Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced administrative penalties against *ST Yuancheng for falsifying financial data, leading to significant fines and potential delisting from the Shanghai Stock Exchange [1][2]. Company Summary - *ST Yuancheng has been found to have inflated revenue and profits for three consecutive years, violating securities laws [1]. - The company is facing a fine of 37.4546 million yuan and an additional 42 million yuan in penalties for five responsible individuals, including a 10-year market ban for the actual controller [1][2]. - The company reported a total inflated operating cost of 158 million yuan, inflated revenue of 209 million yuan, and inflated total profit of 50.46 million yuan from 2020 to 2022 [1]. Financial Data Irregularities - In 2022, *ST Yuancheng failed to adjust financial records based on settlement approvals for several infrastructure projects, resulting in an inflated revenue of 141.6 million yuan and inflated total profit of 13.45 million yuan, which represented 4.33% and 24.6% of the disclosed amounts, respectively [2]. - The company also misrepresented financial data in documents related to a non-public stock issuance, raising 285 million yuan in November 2022 [2]. Industry Context - The CSRC has been actively cracking down on financial fraud among listed companies, with several recent cases leading to substantial penalties [3]. - The regulatory body aims to enhance the precision and effectiveness of its oversight, focusing on severe violations to reshape the capital market ecosystem [3].

Group 1 - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative punishment against *ST Yuancheng for suspected false reporting of financial data, proposing a fine of 37.45 million yuan for the company and a total of 42 million yuan for five responsible individuals, along with a 10-year market ban for the actual controller [1] - *ST Yuancheng has been found to have inflated revenue and profits for three consecutive years, violating securities laws and regulations, which may lead to its forced delisting from the Shanghai Stock Exchange [1] - This marks the 13th company this year to face significant violations leading to potential delisting due to financial fraud, following similar cases involving *ST Dongtong and *ST Gaohong [1] Group 2 - The CSRC emphasizes a stricter connection between administrative penalties for financial fraud and market exit mechanisms, aiming to remove companies that use financial fraud to evade delisting standards [2] - Financial fraud is considered a "cancer" that undermines market integrity, and the CSRC has intensified efforts to combat such practices, focusing on key areas of concern and ensuring a robust regulatory environment [2] - The CSRC is committed to holding accountable not only the companies but also key individuals involved in financial fraud, including actual controllers and major shareholders, while also targeting intermediary institutions that fail to fulfill their responsibilities [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a preliminary administrative penalty notice against *ST Yuancheng for falsifying financial data over three consecutive years, leading to potential delisting from the Shanghai Stock Exchange [1][2]. Financial Misconduct - *ST Yuancheng has been found to have inflated revenue and profits by over 500 million yuan from 2020 to 2022, violating securities laws [2][4]. - The company reported inflated operating costs of approximately 1.58 billion yuan, inflated revenue of 2.09 billion yuan, and total profit inflation of 50.46 million yuan during this period [2][4]. Specific Financial Adjustments - In the 2020 annual report, the inflated profit was 38.48 million yuan, accounting for 36.60% of the reported amount; in 2021, it was 11.09 million yuan (19.32%); and in 2022, it was 885,900 yuan (1.62%) [2]. - The company also inflated revenue and profit from the Huaiyin project, leading to an additional 14.16 million yuan in revenue and 13.45 million yuan in profit for 2022 [3]. Penalties and Legal Actions - The CSRC plans to impose a total fine of approximately 74.54 million yuan on the company and its responsible personnel, with the actual controller facing a 10-year market ban [5]. - The total penalties, including fines for five individuals, amount to nearly 80 million yuan, reflecting a significant regulatory crackdown on corporate misconduct [5]. Regulatory Implications - The case highlights a shift towards stricter accountability for individuals and companies involved in financial fraud, with potential criminal prosecution on the horizon [5].

Core Viewpoint - The regulatory authority has taken significant action against *ST Yuancheng for systematic financial fraud over three consecutive years, leading to substantial penalties and the initiation of delisting procedures [2][4][10]. Group 1: Financial Fraud Details - *ST Yuancheng inflated its operating income by 209 million yuan and its total profit by 50.46 million yuan from 2020 to 2022 [2][4]. - The company used fraudulent financial data in its 2022 non-public stock issuance documents, constituting fraudulent issuance [2][4]. - The penalties include a fine of 37.45 million yuan for the company and a total of 42 million yuan for five responsible individuals, with the actual controller and chairman, Zhu Chang, fined 28 million yuan and banned from the securities market for ten years [6][8]. Group 2: Regulatory Environment - The increase in major illegal delisting cases is attributed to significant adjustments in delisting regulations rather than an increase in fraudulent companies [3][12]. - The new regulations specify that companies with continuous fraud for three years or more will be firmly delisted, and the thresholds for fraud amounts and ratios have been lowered [12][13]. - The regulatory approach now includes a "three penalties linkage" system, combining administrative, civil, and criminal penalties for financial fraud cases, reflecting a zero-tolerance policy towards market violations [3][7][12]. Group 3: Market Impact - *ST Yuancheng is the 13th company in 2025 to meet the criteria for mandatory delisting due to major violations, marking a historical high [11]. - Among the companies that have faced delisting, eight have already completed the process, indicating a trend towards stricter enforcement of delisting regulations [11]. - The current regulatory environment is expected to lead to a decrease in the number of companies engaging in systematic financial fraud, as the existing risks are gradually being cleared [12].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated administrative penalties against *ST Yuancheng for falsifying financial data in its periodic reports, which includes inflated revenue and profits over three consecutive years [1]. Summary by Categories Regulatory Actions - The CSRC plans to impose a fine of 37.4546 million yuan on *ST Yuancheng and a total of 42 million yuan in fines on five responsible individuals [1]. - The actual controller of *ST Yuancheng will face a 10-year ban from the securities market [1]. Potential Consequences - *ST Yuancheng is suspected of triggering significant violations that could lead to mandatory delisting, prompting the Shanghai Stock Exchange to initiate delisting procedures [1]. - The CSRC will transfer any potential criminal evidence to law enforcement agencies in accordance with relevant laws and regulations [1].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against *ST Yuancheng for serious financial fraud, including inflated revenues and profits over three consecutive years, leading to potential delisting from the Shanghai Stock Exchange [2][12]. Summary by Sections Financial Fraud Details - *ST Yuancheng has been found to have inflated operating costs by 158 million yuan, operating income by 209 million yuan, and total profit by 50.46 million yuan from 2020 to 2022 [6]. - In the 2020 annual report, the company inflated operating costs by 115 million yuan, operating income by 153 million yuan, and total profit by 38.48 million yuan, which represented 22.75%, 21.48%, and 36.6% of the respective reported figures [6]. - The company also failed to adjust financial records based on settlement results for the Huaiyin project, leading to an inflated operating income of 14.16 million yuan and total profit of 13.45 million yuan in the 2022 annual report [7]. Penalties and Consequences - The CSRC plans to impose a fine of 37.4546 million yuan on *ST Yuancheng and a total of 42 million yuan in fines on five responsible individuals, including a 10-year market ban for the actual controller [2][10]. - The company is facing potential forced delisting due to serious violations of securities laws, as indicated by the CSRC's findings [12]. Company Background and Current Status - *ST Yuancheng, established in 1999 and headquartered in Hangzhou, Zhejiang, has been experiencing continuous losses since 2022, with losses exceeding 300 million yuan in 2024 and a reported loss of 127 million yuan in the first half of 2025 [14]. - As of October 10, the company's market capitalization has dwindled to 537 million yuan [14].

对于可能涉及的犯罪线索，证监会将坚持应移尽移的工作原则，严格按照《刑法》《最高人民检察院公 安部关于公安机关管辖的刑事案件立案追诉标准的规定（二）》的规定移送公安机关。 据证监会消息，近日，证监会对上交所主板上市公司元成环境股份有限公司（简称*ST元成）涉嫌定期 报告等财务数据存在虚假记载作出行政处罚事先告知。 证监会出手。 经查，*ST元成连续三年虚增收入和利润，违反证券法律法规。证监会拟对上市公司罚款3745.46万元， 对5名责任人员合计罚款4200万元，对实际控制人采取10年证券市场禁入。 *ST元成涉嫌触及重大违法强制退市情形，上交所将依法启动退市程序。 综合自：证监会发布、公司公告 声明：数据宝所有资讯内容不构成投资建议，股市有风险，投资需谨慎。 2020年至2022年期间，在实际控制人祝昌人组织、指使下，*ST元成通过虚增越龙山国际旅游度 假区相关项目（以下简称"越龙山项目"）劳务和机械成本、虚增相应项目产值等方式，累计虚增 营业成本1.58亿元、营业收入2.09亿元、利润总额5046.02万元。 2022年9月前后，公司先后收到淮阴区张棉、徐溜、三凌、南陈集、渔沟工业园区道路基础设施工 程项目 ...

Core Viewpoint - A financial fraud case involving *ST Yuancheng has emerged, revealing that the company engaged in financial misconduct for three consecutive years, leading to significant penalties and potential delisting [2] Summary by Relevant Sections Financial Misconduct - From 2020 to 2022, *ST Yuancheng inflated its operating income by over 200 million yuan and profits by more than 50 million yuan through fraudulent accounting practices related to the Yuelongshan project [2] - The company used these inflated financial figures in its 2022 non-public stock issuance documents, which constitutes fraudulent issuance [2] Regulatory Actions - The China Securities Regulatory Commission (CSRC) plans to impose a fine of 37.45 million yuan on *ST Yuancheng and a fine of 28 million yuan on the company's actual controller, along with a 10-year ban from the securities market [2] - Four other responsible personnel will collectively face fines totaling 14 million yuan [2] Potential Consequences - Due to the severity of the violations, *ST Yuancheng will initiate delisting procedures as it is suspected of major illegal activities [2] - The CSRC has indicated that any potential criminal evidence will be referred to law enforcement for further investigation [2]

Core Points - The China Securities Regulatory Commission (CSRC) has issued a serious administrative penalty notice to *ST Yuancheng (603388) for severe financial fraud, marking the company's continuous financial misconduct over three years [1][5][11] - The company is facing a potential delisting due to significant violations of securities laws, with the Shanghai Stock Exchange initiating delisting procedures [1][13] Financial Misconduct - *ST Yuancheng inflated its revenue and profits for three consecutive years, violating securities laws, with a total inflated revenue of 209 million and inflated profits of 50.46 million from 2020 to 2022 [6][9] - In the 2020 annual report, the company inflated operating costs by 115 million, revenue by 153 million, and total profits by 38.48 million, representing 22.75%, 21.48%, and 36.6% of the disclosed amounts respectively [6][9] - The company also failed to adjust financial records based on settlement results for various projects, leading to further inflated revenue and profits in the 2022 annual report [7] Penalties and Consequences - The CSRC plans to impose a fine of 37.45 million on the company and a total of 42 million on five responsible individuals, including a 10-year market ban for the actual controller [1][11][12] - The actual controller, Zhu Changren, is accused of orchestrating the financial misconduct and will face severe penalties under the Securities Law [9][11] Company Background and Current Status - Founded in 1999 and headquartered in Hangzhou, Zhejiang, *ST Yuancheng positions itself as an integrated environmental service provider focusing on leisure tourism and ecological landscape [13] - The company has been experiencing continuous losses since 2022, with losses exceeding 300 million in 2024 and a reported loss of 127 million in the first half of 2025 [13][14] - As of October 10, the company's market value has dwindled to 537 million [14]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against *ST Yuancheng for serious financial fraud, including inflated revenues and profits over three consecutive years, leading to potential delisting from the Shanghai Stock Exchange [2][6][12]. Summary by Sections Financial Fraud Details - *ST Yuancheng inflated its operating costs by 158 million yuan, operating income by 209 million yuan, and total profit by 50.46 million yuan from 2020 to 2022, with the 2020 annual report showing inflated operating costs of 115 million yuan, operating income of 153 million yuan, and total profit of 38.48 million yuan, representing 22.75%, 21.48%, and 36.6% of the disclosed amounts respectively [8]. - In 2022, the company failed to adjust financial records based on settlement approvals for various infrastructure projects, resulting in inflated operating income of 14.16 million yuan and total profit of 13.45 million yuan, which accounted for 4.33% and 24.6% of the disclosed amounts respectively [9]. - The company fabricated significant false content in its non-public stock issuance documents in 2022, using inaccurate financial data from the previous years [10]. Regulatory Actions - The CSRC plans to impose a fine of 37.45 million yuan on *ST Yuancheng and a total of 42 million yuan on five responsible individuals, with the actual controller facing a 10-year ban from the securities market [2][12][14]. - The company is suspected of major violations that could lead to mandatory delisting, as it has not received a formal penalty decision yet [16]. Company Background and Financial Status - Founded in 1999 and headquartered in Hangzhou, *ST Yuancheng focuses on environmental services, including leisure tourism and ecological landscape [16]. - The company has been experiencing continuous losses since 2022, with losses exceeding 300 million yuan in 2024 and a reported loss of 127 million yuan in the first half of 2025 [16]. - As of October 10, the company's market capitalization is only 537 million yuan [17].