Core Viewpoint - *ST Dongtong (300379.SZ) is facing severe penalties for financial fraud, with the China Securities Regulatory Commission (CSRC) proposing a fine of 229 million yuan and initiating delisting procedures due to significant violations of securities laws [1][2]. Financial Misconduct - From 2019 to 2022, *ST Dongtong inflated its revenue by a total of 432 million yuan and profits by 314 million yuan through fictitious business activities and premature revenue recognition [2][3]. - The inflated revenues represented 12.29%, 13.25%, 14.54%, and 17.68% of the reported revenues for the respective years, while the inflated profits accounted for 34.11%, 22.72%, 30.35%, and 219.43% of the reported profits [2]. Administrative Actions - The CSRC has issued a notice of administrative penalties, proposing fines of 229 million yuan for the company and 44 million yuan for seven responsible individuals, with the actual controller facing a 10-year ban from the securities market [1][3]. - The company’s actual controller, Huang Yongjun, is directly responsible for the fraudulent activities and has been under investigation for violations of information disclosure laws [3]. Company Background - Established in August 1997 and listed in January 2014, *ST Dongtong is a provider of security and industry information solutions, offering middleware, network security, and digital products [4]. - The company has reported continuous losses from 2022 to 2024, with a net loss of 55.16 million yuan in the first half of this year [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative punishment against Beijing Dongfangtong Technology Co., Ltd. (*ST Dongtong*) for falsifying financial data over four consecutive years, leading to potential delisting from the Shenzhen Stock Exchange [1][2]. Group 1: Company Actions and Penalties - *ST Dongtong* is facing a fine of 229 million yuan for the company and a total of 44 million yuan for seven responsible individuals, with the actual controller facing a 10-year ban from the securities market [1]. - The CSRC has initiated delisting procedures for *ST Dongtong* due to serious violations, including fraudulent issuance of stocks in 2022 [1][2]. - The company’s chairman, Huang Yongjun, has been fined 26.5 million yuan and banned from the securities market for 10 years for his role in the violations [2]. Group 2: Financial Misconduct Details - From 2019 to 2022, *ST Dongtong* inflated its revenue and profits through fictitious business activities and premature revenue recognition via its wholly-owned subsidiary, Beijing Taice Technology Co., Ltd. [2]. - The company’s 2019 to 2022 annual reports contained false financial data, which was also referenced in its 2022 fundraising prospectus, constituting fraudulent issuance [2]. Group 3: Industry Context and Regulatory Response - The capital market has seen stringent actions against financial fraud, with significant penalties imposed on other companies and individuals involved in similar misconduct, reflecting a tough regulatory stance [3]. - The regulatory environment is evolving to create a comprehensive deterrent system against financial fraud, aiming to protect investor interests and maintain market integrity [3].

Core Viewpoint - Beijing Orientcom Technology Co., Ltd. (referred to as "Orientcom") has been found to have committed financial fraud from 2019 to 2022, leading to potential forced delisting due to significant violations of regulations [1][3]. Financial Misconduct - Orientcom acquired 100% of Beijing Taice Technology Co., Ltd. in December 2018, which became a wholly-owned subsidiary [3]. - From 2019 to 2022, Orientcom inflated its revenue and profits through fictitious business activities and premature revenue recognition, resulting in false disclosures in its annual reports [3]. - The inflated revenues for the years 2019 to 2022 were 61.45 million, 84.85 million, 125.51 million, and 160.53 million respectively, accounting for 12.29%, 13.25%, 14.54%, and 17.68% of the reported revenues for those years [3]. - The inflated profits for the same years were 52.23 million, 58.77 million, 79.48 million, and 123.69 million respectively, representing 34.11%, 22.72%, 30.35%, and 219.43% of the reported profit totals [3]. - Cumulatively, Orientcom inflated its revenue by 432 million and profits by 314 million from 2019 to 2022 [3]. Stock Issuance Fraud - In 2022, Orientcom's issuance of shares to specific investors was deemed fraudulent, as it relied on false financial data from its 2019 to 2021 annual reports [4]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued a warning to Orientcom and its executives, imposing fines totaling over 200 million [5][6]. - Orientcom was fined 229 million, while its actual controller and former chairman, Huang Yongjun, was fined 26.5 million and banned from the securities market for 10 years due to his significant role in the violations [6]. - Following the announcement of the investigation, Orientcom's stock price plummeted from around 20 to a low of 4.13, closing at 6.58 with a total market capitalization of 3.671 billion as of September 12 [6].

Core Viewpoint - Beijing Orientcom Technology Co., Ltd. (Orientcom) has been found to have committed financial fraud from 2019 to 2022, leading to a significant penalty from the China Securities Regulatory Commission (CSRC) [1][5][9] Group 1: Financial Misconduct - Orientcom's financial reports from 2019 to 2022 contained false records, with inflated revenues and profits due to fictitious business activities and premature revenue recognition through its subsidiary, Beijing Taice Technology Co., Ltd. [5][6] - The inflated revenues for the years 2019 to 2022 were 61.45 million, 84.85 million, 125.51 million, and 160.53 million respectively, accounting for 12.29%, 13.25%, 14.54%, and 17.68% of the reported revenues for those years [5] - The inflated profits for the same period were 52.23 million, 58.77 million, 79.48 million, and 123.69 million respectively, representing 34.11%, 22.72%, 30.35%, and 219.43% of the reported profits [5][6] Group 2: Regulatory Actions and Penalties - The CSRC issued a warning and imposed a fine of 229 million on Orientcom, while its actual controller and former chairman, Huang Yongjun, received a fine totaling 26.5 million and a 10-year ban from the securities market [9] - In 2022, Orientcom's issuance of shares to specific investors was deemed fraudulent, raising 2.2 billion with fabricated financial data from previous years [7][9] - Following the announcement of the investigation, Orientcom's stock price plummeted from around 20 yuan to a low of 4.13 yuan, with a closing price of 6.58 yuan and a total market capitalization of 3.671 billion as of September 12 [9]

证监会9月12日消息，近日，证监会对*ST东通（东方通）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东通连续四年虚增收入和利润，违反证券法律法规。证监会拟对上市公司罚款2.29亿元，对7 名责任人合计罚款4400万元，对实际控制人采取10年证券市场禁入。 *ST东通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。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。 年度报告信息披露存在虚假记载 根据《行政处罚事先告知书》，东方通2019年、2020年、2021年、2022年年度报告信息披露存在虚假记 载。 2018年12月，东方通收购北京泰策科技有限公司(以下简称"泰策科技")100%股权，泰策科技成为东方通 全资子公司。 2019年至2022年，东方通通过泰策科技虚构业务、提前确认收入等方式，虚增收入、利润，导致东方通 披露的2019年至2022年年度报告存在虚假记载。 公司证券发行文件编造重大虚假内容 2022年6月至11月，东方通多次披露《向特定对象 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative penalty against Beijing Orient Technology Co., Ltd. (*ST Dongtong) for falsifying financial data in its periodic reports, leading to potential delisting from the Shenzhen Stock Exchange [2][4]. Group 1: Financial Misconduct - *ST Dongtong has inflated its revenue and profits for four consecutive years from 2019 to 2022, violating securities laws [2][4]. - The company reported inflated revenues of 61.45 million, 84.85 million, 125.51 million, and 160.53 million yuan for the years 2019 to 2022, respectively, which accounted for 12.29%, 13.25%, 14.54%, and 17.68% of the reported revenue for those years [7]. - The inflated profits for the same years were reported as 52.23 million, 58.77 million, 79.48 million, and 123.69 million yuan, representing 34.11%, 22.72%, 30.35%, and 219.43% of the reported total profits [7]. Group 2: Regulatory Actions - The CSRC plans to impose a fine of 229 million yuan on *ST Dongtong and a total of 44 million yuan on seven responsible individuals [9]. - The actual controller of the company, Huang Yongjun, faces a 10-year ban from the securities market due to his significant role in the misconduct [9]. - The company is also under scrutiny for potentially committing major violations that could lead to mandatory delisting from the stock exchange [4][8]. Group 3: Company Background - *ST Dongtong is recognized as a pioneer and leader in middleware and industry information solutions, providing services to over 10,000 enterprise-level users across various sectors including telecommunications, government, finance, energy, and transportation [10]. - In its latest half-year report for 2025, the company reported a revenue of 240 million yuan, a year-on-year increase of 48.85%, and a reduction in net loss from 1.66 billion yuan to 551.76 million yuan, marking a 66.80% improvement [10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative penalty against Beijing Orientcom Technology Co., Ltd. (*ST Dongtong*) for falsifying financial data in its periodic reports, leading to potential delisting from the Shenzhen Stock Exchange [1][3]. Group 1: Financial Misconduct - *ST Dongtong* has been found to have inflated revenue and profits for four consecutive years from 2019 to 2022, violating securities laws [1][3]. - The company is facing a proposed fine of 229 million yuan and penalties totaling 44 million yuan for seven responsible individuals, including a 10-year market ban for the actual controller [1][9]. - The inflated revenue figures were 61.45 million yuan, 84.85 million yuan, 125.51 million yuan, and 160.53 million yuan for the years 2019 to 2022, respectively, representing 12.29%, 13.25%, 14.54%, and 17.68% of reported revenue [6][9]. Group 2: Securities Issuance Violations - The company fabricated significant false content in its securities issuance documents, including the prospectus for a stock issuance that falsely referenced inflated financial data from 2019 to 2021 [7][9]. - In June 2023, *ST Dongtong* reported raising approximately 2.2 billion yuan through the issuance of 106,024,096 shares, which was based on the previously falsified financial data [7][9]. Group 3: Company Background - *ST Dongtong* is recognized as a pioneer and leader in middleware and industry information solutions, providing services across various sectors including telecommunications, government, finance, energy, and transportation [10]. - For the first half of 2025, the company reported revenue of 240 million yuan, a year-on-year increase of 48.85%, and a reduction in net loss from 1.66 billion yuan to 551.58 million yuan, marking a 66.80% improvement [10].

Core Viewpoint - *ST Gaohong has faced significant stock price declines, with a continuous drop for 20 trading days, closing at 0.8 yuan per share as of September 5 [1] Group 1: Stock Price and Trading Activity - The company has experienced a continuous decline in stock price, with a 20-day trading halt, indicating severe market concerns [1] - As of September 1, the stock price fell below 1 yuan, raising the risk of delisting due to trading rules [6] Group 2: Regulatory Issues and Financial Irregularities - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for inflating revenue and profit figures from 2015 to 2023, with inflated revenues totaling 6.94 billion yuan to 56.34 billion yuan across various years [4] - The CSRC's notice also indicated that the company had engaged in fraudulent issuance of shares during its non-public offering in 2021, raising 1.25 billion yuan based on false financial data [5] - The cumulative litigation and arbitration amount against the company stands at 3.176 billion yuan, which is 386.88% of the latest audited consolidated net assets [6]

Core Viewpoint - The company Tonghui Information has been found to have committed financial fraud for four consecutive years, inflating revenue by over 60 million yuan, yet it does not constitute fraudulent issuance, allowing it to temporarily avoid delisting [1][3][5]. Group 1: Financial Fraud Details - From 2018 to 2021, Tonghui Information and its subsidiaries inflated revenue and profits through fictitious contracts and premature or delayed revenue recognition [1][2]. - The inflated revenue and profit figures for each year are as follows: - 2018: Revenue inflated by 20.73 million yuan, profit inflated by 10.46 million yuan - 2019: Revenue inflated by 9.62 million yuan, profit inflated by 8.15 million yuan - 2020: Revenue inflated by 14.98 million yuan, profit inflated by 7.37 million yuan - 2021: Revenue inflated by 18.07 million yuan, profit inflated by 5.88 million yuan [2]. Group 2: Regulatory Actions - The Beijing Securities Regulatory Bureau has proposed a total fine of 35.5 million yuan against the company and its executives due to the financial fraud [1][8]. - Specific penalties include: - The company fined 9 million yuan - The actual controller and former chairman fined 11.5 million yuan - The former vice president fined 7 million yuan - The former financial director fined 3 million yuan [8]. Group 3: Company Background and Listing Process - Tonghui Information was established in 2008 and listed on the New Third Board in 2011, later moving to the selected layer before transitioning to the Beijing Stock Exchange [6][7]. - The company aimed to raise 100 million yuan for digital visual research and development and working capital during its public offering [6]. Group 4: Current Financial Status - Since its listing on the Beijing Stock Exchange, the company has faced continuous operational pressure, reporting net losses of 44.52 million yuan in 2022, 128.13 million yuan in 2023, and 71.94 million yuan in 2024 [10]. - In the first half of 2025, the company experienced a significant revenue decline of 78.66% and a net loss of 14.39 million yuan, primarily due to the termination of its film distribution business [10].

Core Viewpoint - The company, Tonghui Information, has been found to have committed financial fraud for four consecutive years, inflating revenues by over 60 million yuan, yet it does not constitute fraudulent issuance, thus temporarily avoiding delisting [1][3][5]. Group 1: Financial Misconduct - The company inflated its revenue and profits through fictitious business contracts and premature or delayed revenue recognition from 2018 to 2021 [1][2]. - The inflated revenue and profit figures for each year are as follows: - 2018: 20.73 million yuan in revenue, 10.46 million yuan in profit - 2019: 9.61 million yuan in revenue, 8.15 million yuan in profit - 2020: 14.98 million yuan in revenue, 7.37 million yuan in profit - 2021: 18.07 million yuan in revenue, 5.88 million yuan in profit [2]. Group 2: Regulatory Actions - The Beijing Securities Regulatory Bureau has issued a notice of administrative penalty, imposing a total fine of 35.5 million yuan on the company and its executives [1][8]. - The penalties include: - 9 million yuan fine for the company - 11.5 million yuan fine for the actual controller and former chairman, Dai Fuhao - 7 million yuan fine for the former vice president, Cui Zhenying - 3 million yuan fine for the former CFO, Ji Haiyan [8]. Group 3: Company Background and Listing Process - Tonghui Information was established in 2008 and listed on the New Third Board in 2011 [5]. - The company aimed to publicly issue up to 28.75 million shares at a base price of 2.64 yuan per share, raising 100 million yuan for digital visual research and development [6]. - The company transitioned to the Beijing Stock Exchange without issuing new shares, which is a key reason it does not face delisting for fraudulent issuance [7]. Group 4: Financial Performance and Future Risks - The company has faced continuous operational pressure since its listing, with net profits showing losses of -44.52 million yuan in 2022, -128.13 million yuan in 2023, and -71.94 million yuan in 2024 [10]. - In the first half of 2025, the company reported a revenue decline of 78.66% and a net profit loss of -14.39 million yuan, indicating ongoing financial struggles [10]. - If the company fails to turn a profit in 2025 and revenue remains below 50 million yuan, it may trigger financial delisting risks [10].