Core Viewpoint - *ST Zitian has received administrative penalty notices from the Securities Regulatory Commission, confirming serious violations including financial fraud and obstruction of regulatory enforcement, leading to significant penalties and potential delisting risks [2][10][12]. Financial Fraud Details - The financial fraud primarily occurred between 2022 and 2023, with *ST Zitian using methods such as fictitious SMS services and improper revenue recognition to inflate income and profits [6][9]. - In 2022, the company inflated its revenue by 778 million yuan, accounting for 44.59% of its reported income, through fictitious SMS services and improper accounting methods [8][9]. - In 2023, the company continued its fraudulent practices, inflating revenue by 207 million yuan in the first half and 1.72 billion yuan in the annual report, with the latter accounting for 78.63% of reported income [9][12]. Regulatory Response - The company faced multiple penalties, with 12 current and former executives fined approximately 40 million yuan, and two key individuals banned from the market for life [2][11]. - *ST Zitian's refusal to cooperate with regulatory investigations further aggravated its penalties, as it failed to submit required financial documents and obstructed enforcement actions [3][11]. Delisting Risks - *ST Zitian is facing three major delisting risks: potential "normative delisting" due to significant accounting errors, "major illegal delisting" due to repeated false reporting, and failure to disclose the 2024 annual report on time [12][13][14]. - The company is likely to become the first case of "normative delisting" under new regulations if it does not rectify its financial reporting issues by the specified deadlines [12][14]. Investor Actions - Investors have begun filing civil compensation lawsuits against *ST Zitian, reflecting growing concerns over the company's financial misconduct and the impact on shareholders [4][16].

Group 1 - The core issue of *ST Changfang's financial fraud has been revealed, with the Shenzhen Securities Regulatory Commission imposing a fine of 4 million yuan due to systematic financial fraud by its subsidiary, Kangmingsheng [1][3] - The fraudulent activities led to an inflated profit of over 13 million yuan, with specific years showing inflated profits of 797.78 million yuan in 2020 and 548.73 million yuan in 2021, significantly impacting the company's financial statements [3] - The inflated profits represented 54.90% of the total profit for Changfang Group in 2020, and the inflated accounts receivable reached 158 million yuan in 2021, accounting for 9.31% of the total assets disclosed [3] Group 2 - The internal control issues were highlighted by Dahuacpa and ZTE Financial Guanghua, which issued negative opinions on the internal controls of *ST Changfang for 2021 and 2022, indicating significant management deficiencies regarding the subsidiary [3] - The penalties included a personal fine of 5 million yuan for the former executive director of Kangmingsheng, who was also banned from the securities market for five years [3]

证监会近日对南京越博动力系统股份有限公司（简称"越博动力"，已退市）涉嫌信息披露违法违规行为依法作 出行政处罚事先告知，除拟对上市公司及造假责任人依法严惩外，还拟对两名配合造假主体一并严肃追责，这 是监管部门首次对配合造假方同步追责的新尝试。 今年"5・15全国投资者保护宣传日"当天，本报刊发《从帮凶到漏网之鱼：如何追责财务造假"第三方"合谋 者？》一文，深入剖析58家上市公司交易造假案例，发现背后暗藏超600家第三方主体参与造假的痕迹，呼吁 压实第三方责任，构建全链条追责体系，得到监管方面积极回应。的确，近年来，资本市场财务造假出现了一 些新特点，财务造假的行为并不局限在上市公司，其造假场景也不只是在年报一环。如财务造假犯罪形成以上 市公司为核心、中介组织与上下游关联企业互相配合的"生态圈"；又如虚假财务数据隐藏于各项业务数据背 后，互相勾连，隐蔽性强，利用保理业务、跨境业务"空转""走单"造假等多种形式，在采购、生产、销售、物 流全流程虚构业务造假。 可以看出，这些造假行为不单单是上市公司本身的行为，其背后多有"帮凶"，或是保荐机构、会计师事务所等 中介机构，它们要么怠于履行"看门人"职责，参与或配合财务 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has taken a significant step by proposing administrative penalties against Nanjing Yuebo Power System Co., Ltd. for suspected information disclosure violations, marking the first time that accomplices in financial fraud will be held accountable alongside the main perpetrators [1][2] Group 1: Regulatory Actions - The CSRC plans to impose strict penalties not only on the listed company and responsible individuals but also on two accomplices involved in the fraud, indicating a new approach to accountability in financial misconduct [1] - The regulatory body aims to establish a comprehensive accountability system that includes direct penalties, referrals to relevant authorities, and criminal prosecutions to address financial fraud effectively [2] Group 2: Financial Fraud Characteristics - Recent trends in financial fraud reveal that such activities are not limited to listed companies; they often involve third-party accomplices, such as underwriting institutions and accounting firms, which may either neglect their oversight responsibilities or actively participate in fraudulent activities [2] - The fraud ecosystem is characterized by a network of intermediaries and related enterprises that collaborate to create false financial data, utilizing various deceptive practices across the entire business process, including procurement, production, sales, and logistics [1][2]

Core Viewpoint - *ST Zitian is facing significant delisting risks due to financial fraud, obstruction of law enforcement, and failure to disclose annual reports on time [1][5]. Financial Fraud - *ST Zitian inflated its revenue by nearly 2.5 billion yuan from 2022 to 2023, with specific instances including a 778 million yuan inflation in the 2022 annual report and a 207 million yuan inflation in the 2023 semi-annual report [1][2]. - The 2023 annual report showed an inflated revenue of 1.721 billion yuan due to improper revenue recognition methods [2]. Legal Penalties - The Fujian Securities Regulatory Bureau has imposed penalties on *ST Zitian and 12 responsible individuals for their illegal activities, including fines and lifetime market bans for certain individuals [3]. - The company faces a fine of 3.5 million yuan for failing to disclose the 2024 annual report on time, along with additional fines for its executives [4]. Delisting Risks - The company's stock price has dropped nearly 60% since the beginning of the year due to the aforementioned issues, leading to a warning about potential delisting [5][7]. - If *ST Zitian does not rectify its issues by July 19, 2025, its stock will be delisted, and it may face mandatory delisting due to serious violations [7].

Core Viewpoint - *ST Zitian is facing significant delisting risks due to financial fraud, obstruction of law enforcement, and failure to disclose annual reports on time [2][12]. Financial Fraud - *ST Zitian inflated its revenue by nearly 2.5 billion yuan from 2022 to 2023 [4]. - In the 2022 annual report, the company fabricated internet advertising fees and SMS service revenues, resulting in an inflated revenue of 778 million yuan, which accounted for 44.59% of annual revenue, and an inflated profit of 85 million yuan, representing 35.99% of total profit [4]. - In the 2023 semi-annual report, the company prematurely recognized revenue of 207 million yuan from cloud services that had not commenced, leading to an inflated revenue of 207 million yuan, which was 14.56% of the period's revenue, and an inflated profit of 79 million yuan, accounting for 51.64% of total profit [5]. - In the 2023 annual report, *ST Zitian's subsidiary improperly recognized revenue of 1.721 billion yuan due to not obtaining control over goods, which constituted 78.63% of the period's revenue [7]. Regulatory Actions - The Fujian Securities Regulatory Bureau imposed penalties on *ST Zitian and 12 responsible individuals for the aforementioned violations, including fines and lifetime market bans for some individuals [8]. - The company failed to disclose its 2024 annual report within the legal timeframe, leading to a proposed administrative penalty of 3.5 million yuan and warnings for several executives [10]. - The company is also facing penalties for obstructing law enforcement, with a proposed fine of 1 million yuan for the company and a total of 2.8 million yuan for related management personnel [11]. Delisting Risks - Due to the outlined violations, *ST Zitian issued a risk warning regarding the potential termination of its stock listing [13]. - The company was ordered to rectify its issues by February 14, 2025, but has not yet complied. If not rectified by July 19, 2025, the stock will be delisted [15]. - The company's stock price has dropped nearly 60% since the beginning of the year until its suspension [16].

Core Viewpoint - The regulatory environment in China's capital market is shifting towards a more comprehensive accountability system, emphasizing the need for both companies and third-party collaborators to be held responsible for financial fraud [1][2]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued administrative penalties against Nanjing Yuebo Power System Co., Ltd. for financial fraud, marking a significant shift in enforcement practices [1]. - The total amount of inflated revenue identified across multiple delisted companies since 2025 has reached 26 billion yuan, with cumulative penalties amounting to 160 million yuan [2]. - The CSRC has begun to penalize auditing firms that fail to detect fraud, with six firms facing repercussions in the current year [2]. Group 2: Company Governance Issues - The case of Yuebo Power highlights severe governance failures, including undisclosed reasons for delisting and the concealment of the chairman's "dishonest" status [2]. - The new regulatory framework, referred to as the "New National Nine Articles," aims to establish a multi-faceted accountability system that includes civil compensation, criminal connections, and reward mechanisms for whistleblowers [2]. Group 3: Future Regulatory Framework - The 2024 guidelines from six ministries provide a policy foundation for the "double penalty" approach, which will be implemented by the CSRC moving forward [2]. - The CSRC plans to continue targeting both primary offenders and accomplices, utilizing a combination of administrative penalties and criminal referrals [2].

Core Viewpoint - *ST Zitian is facing severe penalties and potential delisting due to significant financial misconduct, including inflated revenues and profits, as well as non-compliance with regulatory requirements [1][19]. Financial Violations - The company has been found to have inflated revenues by a total of 24.99 billion yuan over the years 2022 and 2023, which constitutes 63.53% of the total reported annual revenue for those years [1][19]. - Specific instances of financial misconduct include: - In 2022, the company inflated revenue by 2.28 billion yuan (13.08% of reported revenue) by incorrectly recognizing income from internet advertising services [5]. - The company also reported fictitious SMS sending services, leading to an inflated revenue of 7.78 billion yuan (44.59% of reported revenue) and inflated profit of 0.85 billion yuan (35.99% of reported profit) for 2022 [5]. - For the first half of 2023, the company prematurely recognized revenue of 2.07 billion yuan (14.56% of reported revenue) and profit of 0.79 billion yuan (51.64% of reported profit) from unverified cloud services [5]. - In 2023, the company inflated revenue by 17.2 billion yuan (78.63% of reported revenue) from the same internet advertising services [5]. Regulatory Actions - The regulatory body has issued multiple administrative penalties against *ST Zitian, including a total fine of approximately 40 million yuan for various violations, including obstructing law enforcement [6][8]. - The company has been warned and fined for failing to disclose its annual report within the legal timeframe, with fines totaling 3.5 million yuan for the company and additional fines for its executives [8]. Risk of Delisting - The company is at high risk of delisting due to multiple violations, including failure to rectify issues within the specified timeframe, major legal violations, and failure to disclose annual reports [2][19]. - The company has been placed under a delisting risk warning, and if it does not complete necessary rectifications within two months, it may face termination of its stock listing [17][22]. Management and Compliance Issues - The management team has been uncooperative during regulatory investigations, failing to provide required financial documents and not responding to communications from regulatory authorities [11][12]. - The company has not initiated the necessary audit and reporting processes for its annual report, leading to further compliance issues [14][15].

本报记者 李婷 6月27日晚间，福建紫天传媒科技股份有限公司（以下简称"*ST紫天"）披露系列公告显示，因涉嫌信息披露违法违规，已 经中国证券监督管理委员会福建监管局（以下简称"福建证监局"）调查完毕，认定公司2022－2023年年报存在虚假记载，虚增 25亿元收入（24.99亿元）。 前期*ST紫天联合审计机构对抗监管、拒绝阻碍执法，其目的或是为了掩盖财务造假行为。在此种情形之下，福建证监局 克服拒绝阻碍执法导致的取证困难，查实了公司财务造假行为作出了严厉的处罚。 *ST紫天目前触及三重退市风险（分别为未在规定期限整改退市、重大违法退市、未披露年报退市），预计最快将于7月19 日达到终止上市期限。 行为恶劣触及三重退市风险 *ST紫天原名南通锻压，2011年12月，在深交所创业板上市。2016年初，原实控人郭庆以8.38亿元将其持有的3350万股 （占股本26.17%）转让给新余市安常投资中心（有限合伙），公司控股股东由郭庆变更为新余市安常投资中心（有限合伙）， 其后，公司实施了一系列并购转型广告传媒业务，并于2018年更名为紫天科技，即*ST紫天。 在新股东的资本运作下，*ST紫天短期内业绩大增，但好景不 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced administrative penalties against Yuebo Power for financial fraud, which includes fines and bans for involved parties, marking a significant step in holding accomplices accountable in financial misconduct cases [1][3][5]. Summary by Sections Financial Fraud Details - From 2018 to 2022, Yuebo Power inflated its revenue by over 900 million yuan and profits by over 200 million yuan through fictitious sales of new energy vehicle powertrains and false asset sales [3][4]. - In 2020, the company falsely reported a profit increase of 19.0048 million yuan through the fraudulent transfer of subsidiary equity, and in 2022, it inflated revenue by 79.8109 million yuan through improper recognition of sales [3][4]. Company Background and Performance - Established in 2012, Yuebo Power was a leading provider of new energy vehicle powertrain systems and solutions, listed on the Growth Enterprise Market in 2018 [4]. - The company experienced significant revenue and profit growth in its first three years post-listing, but net profit plummeted from 94 million yuan in 2017 to 21 million yuan in 2018, followed by a loss of 841 million yuan in 2019 [4]. - By the end of Q3 2023, the cumulative net loss reached nearly 1.4 billion yuan, leading to a series of governance issues and ultimately its delisting [4]. Accountability Measures - The CSRC has taken unprecedented steps to penalize not only the company and its actual controller but also two accomplices who facilitated the fraud, imposing fines of 2 million yuan and 300,000 yuan respectively [1][6]. - The CSRC emphasized the need to combat the emerging trend of third-party involvement in financial fraud, which disrupts market order and harms the market ecosystem [7]. Future Actions - The CSRC plans to enhance accountability measures against both primary offenders and accomplices, employing a comprehensive approach that includes administrative, civil, and criminal penalties [7].