北京商报讯（记者 马换换 王蔓蕾）2026年退市第一股来了！1月5日，广道退（920680）被北交所终止 上市并摘牌。根据相关规定，广道退股票终止上市后，将转入全国股转系统依托原证券公司代办转让系 统设立并代为管理的两网公司及退市公司板块挂牌转让。 据悉，2025年9月12日，广道退收到深圳证监局《行政处罚决定书》，认定公司披露的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。前 述事实已触及《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。根 据《股票上市规则》第10.6.2条、第10.6.3条规定及北交所上市委员会审议意见，北交所决定终止公司股 票上市。 值得一提的是，广道退也系北交所首例重大违法强制退市个股。 ...

Core Viewpoint - Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) is facing administrative penalties from the China Securities Regulatory Commission (CSRC) for financial misconduct, including false reporting of revenue and profits over multiple years [2][6]. Group 1: Financial Misconduct - The company acquired 52.75% of Hubei Changjiang Xing Pharmaceutical Co., Ltd. in November 2020, which was subsequently consolidated into its financial statements [2][6]. - From 2021 to 2023, the subsidiaries of Changjiang Xing fabricated inventory and sales documents, leading to inflated revenues of CNY 215.32 million, CNY 283.74 million, and CNY 233.63 million, representing 9.12%, 17.57%, and 19.51% of reported revenues respectively [2][6]. - The inflated total profits during the same period were CNY 56.40 million, CNY 63.38 million, and CNY 43.71 million, accounting for 35.62%, 88.23%, and 6.42% of the reported total profits [2][6]. Group 2: Potential Consequences - The company may face mandatory delisting due to continuous false reporting of financial indicators over three years, as per the Shenzhen Stock Exchange rules [3][7]. - On November 7, 2025, the company announced it was under investigation for suspected false reporting of financial data [8]. Group 3: Investor Compensation - A law firm is collecting claims from investors who purchased shares between April 28, 2022, and November 6, 2025, and either sold or held the shares after November 7, 2025 [4][8]. - Investors may seek civil compensation for losses incurred due to the company's fraudulent activities, which could include differences in investment, commissions, and stamp duties [8].

Core Viewpoint - The article discusses the administrative penalties imposed on Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) for financial misconduct, including false reporting of financial data over three consecutive years, leading to significant regulatory actions and potential delisting risks [1][7][18]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued a prior notice of administrative penalties against *ST Changyao for suspected false records in periodic reports [1]. - The Shenzhen Stock Exchange will initiate delisting procedures due to *ST Changyao's involvement in major violations [2]. - The company has been under investigation since November 7, with the CSRC demonstrating increased regulatory efficiency by issuing the notice within a month [1]. Group 2: Financial Misconduct - *ST Changyao has inflated its revenue and profits for three consecutive years (2021-2023), violating securities laws [7]. - The inflated figures include an increase in revenue by 215.32 million yuan (9.12%), 283.74 million yuan (17.57%), and 233.63 million yuan (19.51%) for the years 2021, 2022, and 2023 respectively [9]. - The company also reported inflated profit totals of 56.40 million yuan (35.62%), 63.38 million yuan (88.23%), and 43.71 million yuan (6.42%) for the same years [9]. Group 3: Company Background - *ST Changyao, originally known as Kangyue Technology, was established in 2001 and listed on the Shenzhen Stock Exchange in August 2014, initially focusing on internal combustion engine components [8]. - The company entered the pharmaceutical industry in December 2020 after acquiring a majority stake in Hubei Changjiang Star Pharmaceutical Co., Ltd. [8]. Group 4: Financial Health and Risks - As of the end of 2024, *ST Changyao reported a negative net asset of -432.84 million yuan and a significant decline in revenue from 1.61 billion yuan in 2022 to 112 million yuan in 2024 [13][15]. - The company faces multiple risks, including potential bankruptcy due to failure to meet restructuring conditions and ongoing litigation related to overdue debts [12][17]. - The company has been under scrutiny for its financial practices, with the CSRC planning to investigate the performance of its auditing firm, Zhongshui Yapa [19].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) for serious financial fraud, which includes a proposed fine of 10 million yuan for the company and 31 million yuan for 14 responsible individuals, along with a lifetime ban for the former general manager, Luo Ming [4][6]. Financial Fraud Details - *ST Changyao has inflated its revenue and profits for three consecutive years, violating securities laws. The company is facing a potential forced delisting due to these serious violations [4][7]. - The company reported inflated revenues of 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan for the years 2021, 2022, and 2023, respectively, which accounted for 9.12%, 17.57%, and 19.51% of the disclosed revenue for those years [6]. - The inflated profit totals were 56.40 million yuan, 63.38 million yuan, and 43.71 million yuan for the same years, representing 35.62%, 88.23%, and 6.42% of the disclosed profit totals [6]. Regulatory Actions - The CSRC has initiated an investigation into the practices of intermediary institutions involved, with potential penalties for any violations found [4][6]. - The company is the 15th listed firm this year to face potential forced delisting due to financial fraud [4]. Company Performance - *ST Changyao has reported continuous losses, with a net profit of -210 million yuan for the first three quarters of 2025, a year-on-year decrease of 15.89% [8]. - The stock price has been declining since the investigation began, closing at 1.47 yuan per share on December 26, with a total market value of only 515 million yuan [10].

郭晨凯 制图 ◎记者 胡嘉树 2025年，中国资本市场"零容忍"监管态势持续升级，针对一批连续多年、系统性财务造假的上市公司， 中国证监会等监管部门严厉打击、严肃惩处，形成应退尽退、及时出清的常态化退市格局。 12月26日，证监会对上市公司长江医药控股股份有限公司（简称"*ST长药"）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长药连续三年虚增收入和利润，违反证券法律法规。*ST 长药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。这是2025年监管重拳出击严重财务 造假案的最新一例。 据上海证券报记者统计，今年以来，已有12家上市公司触及重大违法强制退市情形，相继终止上市或进 入退市程序，部分公司触发重大违法强制退市后，股价一路下跌最终以面值退市等交易类强制退市情形 率先退出市场。此外，还有40余家上市公司因财务造假、信息披露违规等事项，在收到证监会《行政处 罚事先告知书》后，被实施其他风险警示（ST）。 从违规类型来看，触及重大违法强制退市情形的公司多涉及系统性财务造假、欺诈发行等严重违法违规 行为；而被实施ST的公司，违规事项主要集中在年报虚假记载、控股股东非经营性资金占用 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has taken serious action against Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) for significant financial fraud, leading to the initiation of delisting procedures by the Shenzhen Stock Exchange [2][5]. Group 1: Regulatory Actions - The CSRC has issued an administrative penalty notice to *ST Changyao for false reporting of financial data over three consecutive years, resulting in a proposed fine of 10 million yuan for the company and a total of 31 million yuan for 14 responsible individuals [5][7]. - The former general manager, Luo Ming, faces a lifetime ban from the securities market due to his role in the fraud [5][7]. - The CSRC is also investigating the practices of intermediary institutions involved, with potential criminal referrals based on findings [5][6]. Group 2: Financial Misconduct Details - *ST Changyao inflated its revenue and profits from 2021 to 2023, with reported inflated revenues of 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan, representing 9.12%, 17.57%, and 19.51% of the disclosed revenues for those years respectively [6]. - The company also reported inflated profit totals of 56.40 million yuan, 63.38 million yuan, and 43.71 million yuan, which accounted for 35.62%, 88.23%, and 6.42% of the disclosed profit totals for the respective years [6][7]. - In 2022, *ST Changyao's failure to properly recognize losses related to a project led to an additional profit inflation of 4.55 million yuan, which was 6.34% of the disclosed profit total for that year [7]. Group 3: Company Performance and Market Impact - *ST Changyao has been experiencing continuous losses, with a net profit of -210 million yuan for the first three quarters of 2025, a year-on-year decrease of 15.89% [10]. - The company's stock price has been declining since the investigation began, closing at 1.47 yuan per share on December 26, with a total market value of only 515 million yuan [12]. - As of September 2023, *ST Changyao had only 14,233 A-share shareholders, with an average holding value of 95,300 yuan [12].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has taken serious action against Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) for significant financial fraud, leading to potential delisting procedures by the Shenzhen Stock Exchange [2][5][10]. Group 1: Financial Fraud Details - *ST Changyao has been found to have inflated revenue and profits for three consecutive years, violating securities laws [5][8]. - The company is facing a proposed fine of 10 million CNY, with 14 responsible individuals facing a total fine of 31 million CNY, including a lifetime ban for the former general manager, Luo Ming [5][9]. - The inflated revenues reported were 215.32 million CNY, 283.74 million CNY, and 233.63 million CNY for the years 2021 to 2023, representing 9.12%, 17.57%, and 19.51% of the disclosed revenues respectively [8]. Group 2: Company Performance and Market Impact - As of September 30, 2025, *ST Changyao reported a net profit of -210 million CNY, a year-on-year decrease of 15.89% [11][12]. - The company's stock price has been in decline, closing at 1.47 CNY per share on December 26, 2023, with a total market value of only 515 million CNY [13]. - The company has also announced the suspension of operations for its wholly-owned subsidiary, Yiheng Technology, due to financial difficulties and ongoing losses [11][12].

根据收到的《告知书》认定情况，公司股票可能被实施重大违法强制退市，公司股票于12月29日(星期 一)起被叠加实施退市风险警示。 人民财讯12月26日电，*ST长药（300391）12月26日公告，公司及相关人员收到中国证监会《行政处罚 事先告知书》。经查，*ST长药2021年、2022年、2023年连续三年虚增收入和利润，违反证券法律法 规。证监会拟对公司罚款1000万元，对14名责任人合计罚款3100万元，对公司原总经理罗明采取终身证 券市场禁入措施，对当事人杨正辉采取10年证券市场禁入措施。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 被立案不足两月时间，*ST长药（维权）收到监管部门"预罚单"。 继*ST长药于11月7日收到证监会立案告知书后，12月26日，证监会对公司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长药连续三年虚增收入和利润，违反证券法律法规。证 监会拟对上市公司罚款1000万元，对14名责任人员合计罚款3100万元，对公司原总经理罗明采取终身证 券市场禁入措施。 *ST长药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。证监会对中介机构执业情况同 步开展核查，一旦发现违法违规情形，将依法予以惩处。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，严格按照相关规定移送公安机关。 记者从权威人士处获悉，*ST长药是今年以来沪深两市第15家因财务造假而涉嫌触及重大违法强制退市 的公司。今年触及重大违法强制退市公司数量创历年新高。 连续三年虚增收入和利润 被罚超4000万元 经查明，2020年11月，*ST长药通过支付现金方式收购湖北长江星医药股份有限公司52.75%的股权。同 年12月，长江星纳入*ST长药财务报表 ...

Core Viewpoint - The actual controller of Qingyue Technology, Gao Yudi, has decided to withdraw the previously proposed share buyback plan amid an ongoing investigation by the China Securities Regulatory Commission (CSRC) for alleged financial misconduct, which has led to a significant drop in the company's stock price [1][2]. Group 1: Share Buyback Proposal - Gao Yudi's withdrawal of the share buyback proposal is a rare occurrence in the A-share market, especially following a significant decline in the company's stock price due to the investigation [1]. - The company has committed to a civil compensation of no less than RMB 10 million, which Gao Yudi will cover if the company is found liable in a civil lawsuit related to information disclosure violations [1]. Group 2: Stock Price Movement - Following the announcement of the share buyback proposal on November 4, the stock price of Qingyue Technology experienced a rebound, with a cumulative increase of 17.27% from November 5 to November 17, reaching a peak price of RMB 7.49 per share [3]. - However, after November 18, the stock price declined again, closing at RMB 6.05 per share on December 12, with a total market capitalization of approximately RMB 27.23 billion [3]. Group 3: Financial Performance - Qingyue Technology's financial performance has been disappointing, with a reported revenue of approximately RMB 476 million for the first three quarters of 2025, representing a year-on-year decline of 13.64% [4]. - The company reported a net loss of approximately RMB 43.35 million during the same period, indicating a reduction in losses but still failing to achieve profitability [4].