Changyao Group(SZ:300391) 中国基金报·2026-01-24 04:10Core Viewpoint - *ST Changyao has been penalized for financial fraud, facing a fine of 10 million yuan and a proposed termination of its stock listing due to serious violations over three consecutive years [2][4][8]. Financial Fraud Details - The company was found to have inflated revenue and profit figures from 2021 to 2023, with reported inflated revenues of 215 million yuan, 284 million yuan, and 234 million yuan, which accounted for 9.12%, 17.57%, and 19.51% of the disclosed revenues respectively [6]. - The inflated profit totals were 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan, representing 35.62%, 88.23%, and 6.42% of the disclosed profit totals [6]. - Additionally, the company failed to reasonably recognize losses related to a project in 2022, leading to an inflated profit of 4.55 million yuan, which was 6.34% of the disclosed profit total for that year [7]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision on January 23, 2023, following an investigation that began in November 2022 [4][8]. - The Shenzhen Stock Exchange has issued a notice proposing to terminate the company's stock listing, with trading suspension set to begin on January 26, 2026 [10][13]. Market Reaction - *ST Changyao's stock experienced a significant increase, with a cumulative price increase of 41.44% over two trading days and 107.75% over four trading days prior to the announcement [13]. - As of January 23, 2023, the stock closed at 0.92 yuan per share, with a total market capitalization of 322 million yuan [14].