来源：环球网 【环球网综合报道】业绩预亏的江苏吴中医药发展股份有限公司（以下简称"江苏吴中"）再遭退市警 报。日前，江苏吴中发布公告，称收到中国证监会《行政处罚事先告知书》。这家成立于1994年、1999 年上市的老牌企业，因2020年至2023年连续四年财务造假，虚增营业收入超17亿元、利润总额近8000万 元，并隐瞒实际控制人身份，被证监会顶格处罚3050万元。董事长钱群山因组织、指使造假行为，被处 以1500万元罚款及10年证券市场禁入，公司股票自当日起被叠加实施退市风险警示，或成为A股又一起 重大违法强制退市案例。 公告截图 根据证监会调查，江苏吴中通过三家子公司——江苏吴中进出口有限公司、中吴贸易发展（杭州）有限 公司、江苏吴中海利国际贸易有限公司，与浙江优诺德贸易有限公司等关联方开展无真实物资交付的贸 易业务，虚增营收与利润。 2020年—2023年，四年分别虚增营收4.95亿元、4.69亿元、4.31亿元、3.77亿元，占当期披露营业收入的 26.46%、26.39%、21.26%、16.82%。此外，分别虚增利润总额1458.27万元、2027.12万元、1992.42万 元、2121.94万 ...

Group 1 - The company has been issued a delisting risk warning due to the inability of the annual audit institution to express an opinion on the 2024 financial report, triggering the delisting risk warning as per the Shanghai Stock Exchange listing rules [1] - The company is also facing additional risk warnings due to non-operational occupation of company funds by related parties of the controlling shareholder, which violates specific provisions of the Shanghai Stock Exchange listing rules [1] - The company’s subsidiaries have been found to engage in non-substantive trade activities with related companies, resulting in inflated revenue, costs, and profits from 2020 to 2023, with revenue inflated by 26.46%, 26.39%, 21.26%, and 16.82% respectively [2] Group 2 - The inflated operating costs amounted to 480.68 million, 448.24 million, 410.82 million, and 355.44 million yuan, representing 37.08%, 35.47%, 28.40%, and 20.95% of the reported operating costs for the respective years [2] - The total profit inflated was 14.58 million yuan for the years in question, leading to potential mandatory delisting due to significant legal violations [2] - The company’s stock will be subject to an additional delisting risk warning starting from July 14, 2025, as per the regulations [2]

Core Viewpoint - *ST Suwu has been identified for continuous financial fraud over four years, leading to potential mandatory delisting due to significant violations of regulations [1][3]. Summary by Sections Financial Misconduct - From 2020 to 2023, *ST Suwu reported false financial statements, inflating revenue by 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion respectively, which accounted for 26.46%, 26.39%, 21.26%, and 16.82% of the reported revenue for those years [2]. - The company also inflated total profits by 145.83 million, 202.71 million, 199.24 million, and 212.19 million, representing 2.89%, 51.65%, 26.42%, and 29.81% of the total profits for the respective years [2]. - Non-operational fund occupation by related parties was not disclosed, with balances of 127 million, 1.393 billion, 1.543 billion, and 1.693 billion, which constituted 6.88%, 74.20%, 84.60%, and 96.09% of the net assets [2]. Control and Reporting Issues - The actual controller of *ST Suwu was misreported in annual reports from 2018 to 2023, with the company incorrectly identifying Qian Qunying as the actual controller instead of Qian Qunshan [3]. Regulatory Actions and Consequences - Starting July 14, *ST Suwu's stock will be subject to delisting risk warnings due to the serious violations identified [3]. - During the delisting risk warning period, the company must disclose progress every five trading days and provide special risk warnings regarding the potential for mandatory delisting [4]. - The company has a history of warnings about delisting risks, with the China Securities Regulatory Commission (CSRC) issuing a notice of investigation in February 2023 [4]. Future Implications - The CSRC maintains a strict stance on delisting, indicating that even if a company is delisted, it remains accountable for any illegal activities [5]. - Investors may pursue civil compensation for false statements after the final administrative penalty decision is made [5]. - The Supreme People's Court and CSRC have issued guidelines to enhance investor protection and combat fraudulent activities in the capital market [5].

Core Viewpoint - *ST Suwu has been identified for continuous financial fraud over four years, leading to a significant violation that may result in mandatory delisting from the stock market [2][4]. Financial Misconduct - The company has been found to have inflated revenue and profit figures from 2020 to 2023, with inflated revenues of 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion respectively, representing 26.46%, 26.39%, 21.26%, and 16.82% of the reported revenues for those years [2][3]. - The inflated profit totals for the same period were 145.83 million, 202.71 million, 199.24 million, and 212.19 million, accounting for 2.89%, 51.65%, 26.42%, and 29.81% of the reported profits [2][3]. Non-Disclosure of Related Party Transactions - The company failed to disclose significant non-operating fund occupations by related parties, with balances of 127 million, 1.393 billion, 1.543 billion, and 1.693 billion from 2020 to 2023, which constituted 6.88%, 74.20%, 84.60%, and 96.09% of the net assets reported [3]. Regulatory Actions and Consequences - Following the identification of these violations, *ST Suwu is subject to a fine of 10 million and faces mandatory delisting as per the stock exchange regulations [2][4]. - The company must disclose updates on its situation every five trading days during the delisting risk warning period, and its stock will be suspended pending the final delisting decision [4]. Investor Protection and Legal Accountability - The China Securities Regulatory Commission (CSRC) emphasizes that companies facing delisting will still be held accountable for their illegal activities, ensuring that investors can pursue civil compensation for false statements [5][6]. - The CSRC's approach includes strict enforcement of repayment obligations for fund occupations and a commitment to investor protection through legal frameworks [6].

Core Viewpoint - Tianmao Group, once a prominent player in the market, is facing delisting risks due to financial reporting issues and declining performance [1][4][9]. Financial Reporting Issues - Tianmao Group has been unable to release its financial reports on time, leading to a risk warning and subsequent stock suspension [3][4]. - The company announced on April 28 that it could not disclose its 2024 annual report and 2025 Q1 report by the scheduled date due to incomplete information [3]. - As of July 8, the stock was officially marked with a delisting risk warning, and the stock name changed to "*ST Tianmao" [2][4]. Performance Decline - In 2023, Tianmao Group reported a revenue of 49.699 billion yuan, a slight increase of 0.17% year-on-year, but a net loss of 0.652 billion yuan, reversing from a profit of 0.274 billion yuan in 2022 [5]. - The 2024 Q3 report indicated a revenue drop of 18.43% year-on-year, with a net loss of 0.333 billion yuan [5]. - The company projected a revenue of 40-43 billion yuan for 2024, down from 49.699 billion yuan in 2023, with expected losses between 0.5 billion and 0.75 billion yuan [5]. Core Asset and Business Structure - Tianmao Group's core asset is Guohua Life Insurance, which has been a significant contributor to its profits since 2014 [6]. - Guohua Life reported a net loss of 1.155 billion yuan in 2023, marking a turning point for the company [7]. - The insurance business faced challenges due to low interest rates, leading to increased reserve provisions [8]. Market Reactions and Future Outlook - Following the stock's resumption of trading on July 8, the share price continued to decline, closing at 2.23 yuan per share on July 11 [10]. - The company is committed to completing its financial reports and improving communication with stakeholders [11].

*ST紫天（300280）公告，公司因财务会计报告存在虚假记载，收到福建证监局责令改正决定书。公司 需在收到决定书之日起30日内更正年度报告并经会计师事务所全面审计。截至目前，公司尚未聘请具备 证券、期货相关业务资格的会计师事务所，也未向福建证监局提交整改报告。根据相关规定，公司股票 自2025年5月20日起被实施退市风险警示，并将于2025年7月19日前可能被终止上市。 ...

Core Viewpoint - The regulatory environment in the capital market remains stringent, with nearly 40 listed companies and over 20 responsible individuals being investigated in the first half of the year, primarily for information disclosure violations [1][3]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has initiated investigations against several A-share companies, including Yangmei Chemical and Qing Shui Yuan, mainly for information disclosure violations, false annual report records, and failure to disclose periodic reports on time [1][3]. - More than 80% of the companies investigated this year have been found to have information disclosure violations [3]. - Some companies, even after delisting, continue to face regulatory penalties for past violations, such as *ST Hongtao, which was investigated for information disclosure violations after its delisting [1][10]. Group 2: Financial Performance of Investigated Companies - Many companies under investigation have reported consecutive years of losses and are entangled in lawsuits. For instance, Jiaao Environmental Protection has incurred losses of over 400 million yuan from 2022 to 2024, with a debt ratio exceeding 80% [10]. - Huayang United reported cumulative losses exceeding 1.8 billion yuan from 2022 to 2024 [10]. - Companies like Meichen Technology are facing multiple lawsuits, with new cases involving approximately 993,690 yuan, representing 9.72% of the company's latest audited net assets [10]. Group 3: Implications for Investors - The increasing number of investigations and penalties against companies, especially those at risk of delisting, raises concerns for investors, as these companies may face legal actions and claims from investors [11]. - Legal challenges in claiming compensation from delisted companies are significant, particularly when defendants are in operational distress [11]. - Regulatory authorities are urged to enhance management of delisted companies to ensure they maintain normal operations and comply with information disclosure requirements [11].

Group 1 - The company Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Suwu, stock code: 600200) has been investigated by the China Securities Regulatory Commission (CSRC), which may lead to a forced delisting if major violations are confirmed [1] - The company faces financial delisting risks due to its 2024 financial report receiving a disclaimer of opinion from the auditing firm, triggering delisting risk warnings from the Shanghai Stock Exchange [2] - The company's financial situation is deteriorating, with declining revenue and profits, and increasing debt pressure, indicating serious financial distress [2] Group 2 - A significant issue arose when the chairman of the company's wholly-owned subsidiary was criminally charged for fraudulently obtaining export tax rebates, highlighting internal management and compliance failures [2] - This criminal case could severely damage the company's reputation and creditworthiness, impacting its business expansion and financing capabilities [2] - Investors who purchased shares before February 26, 2025, and sold or still hold them as of February 27, 2025, may be eligible for compensation, pending court validation [3]

Core Viewpoint - *ST Yuancheng has been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected false disclosures in its annual reports and other periodic financial statements, which may lead to a forced delisting if significant violations are confirmed [1][10]. Financial Performance - The company has experienced a significant decline in revenue and net profit from 2020 to 2024, with revenues dropping from 5.97 billion yuan in 2020 to 1.46 billion yuan in 2024, and net profits turning from a profit of 925.31 million yuan in 2020 to a loss of 3.25 billion yuan in 2024 [5]. - In Q1 2024, the company reported revenues of 36.01 million yuan, a year-on-year increase of 25.34%, but the net loss expanded to 25.32 million yuan compared to a loss of 22.46 million yuan in the same period last year [6]. Regulatory Issues - The company has faced multiple regulatory warnings and has been under scrutiny for discrepancies in its financial reporting, including a significant error in the reported revenue for Q4 2024, which was later corrected [7]. - The actual controller and major shareholder, Zhu Changren, has also been implicated in failing to disclose shareholding changes and other related issues [8]. Delisting Risks - The company is at high risk of delisting due to potential violations of financial reporting regulations, with its stock already under risk warning since May 6, 2024, due to financial indicators that meet the criteria for mandatory delisting [10][11]. - As of July 2, 2023, 23 companies have been identified as facing delisting, with *ST Yuancheng being one of them due to significant violations and financial issues [10].

ST新潮（600777）公告，因定期报告涉及的部分财务信息需要进一步补充提供，公司无法在法定期限 内披露2024年年度报告及2025年第一季度报告。根据《上海证券交易所股票上市规则》，公司股票自 2025年5月6日起停牌。如公司在股票停牌两个月内仍未披露2024年年度报告，将被实施退市风险警示并 复牌。如公司股票交易被实施退市风险警示之日起的两个月内仍未披露过半数董事保证真实、准确、完 整的2024年年度报告，公司股票存在被上海证券交易所决定终止上市的风险。 ...