上市当年即造假 造假者被追责 近日，思科瑞因财务造假被"ST"。 根据监管下发《行政处罚事先告知书》显示，公司主要涉及涉嫌虚构销售业务、提前确认收入、不当确 认收入等行为，导致2022年报表虚增。 值得注意的是，公司于2022年7月8日在科创板挂牌上市。换言之，公司出现上市当年即财务造假情形。 与此同时，我们还进一步发现，公司上市后业绩便开始大变脸。 根据处罚公告，2022年12月，思科瑞虚构一笔与四川赛狄信息技术股份公司（以下简称赛狄信息） 336.65万元的检测业务，在未收到待检货物且未真实开展检测业务的情况下，安排人员生成对账单并利 用与赛狄信息相关工作人员私人关系加盖对方公章，导致思科瑞2022年分别虚增销售收入和利润总额 336.65万元、318.81万元。 思科瑞涉嫌提前确认收入。2022年9月，思科瑞在尚未向客户佳缘科技股份有限公司（以下简称佳缘科 技）交付检测货物且未经佳缘科技确认对账单情况下确认收入，导致思科瑞2022年分别虚增收入和利润 总额246.93万元、203.7万元。 思科瑞同时涉嫌不当确认收入。思科瑞与佳缘科技于2022年9月签署的两笔结算合同出现了重大争议， 争议部分涉及合同金 ...

Core Viewpoint - Juewei Food's financial fraud may involve more than just ST risk, with over 700 million yuan in hidden funds potentially being misappropriated and unresolved tax compliance issues [1][2][3] Financial Fraud and ST Risk - Juewei Food has been flagged for financial fraud, leading to its stock being designated as ST (Special Treatment) due to hidden performance rather than inflated earnings [1][2] - From 2017 to 2021, the company failed to recognize revenue from franchise store renovation, resulting in a cumulative understatement of over 700 million yuan, which accounted for 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% of the reported annual revenues for those years [1][2] Tax Compliance Issues - The hidden revenue raises concerns about the company's tax compliance, as failure to report such income could lead to tax evasion penalties [3][4] - According to tax regulations, any concealment or misrepresentation of income can result in severe penalties, including fines and potential criminal charges [3] Potential Fund Misappropriation - There are questions regarding whether the over 700 million yuan in hidden revenue constitutes fund misappropriation, especially since the company managed franchise renovation through personal bank accounts [4][5] - Previous incidents of operational funds being misappropriated were identified, with 21.07 million yuan collected through employee personal accounts not deposited into the company's accounts [5] Governance and Related Party Transactions - The company has been criticized for poor disclosure practices, particularly regarding related party transactions involving executives and board members [10][11] - A significant transaction involving the acquisition of a supplier's shares was not disclosed in a timely manner, raising concerns about governance quality [10][11] Recent Performance Decline - In the first half of the year, Juewei Food reported a significant decline in performance, with revenue of 2.82 billion yuan, down 15.57% year-on-year, and a net profit of 175 million yuan, down 40.71% [12] - The company has closed over 5,000 stores, representing a reduction of more than 30% from the end of 2023, contributing to the operational pressures [12]

Core Viewpoint - The article discusses the circumstances under which a listed company may be delisted, emphasizing the importance of protecting investors' rights in cases of financial fraud and other violations [1][2]. Group 1: Types of Delisting - Delisting can occur in two main forms: voluntary delisting, where a company chooses to withdraw from the stock exchange, and involuntary delisting, which is enforced by the exchange due to non-compliance with listing requirements [1]. - Involuntary delisting is categorized into four types: trading-related, financial-related, compliance-related, and major violation delisting, with financial fraud falling under the major violation category [1][2]. Group 2: Impact of Financial Fraud - Financial fraud involves companies artificially inflating revenues or profits to mislead investors, as exemplified by Beijing Orient Technology Co., which was reported for falsifying financial data over four consecutive years [2]. - While delisting may disappoint investors, it serves to protect their interests by removing companies that distort market pricing mechanisms and fail to provide accurate financial information [2]. Group 3: Investor Rights and Compensation - Delisting does not automatically entitle investors to compensation; only in cases of financial fraud or other illegal activities leading to delisting can investors seek damages [3]. - Investors have various legal avenues to assert their rights, including administrative buybacks, advance compensation, and litigation, particularly in cases of false statements or disclosures [3][4]. Group 4: Importance of Evidence and Timeliness - Investors are advised to retain evidence such as transaction records and to stay informed about regulatory actions, as these are crucial for any potential claims [4]. - The success of obtaining compensation post-litigation depends on the company's ability to pay and the court's enforcement capabilities [4]. Group 5: Conclusion - Understanding the complexities of delisting and investor rights is essential for investors to protect their legal interests and make informed investment decisions [5].

30次连续跌停、47次跌停、超16个交易日股价低于1元，又一家A股上市公司走到退市的边缘。日前， *ST高鸿（000851）发布公告称，公司股票收盘价已连续15个交易日低于1元。即使后续5个交易日连续 涨停，股价也无法回到1元面值以上，提前锁定"面值退市"。 退市倒计时双重退市风险压顶 *ST高鸿实际上面临双重退市风险，既有可能因股价连续低于面值而"面值退市"，也可能因重大违法而 被迫退市。 一方面，公司股价连续多个交易日低于1元，触及交易类退市标准。另一方面，2025年8月8日，公司收 到证监会的行政预处罚，认定公司连续多年财务造假，可能触及重大违法强制退市情形。 业内人士指出，按照相关规定，上市公司出现两项以上终止上市情形的，股票将按"先触及先适用"的原 则实施终止上市。 从时间上看，面值退市条件可能会先被触发。但即使没有面值退市，*ST高鸿也难逃重大违法强制退市 的命运。 据公开信息，截至2025年9月21日，年内已有超10家A股公司因财务造假被证监会行政处罚而实质触发 重大违法强制退市标准。与去年同期相比，"面值退市"案例有所减少，而重大违法类强制退市则显著增 加。 九年财务造假虚增收入198亿元 造 ...

Core Viewpoint - Several listed companies have received administrative penalty notices from local securities regulatory authorities due to various violations, indicating a continuous effort to purify the capital market ecosystem [1][3]. Group 1: Violations and Consequences - ST Chuangyi's violation involved revenue recognition, leading to an overstatement of revenue by 267.8464 million yuan in 2022 and 124.7034 million yuan in the first half of 2023 [3]. - ST Juewei failed to recognize revenue from franchise store renovations from 2017 to 2021, resulting in understated revenue by 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% for the respective years [3]. - KJY's violation involved unauthorized guarantees totaling 150 million yuan provided by its wholly-owned subsidiary without proper board and shareholder approval [3]. - ST Fuhua was found to have false records in its annual reports for 2019, 2020, and 2023 [4]. - ST Sike Rui used three methods to commit financial fraud, resulting in an inflated revenue of 9.9604 million yuan in its 2022 annual report [5]. Group 2: Regulatory Actions - ST Sike Rui, ST Fuhua, ST Chuangyi, and ST Juewei will have their stocks subjected to risk warnings starting September 23, with trading limitations imposed [7]. - ST Chuangyi, being a ChiNext stock, will have a daily price fluctuation limit of 20%, while the other three companies will have a limit of 5% [7]. - KJY, while receiving a penalty notice, did not meet the criteria for ST designation as its violations did not involve financial data falsification [7]. Group 3: Investor Rights and Compensation - Investors affected by the violations can seek compensation through legal means, with specific buy-sell intervals established for each company to qualify for claims [8][9]. - The buy-sell intervals for KJY, ST Sike Rui, ST Fuhua, ST Chuangyi, and ST Juewei have been clearly defined, allowing eligible investors to pursue their rights [8][9].

Core Viewpoint - ST Qibu (603557.SH) has been involved in a series of legal issues related to fraudulent activities, including securities fraud and financial misrepresentation, leading to significant penalties and ongoing financial struggles [1][2][3][4][5][6]. Group 1: Legal Issues and Penalties - The company and several former executives have been charged with securities fraud, including the former chairman and other key management personnel [2][4]. - A first-instance judgment has resulted in a fine of 10 million RMB for ST Qibu, with the company having already paid 2.1 million RMB of a previous 52 million RMB penalty imposed by the China Securities Regulatory Commission (CSRC) [3][6]. - The CSRC's investigation revealed that from 2018 to mid-2020, ST Qibu inflated its revenue by 360 million RMB and profits by 129 million RMB through fraudulent practices [5][6]. Group 2: Financial Performance - ST Qibu has reported continuous financial losses over the past five years, with a cumulative net loss of 1.762 billion RMB [9][10]. - In the first half of the current year, the company recorded a revenue of 85.84 million RMB, a year-on-year decrease of 33.53%, and a net loss of 37.14 million RMB, down 20.13% from the previous year [10]. - The decline in revenue is attributed to a slowdown in industry growth and intensified competition in the children's apparel and footwear market, leading to reduced sales from both offline distributors and online channels [10].

Group 1 - The core issue is that the company, Sike Rui, has been implicated in financial fraud, leading to a delisting warning from the China Securities Regulatory Commission (CSRC) alongside three other companies [1][5] - Following the CSRC's announcement, Sike Rui dismissed its Vice President of Marketing, Shu Xiaohui, who was identified as a key person responsible for the fraudulent activities [1][5] - Despite the initial stock price drop after the delisting warning, Sike Rui's stock price rebounded, indicating a degree of market tolerance compared to the other affected companies [1] Group 2 - Sike Rui, which specializes in military electronic component testing and equipment, was found to have inflated its revenue by nearly 10 million yuan shortly after its IPO in May 2022 [2] - The CSRC's notice revealed that Sike Rui engaged in fictitious sales and improper revenue recognition, including a fraudulent transaction worth 336.65 million yuan with Sichuan Saidi Information Technology Co., Ltd. [2][3] - The total inflated revenue for 2022 amounted to 9.96 million yuan, representing 4.16% of the company's total revenue for that year [3] Group 3 - The company has experienced significant fluctuations in its financial performance, with a reported net profit of 9.146 million yuan in 2022, but only 5.39 million yuan in total profit for the first half of 2023 [6][7] - Management attributed the revenue growth in 2023 to increased demand in the military industry and successful market expansion in the commercial aviation sector [7] - The company has committed to enhancing research and development to foster growth, although it has not provided specific annual performance targets [7] Group 4 - The CSRC has taken a firm stance against financial misconduct, issuing 2,214 administrative penalties during the 14th Five-Year Plan period, with fines totaling 41.4 billion yuan, marking significant increases from the previous period [8]

9月24日晚，A股"童鞋第一股"ST起步发布公告称，公司收到浙江省丽水市中级人民法院（下称"丽水中 院"）出具的《刑事判决书》，公司犯欺诈发行证券罪，判处罚金1000万元。本次判决为一审判决，被 告单位及被告人有上诉权，最终判决结果尚存在不确定性。 犯欺诈发行证券罪 公告称，7月8日，丽水市人民检察院向丽水中院提起公诉；丽水中院立案受理后依法组成合议庭，于8 月21日公开开庭审理此案；9月23日，公司收到丽水中院出具的《刑事判决书》。 《行政处罚决定书》显示，ST起步收入及成本的财务核算基础数据采自道讯系统，ST起步通过道讯系 统以虚构采购、销售业务等方式虚增营业收入、营业成本、利润总额。公司分别在2018年年报、2019年 年报、2020年半年报中，虚增营业收入6947.84万元、1.82亿元、1.09亿元，占当年（期）营业收入 4.97%、11.94%、19.54%；虚增营业成本4633.25万元、1.16亿元、6911.29万元；虚增利润总额2314.59 万元、6591.33万元、4037.32万元，占当年（期）利润总额的10.39%、37.42%、50.30%。此外，公司存 在股份代持未披露行为。 ...

Core Viewpoint - The company, Juewei Foods, has been penalized for failing to recognize revenue from franchise store renovation, resulting in a total underreporting of 724 million yuan over five years, which constitutes a violation of information disclosure regulations [3][9]. Group 1: Financial Misconduct - Juewei Foods received a notice of administrative penalty from the Hunan Securities Regulatory Bureau, leading to a fine of 4 million yuan for the company and an additional 4.5 million yuan for executives, including the chairman and former CFO [5]. - The company’s stock was suspended for one day and subsequently changed to "ST Juewei," with a trading limit adjustment to 5%, reflecting a significant loss of investor confidence [5][11]. - The company’s market value has decreased by over 70% from its peak in 2024, with stock price dropping to 13.77 yuan per share, resulting in a loss of nearly 900 million yuan in market capitalization [5][11]. Group 2: Revenue Recognition Issues - The company employed a "reverse" method of financial misconduct by concealing actual revenue rather than inflating it, creating a hidden fund pool for renovation costs outside the company’s accounting system [7]. - The former CFO arranged for employees to use personal bank accounts to receive renovation payments, bypassing the company's financial controls [7]. - Juewei Foods did not properly switch to the new revenue recognition standards implemented in 2020, leading to misalignment of revenue and costs, which was deemed a failure to accurately reflect the business model [8]. Group 3: Governance and Disclosure Failures - The company violated the principle of truthful information disclosure by failing to report renovation income, misleading investors and damaging their interests [9]. - Despite presenting a governance structure aimed at adapting to market changes in annual reports, the financial misconduct indicates a manipulation of performance through revenue underreporting [10][13]. - The financial fraud has exposed significant gaps in internal management and information disclosure, undermining the company's credibility and governance effectiveness [13].

四川证监局拟决定，对思科瑞和相关负责人警告并处罚款。同时，思科瑞股票被实施其他风险警示，A 股简称变更为"ST思科瑞"。 思科瑞2022年在科创板上市，也就是说，公司在上市当年就涉嫌财务造假。 上市当年就财报造假，国家高新技术企业思科瑞(688053.SH)及相关责任人被重罚，公司股票也被ST。 9月19日，思科瑞发布公告称，公司收到四川证监局下发的《行政处罚事先告知书》(下称"告知书")， 因涉嫌虚构销售业务、提前确认收入、不当确认收入等行为，公司2022年年度报告共计虚增营业收入 996.04万元、虚增利润总额700.54万元。 值得注意的是，在收到《告知书》的同日(9月19日)，董事长张亚便提议召开董事会，并审议通过了解 聘舒晓辉副总经理职务的议案。尽管公司称舒晓辉"仍在公司任职"，但其具体职务待定。 而作为实控人兼董事长的张亚也有不可推卸的责任。思科瑞2024年年报显示，张亚在超过20家企业任 职。除了思科瑞，张亚还是国光电气(688776.SZ)的实控人。监管层在此前思科瑞上会前问询中就曾问 询，张亚是否有精力管控这么多公司。 公司资料显示，思科瑞是一家承担军用电子元器件检测筛选试验、破坏性物理分析 ...