三年财务造假，*ST长药将被摘牌

Core Viewpoint - *ST Changyao has been notified by the Shenzhen Stock Exchange that its stock will be delisted due to serious violations, including financial fraud and significant operational risks [2][4][5]. Group 1: Company Announcement and Stock Status - On March 12, *ST Changyao announced that it received a decision from the Shenzhen Stock Exchange to terminate its stock listing, with trading resuming on March 20 and entering a delisting preparation period of fifteen trading days, expected to end on April 10 [2]. - As of the last quarter of the previous year, *ST Changyao had a total of 14,233 shareholders, with its stock price at 0.92 yuan per share and a total market value of 320 million yuan [3]. Group 2: Financial Misconduct and Investigations - The company has been under investigation since November last year for suspected false reporting of financial data. In January, it received an administrative penalty notice from the China Securities Regulatory Commission [4]. - The investigation revealed that from 2021 to 2023, *ST Changyao inflated its reported revenue by 215 million yuan, 284 million yuan, and 234 million yuan, accounting for 9.12%, 17.57%, and 19.51% of the disclosed revenue for those years, respectively [4]. - 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 for the respective years [4]. Group 3: Operational and Financial Risks - In addition to financial fraud, *ST Changyao faces multiple risks, including declining performance, overdue debts, lawsuits, frozen accounts, and significant tax arrears. As of the end of last year, the company had over 1.1 billion yuan in interest-bearing liabilities, with 390 million yuan overdue [6]. - The company also failed to reasonably recognize losses related to a project in 2022, leading to an inflated profit of 4.55 million yuan, which accounted for 6.34% of the disclosed profit for that year [5]. Group 4: Regulatory Environment and Market Impact - Since the beginning of the year, four listed companies have faced delisting or are in the delisting process due to serious violations. This includes *ST Lifang, which received a delisting notice in February [7]. - The regulatory environment is becoming increasingly stringent, with a zero-tolerance policy for serious violations, aiming to enhance market integrity and deter misconduct among key stakeholders [7].