严重财务造假，或强制退市！对中介同步核查！

Core Viewpoint - The article discusses the administrative penalties imposed on Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) for financial misconduct, including false reporting of financial data over three consecutive years, leading to significant regulatory actions and potential delisting risks [1][7][18]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued a prior notice of administrative penalties against *ST Changyao for suspected false records in periodic reports [1]. - The Shenzhen Stock Exchange will initiate delisting procedures due to *ST Changyao's involvement in major violations [2]. - The company has been under investigation since November 7, with the CSRC demonstrating increased regulatory efficiency by issuing the notice within a month [1]. Group 2: Financial Misconduct - *ST Changyao has inflated its revenue and profits for three consecutive years (2021-2023), violating securities laws [7]. - The inflated figures include an increase in revenue by 215.32 million yuan (9.12%), 283.74 million yuan (17.57%), and 233.63 million yuan (19.51%) for the years 2021, 2022, and 2023 respectively [9]. - The company also reported inflated profit totals of 56.40 million yuan (35.62%), 63.38 million yuan (88.23%), and 43.71 million yuan (6.42%) for the same years [9]. Group 3: Company Background - *ST Changyao, originally known as Kangyue Technology, was established in 2001 and listed on the Shenzhen Stock Exchange in August 2014, initially focusing on internal combustion engine components [8]. - The company entered the pharmaceutical industry in December 2020 after acquiring a majority stake in Hubei Changjiang Star Pharmaceutical Co., Ltd. [8]. Group 4: Financial Health and Risks - As of the end of 2024, *ST Changyao reported a negative net asset of -432.84 million yuan and a significant decline in revenue from 1.61 billion yuan in 2022 to 112 million yuan in 2024 [13][15]. - The company faces multiple risks, including potential bankruptcy due to failure to meet restructuring conditions and ongoing litigation related to overdue debts [12][17]. - The company has been under scrutiny for its financial practices, with the CSRC planning to investigate the performance of its auditing firm, Zhongshui Yapa [19].