Core Viewpoint - *ST Dongtong's stock trading has experienced abnormal fluctuations due to allegations of false records in periodic reports and financial data, leading to an investigation by the China Securities Regulatory Commission (CSRC) [1] Summary by Relevant Sections - **Investigation and Allegations** - The company received an administrative penalty notice from the CSRC on September 12, 2025, indicating that its reports from 2019 to 2022 contained false records [1] - The issuance of shares to specific targets in 2022 has been classified as fraudulent [1] - **Potential Consequences** - The company faces the possibility of being subjected to significant illegal forced delisting due to the findings of the investigation [1] - The company has committed to fully cooperate with the CSRC's related work, with the final outcome pending the formal penalty decision from the CSRC [1]

Core Viewpoint - *ST Dongtong's stock price has experienced significant fluctuations, with a cumulative increase of over 30% in two consecutive trading days, indicating abnormal trading activity [1] Group 1: Stock Performance - The stock price of *ST Dongtong rose sharply on September 23 and 24, 2025, with a cumulative increase exceeding 30% [1] - The stock has been under a risk warning for delisting since September 15, 2025, due to ongoing investigations [1] Group 2: Regulatory Actions - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) on September 12, 2025, for suspected false reporting of financial data [1] - The investigation may lead to significant legal consequences, including mandatory delisting [1] Group 3: Compliance and Commitment - The company is fully cooperating with the CSRC and has committed to adhering to legal regulations and timely information disclosure [1]

Core Insights - The China Securities Regulatory Commission (CSRC) has significantly increased its enforcement actions against financial fraud, market manipulation, and insider trading, with 2,214 administrative penalties and fines totaling 41.4 billion yuan during the 14th Five-Year Plan period, marking increases of 58% and 30% respectively compared to the previous five-year period [2][3]. Regulatory Environment - The regulatory focus has shifted towards stricter enforcement against financial misconduct, which is seen as essential for purifying the market ecosystem and restoring investor confidence [2][4]. - The number of companies facing mandatory delisting due to serious violations has reached a record high, with 12 companies meeting the criteria for substantial violations in 2025 alone [4]. Enforcement Actions - The CSRC has intensified its crackdown on listed companies' illegal activities, with a notable rise in the number of companies facing severe penalties and delisting due to major violations [3][4]. - As of August 2025, the CSRC has investigated 67 delisted companies for illegal activities and referred 33 for potential criminal information disclosure violations [4]. Legal Framework - The CSRC has established a comprehensive punitive system to combat financial fraud, emphasizing the importance of both administrative and criminal accountability [5][6]. - Recent guidelines issued in collaboration with the Supreme Court aim to enhance the legal framework for enforcing capital market regulations, ensuring that penalties are effectively applied to both companies and individuals involved in fraudulent activities [5][6]. Investor Protection - The increased enforcement actions are expected to positively impact investor confidence and serve as a robust method for protecting investor interests [6]. - The CSRC plans to improve the precision and effectiveness of its regulatory measures, focusing on significant violations while maintaining a balanced approach to enforcement [6].

Core Viewpoint - The company *ST Guangdao is facing potential delisting from the Beijing Stock Exchange due to significant violations related to false disclosures in its financial reports, marking a potential first case of mandatory delisting for major violations on this exchange [1][2][3] Group 1: Delisting Announcement - On September 19, 2025, *ST Guangdao received a notice from the Beijing Stock Exchange regarding the proposed termination of its stock listing [1] - The notice indicates that the company has been found to have false disclosures in its annual reports from 2018 to 2023 and the half-year report for 2024, which constitutes a major violation under the exchange's listing rules [2] - The company has the right to request a hearing within five trading days of receiving the notice, failing which it will forfeit this right [2] Group 2: Regulatory Actions - The company was investigated by the China Securities Regulatory Commission (CSRC) on December 4, 2024, and received a prior notice of administrative punishment on June 13, 2025 [3] - The CSRC's administrative punishment includes a fine of 10 million yuan for violations of the Securities Law, along with warnings and penalties for other relevant executives [3] Group 3: Compensation Measures - This case marks the first instance of a sponsor institution initiating advance compensation for investors affected by the company's violations [4] - The sponsor institution has announced plans to establish a special fund for advance compensation to eligible investors who suffered losses due to the company's misconduct [4] - The sponsor is actively working on the compensation plan and maintaining communication with relevant parties to ensure investor rights are protected [4]

Core Viewpoint - The article discusses the potential delisting of *ST Guangdao from the Beijing Stock Exchange due to significant violations related to false disclosures in its financial reports, marking a potential first case of mandatory delisting for major violations on this exchange [1][2][3]. Summary by Sections Announcement of Delisting - *ST Guangdao received a notice from the Beijing Stock Exchange on September 19, 2025, regarding the proposed termination of its stock listing due to violations identified in its financial disclosures from 2018 to 2023 [1][3]. Violations and Penalties - The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision, stating that *ST Guangdao's disclosures contained false records, which constitutes a major violation under the stock exchange rules, potentially leading to mandatory delisting [3][5]. Risk of Delisting - The company has issued thirteen warnings about the risk of delisting, indicating ongoing investigations and the possibility of being subjected to mandatory delisting due to significant violations [4]. Administrative Penalties - The CSRC has imposed a fine of 10 million yuan on *ST Guangdao for its violations, along with penalties on other relevant executives [5]. Sponsor's Compensation Actions - The case represents the first instance of a sponsor institution initiating advance compensation for investors affected by *ST Guangdao's violations. The sponsor has announced plans to establish a special fund for compensating eligible investors [6][7].

Core Viewpoint - *ST Gao Hong is facing imminent delisting due to its stock price being below the par value of 1 yuan for 16 consecutive trading days, with a current price of 0.46 yuan per share [1] Company Summary - The main business of *ST Gao Hong includes enterprise information services, IT sales to 3C markets and SMEs, and information services for individual consumers [1] - For the first half of 2025, the company reported an earnings per share of -0.12 yuan and a net profit attributable to shareholders of -140.34 million yuan, with a year-on-year net profit growth rate of -3166.01% [1] - As of August 20, 2025, the number of shareholders stood at 53,000 [1] Regulatory Actions - On August 8, 2025, *ST Gao Hong received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties for severe financial fraud over multiple years [1] - The CSRC found that from 2015 to 2023, *ST Gao Hong inflated its revenue and profits through false trade activities, with a total inflated revenue of approximately 19.8 billion yuan and inflated profits exceeding 76.2 million yuan [2] - The CSRC plans to impose fines exceeding 160 million yuan on *ST Gao Hong and related parties, along with market bans for key individuals involved [2] Market Context - Since August 11, 2025, *ST Gao Hong's stock has experienced continuous trading halts, with 28 trading days of price drops by September 22, 2025 [2] - In 2023, 22 A-share companies have completed delisting procedures, with 6 more currently in the delisting process, indicating a trend of increasing major illegal delistings compared to par value delistings [2] - As of September 21, 2023, over 10 A-share companies have faced administrative penalties from the CSRC for financial fraud, triggering major illegal delisting standards [2]

Group 1 - The stock price of *ST Dongtong (300379) closed at 2.3 yuan on September 19, 2025, down 14.81%, marking a cumulative decline of 83.33% for the year [1][4] - The stock has experienced a continuous decline for five consecutive days, with each day showing a drop of over 5% [1][4] - The company has received a notice from the China Securities Regulatory Commission (CSRC) regarding potential major illegal delisting due to false financial reporting from 2019 to 2022 [3][4] Group 2 - On September 19, the net outflow of main funds was 1,079.56 million yuan, while retail investors saw a net inflow of 3,197.61 million yuan [2][4] - The company has been listed on the "Dragon and Tiger List" due to its daily fluctuation and turnover rate reaching 30% [4] - The company is actively cooperating with the investigation and will exercise its rights to hearings and defenses regarding the CSRC's notice [3]

Core Viewpoint - The company *ST Gao Hong (000851) is at risk of being delisted due to its stock price falling below the par value of 1 yuan for 15 consecutive trading days, with potential for major illegal delisting due to fraudulent activities in its financial reporting [1][2]. Summary by Sections Stock Price and Delisting Risk - As of September 19, 2025, *ST Gao Hong's stock price closed at 0.48 yuan per share, indicating that even with five consecutive trading days of limit-up, it cannot return to the par value of 1 yuan [5]. - The company has been warned that if its stock price remains below 1 yuan for 20 consecutive trading days, it will face delisting according to the Shenzhen Stock Exchange rules [1]. Regulatory Actions and Violations - On August 8, 2025, the company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), indicating that its non-public stock issuance in 2020 constituted fraudulent issuance and that its annual reports from 2015 to 2023 contained false records [2][3]. - The fraudulent activities include inflated revenue and profit figures, with reported inflated revenues ranging from 6.94 million yuan to 56.34 million yuan across various years, significantly impacting the reported financial performance [3]. Financial Misrepresentation - The company’s annual reports from 2015 to 2023 showed inflated operating income and costs, with the inflated profits totaling up to 2,190.52 million yuan in 2020, representing 64.88% of the reported profit for that year [3]. - The CSRC's notice also highlighted that the documents related to the 2020 non-public stock issuance included false data from 2018 to 2020, further complicating the company's legal standing [4]. Company Background - *ST Gao Hong, established in 2003 and initiated by the China Academy of Telecommunications Technology, has developed a business structure focusing on digital applications, information services, and IT sales over the past two decades [7].

Core Viewpoint - *ST Gaohong faces the risk of being delisted due to its stock price falling below par value, with a closing price of 0.48 yuan as of September 19, 2025, and has been below 1 yuan for 15 consecutive trading days [1][5]. Group 1: Delisting Risks - The company announced that its stock may be terminated from listing if it continues to trade below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [1]. - The company is also at risk of being subject to mandatory delisting due to significant legal violations, as indicated by a notice from the China Securities Regulatory Commission (CSRC) regarding fraudulent issuance of shares and false financial reporting from 2015 to 2023 [2]. Group 2: Financial Misreporting - The CSRC's notice revealed that the company inflated its reported revenue and costs significantly over several years, with inflated revenues ranging from 6.94 million yuan to 56.34 million yuan, constituting up to 49.38% of reported revenues in certain years [3]. - The inflated profits reported by the company also showed substantial discrepancies, with inflated profit totals reaching as high as 2,190.52 million yuan, representing 64.88% of the reported profit in one year [3]. Group 3: Recent Developments - The company’s non-public stock issuance in 2020 was found to contain false data, leading to accusations of fraudulent issuance, with a total fundraising amount of 1.25 billion yuan approved by the CSRC [4]. - The stock has experienced significant volatility, with a cumulative price drop exceeding 12% over three consecutive trading days in September 2025 [4].

责编：陈丽湘 此前，公司公告称，收到中国证监会《行政处罚决定书》。证监会认定，公司披露的2018年至2023年年 度报告、2024年半年度报告及《2024年度向特定对象发行股票募集说明书(草案)》存在虚假记载。 前述事实触及《北京证券交易所股票上市规则》(以下简称《股票上市规则》)第10.5.1条第（七）项规 定的重大违法强制退市情形，北交所拟决定终止公司股票上市交易。 *ST广道9月19日晚间公告，公司于9月19日收到北交所送达的《关于拟终止公司股票上市的事先告知 书》。 校对：祝甜婷 ...