退市不是免罚金牌！*ST中程（300208）重大财务造假，触及财务类强制退市后仍被严惩。 触及财务类强制退市 2024年4月，*ST中程披露2023年年报，因2023年末净资产为负值，公司被实施退市风险警示。同时，因持续经营能力存在重大不确定性，被叠加实施其 他风险警示。 2025年4月，*ST中程2024年年报公布，因被出具了带与持续经营相关的重大不确定性段落、强调事项段落的保留意见的审计报告，否定意见的内部控制 审计报告，公司触及两项财务类终止上市情形。同时，又因否定意见的内控审计报告被叠加实施其他风险警示。 据了解，在年报披露之前，*ST中程持续经营能力、财务数据、内控制度等就存在重大隐患，公司今年以来发布了近十次风险提示公告，在历次风险提示 公告中充分提示相关风险。同日，公司收到的行政处罚告知书也显示，公司涉嫌存在连续多年财务造假等违法事实。 存在严重财务造假 4月30日，*ST中程披露的2024年年报显示，公司2024年度财务报告被出具保留意见的审计报告，内部控制被出具否定意见的审计报告，公司股票触及两 项财务类终止上市情形，将自5月6日开市起停牌。 同日，*ST中程公告收到中国证监会出具的《行政处 ...

退市不是免罚金牌！*ST中程重大财务造假，触及财务类强制退市后仍被严惩。 触及财务类强制退市 2024年4月，*ST中程披露2023年年报，因2023年末净资产为负值，公司被实施退市风险警示。同时，因持续经 营能力存在重大不确定性，被叠加实施其他风险警示。 2025年4月，*ST中程2024年年报公布，因被出具了带与持续经营相关的重大不确定性段落、强调事项段落的保 留意见的审计报告，否定意见的内部控制审计报告，公司触及两项财务类终止上市情形。同时，又因否定意见 的内控审计报告被叠加实施其他风险警示。 据了解，在年报披露之前，*ST中程持续经营能力、财务数据、内控制度等就存在重大隐患，公司今年以来发布 了近十次风险提示公告，在历次风险提示公告中充分提示相关风险。同日，公司收到的行政处罚告知书也显 示，公司涉嫌存在连续多年财务造假等违法事实。 存在严重财务造假 根据4月30日*ST中程收到的《行政处罚事先告知书》，*ST中程涉嫌存在多项违法事实。 4月30日，*ST中程（300208）披露的2024年年报显示，公司2024年度财务报告被出具保留意见的审计报告，内 部控制被出具否定意见的审计报告，公司股票触及两项财 ...

监管部门坚决"零容忍"打击财务造假！ 登录新浪财经APP 搜索【信披】查看更多考评等级 【导读】*ST中程连续6年财务造假，触及退市后仍被证监会严惩 中国基金报记者 王建蔷 4月30日晚间，*ST中程公告表示，公司当日收到中国证监会下发的《行政处罚事先告知书》（以下简称《告知书》），《告知书》指出公司涉嫌存在多 项违法事实。事实上，目前*ST中程已触及财务类强制退市情形，公司股票将终止上市。 涉及两大违法事实 今年1月16日，因涉嫌信息披露违法违规，根据相关法律法规，中国证监会对*ST中程立案。 经过三个多月的调查后，证监会于4月30日下发《告知书》。根据《告知书》认定的事实，*ST中程涉及两大违法事实。 首先，公司2017年至2022年度报告存在虚假记载。2017年至2021年，*ST中程菲律宾风光一体化项目相关财务数据存在虚假记载，其中，风电项目在不符 合收入确认条件的情况下虚假确认收入和利润，光伏项目通过虚增工程进度方式提前确认收入和利润。 已锁定财务类强制退市 事实上，目前*ST中程已经触及财务类强制退市情形，将被终止上市。 去年4月，公司披露2023年年报，因2023年末净资产为负值，公司被实施退市 ...

Core Viewpoint - The article highlights a case of financial fraud involving a company that inflated its revenue and net profit by over 1 billion yuan to meet bond issuance requirements, ultimately leading to a 1.5 billion yuan investment default [1][3]. Group 1: Company Actions - The company, facing operational difficulties, sought to raise funds through private bond issuance by falsifying financial statements, resulting in inflated reported revenue of 10.56 billion yuan and net profit of 1.45 billion yuan [2][3]. - The fraudulent activities included altering accounting records and creating false tax declarations, with the involvement of various intermediaries, including accountants who knowingly participated in the deception [2][9]. Group 2: Intermediary Responsibilities - The auditing firm failed to perform due diligence, as the responsible accountant issued an audit report without verifying original documents, contributing to the issuance of bonds under false pretenses [9][10]. - The case revealed systemic issues within intermediary organizations, highlighting their role as "gatekeepers" that failed to uphold their responsibilities, thus facilitating the fraud [9][15]. Group 3: Legal and Regulatory Implications - The case led to significant legal actions against the company and its executives, with penalties including prison sentences and fines for those involved in the fraud [12]. - The incident prompted regulatory bodies to enhance oversight of intermediary institutions, emphasizing the need for improved internal controls and ethical standards within the auditing profession [14][15].

Core Viewpoint - The financial fraud case of Dongfang Group, which has lasted for four years, is approaching its conclusion with significant disciplinary actions taken against the company and its executives [1][5]. Group 1: Disciplinary Actions - The Shanghai Stock Exchange publicly condemned Dongfang Group and its actual controller Zhang Hongwei, along with several senior executives, including former Chairman Sun Mingtao, declaring them unsuitable for holding positions in listed companies for life [5]. - Dongfang Group was penalized for using idle raised funds to temporarily supplement liquidity without timely repayment within the disclosed period, leading to public reprimands for Sun Mingtao and a criticism notice for former President Li Zhangyan [5]. Group 2: Financial Misconduct - Dongfang Group's stock has been terminated from listing and will be transferred to the National Equities Exchange and Quotations system for trading as a delisted company [6]. - From 2020 to 2023, Dongfang Group inflated its sales figures significantly, with reported inflated revenues of 3.897 billion, 4.865 billion, 6.543 billion, and 0.825 billion yuan, accounting for 25.20%, 32.05%, 50.44%, and 13.56% of the disclosed revenues for each respective year [6]. - The company also inflated its costs by 3.875 billion, 4.844 billion, 6.530 billion, and 0.824 billion yuan, representing 23.74%, 29.57%, 45.43%, and 11.45% of the disclosed costs for the same periods [6]. - The total inflated revenue over four years amounted to 16.13 billion yuan, with inflated costs totaling 16.073 billion yuan [6]. Group 3: Audit and Reporting Issues - During the period of financial fraud, Dongfang Group's auditing firm was Dahua, which issued "standard unqualified opinions" for the annual reports in question [6]. - It was only on April 30, 2024, close to a liquidity crisis, that Dongfang Group disclosed its 2023 annual report, which received a "non-standard" opinion from Dahua, highlighting issues such as guarantees provided to its controlling shareholder and overdue loans [7]. - Dongfang Group, established in 1992 and listed in 1994, was the first private enterprise in Heilongjiang Province, with diversified operations in agriculture, finance, ports, and new urbanization development [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 2025年4月30日，帕瓦股份（维权）因内控被否触发"其他风险警示"，更名为"ST帕瓦"，成为科创板首 例因内控问题"戴帽"的企业。 事实上，我们在今年2月对该公司风险提前发出预警。在《帕瓦股份审计程序不到位暴露两大风险？存 货减值计提是否充分 收入端是否存水分》一文，我们对公司收入真实性及资产是否可能高估发出质 疑。 警示函揭开财务舞弊链条：系统性造假与审计失守 2025年3月26日，浙江证监局的一纸《警示函》揭开帕瓦股份（688184.SH）财务舞弊的冰山。监管调 查显示，该公司通过虚增营业收入、少提存货跌价准备、虚增在建工程等系统性手段，导致2023年年报 及2024年多期定期报告存在重大错报。具体而言： 收入端造假：虚构交易与会计处理弹性 现金流恶化与监管连环问责 公司经营质量持续恶化：2023年经营活动现金流净额同比下滑133.7%，2024年上半年进一步录得-1.14 亿元。浙江证监局在一年内两次下发警示函，直指其业绩预告差异超1.1亿元、多期财报信息披露失 真。审计机构容诚所更因"工作量远超预期"火速辞任，侧面印证财务数据存在重大审计障碍。 这一 ...

Core Viewpoint - YunChuang Data is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to significant financial restatements and potential delisting risks [1][4][15]. Financial Performance - In the first quarter of 2025, YunChuang Data reported a dramatic revenue decline of nearly 80%, with revenue falling below 9 million yuan, a fraction of the previous year's figures [6]. - The company revised its 2024 financial results, reducing reported revenue by 212 million yuan to 50 million yuan, and net profit by 65 million yuan to -174 million yuan [4][11]. - The company’s revenue for 2024 was initially reported at 262 million yuan, with a net loss of 109 million yuan [4]. Audit Findings - The auditing firm issued an "unable to express an opinion" report on YunChuang Data's 2024 financial statements due to several unresolved issues, including the CSRC's investigation and unverified major financial adjustments [7]. - Significant concerns were raised regarding the company's receivables from its controlling shareholder, amounting to 535 million yuan, indicating potential non-operational fund occupation [7][11]. Financial Irregularities - YunChuang Data is suspected of financial fraud, including the misuse of raised funds, with over 177 million yuan improperly used from the fundraising account [11]. - The company has shown a pattern of declining revenues over two consecutive years while maintaining stable accounts receivable, raising red flags about the authenticity of its financial reporting [9]. Asset Management - The company reported a substantial decrease in construction in progress from 230 million yuan to 37 million yuan within a year, which is inconsistent with its operational model [10]. - By the end of 2024, YunChuang Data's inventory dropped to 33 million yuan, a decrease of 83.91% from the previous year, alongside significant reductions in fixed and intangible assets [13]. Regulatory Implications - If found guilty of continuous false reporting over three years, YunChuang Data could face mandatory delisting under the North Exchange Stock Listing Rules [15][16]. - The adjustments made to the 2024 financials align with thresholds that could trigger severe penalties, including potential delisting due to the magnitude of the financial misstatements [16].

星标 ★ IPO日报 精彩文章第一时间推送 值得一提的是，公司已经连续两年财报被审计机构出具"无法表示意见"，触及财务类退市情形。 未来，上市委员会将作出是否终止公司股票上市的决定。 4月29日，公司股价再次跌停，收报0.62元。这已经是公司自3月28日起，在22个交易日内收获21个跌 停，也是公司连续10个交易日股价低于1元。 4月29日晚间，*ST鹏博（全称"鹏博士电信传媒集团股份有限公司"，600804.SH）发布公告称， 公司2024年度财务会计报告被中瑞诚会计师事务所出具无法表示意见的审计报告以及财务报告内部 控制被出具无法表示意见的审计报告，触及财务类退市指标情形，公司股票可能将被终止上市。公 司股票自2025年4月30日开市起停牌。 IPO日报发现，此后10个交易日*ST鹏博需要连续涨停，其股价才能回到1元以上。 制图： 佘诗婕 此外，公司本身还面临着面值退市风险。 双重退市风险 2024年5月，公司因2023年财报被审计机构出具"无法表示意见"，已于2024年被实施退市风险警示 （*ST）。根据《上海证券交易所股票上市规则》，如果*ST鹏博2024年度财务会计报告被出具保留意 见、无法表示意见 ...

Core Viewpoint - *ST Pengbo (Peng Doctor Telecom Media Group Co., Ltd.) faces potential delisting risks due to consecutive years of receiving "unable to express opinion" audit reports, with its stock possibly suspended from trading starting April 30, 2025 [1][2] Financial Performance - The company reported a net profit attributable to shareholders of approximately -88.47 million yuan for 2024, with total revenue around 187.67 million yuan [5] - *ST Pengbo has experienced a continuous decline in revenue for seven consecutive years from 2017 to 2023, with net profits of -1.17 billion yuan in 2021, -454 million yuan in 2022, and -93 million yuan in 2023 [5] - The company’s financial situation has deteriorated significantly, with a total loss exceeding 5 billion yuan in 2019 due to massive goodwill and fixed asset impairments [4] Operational Challenges - The company has been struggling with liquidity issues since 2019, exacerbated by price wars in the broadband industry and regulatory fee reductions [4] - *ST Pengbo has been involved in numerous lawsuits and arbitration cases, with some bank accounts frozen, indicating severe operational and financial risks [6] Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure, including failure to disclose related party transactions and significant contracts [6][7] - The CSRC has imposed a fine of 10 million yuan on *ST Pengbo and a 15 million yuan fine on its actual controller, Yang Xueping, due to serious violations [6][7] Market Position - Once recognized as the "fourth largest operator" in China, *ST Pengbo has seen its market position decline significantly after divesting key assets like Changcheng Broadband [2][4] - The company primarily operates in data centers, cloud computing, and internet access services, but its transition efforts have not yielded expected results [2][5]

Group 1 - The core point of the news is the termination of the listing of Dongfang Group Co., Ltd. (*ST Dongfang) due to severe financial fraud, marking the end of its capital market journey [1][2] - The Shanghai Stock Exchange made a decision to delist *ST Dongfang on April 28, 2025, with the stock being officially delisted on April 30, 2025, without entering a trading suspension period [1] - Following delisting, *ST Dongfang will transition to the National Equities Exchange and Quotations (NEEQ) system for trading, with Jianghai Securities Co., Ltd. appointed as the main broker for subsequent share management [1] Group 2 - The financial fraud scandal was triggered by the China Securities Regulatory Commission's announcement on February 28, 2025, revealing a massive financial deception involving over 10 billion yuan [2] - From 2020 to 2023, *ST Dongfang inflated its sales revenue by a total of 16.13 billion yuan, with annual inflated revenues of 3.897 billion yuan, 4.865 billion yuan, 6.543 billion yuan, and 825 million yuan, representing 25.20%, 32.05%, 50.44%, and 13.56% of reported revenues respectively [2] - The company also inflated its operating costs by 16.073 billion yuan over the same period, with inflated costs of 3.875 billion yuan, 4.844 billion yuan, 6.530 billion yuan, and 824 million yuan, accounting for 23.74%, 29.57%, 45.43%, and 11.45% of reported costs respectively [2] Group 3 - Zhang Hongwei, the actual controller of *ST Dongfang, was directly involved in the company's operations since January 2022 and was fined 10 million yuan for his role in the fraud [3] - Sun Mingtao, who served as chairman and president from 2017 to 2024, was also implicated and fined 5 million yuan for his involvement in approving fraudulent financial reports [3] - Dahua Accounting Firm, the auditor for *ST Dongfang, failed to fulfill its duties by issuing unqualified audit opinions for the company's annual reports from 2020 to 2022, thus bearing joint liability for the false statements [3] Group 4 - The delisting of *ST Dongfang resulted in the evaporation of over 10 billion yuan in funds, representing a significant case of investor fraud [4] - Affected investors have the right to file lawsuits against the company and responsible individuals for compensation due to the fraudulent activities [4] - Investors who purchased shares between April 29, 2021, and June 18, 2024, and sold or held them after June 19, 2024, may be eligible for claims, subject to court verification [4]