证监会表示，*ST长药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。 此外，证监会对中介机构执业情况同步开展核查，一旦发现违法违规情形，将依法予以惩处。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。中经记者 孙汝祥 夏欣 北京报道 【证监会严肃查处长药控股严重财务造假案 拟罚4100万元】证监会网站12月26日公布，近日，证监会 对上市公司长江医药控股股份有限公司（以下简称"*ST长药"）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。 经查，*ST长药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1000万元，对 14名责任人合计罚款3100万元，对公司原总经理罗明采取终身证券市场禁入措施。 ...

Core Viewpoint - Changjiang Pharmaceutical is facing delisting risks due to serious financial fraud allegations, with significant discrepancies in reported revenues and profits over the past three years [1][3]. Group 1: Financial Misconduct - The company reported inflated revenues of 215 million, 284 million, and 234 million yuan for the years 2021, 2022, and 2023, respectively, accounting for 9.12%, 17.57%, and 19.51% of the disclosed revenues for those years [1][4]. - The inflated total profits were 56.4 million, 63.4 million, and 43.7 million yuan for the same years, representing 35.62%, 88.23%, and 6.42% of the disclosed total profits [1][4]. - The company also failed to reasonably recognize losses related to a project, leading to an additional profit inflation of 4.55 million yuan in 2022, which was 6.34% of the disclosed total profits for that year [1]. Group 2: Regulatory Actions - Changjiang Pharmaceutical and 14 responsible individuals have been penalized, with the company fined 10 million yuan and the individuals collectively fined 31 million yuan [2]. - The chairman and former general manager, Luo Ming, was fined 5 million yuan and banned from the securities market for life [2][5]. - The company has been warned that its stock may be subject to delisting due to the continuous financial misreporting over three years [3][6]. Group 3: Financial Health - As of the end of 2024, the company's net assets were reported at -433 million yuan, and by the end of the third quarter of 2025, they had further declined to -643 million yuan [6]. - If the audited net assets for 2025 remain negative, the company will face financial delisting [6]. - The company has initiated pre-restructuring efforts but faces challenges due to ongoing investigations and the risk of major violations leading to delisting [6].

Core Viewpoint - *ST Changyao has been penalized for three consecutive years of financial fraud, leading to a forced delisting process initiated by the Shenzhen Stock Exchange, marking a significant enforcement trend in the capital market against financial misconduct [1][2][14]. Group 1: Company Overview - *ST Changyao, originally established in 2001 and listed in 2014, transitioned from a photovoltaic equipment company to the pharmaceutical sector in 2020 [6]. - The company acquired a 52.75% stake in Hubei Changjiang Star Pharmaceutical Co., which was integrated into its financial statements, leading to its rebranding as Changyao Holdings [6]. Group 2: Financial Fraud Details - From 2021 to 2023, *ST Changyao's subsidiaries inflated revenues by a total of 733 million yuan and profits by 168 million yuan through falsified documents and non-existent sales [7][8]. - The inflated revenues accounted for 9.12%, 17.57%, and 19.51% of the reported revenues for the respective years, while the inflated profits represented 35.62%, 88.23%, and 6.42% of the total profits [7][8]. Group 3: Regulatory Actions - The company has been fined 10 million yuan, and 14 responsible individuals have been collectively fined 31 million yuan, with the former general manager receiving a lifetime ban from the securities market [10][11]. - The regulatory framework has shifted towards a "three-punishment linkage" approach, encompassing administrative, civil, and criminal penalties for financial fraud [10][11]. Group 4: Market Impact - Following the announcement, *ST Changyao's stock fell by 3.92%, with a market capitalization of 510 million yuan, representing a decline of over 90% from its historical peak [3][4]. - The forced delisting of *ST Changyao marks the 15th instance of a company facing mandatory delisting due to significant violations in 2025, reflecting a zero-tolerance policy in the capital market [14][15]. Group 5: Future Implications - The regulatory environment is evolving, with new rules allowing the China Securities Regulatory Commission to directly penalize third-party accomplices involved in financial fraud [2][12]. - Enhanced investor protection mechanisms are being implemented, including measures for compensation from controlling shareholders of companies that face delisting due to fraud [14][15].

记者丨 崔文静 编辑丨包芳鸣 12月26日， *ST长药收跌3.92%，每股报1.47元，总市值5.1亿元。相较于历史市值最高点，已蒸发超90%。 * ST长药连续造假三年！走向退市终局 2014年上市、2020年起由光伏企业转向医药赛道的*ST长药，走向退市终局。根据其12月26日公告的《行政处罚事先告知书》，*ST长药因涉 嫌触及重大违法强制退市情形，将被深交所依法启动退市程序。 一场维持三年的财务造假，最终迎来的是一张"终身禁入"的罚单与不可避免的退市终局。 12月26日，*ST长药公告收到行政处罚事先告知书，因连续三年财务造假，深交所将对其启动重大违法强制退市程序。这家公司，成为年内第 15家触及此红线的上市公司，数量创下历史纪录。 这绝非孤立事件，而是当前资本市场"零容忍"严监管态势的缩影。根据最新退市规则，只要财务造假行为持续三年，即会触及重大违法强制退 市。*ST长药正是撞上了这条监管"高压线"：其子公司通过伪造单据、虚构交易，在2021至2023年间累计虚增收入7.33亿元、利润1.68亿元。 监管的雷霆手段随之而至。 处罚不仅针对公司（罚款1000万元），更重拳直击"首恶"：14名责任人员被 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative penalty against Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) for suspected false reporting of financial data, revealing that the company inflated revenue and profits for three consecutive years, violating securities laws and regulations [1][5][6]. Group 1: Penalties and Actions - The CSRC plans to impose a fine of 10 million yuan on the company and a total of 31 million yuan in fines on 14 responsible individuals [1][6]. - The former general manager, Luo Ming, will face a lifetime ban from the securities market [1][6]. - The Shenzhen Stock Exchange will initiate delisting procedures due to the company's suspected major violations [1][6]. Group 2: Investigation and Compliance - The CSRC is conducting a simultaneous investigation into the practices of intermediary institutions, with potential penalties for any identified violations [1][6]. - The CSRC will transfer any criminal evidence to the public security authorities in accordance with legal standards [1][6]. Group 3: Stock Performance - As of December 26, the stock price of *ST Changyao was 1.47 yuan, with a market capitalization of 515 million yuan [4][9].

Core Viewpoint - The case of *ST Changyao highlights the severe regulatory environment in the capital market, where continuous financial fraud over three years has led to a lifetime ban for key individuals and an inevitable delisting process for the company [2][3][8]. Group 1: Company Overview - *ST Changyao, originally established in 2001 as Kangyue Technology, transitioned from a photovoltaic equipment manufacturer to a pharmaceutical company in 2020 after acquiring a majority stake in Hubei Changjiang Star Pharmaceutical Co., Ltd [4][5]. - The company reported significant financial irregularities, with a total of 7.33 billion yuan in inflated revenue and 1.68 billion yuan in inflated profits from 2021 to 2023 due to fraudulent activities by its subsidiaries [5][6]. Group 2: Regulatory Actions - The Shenzhen Stock Exchange has initiated a mandatory delisting process for *ST Changyao due to its continuous financial fraud, marking it as the 15th company to face such action in 2023, a record high [2][8]. - The regulatory response includes a fine of 10 million yuan for the company and a total of 31 million yuan in fines for 14 responsible individuals, with the former CEO facing a lifetime ban from the securities market [6][7]. Group 3: Broader Regulatory Trends - The case reflects a broader trend of "zero tolerance" towards financial fraud in the capital market, with new regulations stipulating that companies engaging in financial fraud for three consecutive years will face mandatory delisting [8][9]. - The regulatory framework is evolving to include not only administrative penalties but also civil and criminal liabilities, indicating a comprehensive approach to tackling financial misconduct [6][9]. Group 4: Investor Protection - The China Securities Regulatory Commission (CSRC) is enhancing investor protection mechanisms, requiring major shareholders and actual controllers of delisted companies to take proactive compensation measures [9]. - The implementation of new regulations aims to ensure that even after delisting, companies remain accountable for past fraudulent activities, reinforcing the message that financial misconduct will not be tolerated [9].

Core Viewpoint - The case of *ST Changyao highlights the severe regulatory environment in the capital market, with the company facing a forced delisting due to three consecutive years of financial fraud, marking a record number of such cases in 2023 [1][8]. Group 1: Company Overview - *ST Changyao, originally a photovoltaic equipment company, transitioned to the pharmaceutical sector in 2020, acquiring a 52.75% stake in Hubei Changjiang Star Pharmaceutical Co., which led to its financial reporting issues [4][5]. - The company inflated its revenue by a total of 733 million yuan and profits by 168 million yuan from 2021 to 2023 through fraudulent practices [5][6]. Group 2: Regulatory Actions - The Shenzhen Stock Exchange initiated a forced delisting process against *ST Changyao due to its financial misconduct, which is part of a broader trend of stringent regulatory measures against financial fraud in the capital market [1][8]. - The company was fined 10 million yuan, while 14 responsible individuals were collectively fined 31 million yuan, with the former general manager receiving a lifetime ban from the securities market [6][7]. Group 3: Regulatory Environment - The regulatory framework has evolved to impose harsher penalties on companies and individuals involved in financial fraud, with a new rule stating that companies committing fraud for three consecutive years will face mandatory delisting [8][9]. - The efficiency of regulatory actions has improved, with the investigation and issuance of the administrative penalty notice taking only one month [2][7]. Group 4: Investor Protection - The regulatory body has emphasized investor protection, requiring major shareholders and actual controllers of companies facing delisting to take proactive compensation measures for affected investors [8][9]. - New mechanisms for investor rights protection, such as representative litigation and innovative dispute resolution methods, have been introduced to enhance the efficiency of investor claims [8][9].

证监会对中介机构执业情况同步开展核查，一旦发现违法违规情形，将依法予以惩处。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 严肃查处！将对这家公司依法启动退市程序！ 来源：证券日报之声 本报记者 吴晓璐 据中国证监会网站12月26日消息，证监会严肃查处长江医药控股股份有限公司（以下简称*ST长药（维 权））严重财务造假案件。 近日，证监会对上市公司*ST长药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。经 查，*ST长药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1000万元，对14名责任人合计罚款3100万元，对公司原总经理罗明采取终身证 券市场禁入措施。*ST长药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。 近日，证监会对上市公司*ST长药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。经 查，*ST长药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1000万元，对14名责任人合计罚款3100万元，对公司原总经理罗明采取终身证 券市场禁入措施。*ST长药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 ...

据中国证监会网站12月26日消息，证监会严肃查处长江医药控股股份有限公司(以下简称*ST长药 （300391）)严重财务造假案件。 证监会拟对上市公司罚款1000万元，对14名责任人合计罚款3100万元，对公司原总经理罗明采取终身证 券市场禁入措施。*ST长药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。 证监会对中介机构执业情况同步开展核查，一旦发现违法违规情形，将依法予以惩处。 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。 近日，证监会对上市公司*ST长药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。经 查，*ST长药连续三年虚增收入和利润，违反证券法律法规。 ...

经查，*ST长药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1000万元，对 14名责任人合计罚款3100万元，对公司原总经理罗明采取终身证券市场禁入措施。 证监会表示，*ST长药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。 中经记者 孙汝祥 夏欣 北京报道 此外，证监会对中介机构执业情况同步开展核查，一旦发现违法违规情形，将依法予以惩处。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。 证监会网站12月26日公布，近日，证监会对上市公司长江医药控股股份有限公司（以下简称"*ST长药 （维权）"）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。 （编辑：罗辑 审核：夏欣 校对：颜京宁） ...