本报讯 （记者毛艺融）6月20日盘后，锦州港股份有限公司（以下简称"*ST锦港"）公告收到终止上市 决定。 根据行政处罚查实的财务造假事实，公司触及重大违法退市情形，交易所依规作出终止公司股票上市的 决定，按照规则公司股票将进入退市整理期交易15个交易日，供投资者交易退出。公司股票在退市整理 期结束后将摘牌。 市场人士认为，本案中，公司因严重财务造假被强制退市，有关责任人也被巨额罚款，这体现出监管机 构坚决落实新"国九条"，对财务造假的"零容忍"，对"害群之马"坚决出清。 5月29日，*ST锦港公告收到《行政处罚决定书》（〔2025〕3号），认定2022年至2024年，公司通过虚 假贸易业务及跨期确认港口包干作业费收入等方式虚增利润，《2022年年度报告》《2023年年度报告》 《2024年第一季度报告》存在虚假记载。 此前，2024年11月1日，公司披露收到中国证监会作出的《行政处罚决定书》（〔2024〕96号），认定 公司2018年至2021年年度报告虚假记载，并予以顶格处罚。根据行政处罚认定的事实，公司2020年至 2023年年度报告连续4年存在虚假记载，触及上交所《股票上市规则》第9.5.1条第（一） ...

*ST锦港（600190）6月20日晚间公告，公司今日收到上交所出具的自律监管决定书，因2020年至2023年年度报告连续4年存在虚假记载，上海证券交易所决定终 止公司股票上市。公司将于6月30日进入退市整理期，预计最后交易日为7月18日。公司股票终止上市后，将转入全国中小企业股份转让系统进行股份转让。 *ST锦港将成为A股"港口退市第一股"。 5月29日，*ST锦港收到辽宁证监局的《行政处罚决定书》，认定公司及相关责任人员存在多项违法事实，公司股票已于5月30日起停牌。 《决定书》显示，2022至2024年，公司通过虚假贸易业务及跨期确认港口包干作业费收入等方式虚增利润，《2022年年度报告》《2023年年度报告》《2024年第 一季度报告》存在虚假记载。其中，2022年虚增利润3610.45万元，占当期报告披露利润总额的22.46%；2023年虚增利润6808.78万元，占当期报告披露利润总额 的65.96%；2024年第一季度虚增利润1537.75万元，占当期报告披露利润总额的62.05%。 此外，公司还存在未按期披露《2024年半年度报告》，未及时披露关联交易，《2022年年度报告》《2023年年度报 ...

星标 ★ IPO日报 精彩文章第一时间推送 6月20日晚间，锦州港股份有限公司(600190.SH，下称"*ST锦港")公告称，公司于2025年6月20 日收到上海证券交易所出具的自律监管决定书，决定终止公司股票上市。终止上市的证券种类包括 人民币普通股（A股）和境内上市外资股（B股），证券简称为*ST锦港、*ST锦港B，证券代码为 600190、900952。 AI制图 为了满足银行贷款需求，公司做大了收入和利润。2018年—2021年，公司分别虚增收入约21.2亿 元、39.47亿元、24.82亿元、0.75亿元，虚增利润0.21亿元、0.39亿元、0.44亿元、0.75亿元。 上述四年间，公司累计虚增收入约86.24亿元，累计虚增利润约1.79亿元。 整体来看，2018年—2024年，*ST锦港连续7年均在财务造假。 据IPO日报不完全统计发现，2025年以来，A股市场已有13家公司完成退市。其中，五家公司触及 面值退市、三家公司为触及市值退市、两家公司为主动申请退市、两家公司是触及重大违法强制退 市、一家公司则是被吸收合并而退市。 END 公司股票进入退市整理期的起始日为2025年6月30日，预计最后 ...

Group 1 - The recent regulatory actions against companies like Guangdao Digital and Dongxu Optoelectronics signal a zero-tolerance approach towards financial fraud in the securities market [2][3] - Guangdao Digital was penalized for fabricating contracts and invoices, resulting in a revenue inflation of 1.465 billion yuan, which constituted over 85% of its reported revenue during the period from 2018 to mid-2024 [2] - Dongxu Optoelectronics was found to have fabricated business activities and misappropriated 9.595 billion yuan, leading to a penalty of 378 million yuan, which is only 5% of the raised funds [2][3] Group 2 - The current regulatory penalties are significantly harsher compared to previous years, where fines were typically in the range of 300,000 to 500,000 yuan, indicating a shift towards more stringent enforcement [3] - Despite the increased penalties, there are concerns that the current measures may not fully deter companies from engaging in financial fraud, as the penalties may still be perceived as insufficient relative to the harm caused to investors [3] - To restore investor confidence in the A-share market, it is crucial to enhance the transparency and authenticity of information provided by listed companies, alongside ensuring that investors' interests are adequately protected [4]

Core Viewpoint - *ST Hengli's delisting process has been finalized due to its failure to disclose the 2024 annual report within the statutory deadline, leading to a termination of listing decision by the Shenzhen Stock Exchange [1][4]. Group 1: Company Background - *ST Hengli was listed on the Shenzhen Stock Exchange in 1996 and has undergone various business transformations, including air conditioning equipment and new energy batteries, but has faced significant decline in its main business since 2018 [4]. - The company shifted towards processing and trading, experiencing continuous pressure on profitability, with revenue dropping from 346 million yuan in 2021 to 111 million yuan in 2023, and further declining to approximately 70.06 million yuan in the first three quarters of 2024 [4]. Group 2: Financial Performance and Audit Issues - To avoid delisting, *ST Hengli attempted to acquire Xinyu Lithium Thought New Energy Co., and projected a revenue increase of over 200 million yuan in the fourth quarter, with an estimated 2024 revenue of 300 to 350 million yuan, but still anticipated a net loss of 33 to 43 million yuan [4][5]. - The company initially blamed its auditing firm, Xutai Accounting Firm, for the late delivery of the audit report, claiming it hindered internal review processes, and even filed a lawsuit against the firm for 38.27 million yuan [4][5]. - However, the administrative penalty notice revealed that the auditing firm had raised revenue adjustment issues as early as April 15, and provided a draft report indicating a revenue of 196 million yuan on April 19, which would have triggered delisting criteria if disclosed [4][5]. Group 3: Regulatory Actions and Consequences - *ST Hengli did not cooperate with the audit process, failing to provide necessary financial statements and supporting documents, which led to the issuance of an audit report based on incomplete information [5]. - The company faced an administrative penalty, including a fine of 3.5 million yuan and warnings to responsible individuals with fines ranging from 1 to 1.8 million yuan [5]. - The company is currently under investigation by the China Securities Regulatory Commission for suspected false disclosures in its financial data, which could lead to more severe legal consequences if financial fraud is confirmed [6].

Core Viewpoint - Beijing Jinyi Cultural Development Co., Ltd. (referred to as "Jinyi Culture" or "ST Jinyi") has been penalized by the China Securities Regulatory Commission (CSRC) for significant financial misreporting, particularly in the years 2020 and 2021, due to inadequate inventory impairment provisions [1][2][3] Group 1: Financial Misreporting - Jinyi Culture inflated inventory by 610 million yuan in 2020, accounting for 5.92% of total assets, and inflated profit by the same amount, representing 21.21% of total profit for that year [2] - In 2021, the inflated inventory increased to 637 million yuan, making up 7.03% of total assets, while the inflated profit was 28 million yuan, which was 1.89% of total profit [2] - The company only corrected these financial discrepancies in an announcement made on April 30, 2023 [2] Group 2: Regulatory Actions - The CSRC issued a warning and imposed a fine of 1.5 million yuan on Jinyi Culture, while the former chairman and general manager were fined 700,000 yuan each, and the financial director and another executive were fined 600,000 yuan each [3] - This penalty reflects the regulatory authority's commitment to maintaining market order and strictly addressing violations of information disclosure [3] Group 3: Investor Compensation - A legal team is currently gathering claims from investors who purchased shares between April 30, 2021, and April 30, 2023, and either sold or still hold the stock [4] - Investors can consult the legal team regarding eligibility for compensation, with attorney fees being charged only after actual compensation is received [4]

Group 1 - The recent regulatory actions against companies like Guangdao Digital and Dongxu Optoelectronics signal a zero-tolerance approach towards financial fraud in the securities market [1][2] - Guangdao Digital was penalized for fabricating contracts and invoices, resulting in a revenue inflation of 1.465 billion yuan, while Dongxu Optoelectronics misappropriated 9.595 billion yuan in funds [1][2] - The penalties imposed, such as a 10 million yuan fine for Guangdao Digital and a 378 million yuan fine for Dongxu Optoelectronics, are viewed as insufficient compared to the scale of the fraud [2][3] Group 2 - Restoring investor trust in the A-share market is crucial, which requires transparency and authenticity in financial reporting from listed companies [3] - A combination of civil compensation and criminal accountability is necessary to create an effective regulatory and accountability framework [3]

另外，《处罚》针对*ST恒立未按期披露2024年年报的事项，行政处罚拟对公司责令改正、给予警告并 处以350万元罚款，对相关责任人给予警告并处以100万元—180万元金额不等的罚款。 *ST恒立(000622)退市"尘埃落定"。 6月17日，因未在法定期限内披露过半数董事保证真实、准确、完整的2024年年报，*ST恒立收到终止 上市决定。 值得注意的是，在收到深交所退市决定的同时，*ST恒立收到湖南证监局下发的《行政处罚事先告知 书》（下称《处罚》），《处罚》揭示了公司未按期披露2024年年报的真实原因。 6月17日，因未在法定期限内披露过半数董事保证真实、准确、完整的2024年年报，*ST恒立收到终止 上市决定。 回溯*ST恒立发展历程，此次退市是长期经营不善、叠加严重违规问题、公司治理缺陷等多重因素导致 的结局。上市以来，公司经营过冷气设备，生产过新能源电池。2018年以来，公司设备生产主业大幅萎 缩，主要业务转向委托加工及贸易，盈利能力持续承压，深陷亏损泥潭，甚至收入也逼近退市红线。 2024年，公司将保壳赌注押宝在注入新余锂想新能源有限公司，收购后公司第四季度突击增加收入超过 2亿元。从年审机构提出的 ...

Group 1 - The core point of the article is the termination of *ST Jiuyou's listing due to financial fraud, marking the end of its capital market journey and highlighting the severe penalties imposed by regulatory authorities [1][2] - The company engaged in systematic financial fraud over four years, starting in 2020, by misclassifying funds and inflating profits, which led to a total revenue inflation exceeding 350 million yuan and profit inflation of over 34 million yuan [2] - The regulatory crackdown on *ST Jiuyou is part of a broader trend, with other companies facing similar fates, indicating a tightening of regulations against shell companies and zombie enterprises in the market [4] Group 2 - The penalties imposed on the company's former actual controller and other responsible individuals reflect a comprehensive accountability approach, with fines ranging from 500,000 to 3 million yuan for various executives [3] - The case has activated investor relief mechanisms, allowing investors who suffered losses during a specific period to pursue legal claims for compensation, indicating a maturing system for investor protection in the A-share market [3] - The use of non-traditional evidence, such as WeChat chat records and bank statements, demonstrates the effectiveness of regulatory technology in uncovering complex fraudulent activities [4]

日前，深圳市广道数字技术股份有限公司（以下简称"*ST广道"）发布公告称，收到来自深圳证监局的行政处罚。据 悉，处罚内容与2024年年报虚增营业收入及营业成本相关。 此前，*ST广道2024年年报被中审华会计事务所（以下简称"中审华"）出具了无法表示意见的审计意见，由此披星戴 帽，成为北交所首批*ST公司。 多名责任人均遭处罚 此外，金文明作为*ST广道的控股股东、实际控制人，明知和放任公司实施财务造假，协调第三方借款，审批同意其控 制的两家关联公司配合资金流转。 深圳证监局拟决定对*ST广道责令改正，给予警告，并处以1000万元罚款；对实控人金文明给予警告，并处以1500万元 罚款。 此外，多名相关责任人也均被深圳证监局予以处罚：对财务负责人赵璐给予警告，并处以500万元罚款；对宋凯给予警 告，并处以250万元罚款；对刘海军、陈友志给予警告，并分别处以150万元罚款；对邹璧鸿给予警告，并处以120万元 罚款；对李威给予警告，并处以100万元罚款；对安秀梅、杨彬、WANG,YANG（王洋）给予警告，并分别处以60万元 罚款；对陈曦、周绍鑫给予警告，并分别处以50万元罚款。 值得一提的是，鉴于金文明、赵璐组织、 ...