Jiangsu wuzhong(SH:600200) 证券时报·2025-12-29 12:40Core Viewpoint - The company Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (ST Suwu) is set to be delisted from the Shanghai Stock Exchange due to serious violations, including false disclosures and inflated financial figures [5][6]. Group 1: Delisting Announcement - ST Suwu's stock will enter a delisting transition period on December 9, 2025, lasting for 15 trading days, concluding on December 29, 2025, after which the stock will be officially delisted on December 31, 2025 [1]. - Following the delisting, the company's stock will be transferred to the National Equities Exchange and Quotations (NEEQ) for trading, with Jianghai Securities Co., Ltd. appointed as the lead broker to manage the transfer process [2]. Group 2: Financial Misconduct - The company was found to have inflated its revenue and profits through non-commercial trade activities with related parties, resulting in significant discrepancies in financial reporting from 2020 to 2023. The inflated revenue figures were 495.26 million, 468.51 million, 430.75 million, and 376.66 million, representing 26.46%, 26.39%, 21.26%, and 16.82% of reported revenues for those years respectively [6]. - The inflated costs were reported as 480.68 million, 448.24 million, 410.82 million, and 355.44 million, accounting for 37.08%, 35.47%, 28.40%, and 20.95% of reported costs for the same periods [6]. - The total inflated profits were 14.58 million, 20.27 million, 19.92 million, and 21.22 million, which constituted 2.89%, 51.65%, 26.42%, and 29.81% of the reported profits for those years [6]. Group 3: Related Party Transactions - The company also failed to disclose significant non-operational fund usage by related parties, with balances reported as 127.41 million, 1.39 billion, 1.54 billion, and 1.69 billion at the end of 2020, 2021, 2022, and 2023 respectively, representing 6.88%, 74.20%, 84.60%, and 96.09% of the net assets disclosed [7].