Core Viewpoint - Recent regulatory actions against financial fraud in the stock market have intensified, with several companies facing significant penalties, indicating a stronger stance from authorities against such practices [1][3]. Group 1: Regulatory Actions - On September 12, multiple listed companies received fines from regulatory authorities for financial fraud, with penalties reaching over 200 million yuan for some, and even former delisted companies being penalized [1][3]. - This year alone, more than ten companies have been punished by the China Securities Regulatory Commission (CSRC) for financial fraud, a number that surpasses previous years [3]. - The penalties have escalated from previous fines of a few hundred thousand to over a billion yuan, demonstrating a serious commitment to tackling financial misconduct [3]. Group 2: Enforcement Mechanisms - Regulatory authorities are employing advanced technologies such as big data and artificial intelligence to detect financial discrepancies, making it harder for companies to conceal fraudulent activities [5][6]. - The CSRC encourages public reporting of financial fraud, which enhances the ability to uncover hidden misconduct [6]. Group 3: Implications for Companies - Companies that have been delisted are still subject to penalties for past fraudulent activities, signaling that delisting does not exempt them from accountability [7][9]. - The regulatory environment is shifting, with local governments now cooperating with regulatory bodies to ensure a clean market, recognizing that financial fraud harms ordinary investors and the overall market integrity [11]. Group 4: Investor Protection - The regulatory framework is evolving to provide better protection for investors, with efforts to facilitate collective lawsuits for compensation against fraudulent companies [11][13]. - The ongoing crackdown on financial fraud is seen as a positive development for ordinary investors, as it aims to create a more trustworthy market environment [13].

Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. (*ST Guangdao*) has been found guilty of systematic financial fraud from 2018 to mid-2024, with a total inflated revenue exceeding 1.4 billion yuan, leading to severe regulatory consequences [1][4]. Group 1: Financial Fraud Details - The company engaged in financial fraud by creating false sales and purchase contracts, invoices, bank receipts, delivery notices, and warehouse receipts to inflate both revenue and costs [4]. - The inflated revenues for the years 2018 to mid-2024 were as follows: - 2018: 142.97 million yuan (87.34%) - 2019: 191.56 million yuan (95.39%) - 2020: 223.44 million yuan (98.96%) - 2021: 249.27 million yuan (85.87%) - 2022: 303.97 million yuan (99.39%) - 2023: 282.63 million yuan (98.14%) - 2024 (H1): 71.65 million yuan (88.11%) [4]. - The inflated costs for the same period were: - 2018: 64.65 million yuan (84.53%) - 2019: 85.42 million yuan (91.17%) - 2020: 117.36 million yuan (98.41%) - 2021: 133.08 million yuan (83.30%) - 2022: 162.51 million yuan (99.13%) - 2023: 151.90 million yuan (92.26%) - 2024 (H1): 38.63 million yuan (83.81%) [4]. Group 2: Regulatory Actions and Consequences - The company has been subjected to an administrative penalty by the China Securities Regulatory Commission (CSRC) and is facing mandatory delisting due to serious violations of regulations [2][5]. - Starting from September 15, 2025, the company's stock will be suspended from trading due to the triggering of major illegal delisting circumstances [2]. - *ST Guangdao* will become the first company to be delisted from the Beijing Stock Exchange since its establishment, as previous delistings were due to transfers rather than direct violations [6].

Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. (*ST Guangdao*) has been found guilty of systematic financial fraud from 2018 to mid-2024, inflating its revenue by over 1.4 billion yuan, with some years showing nearly 100% inflation in reported income [1][5][9]. Summary by Sections Financial Fraud Details - The company inflated its operating revenue by 142,973,927.21 yuan in 2018, 191,558,867.84 yuan in 2019, 223,444,673.66 yuan in 2020, 249,266,088.49 yuan in 2021, 303,965,284.02 yuan in 2022, 282,630,187.61 yuan in 2023, and 71,646,067.21 yuan in the first half of 2024, with respective inflation rates of 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% [5][9]. - Operating costs were also inflated by 64,652,610.42 yuan in 2018, 85,416,420.45 yuan in 2019, 117,359,597.78 yuan in 2020, 133,078,197.50 yuan in 2021, 162,512,396.11 yuan in 2022, 151,900,201.80 yuan in 2023, and 38,629,991.69 yuan in the first half of 2024, with inflation rates of 84.53%, 91.17%, 98.41%, 83.30%, 99.13%, 92.26%, and 83.81% respectively [5][9]. Regulatory Actions - The company has been subjected to an administrative penalty by the China Securities Regulatory Commission (CSRC) due to its violations of information disclosure laws, leading to an investigation initiated in December 2024 [1][9]. - As a result of these violations, *ST Guangdao* will face mandatory delisting from the Beijing Stock Exchange starting September 15, 2025 [2][10]. Company Background - Established in 2003, *ST Guangdao* was listed on the New Third Board in November 2016 and became one of the first companies to be listed on the Beijing Stock Exchange in 2021, focusing on software product development and sales aimed at data applications [7][8].

Core Viewpoint - *ST Dongtong, once a leading middleware company in China, faces a severe financial crisis due to systematic financial fraud over four years, leading to a significant drop in stock price and impending delisting [1][3][4]. Financial Fraud Details - The company inflated its revenue by a total of 432 million yuan and profits by 314 million yuan from 2019 to 2022, with annual inflated revenues ranging from 61.45 million yuan to 160.53 million yuan, and profits from 52.23 million yuan to 123.69 million yuan [3][4]. - The inflated figures represented 12.29% to 17.68% of reported revenues and 22.72% to 219.43% of reported profits during the respective years [3]. Regulatory Actions - On September 12, the company received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties due to the fraudulent activities [3][4]. - The company is set to face delisting procedures as it has been flagged for major violations, marking it as the 12th company to face such actions since 2025 [4][6]. Financial Performance - The company has reported continuous revenue decline and net losses for three consecutive years, totaling nearly 1.3 billion yuan in losses [5]. - In the first half of 2025, the company reported a revenue of 240 million yuan, a year-on-year increase of 48.85%, but still incurred a net loss of 55.16 million yuan [5]. Governance Issues - The company has faced significant governance challenges, with its 2024 annual report receiving an audit opinion that could not be expressed, indicating serious internal control issues [5][6]. - The CSRC has imposed a fine of 229 million yuan on the company and additional penalties on responsible individuals, including a 10-year ban on the former chairman from engaging in securities activities [6].

导语："个别监管安排、地方输血、企业造假"的结构，相比以往贪腐方式，更柔性、更隐蔽，但危害更大。 金融系统反腐已进入 " 高频时刻 " 。 上市公司方面，则借此虚增收入、制造增长假象，以维持资本市场的存续地位，或顺利过会 IPO ，或避免退市。 一纸批复的时机、一笔债券发行的承销安排、一份 PPP 合同的对接，均可能成为利益交换的方式。 与传统腐败最大的不同在于，它往往具有表面合法性。所有文件、合同和公告看上去都符合法规，却在桌面之下， 完成了权力与资本的绑定。 从监管高层到大型金融机构的高管，从地方国资平台到产业园区，密集出现的落马案例背后，一种隐秘的腐败模 式，逐渐浮出水面。 不同于传统意义上直接收受贿赂， 这类模式往往通过制度性通道实现 " 监管 资源 货币化 " ，呈现出个别监管高 层、地方国资与城投平台、上市公司三方之间的 " 软交易 " 。 所谓 " 监管 资源 货币化 " ，指的是监管权力 带来的资源 ，被转化为可交易的资源。它不是简单的贪污受贿，而 是把监管环节制度化的权力，变成企业可以购买的 " 隐性服务 " 。 这种交易在表面上保持了 " 合规外观 " ，利益交换也不再通过直接转移现金或财 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties for *ST Dongtong due to serious financial fraud, leading to a total fine of 273 million yuan for the company and seven related individuals [1][2] Group 1: Company Actions and Penalties - *ST Dongtong's stock was suspended from trading after a significant drop, with its current price being over 90% lower than its historical peak [1] - The auditing firms involved, including Beijing Dehao International Accounting Firm and Dahua Accounting Firm, have received warning letters from regulatory authorities [1] - The underwriter for *ST Dongtong, First Entrepreneurship, has also faced scrutiny, with its designated representative receiving a warning letter from the Shenzhen Stock Exchange for failing to conduct due diligence [1][2] Group 2: Financial Misconduct and Implications - In June 2023, *ST Dongtong disclosed a fundraising report indicating it raised approximately 2.2 billion yuan, based on fabricated financial data from 2019 to 2021 [1] - First Entrepreneurship's subsidiary, Yi Chuang Investment, served as the underwriter during the fraudulent issuance period, raising questions about potential joint liability and regulatory penalties [2] - Previous cases have shown that underwriters can face significant financial repercussions, as seen in the "first case of fraudulent issuance on the Sci-Tech Innovation Board," where involved institutions paid a total of 1.275 billion yuan in compensation to investors [2]

Group 1 - The core viewpoint emphasizes a "zero tolerance" approach towards financial fraud and misconduct in the capital market, with strict penalties being imposed on companies like *ST Dongtong and Yili Clean Energy [1][2] - The regulatory environment is characterized by severe penalties, including billion-level fines, which serve as a deterrent against financial misconduct and enhance investor protection [1][3] - Strong regulation is seen as essential for maintaining market confidence and ensuring the quality of listed companies, which directly impacts investor safety [1][3] Group 2 - The regulatory framework is designed to hold all entities accountable, with no exceptions for companies or individuals who violate market rules, as demonstrated by the case of Yili Clean Energy facing penalties even after delisting [2] - The comprehensive accountability system under strong regulation has led to a decrease in low-cost violations, fostering a healthier market ecosystem [3] - Enhanced governance among listed companies and increased diligence from intermediaries are expected outcomes of the stringent regulatory measures, ultimately benefiting investors through reduced risks and improved company performance [3]

星标 ★ IPO日报 精彩文章第一时间推送 10.7亿元卖单压顶，5.26元股价创历史新低，曾经的中国中间件龙头企业因连续四年造假走向资本市场的终点。 9月15日开盘，*ST东通（300379.SZ）股 价被10.7亿元卖单封死20cm跌停，报收5.26元/股，总市值缩水至29.35亿元。 这已是该股连续第二个交易日跌停，前一交易日，公司股价在证监会处罚消 息冲击下，收于6.58元，单日跌幅达20%。 张力制图 四年虚增利润超3亿 这场资本风暴的源头可追溯到四天前。9月12日，*ST东通公告收到证监会《行政处罚事先告知书》，揭开了公司系统性财务造假的惊人内幕。 调查显示，2018年12月，东方通收购北京泰策科技有限公司100%股权后，2019年至2022年期间，通过该子公司虚构业务、提前确认收入等方式，连续四 年虚增业绩。 公司治理方面同样问题重重， 2024年年报被审计机构出具无法表示意见的审计报告，内部控制审计报告也被出具否定意见。 基于此，公司股票自2025年5月6日起已被实施"退市风险警示"及"其他风险警示"，股票简称由"东方通"变更为"*ST东通"。 根据告知书内容，证监会对*ST东通一系列的财务造 ...

据悉，东方通连续四年虚增收入和利润，违反证券法律法规。证监会拟对上市公司罚款2.29亿元，对7名责任人合计罚款4400万元，对实际控制人采取10 年证券市场禁入措施。 9月12日，证监会发布消息称，严肃查处东方通（证券简称"*ST东通（300379）"）严重财务造假案件。 东方通的违法事实之一在于财务报告存在虚假记载。据悉，东方通2019年、2020年、2021年、2022年年度报告信息披露存在虚假记载。 2018年12月，东方通收购北京泰策科技有限公司(以下简称泰策科技)100%股权，泰策科技成为东方通全资子公司。2019年至2022年期间，东方通通过泰策 科技虚构业务、提前确认收入等方式虚增收入、利润，导致东方通披露的2019年至2022年年度报告存在虚假记载。 此外，东方通涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。 违法事实披露 东方通连续4年财务造假 南都·湾财社记者注意到，在证监会发布严处通报的同时，东方通同时发布了关于收到行政处罚事先告知书的公告。在公告中，东方通涉嫌违法的事实得 以披露。 东方通2019年至2022年分别虚增收入6145.10万元、8485.06万元、12550.5 ...

法律之网越织越密，涉刑公告明显增多，行、民、刑立体化追责正在重塑市场生态。特别是对那些退市 后仍被追责的企业主体加大追责力度，彻底打破了部分市场主体"退市即免责"的幻想，形成强大威慑。 这正是推动资本市场规范稳健发展，保护中小投资者合法权益的良方。 责编：李丹 近日，证监会出重拳打击上市公司违法违规，一叠罚单落下，特别是过亿元罚单的出具，向资本市场更 多参与主体敲响警钟。对于涉及财务造假、信息披露违法违规的主体和个人，监管部门始终坚持零容 忍，维护市场秩序，净化市场空气，严监严管是资本市场监管的主旋律。 从违法违规事实来看，有的公司财务造假劣迹斑斑，有的公司信息披露存在误导性陈述，有的公司实控 人违规占资隐瞒不报……损害投资者利益，势必会付出沉重的代价。今年以来，已有多家公司被行政处 罚，其中5家公司收到过亿元罚单，均和财务造假相关。这些罚单正是证监会持续严监严管的缩影，这 背后是监管部门铲除侵蚀市场根基"毒瘤"的坚决态度、破除财务造假利益链条的坚定决心。 为坚决打击和遏制重点领域财务造假，监管部门通过年报审阅、现场检查、舆情监测、投诉举报、大数 据建模分析等多元化渠道发现财务造假线索，密切跟进系统性、团伙型 ...