Core Viewpoint - *ST Dongtong may face delisting due to serious violations in financial reporting, including fraudulent issuance of shares and significant misstatements in annual reports from 2019 to 2022 [1][4]. Group 1: Financial Misconduct - The company was found to have inflated revenues by 614.51 million, 848.51 million, 1.255 billion, and 1.605 billion from 2019 to 2022 respectively [2]. - Profits were also inflated by 522.28 million, 587.74 million, 794.82 million, and 1.236 billion during the same period, with the 2022 inflated profit amounting to 219.43% of the reported total profit for that year [2][3]. - Cumulatively, *ST Dongtong inflated revenues by 432 million and profits by 314 million from 2019 to 2022 [3]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 229 million for the company and a total of 44 million for seven responsible individuals, along with a 10-year market ban for the actual controller [4]. - The company is at risk of being subjected to mandatory delisting due to these major violations [4]. - The CSRC has indicated that any potential criminal evidence will be forwarded to the public security authorities for further investigation [4].

*ST东通可能被终止上市。 11月25日，*ST东通(300379.SZ)公告称，公司收到中国证券监督管理委员会北京监管局下发的《行政 处罚决定书》，认定公司2019年至2022年年度报告信息披露存在虚假记载，同时构成欺诈发行。该行为 触及《创业板股票上市规则》规定的重大违法强制退市情形，公司股票可能被终止上市。根据相关规定， 公司股票自2025年11月26日起停牌。 *ST 东通及相关当事人在 9 月 12 日收到中国证监会下发的《行政处罚事先告知书》（简称"《告知 书》"），告知书称公司 2019 年至 2022 年度报告存在虚假记载、公司 2022 年向特定对象发行股票构 成欺诈发行。 《告知书》指出， *ST 东通在 2019 年至 2022 年分别虚增收入 6145.10 万元、 8485.06 万元、 12550.58 万元、 16052.95 万元； 2019 年至 2022 年分别虚增利润 5222.79 万元、 5877.42 万 元、 7948.22 万元、 12369.20 万元，其中 2022 年 虚 增 利 润 金 额 占 公 司 当 期 披 露 利 润 总 额 的 219.43% ...

Core Viewpoint - Suzhou Qingyue Optoelectronics Technology Co., Ltd. (Qingyue Technology) is facing a potential delisting due to a formal investigation by the China Securities Regulatory Commission (CSRC) for suspected financial data falsification, following a series of operational and financial issues [1][3][21] Group 1: Financial Misconduct and Investigations - Qingyue Technology has been under scrutiny for financial misconduct, including violations in the use of raised funds and improper financial accounting practices [5][8] - The company was previously warned by the Jiangsu Securities Regulatory Bureau regarding multiple issues, including undisclosed related party transactions [5][10] - In 2023, Qingyue Technology improperly recognized revenue, inflating its operating income and costs by 13.67 million yuan [8][9] Group 2: Performance Decline - The company has experienced a significant decline in performance, with revenues dropping from 10.44 billion yuan in 2022 to 6.61 billion yuan in 2023, and a net loss of approximately 1.87 billion yuan over three years [16][17] - The operating income for the first three quarters of 2025 was 476 million yuan, a year-on-year decrease of 13.64%, with a particularly sharp decline of 41.40% in the third quarter [18][20] Group 3: Dependency on Major Clients - Qingyue Technology's revenue is heavily reliant on its electronic paper module business, which accounted for over 70% of its income in 2024 [18][20] - The company faces pressure from declining product prices, with the average selling price of electronic paper modules dropping from 20.88 yuan per unit in 2022 to 17.76 yuan in 2024 [19][20] - A significant portion of the revenue from electronic paper modules comes from Han Shuo Technology, contributing 99% and 88% of the revenue in 2023 and 2024, respectively [20]

东方通公告称，2025年11月25日公司收到北京证监局《行政处罚决定书》，认定2019 - 2022年年度报告 存在虚假记载，2022年定增文件引用虚假财务数据构成欺诈发行，触及重大违法强制退市情形。公司股 票自11月26日开市起停牌。若被作出终止上市决定，将在公告后五个交易日后复牌进入15个交易日的退 市整理期，届满摘牌。公司将安排股票转入全国股转系统等转让。 ...

Core Viewpoint - The article highlights the ongoing strict regulatory environment for listed companies in China's A-share market, with several companies facing administrative penalties or investigations for various violations, including financial misconduct and information disclosure failures [1][2]. Group 1: Regulatory Actions - Multiple A-share companies, including Longbai Group, Dongjiang Environmental Protection, and *ST Chuangxing, have announced administrative penalties due to violations such as false financial reporting and improper disclosure of related party transactions [1][4]. - Over 10 A-share companies have been penalized or investigated in November alone, with a significant number being ST companies, indicating a focused regulatory crackdown [1][2]. Group 2: Specific Company Cases - Longbai Group's subsidiary was fined 1.49 million yuan for a safety incident that resulted in casualties and economic losses, while Dongjiang's subsidiary faced penalties for tax evasion amounting to 202.42 million yuan [2][3]. - *ST Chuangxing was found to have false financial data in its annual reports and was required to submit a written rectification report, with its former chairman facing criminal charges unrelated to the company [4]. - Other companies like Haosai and Jiyuan Pharmaceutical have also been penalized for failing to disclose related party transactions and other regulatory breaches, with fines totaling millions [6][9]. Group 3: Impact on Market Trust - Regulatory officials emphasize the importance of early detection and strict punishment for problematic companies to protect investors and restore market confidence, particularly for ST companies that are given a one-year observation period for rectification [1].

Core Points - ST Longyuan's chairman, Qiao Wenjian, has been placed under detention due to suspected job-related violations as of November 24 [1] - The company asserts that this situation will not significantly impact its normal operations, as other directors and senior management continue to perform their duties [1] Group 1: Company Management and Legal Issues - Qiao Wenjian has held the position of vice president since June 2022 and has served as president and chairman in 2023 [3] - The company has not received any investigation documents from authorities regarding its operations, and the progress of the detention investigation remains unknown [3] - On November 13, the company was involved in a civil lawsuit initiated by its major shareholder, Gree Jintou, and its associate, Jinnuo Xin, over securities false statements, with a total claim amounting to approximately 413 million yuan [3][4] Group 2: Financial Performance and Legal Consequences - The lawsuit claims are based on financial data from 2016 and 2017, which allegedly showed inflated revenue and profits due to financial misrepresentation [4] - The company has faced multiple compensation claims related to financial fraud, with total claims reaching 596 million yuan as of November 13 [5] - For the first three quarters of 2025, ST Longyuan reported revenue of 5.438 billion yuan, a year-on-year decrease of 1.34%, and a net loss attributable to shareholders of 328 million yuan, a significant decline of 567.01% [5]

Core Viewpoint - The delisting of *ST Guandao marks a significant event as it becomes the first company to be delisted from the Beijing Stock Exchange, highlighting concerns about the quality of listed companies in a relatively new market [1][3]. Group 1: Delisting Process - *ST Guandao has received a formal notice from the Beijing Stock Exchange regarding the termination of its stock listing, with a 15-day window for the company to appeal the decision [1]. - Following the delisting, the company's shares will transition to the national stock transfer system, where they will be managed under specific regulations [1]. Group 2: Financial Fraud - The company has been involved in financial fraud for seven consecutive years, inflating revenue and costs through fabricated documents, leading to significant discrepancies in reported figures [2]. - From 2018 to the first half of 2024, *ST Guandao inflated its reported revenue by amounts ranging from approximately 142.97 million yuan to 303.97 million yuan, with the inflated figures constituting up to 99.39% of the reported amounts in certain years [2]. - The inflated costs during the same period ranged from approximately 64.65 million yuan to 162.51 million yuan, also representing a significant percentage of the reported figures [2]. Group 3: Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued an administrative penalty against *ST Guandao on September 12, 2025, resulting in lifetime bans for the chairman and financial officer from the securities market [3]. - The delisting decision by the Beijing Stock Exchange is a direct consequence of the CSRC's findings regarding the company's financial misconduct [3]. Group 4: Market Implications - The delisting of *ST Guandao raises questions about the vetting process for companies entering the Beijing Stock Exchange, particularly regarding the oversight of companies with a history of financial misconduct [4]. - The involvement of accounting firms in the fraud raises concerns about their responsibilities and potential negligence in detecting the fraudulent activities over the years [4]. Group 5: Compensation Initiatives - The underwriting institution, Wukuang Securities, has proposed to establish a compensation fund of approximately 220 million yuan to address the investment losses suffered by affected investors due to the company's violations [5]. - While the initiative to compensate investors is commendable, it should not absolve the underwriting institution or responsible parties from accountability for their roles in the situation [5].

近日，厦门证监局对华福证券出具警示函，因其作为主办券商在发行推荐中未勤勉尽责，未能查明厦门 市江平生物基质技术股份有限公司（简称"江平生物"）在定向发行说明书中存在的财务造假情形。 厦门证监局指出，华福证券上述行为违反了《非上市公众公司监督管理办法》，并决定对华福证券采取 出具警示函的监督管理措施。厦门证监局表示，华福证券应充分关注挂牌公司财务内控有效性，健全挂 牌公司持续督导及定向发行推荐业务内控制度，落实勤勉尽责要求，切实提高执业质量水平。 来源：厦门证监局 此前，厦门证监局已对江平生物相关负责人下达了行政监管措施决定书，其中披露有关江平生物财务造 假的具体情况。 | 震引号 | bm56000001/2025-00010790 | 分类 | 行政监管措施行政执法 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年09月12日 | | 名称 | 厦门证监局关于对张慧德、祁伟、夏长平、戴燕芳、陈剧、文美、场弦、林明月采取出国警示退盟的决定 | | | | 文 号 | 中国证券监督管理委员会见门监管局行政监管陆线决定书(2025)21号 | 主题词 | | ...

Core Viewpoint - The Ministry of Finance has issued a notice to clarify accounting responsibilities, aiming to strengthen the enforcement of accounting laws and regulations, and to enhance the quality of accounting information while combating financial fraud [1][4]. Group 1: Accounting Responsibility Framework - The accounting work involves multiple stakeholders, including companies, accounting personnel, accounting service institutions, government departments, and industry associations, necessitating a clear and efficient accounting responsibility system [2]. - The notice outlines the accounting responsibilities of various parties, emphasizing the need for companies to ensure the authenticity and completeness of accounting data and to strengthen internal and external supervision [2][3]. - The establishment of a clear accounting responsibility list is intended to enhance the legal awareness and accountability of all parties involved in accounting work [1][2]. Group 2: Measures Against Financial Fraud - The notice prohibits companies from pressuring auditors to issue false or inappropriate audit reports and from linking audit results to payment for services, addressing conflicts of interest that may compromise audit quality [3]. - Specific responsibilities are defined for various personnel within a company, ensuring that all employees contribute to providing accurate and complete documentation, which aids in tracing the origins of financial fraud [3]. - The ultimate goal of these measures is not merely to assign blame but to ensure compliance with accounting laws and regulations, thereby improving the overall quality of accounting information [4].

Core Viewpoint - The Ministry of Finance has issued a notice to clarify accounting responsibilities, aiming to strengthen the enforcement of accounting laws and regulations, and to enhance the quality of accounting information while combating financial fraud [2][5]. Group 1: Accounting Responsibility Framework - The accounting work involves multiple stakeholders, including companies, accounting personnel, accounting service institutions, government departments, and industry associations, necessitating a clear and efficient responsibility system [3]. - The notice outlines the responsibilities of various parties, emphasizing the need for companies to ensure the authenticity and completeness of accounting data and to strengthen internal and external supervision [3][4]. - The establishment of a clear accounting responsibility list is intended to enhance the legal awareness and accountability of all parties involved in accounting work [2][3]. Group 2: Measures Against Financial Fraud - The notice prohibits companies from pressuring auditors to issue false reports and from linking audit fees to audit outcomes, addressing conflicts of interest that may compromise audit quality [4]. - Specific responsibilities are defined for various personnel within companies, ensuring that all employees contribute to providing accurate and complete documentation, which aids in tracing the origins of financial fraud [4]. - The ultimate goal of clarifying accounting responsibilities is to improve compliance with accounting laws and regulations, thereby enhancing the overall quality of accounting information [5][6].