Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. is facing an unprecedented crisis due to the involvement of its chairman and six key executives in loan fraud and tax invoice issues, leading to significant operational disruptions and potential delisting risks [1][2]. Group 1: Company Background - Hongjiu Fruit was founded in 2002 and is a comprehensive fruit supply chain management company, known for its "end-to-end" business model, which led to its peak market valuation of HKD 670 billion in September 2022 [3]. - The company specializes in sourcing tropical fruits from overseas, including Thailand and Vietnam, and distributing them across China [3]. Group 2: Financial Crisis - The company has been in a financial crisis, with its stock suspended since March 2024 due to the inability to publish its 2023 annual report, resulting in a 95% drop in stock price and a market cap decline from HKD 600 billion to HKD 28 billion [4]. - KPMG, the company's auditor, resigned after discovering irregularities, including a suspicious increase in prepayments to new suppliers amounting to CNY 34.2 billion, which raised concerns about potential shell companies [4][5]. - The company has reported negative operating cash flows for several years, with figures of -CNY 4.5 billion, -CNY 8.04 billion, -CNY 9.82 billion, and -CNY 18.23 billion from 2019 to 2022, and a cash flow of -CNY 3.14 billion in the first half of 2023 [7]. Group 3: Legal and Operational Issues - Multiple executives, including the chairman, have been subjected to criminal measures due to investigations into loan fraud and tax issues, severely impacting the company's operations [2]. - The company is currently embroiled in numerous lawsuits related to financial disputes, with 90 court announcements and 17 court orders against it [9]. - The company faces a potential delisting from the Hong Kong Stock Exchange if it remains suspended for more than 18 months, with less than six months remaining before this rule could be triggered [9]. Group 4: Governance and Control Risks - The company's ownership structure is heavily concentrated within the founder's family, with over 40% control, which raises concerns about governance and oversight [7]. - To alleviate financial pressure, the chairman and his wife have pledged 65% of their shares, amounting to approximately 14% of the total share capital, which poses risks of losing control if share prices continue to fall [8].

"资本市场不允许任何一家公司欺诈上市，就像一锅汤一样，一颗老鼠屎和十颗老鼠屎难道不一样吗？ 难道有一颗老鼠屎的汤就能喝？"吴晓求以此形象比喻当前市场中存在的欺诈问题。有些人总认为"大部 分上市公司是好的"，但资本市场不是靠大部分公司好就可以稳定运作的生态，只要有作假存在，整个 市场的透明度就会受到破坏，投资价值就失去了基础。 资本市场的本质是透明、公平和法治，如果没有严密的制度设计和有效的法律威慑，欺诈上 市、财务造假等乱象就难以遏制，投资者的信心也无从谈起。 全 文2694字 ，阅读约 需7分钟 新京报记者 肖隆平 编辑 郑伟 彬 校对 刘越 4月22日，在新京报主办的主题为"直面关税战，锻造经济韧性——2025新京智库春季论坛"上，中国人 民大学国家金融研究院院长、中国资本市场研究院院长吴晓求教授表示，资本市场的本质是透明、公平 和法治，如果没有严密的制度设计和有效的法律威慑，欺诈上市、财务造假等乱象就难以遏制，投资者 的信心也无从谈起。 有一颗老鼠屎的汤就不能喝 吴晓求强调，资本市场的风险收益率不是来自价格波动本身，而是来自企业的成长性、科技创新能力和 产业周期带来的不确定性。因此，上市公司的竞争力是资 ...

此刻摆在重药控股面前的，不仅是财务洗澡的阵痛，更是如何将千亿规模转化为真实价值的终极命题。 当潮水退去，唯有真正穿上"效率救生衣"的企业，才能穿越行业周期。 本文结合AI工具生成 市值管理考核下的业绩迷途 此次财务造假风波，恰逢国资委将市值管理纳入央企考核的关键节点。2023年报显示，重药控股管理层 股权激励行权条件要求净利润年复合增长率不低于10%，而实际业绩已连续三年负增长。 这种现象并非孤例。2023年白云山第四季度突然计提3亿元亏损，被指是为新任管理层卸下历史包袱； 九州通2022年也曾因提前确认收入被问询。这些案例折射出流通企业在规模扩张与质量提升间的集体迷 失——商务部数据显示，TOP5企业已占据医药流通市场52%份额，但行业平均净利率从2018年的1.8% 下滑至2023年的1.2%。 4月18日深夜，重药控股连收重庆证监局行政监管措施与深交所监管函，直指其2023年年报存在四类财 务确认违规：未实质取得货权却确认收入、无商业实质交易入账、期后大额异常退货、收入确认时点与 会计政策不符。值得关注的是，此次暴雷恰逢公司实控权由重庆国资委转至国务院国资委不足百日，业 内猜测这或是新任控股方主动"挤水 ...

Core Viewpoint - Tianjin Zhuolang Information Technology Co., Ltd. (Zhuolang Technology) is facing significant operational and financial challenges, including account freezes, executive resignations, and severe financial misconduct allegations, which have led to investor lawsuits and regulatory penalties [1][2][3] Financial Misconduct - Zhuolang Technology's annual reports from 2019 to 2023 have been severely distorted, with inflated operating revenue figures reaching 249.15 million, 489.13 million, 338.61 million, 656.13 million, and 82.25 million, representing 21.05%, 45.19%, 41.60%, 72.46%, and 13.22% of reported revenues respectively [2] - The inflated total profit figures were also alarming, amounting to 249.15 million, 309.90 million, 338.61 million, 357.13 million, and 82.25 million, constituting 33.81%, 7.68%, 41.26%, 86.08%, and 50.27% of reported profits respectively [2] Regulatory Issues - Zhuolang Technology has been penalized by the China Securities Regulatory Commission for false reporting, with findings indicating that its subsidiary fabricated sales of servers, software, and system integration services, creating a closed-loop funding mechanism with no real commercial substance [1][2] - The company failed to disclose significant external guarantees, including a 4.91 billion collateral agreement with Tianjin Rural Commercial Bank, which represented 71.89% and 14.82% of the audited net assets at the end of 2019 and 2020 respectively [3] Investor Actions - Following the regulatory penalties, investors have initiated lawsuits against Zhuolang Technology, seeking compensation for losses incurred from March 21, 2019, to March 14, 2024, with cases currently under review by the Tianjin First Intermediate People's Court [3]

星标 ★ IPO日报 精彩文章第一时间推送 信息披露不准确 4月21日，湖北美尔雅股份有限公司（下称"美尔雅"，600107.SH）股价跌停。 这或是因为，4月18日晚间，美尔雅发布公告称，公司及实际控制人兼董事长郑继平于2025年4月18日收到中国证监会下发的 《立案告知书》， 因涉嫌信息披露违法违规，中国证监会决定对公司及郑继平立案。 IPO日报发现， 近年来，监管层对上市公司从严监管，对信息披露违规、资金占用、财务造假等违法违规行为的查处力度进一 步加大。据IPO日报不完全统计，今年以来，已有近20家公司被证监会立案调查。 制图：佘诗婕 目前，美尔雅并未就被立案调查的原因披露更多细节。 不过根据公司收到中国证监会湖北监管局下发的《行政监管措施决定书》，公司存在关联交易未经审议且未履行信息披露义 务、2022年年度报告相关财务数据披露不准确等问题。 决定书显示，2022年11月至2023年3月期间，美尔雅以开展能源业务、采购服装加工设备等方式向第三方支付股权增资款、 保证金、投资款等资金，资金最终流入美尔雅实控人郑继平的关联方材谷金带（湖北）高新技术产业发展有限公司，构成非经 营性资金占用。目前，上述资金 ...

Core Viewpoint - The Shenzhen Stock Exchange has announced the termination of the listing of Hainan Puli Pharmaceutical Co., Ltd. due to significant financial fraud, which involved false reporting of profits totaling 669 million yuan over two years, constituting 73.83% of the reported profits for those years [1][3][5]. Financial Fraud Details - Puli Pharmaceutical falsely recognized sales revenue and profits by fabricating sales of finished and raw pharmaceutical products, leading to inflated revenues of 436 million yuan in 2021 and 456 million yuan in 2022, which represented 28.90% and 25.23% of the reported revenues for those years, respectively [4][5]. - The company also misreported revenues from trading activities, resulting in additional inflated revenues of 78 million yuan in 2021 and 59 million yuan in 2022, accounting for 5.17% and 3.28% of the reported revenues [4][5]. Regulatory Actions - Following the issuance of the administrative penalty decision by the China Securities Regulatory Commission (CSRC), the Shenzhen Stock Exchange initiated the process for terminating the listing of Puli Pharmaceutical's stock and convertible bonds [7][8]. - The stock was suspended from trading on March 24, 2025, with a closing price of 2.49 yuan per share and a total market value of 1.398 billion yuan [8]. Company Background - Puli Pharmaceutical, established in 1992, specializes in drug research, production, and sales, and was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2017 [8]. Ongoing Investigations and Consequences - The CSRC has indicated that administrative penalties and forced delisting are not the end of the matter, as they will pursue comprehensive accountability for those involved in the financial fraud [12]. - The CSRC has also emphasized the importance of protecting investors' rights and will assist affected investors through various legal means [12].

以下文章来源于征探财经 ，作者征探君 征探财经 . 资本市场的征探君。把征探财经设置为星标，不会错过每篇文章哦～～ 作者丨五仁 来源丨征探财经 4月16日，洪九果品（6689.HK）发布公告称，公司董事长邓洪九，董事彭何、江宗英、杨俊文、谭波及监事会主席余利霞等，目前均已被采取不 同刑事强制措施，原因与重庆市两江新区公安分局就涉嫌骗取贷款及/或虚开增值税专用发票之事项进行的立案侦查相关。 同时，该事件导致自2025年1月6日起公司主要办公场所之一重庆市渝北区东湖南路3号中铁峰汇B座22层被公安机关限制人员出入，公司无法正常 办公。 2024年3月，洪九果品因延迟刊发2023年年报，在港交所停牌，至今已超过一年。目前，其2023年年报、2024年中报、2024年年报均未公告。 有着水果第一股之称的洪九果品，似乎难以度过此次危机了。 01 财报连续"难产" 2002年，邓洪九与妻子江宗英在重庆成立了洪九果品，从事生意。2022年9月，洪九果品在港交所上市，市值一度逼近200亿港元，成为水果第一 股。而今其市值仅27.95亿港元。 招股书显示，按2021年的销售收入计，洪九果品是中国最大的榴莲分销商，以及火龙果、山 ...

彩电老大哥深康佳，麻烦缠身。 作者： Chong Lei,CFA 来源： 金角财经（ID：F-Jinjiao) 4 月 13 日，江西康佳新材料前董事长朱新明连续发布实名举报视频，剑指康佳集团现任董事长 周彬、前高管刘某涉嫌操纵上市公司业绩 ， 直指 2018 年两笔异常资金流动 ，包括 通过关联 交易虚增利润 4000 万元， 以及 有 5000 万上市公司资金经多层空壳公司转入河南农民账户。 这次举报迅速引发关注，因为 朱新明 与深康佳渊源甚深。他 是康佳集团 2018 年并购标的 " 金凤凰 " 的创始人 ，多 年前他亲手将微晶石行业龙头九江金凤凰 51% 股权售予康佳。 对于深康佳来说，这次举报可以说是 屋漏偏逢连夜雨 ，因为发生在自己走到退市边缘的敏感时 刻。 财报显示， 2024 年，深康佳归母净利润为亏损 32.96 亿元，同比扩大 52.31% 。而深康佳已 经连续亏损了三年，且亏损金额不断扩大。同时，截至去年末，深康佳的净资产只有 23.7 亿 元。 根据深交所相关退市规则，若上市公司最近一个会计年度经审计的净资产为负值，会被实施退市 风险警示。 基于这一点，参考深康佳去年亏损超过 30 亿 ...

跌停是所有股民都不愿意看到，最怕的就是买到连续一字跌停的票，只能认命，卖也卖不出去，天天眼睁睁的看着自己的账户缩水，没一点办法，要是几 个跌停，还能接受，可是要是20个跌停后马上退市，都已经绝望了，而且最高从41.72跌到0.37，马上把韭菜连根拔起！ 这只股票就是*ST东方，原名东方集团！ 东方集团也算是今年的一只热门股票了，4年造假161亿，本来要是天天跌停，也就套一批人，没想到在3月12日一个地天板，当天直接成交了12.31亿，又 有不少散户追进去，居然还有人在跌停卖掉之后，看到涨停，又追进去的！ 然后进去之后，又是跌停，直接连续一字跌停，一口气来了20个跌停，周一就是最后一个交易日，就算涨停也回不到1元以上了，锁定退市！ 本来里面12.9万股东，还不算太多，后边抄底进去的散户太多了，现在预测其股东人数已经到达到了31.6万，比爱康科技退市时候28万股东还多，东方集 团应该是A股这30年困住散户最多的一只股票！ | | | | *ST东方 0.37 -5.13% | | | | | --- | --- | --- | --- | --- | --- | --- | | 关于"*ST东方(600811)" ...

证券研究报告 | 2025年4月17日 DeepSeek辅助识别财务瑕疵 ——基于财报文本的情感语调的分析 策略研究 · 策略专题 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 证券分析师：王 开 021-60933132 wangkai8@guosen.com.cn S0980521030001 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 ➢ 财务造假样本分析：从CSMAR数据库"财务违规表"筛选2010-2021年样本，通讯服务行业造假占比最高，金融和公用事业最低。2010-2018年造假公 司数量及占比上升，2019年后下降，且约58.3%的造假行为在1-2年内暴露或终止。信息披露违规成为主流，虚构利润和虚列资产减少。 ➢ 特征池构建：基于上市公司定期财务报告，从8个维度构建378个比率型指标，经筛选处理后保留100个指标，形成特征池，包含5483个财务造假样本 和42046个控制样本。 ➢ 情感语调因子构建：利用DeepSeek R1模型分析财报文本情感语调， ...