【导读】北交所决定终止*ST广道上市，五矿证券先行赔付适格投资者工作正积极推进 北交所上市公司*ST广道（证券代码：920680）11月12日晚间发布公告称，当日收到《关于深圳市广道数字技术股份有限公司股票终止上市的决定》，北 交所决定公司股票终止上市。 *ST广道被北交所终止上市，与其长时间、系统性财务造假有关。中国证监会深圳监管局于9月12日下发的《行政处罚决定书》认定，*ST广道披露的2018 年至2023年年度报告、2024年半年度报告及《2024年度向特定对象发行股票募集说明书（草案）》存在虚假记载。 这触及《北京证券交易所股票上市规则》第10.5.1条第（七）项规定的重大违法强制退市情形。 这意味着，*ST广道成为北交所首家因重大违法而被强制退市的上市公司。 高比例虚增收入、成本 连续7年财务造假 *ST广道全称"深圳市广道数字技术股份有限公司"，主要从事以数据应用为目标的软件产品的开发与销售。2016年11月，公司在新三板挂牌，2021年通过 北交所审核成为首批上市企业之一。 根据上述《行政处罚决定书》，公司披露的2018年至2023年年度报告、2024年半年度报告，乃至旨在再融资的《2024年 ...

11月12日晚间，*ST广道（920680）公告称，公司当日收到北京证券交易所出具的《关于深圳市广道数字 技术股份有限公司股票终止上市的决定》（简称《决定书》）。 *ST广道自9月15日开市起停牌。截至9月12日收盘，*ST广道股价报9.52元/股，总市值为6.38亿元。 *ST广道触及重大违法强制退市情形 《决定书》显示，根据深圳证监局9月12日下发的《行政处罚决定书》，认定*ST广道已触及《北京证券交 易所股票上市规则》（简称《股票上市规则》）第10.5.1条第（七）项规定的重大违法强制退市情形。 《行政处罚决定书》显示，*ST广道披露的2018年至2023年年报、2024年半年报，以及《2024年度向特定 对象发行股票募集说明书（草案）》存在虚假记载。 具体来看，*ST广道通过制作虚假购销合同、发票、银行回单、发货通知单及入库单等方式，虚构销售和 采购业务，从而虚增营业收入及营业成本。 2018年至2023年、2024年上半年，*ST广道虚增的营业收入占当期报告记载金额的比例，分别为87.34%、 95.39%、98.96%、85.87%、99.39%、98.14%、88.11%。 2018年至2023 ...

南财智讯11月11日电，*ST长药公告，公司股票于2025年11月10日、2025年11月11日连续2个交易日内日 收盘价格跌幅偏离值累计-34.98%，根据深圳证券交易所交易规则相关规定，属于股票交易异常波动的 情形。针对此次异常波动，公司董事会进行了核实：前期披露的信息不存在需要更正或补充之处；未发 现近期公共传媒报道可能对公司股价产生较大影响的未公开重大信息；公司因涉嫌定期报告等财务数据 虚假记载，已于2025年11月7日收到中国证监会的立案告知书，目前正积极配合调查；公司、控股股东 和实际控制人不存在应披露而未披露的重大事项，且在本次异常波动期间，控股股东及实际控制人未买 卖公司股票；公司无业绩预告需披露，日常经营管理无显著变化。公司董事会确认，除已披露事项外， 目前无其他应披露而未披露的重大信息。同时提示，若未来被中国证监会行政处罚并触及重大违法强制 退市情形，公司股票将面临强制退市风险；目前公司处于预重整阶段，能否进入重整程序尚存在不确定 性，后续亦存在因重整失败而被宣告破产并终止上市的风险。 ...

Core Points - *ST Changyao received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false financial reporting [1] - The company was previously known as Kangyue Technology and was listed on the Shenzhen Stock Exchange in August 2014 [1] - *ST Changyao operates primarily in the pharmaceutical manufacturing sector and has a secondary focus on photovoltaic equipment [1] Financial Performance - For the first three quarters of 2025, *ST Changyao reported revenue of 105 million yuan, representing a year-on-year increase of 4.40% [1] - The company recorded a net loss attributable to shareholders of 210 million yuan, a decline of 15.89% compared to the previous year [1] Regulatory Risks - The company indicated that if the CSRC's administrative penalties confirm facts that fall under the major illegal circumstances as per the Shenzhen Stock Exchange's rules, it may face mandatory delisting [2]

Core Viewpoint - *ST Yuancheng (603388) is facing the risk of "market value delisting" due to its stock closing below 500 million yuan for 20 consecutive trading days, triggering mandatory delisting indicators [3][4]. Group 1: Delisting Risk - The company announced that its stock will be suspended from trading starting November 11, 2025, pending a review by the Shanghai Stock Exchange on whether to terminate its listing [4]. - As of October 14, the company's market value was 485 million yuan, marking the first time it fell below the 500 million yuan threshold [5]. - The stock has experienced a continuous decline, with a recent price of 0.58 yuan per share and a market value of 190 million yuan, alongside 11 consecutive trading days below par value [5]. Group 2: Legal and Compliance Issues - In addition to market value delisting, *ST Yuancheng faces risks of mandatory delisting due to significant legal violations, as the China Securities Regulatory Commission issued a notice regarding false records in annual reports from 2020 to 2022 [5]. - If the subsequent administrative penalty confirms these violations, the company's stock will be terminated from listing [5]. Group 3: Financial Performance - The company has been under risk warnings and has reported a continuous decline in revenue, with a 0.1% year-on-year increase in revenue to 102 million yuan for the first three quarters of this year, while net profit remained at a loss of 143 million yuan [7]. - The company has faced three consecutive years of losses, raising concerns about its ability to continue as a going concern [6].

Core Viewpoint - *ST Changyao (300391.SZ) experienced a significant drop, hitting a limit down at 2.76 yuan, with over 650,000 sell orders, marking a new low since July 3, 2022 [2] Summary by Relevant Sections - **Company Announcement** - The company received a "Notice of Investigation" from the China Securities Regulatory Commission (CSRC) on November 7, 2025, due to suspected false reporting of financial data [2] - The CSRC has decided to initiate an investigation against the company [2] - **Potential Consequences** - If the investigation results in administrative penalties that reveal major violations, the company may face mandatory delisting due to serious misconduct [2]

Core Viewpoint - *ST Changyao has been under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, which could lead to a forced delisting if major violations are confirmed [2]. Financial Performance - As of December 31, 2024, *ST Changyao reported a negative net asset of 433 million yuan and an accumulated loss of 1.59 billion yuan [2]. - In the first three quarters of 2025, the company's revenue increased by 4.40% year-on-year to 105 million yuan, while the net profit attributable to shareholders decreased by 15.89% to -210 million yuan [2]. - The net profit excluding non-recurring items fell by 16.99% to -209 million yuan, with net assets further declining to -643 million yuan [2]. Stock Performance - As of November 7, *ST Changyao's stock price was 3.45 yuan per share, down 0.58%, with a total market capitalization of 1.209 billion yuan [2][3]. - The stock has shown a trading volume of 75,300 shares, with a turnover rate of 2.15% [3].

Core Viewpoint - The article discusses the increasing risk of mandatory delisting due to significant violations among A-share companies, highlighting the challenges investors face in protecting their rights and the need for proactive compensation measures from controlling shareholders and actual controllers of these companies [1][3][6]. Group 1: Mandatory Delisting Risks - As of November 5, 2023, 15 A-share companies have disclosed significant violation risks that could lead to mandatory delisting [2]. - *ST Yuancheng's market capitalization was reported at 218 million yuan, having been below 500 million yuan for 17 consecutive trading days, indicating a potential trigger for mandatory delisting [2]. Group 2: Investor Protection Challenges - Experts point out that investor protection in cases of mandatory delisting is hindered by the lack of compensation capability from delisted companies and insufficient legal recourse for investors [1][3]. - The China Securities Regulatory Commission (CSRC) has introduced guidelines to encourage controlling shareholders to take proactive compensation measures to mitigate investor losses [1][6]. Group 3: Proactive Compensation Measures - Proactive compensation is seen as a way to significantly enhance the efficiency of investor compensation and should be supported by a robust incentive and constraint mechanism [1][6][9]. - The CSRC's recent guidelines aim to improve the fairness and efficiency of investor protection by encouraging controlling shareholders to take responsibility for compensation [6][7]. Group 4: Legal and Institutional Recommendations - Experts recommend enhancing investor awareness and providing more efficient channels for rights protection, including collective lawsuits and proactive compensation systems [3][4]. - There is a call for a diversified investor rights protection system that includes expanding the application of proactive compensation and improving the litigation process [4][6]. Group 5: Case Studies and Practical Applications - Previous cases of proactive compensation, such as the Hai Lian Xun case, demonstrate the feasibility of establishing compensation funds by controlling shareholders [8]. - The recent initiative by Wukuang Securities to set up a proactive compensation fund for *ST Guangdao indicates a growing trend towards such measures in the market [8][9]. Group 6: Enhancing Accountability - Experts emphasize the need for a system that encourages controlling shareholders to take responsibility, linking compensation performance to market integrity and regulatory compliance [9][10]. - The establishment of a market-driven approach to compensation, allowing for various methods such as share buybacks or cash compensation, is recommended to maintain market autonomy while ensuring accountability [10].

Core Viewpoint - *ST Changyao has been under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, which could lead to significant legal consequences and potential delisting if major violations are confirmed [1]. Financial Performance Summary - As of December 31, 2024, *ST Changyao reported a negative net asset of -433 million yuan and an undistributed profit of -1.59 billion yuan [1]. - For the first three quarters of 2025, the company experienced a revenue increase of 4.40% year-on-year, reaching 105 million yuan; however, the net profit attributable to shareholders decreased by 15.89% to -210 million yuan, and the non-recurring net profit fell by 16.99% to -209 million yuan [1]. - The net asset value as of the reporting period was -643 million yuan [1]. Stock Market Performance - As of November 7, *ST Changyao's stock price was 3.45 yuan per share, reflecting a decrease of 0.58%, with a total market capitalization of 1.209 billion yuan [2]. - The trading volume was 75,300 shares, with a turnover rate of 2.15% [2]. - The stock has a price-to-earnings (PE) ratio of -4.32 and a price-to-book (PB) ratio of -1.88 [2].

Core Points - Company received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false financial reporting [1] - The investigation is related to the company's periodic reports and financial data [1] - If the investigation leads to a determination of significant violations, the company may face mandatory delisting due to serious misconduct [1]