因财务造假，此前被立案处罚的江苏吴中医药发展股份有限公司（以下简称"*ST苏吴"）被终止上 市。 12月1日晚，*ST苏吴发布公告称，公司收到上海证券交易所出具的《关于江苏吴中医药发展股份 有限公司股票终止上市的决定》，上交所决定终止公司股票上市。2025年12月9日，*ST苏吴股票进入 退市整理期，预计最后的交易日期为2025年12月29日。 令人不解的是，*ST苏吴停牌前股价表现反常，自11月19日起至11月25日，公司股票连续5个交易 日涨停。 *ST苏吴股票进入退市整理期的起始日为2025年12月9日，预计最后交易日期为2025年12月29日， 退市整理期的交易期限为15个交易日。公司股票在退市整理期届满后的5个交易日内由上海证券交易所 予以摘牌，公司股票终止上市。 医药行业分析师朱明军认为，这一系列严厉的处罚不仅是对*ST苏吴违法违规行为的直接回应，更 是监管层维护资本市场秩序坚定决心的体现。对于企业而言，退市意味着其将失去在公开市场的融资功 实控人"隐身"6年。*ST苏吴未如实披露实际控制人，导致2018年至2023年年度报告存在虚假记 载。2018年2月，*ST苏吴控股股东苏州吴中投资控股有限公 ...

据了解，因涉及ST立方(300344)财务造假案，中兴财光华近期被同步追责。 12月3日晚间，新宏泽（002836）发布公告，与中兴财光华会计师事务所(特殊普通合伙)进行"紧急切割"。 2025年10月27日，新宏泽召开第五届董事会第十七次会议，审议通过了《关于续聘会计师事务所的议案》，同意聘任中兴财光 华为公司2025年度审计机构。该议案尚未提交公司股东会审议。 而12月3日公告显示，公司当日召开第五届董事会第十八次会议，审议通过了《关于撤销第五届董事会第十七次会议中 <关于续聘会计师事务所的议案> 的议案》。 对于撤销原因，公告称由于中兴财光华因个别审计业务的原因已被中国证券监督管理委员会立案调查，为避免影响公司2025年 度审计业务，同意公司撤销第五届董事会第十七次会议中《关于续聘会计师事务所的议案》。待公司选聘出新的年度审计机构 后将另行审议变更会计师事务所相关事宜。 到了8月，厦门证监局对中兴财光华及逯文君、冯伟出具警示函。经查，中兴财光华在原新三板挂牌公司海合达2023年年报审计 项目执业中存在多项问题。 证监会于11月28日披露，近日，对上市公司立方数科涉嫌定期报告财务数据存在虚假记载作出行政处 ...

Core Viewpoint - The article discusses the significant decline in the stock price of Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (referred to as "*ST Suwu"), which has lost 90% of its market value since the involvement of the Qian siblings, with the stock price dropping from 11 yuan to 1.24 yuan by November 25, 2025 [1][15]. Summary by Sections Company Control and Ownership - In February 2018, Qian Ying, the sister of Qian Qunshan, acquired control of Jiangsu Wuzhong through a share transfer transaction valued at approximately 707 million yuan, gaining a 17.01% stake in the company [5]. - Prior to this acquisition, Jiangsu Wuzhong had nine actual controllers, and the company faced an investigation by the CSRC, which concluded with no wrongdoing found [5]. Financial Misconduct and Penalties - On November 25, 2025, the CSRC issued an administrative penalty against *ST Suwu for concealing the actual controller, financial fraud, and fund occupation, resulting in a fine of 10 million yuan for the company and 1.5 million yuan for Qian Qunshan [2][21]. - The company was found to have inflated revenue and profits through non-commercial trade activities, with inflated revenues of 4.95 billion yuan in 2020, 4.69 billion yuan in 2021, and so on, leading to significant penalties [18]. - By the end of 2023, related parties had occupied 1.693 billion yuan of *ST Suwu's funds, nearly exhausting the company's net assets [19]. Strategic Changes and Business Direction - After Qian Ying took control, Jiangsu Wuzhong shifted its strategy to focus on "pharmaceuticals + medical aesthetics," establishing a medical aesthetics division and investing in related products [14]. - Despite ongoing investigations and financial issues, Qian Qunshan continued to promote the company's medical aesthetics products, claiming significant sales figures [15]. Future Implications - The article highlights the potential for criminal charges against the Qian siblings if their actions are deemed to constitute embezzlement, as seen in similar cases where individuals were prosecuted for misappropriating company funds [22].

Core Viewpoint - *ST Suwu (600200.SH) is facing mandatory delisting due to financial fraud, with the delisting period starting on December 9, 2025, and the last trading day expected to be December 29, 2025 [2][4] Financial Misconduct - The company has been found guilty of financial fraud for four consecutive years, leading to a forced delisting decision by the Shanghai Stock Exchange [2][4] - The China Securities Regulatory Commission (CSRC) issued an administrative penalty on November 25, stating that the company's annual reports from 2020 to 2023 contained false records [4][6] Revenue and Profit Inflation - *ST Suwu inflated its reported revenue by 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion yuan for the years 2020 to 2023, representing 26%, 26.39%, 21.26%, and 16.82% of the reported revenue for those years respectively [7] - The company also inflated its reported profits by 14.58 million, 20.27 million, 19.92 million, and 21.22 million yuan during the same period, accounting for 2.9%, 51.65%, 26%, and 29.81% of the reported profits [7] Related Party Transactions - *ST Suwu failed to disclose significant non-operating fund occupation by related parties, with balances of 127 million, 1.393 billion, 1.543 billion, and 1.693 billion yuan at the end of 2020, 2021, 2022, and 2023 respectively, which constituted 6.88%, 74.20%, 84.60%, and 96.09% of the reported net assets [8] Medical Aesthetics Business - The medical aesthetics segment of *ST Suwu reported a revenue of 330 million yuan in 2024, a staggering increase of 4225.65% year-on-year, with a gross margin of 82.26% [10] - The significant revenue growth is attributed to the sales of the AestheFill product, which contributed to a net profit of 70.48 million yuan for the company in 2024, marking a 197.97% increase year-on-year [10] Agency Rights Dispute - The company is embroiled in a dispute over the agency rights for the AestheFill product, which has not yet been resolved [11][12] - A temporary arbitration decision has been made to maintain the status quo regarding the agency rights until a final ruling is reached [12]

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. has been forced to delist due to significant financial misconduct, including the inflation of revenue by over 1.7 billion yuan over four years [1][6][7]. Group 1: Delisting Announcement - On December 1, Jiangsu Wuzhong announced that the Shanghai Stock Exchange decided to terminate its stock listing, with the delisting period starting on December 9 for 15 trading days [4][6]. - The last trading day is expected to be December 29, with the stock trading on the risk warning board during the delisting period [4][6]. Group 2: Financial Misconduct - Jiangsu Wuzhong has been found to have engaged in serious financial fraud, including concealing changes in actual control and inflating revenue, costs, and profits through non-commercial transactions with related parties [6][7]. - From 2020 to 2023, the company inflated its revenue by 4.95 billion yuan, 4.69 billion yuan, 4.31 billion yuan, and 3.77 billion yuan, representing 26.46%, 26.39%, 21.26%, and 16.82% of reported revenue, respectively [7]. - The inflated profits during the same period were 14.58 million yuan, 20.27 million yuan, 19.92 million yuan, and 21.22 million yuan, accounting for 2.89%, 51.65%, 26.42%, and 29.81% of reported profits, respectively [7]. Group 3: Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued an administrative penalty against Jiangsu Wuzhong, imposing a fine of 30.5 million yuan and banning the actual controller, Qian Qunshan, from the securities market for ten years [8][6]. - The company has been under investigation since February 26 for suspected violations of information disclosure laws [6][8]. Group 4: Business Background and Recent Developments - Jiangsu Wuzhong, established in 1994 and listed in 1999, has diversified into various sectors, including real estate and international trade, but faced significant losses in 2020 [9][11]. - The company shifted its focus to the medical aesthetics sector, launching the high-priced "Tongyan Needle" product, which contributed significantly to its revenue in early 2024 [11][12]. - Despite initial success, the company is embroiled in a legal dispute over distribution rights for the "Tongyan Needle," which has further complicated its financial situation [12][13].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. is facing delisting due to severe violations including concealing the actual controller, financial fraud, and fund occupation, leading to a penalty of 10 million yuan and a forced delisting decision by the Shanghai Stock Exchange [2][13][16]. Group 1: Company Background and Control - Jiangsu Wuzhong was controlled by Qian Qunshan's sister, Qian Qunying, after a share transfer in February 2018, where 60.61% of the shares were sold for approximately 707 million yuan [3][4]. - Prior to the transfer, the company had nine actual controllers, and its revenue dropped significantly to 1.702 billion yuan in 2018, with a net loss of 286 million yuan [4]. - Qian Qunshan was found to be the actual controller despite Qian Qunying being the nominal controller, as he exercised real control over the company [5][8]. Group 2: Violations and Penalties - The China Securities Regulatory Commission (CSRC) issued a penalty on November 25, 2025, for financial fraud, revealing that the company inflated revenues and profits through non-commercial trade activities from 2020 to 2023 [14][15]. - The inflated revenues amounted to 4.95 billion yuan, 4.69 billion yuan, 4.31 billion yuan, and 3.77 billion yuan for the respective years, constituting significant percentages of reported revenues [14]. - The total fund occupation reached 1.693 billion yuan by the end of 2023, nearly exhausting the company's net assets of 1.744 billion yuan [15]. Group 3: Future Implications - The company is set to enter a delisting period on December 9, 2025, with the last trading day expected to be December 29, 2025, under the new name "Delisted Suwu" [2]. - There are ongoing concerns regarding the potential criminal implications for the involved parties, as the actions may constitute embezzlement under Chinese law [16].

又一家公司涉嫌财务造假！ 12月3日，香港证券及期货事务监察委员会(以下简称"香港证监会")已根据相关规则指示香港联合交易所有限公司(联交所)，自2025年12月3日上午9时正 起，暂停大山教育(09986.HK)的股份交易。 证券时报记者了解到，在3日上午时，大山教育确已发布停止交易公告，但该公告并未透露更多原因。 香港证监会表示，为了在调查持续进行期间维持公平有序的市场和保障投资大众的利益，现阶段暂停大山股份的交易是可取的做法。 夸大银行结余数千万元 | | ·A A +A Eng 繁 简 网站指南 (2) 常见问题 � 费格 ▼ 如何作出投诉 三 传媒专用区 | | 联络党们 | | | Q 搜寻 | 9 in & O O | | --- | --- | --- | --- | --- | --- | --- | --- | | SFC 證監會 | 规则及标准 | 本会简介 | 监管职能 | 资料库 | 新闻稿及公布 | 加入本会 | 警示名单 | | 新闻稿 | 主页 > 新闻稿及公布 v> 新闻稿 v> 所有新闻稿 | | | | | | | | ● 所有新闻稿 | | | | | | | | | ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has ordered the suspension of trading for Da Shan Education (09986.HK) starting December 3, 2025, due to ongoing investigations into financial discrepancies and potential fraud [1][3][10]. Group 1: Trading Suspension - The SFC indicated that suspending Da Shan's shares is necessary to maintain a fair and orderly market while investigations are ongoing [3]. - Da Shan Education announced the trading halt on December 3, 2025, but did not provide further details regarding the reasons for the suspension [1]. Group 2: Financial Discrepancies - Da Shan Education's shares were previously suspended on March 30, 2023, after its former auditor identified several audit issues, including discrepancies related to software development projects and a UK acquisition [5]. - The SFC discovered significant differences between bank statements provided by Da Shan and those obtained independently, leading to suspicions of inflated bank balances by RMB 36.4 million and RMB 76.3 million as of June 30 and December 31, 2023, respectively, which represented 19% and 55% of the reported net asset value [5][6]. Group 3: Management Integrity Concerns - The SFC raised concerns about the integrity of Da Shan's management, particularly regarding the authenticity of the software development and UK acquisition transactions, as well as the submission of potentially forged bank statements [6]. - The SFC suspects that the resumption of trading in September 2024 was based on misleading information provided by Da Shan [6][10]. Group 4: Financial Performance - Da Shan Education has reported continuous losses since 2021, with a revenue of approximately RMB 41.5 million for the first half of 2024, a decrease of about RMB 6 million year-on-year, and a loss of approximately RMB 45.9 million compared to a loss of RMB 0.88 million in the same period the previous year [14]. - The company's cash reserves have significantly declined, with bank balances dropping by approximately 62.9% from RMB 5.2 billion at the end of 2024 to RMB 1.93 billion by June 30, 2025 [14].

香港证监会已根据《证券及期货(在证券市场上市)规则》(《在证券市场上市规则》)指示香港联交所， 自2025年12月3日上午9时正起，暂停大山教育(09986)股份交易。香港证监会认为，为了在调查持续进 行期间维持公平有序的市场和保障投资大众的利益，现阶段暂停大山股份的交易是可取的做法。 香港证监会亦发现，在大山截至2023年6月30日及2023年12月31日止的财务报表中，其银行结余分别被 严重夸大3640万元及7630万元人民币，分别相当于其已公布的财务业绩所载资产净值的19%及55%。 香港证监会因此怀疑：(i)有关软件开发及英国收购事项并非真实交易，亦非按公平原则进行；(ii)大山 向香港证监会呈交伪造的银行结单，以隐瞒与该等交易相关的可疑资金流；及(iii)大山在已公布的帐目 中严重夸大其银行结余。这些情况令大山管理层的诚信引起重大关注，尤其是大山的执行董事张红军 (男)，其内部监控和会计制度的可靠性，及其向市场提供恰当资讯的能力也受到质疑。 香港证监会亦怀疑，大山的股份于2024年9月2日得以复牌，是基于大山所提供的虚假或具误导性的资 料，以及大山令人误信其已符合联交所复牌指引中的所有条件。 至今， ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has instructed the Hong Kong Stock Exchange to suspend trading of Daxin Education (09986) shares starting from December 3, 2025, due to ongoing investigations into significant discrepancies in financial reporting and potential fraudulent activities [1][2] Group 1: Trading Suspension - The trading of Daxin shares was initially suspended on March 30, 2023, following the discovery of several audit issues by its former auditor related to software development projects and a UK acquisition [1] - The SFC believes that suspending trading is necessary to maintain a fair and orderly market while protecting the interests of investors during the investigation [1] Group 2: Financial Discrepancies - The SFC found that Daxin's financial statements for the periods ending June 30, 2023, and December 31, 2023, significantly overstated bank balances by RMB 36.4 million and RMB 76.3 million, which represent 19% and 55% of the reported net asset values, respectively [2] - There are suspicions that the software development and UK acquisition transactions may not be genuine and were not conducted on fair terms [2] Group 3: Integrity Concerns - The SFC suspects that Daxin submitted forged bank statements to conceal suspicious cash flows related to the aforementioned transactions, raising serious concerns about the integrity of the management, particularly Executive Director Zhang Hongjun [2] - The SFC also questions whether Daxin's shares were allowed to resume trading on September 2, 2024, based on false or misleading information provided by the company [2]