million yuan, gaining a 17.01% stake in the company [5]. - Prior to this acquisition, Jiangsu Wuzhong had nine actual controllers, and the company faced an investigation by the CSRC, which concluded with no wrongdoing found [5]. Financial Misconduct and Penalties - On November 25, 2025, the CSRC issued an administrative penalty against *ST Suwu for concealing the actual controller, financial fraud, and fund occupation, resulting in a fine of 10 million yuan for the company and 1.5 million yuan for Qian Qunshan [2][21]. - The company was found to have inflated revenue and profits through non-commercial trade activities, with inflated revenues of 4.95 billion yuan in 2020, 4.69 billion yuan in 2021, and so on, leading to significant penalties [18]. - By the end of 2023, related parties had occupied 1.693 billion yuan of *ST Suwu's funds, nearly exhausting the company's net assets [19]. Strategic Changes and Business Direction - After Qian Ying took control, Jiangsu Wuzhong shifted its strategy to focus on "pharmaceuticals + medical aesthetics," establishing a medical aesthetics division and investing in related products [14]. - Despite ongoing investigations and financial issues, Qian Qunshan continued to promote the company's medical aesthetics products, claiming significant sales figures [15]. Future Implications - The article highlights the potential for criminal charges against the Qian siblings if their actions are deemed to constitute embezzlement, as seen in similar cases where individuals were prosecuted for misappropriating company funds [22].