Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced administrative penalties against *ST Dongtong (Oriental Tong) for falsifying financial data in its periodic reports, leading to a proposed fine of 229 million yuan and potential delisting procedures due to serious violations [2][5][7]. Group 1: Financial Misconduct - *ST Dongtong has inflated its revenue and profits for four consecutive years, violating securities laws [2][3]. - The company used its wholly-owned subsidiary, Beijing Taice Technology Co., Ltd., to fabricate business activities and prematurely recognize revenue, resulting in false disclosures in its annual reports from 2019 to 2022 [3][4]. Group 2: Penalties and Consequences - The CSRC plans to impose a fine of 229 million yuan on *ST Dongtong and a total of 44 million yuan in fines on seven responsible individuals [2][5]. - The actual controller, Huang Yongjun, will face a 10-year ban from the securities market due to his significant role in the violations [7]. Group 3: Specific Violations - The company’s securities issuance documents contained major false information, referencing inflated financial data from its annual reports [4][6]. - The violations are categorized under the Securities Law, constituting illegal information disclosure and fraudulent issuance [4][6].

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].

Core Viewpoint - *ST Gao Hong's stock price has fallen below 1 yuan, raising the risk of delisting due to continuous trading below the par value [1][3]. Group 1: Stock Performance - On September 1, *ST Gao Hong's stock closed at 0.98 yuan per share, with a total market capitalization of 1.1 billion yuan [1]. - The stock has experienced a continuous decline, hitting the daily limit down for 16 consecutive trading days since August 11, resulting in a cumulative drop of over 55% [3]. Group 2: Regulatory Issues - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) on August 8, indicating fraudulent issuance of shares and false records in annual reports from 2015 to 2023 [3][5]. - The notice revealed that the company inflated its operating income by a total of 6.94 billion yuan to 3.94 billion yuan across various years, with the inflated amounts constituting significant percentages of reported income [4]. Group 3: Financial Reporting and Audit Concerns - The CSRC's notice also stated that the company’s non-public stock issuance in 2020 was based on the inflated financial data, leading to a total fundraising of 1.25 billion yuan [5]. - The company has faced multiple audit challenges, with the auditing firm issuing an inability to express an opinion on the effectiveness of internal controls for the 2023 financial report [6]. - The company has reported negative net profits for three consecutive years from 2021 to 2023, raising concerns about its ability to continue as a going concern [6].

Core Viewpoint - *ST Gao Hong's stock price has fallen below 1 yuan, raising the risk of delisting due to continuous trading below the par value [2][4]. Group 1: Stock Performance and Delisting Risk - On September 1, *ST Gao Hong's stock closed at 0.98 yuan, with a total market capitalization of 1.1 billion yuan, marking the first time the stock price fell below 1 yuan [2]. - The stock has experienced a continuous decline, hitting the daily limit down for 16 consecutive trading days, resulting in a cumulative drop of over 55% [4]. - According to the Shenzhen Stock Exchange rules, if a company's stock price remains below 1 yuan for 20 consecutive trading days, it may face delisting without entering a delisting preparation period [2]. Group 2: Regulatory Issues and Financial Irregularities - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) on August 8, indicating that its 2020 non-public stock issuance constituted fraudulent issuance, and its annual reports from 2015 to 2023 contained false records [4][6]. - The notice revealed that the company inflated its operating income and costs significantly over the years, with inflated revenues reaching up to 56.34 million yuan in 2020, accounting for 49.38% of the reported revenue for that year [5]. - The CSRC plans to impose a fine of 160 million yuan on responsible parties and 7 million yuan on third parties involved in the fraud [7]. Group 3: Audit Opinions and Financial Health - The company's financial reports for 2021 to 2023 received adverse audit opinions, indicating uncertainty about its ability to continue as a going concern [8]. - As of August 2024, the company's main bank accounts have been frozen, further complicating its financial situation [8]. - The company has not yet received a formal penalty decision regarding the ongoing investigation, but it is actively cooperating with the CSRC [7].

Core Viewpoint - Sichuang Medical Technology Co., Ltd. is under investigation for suspected fraudulent issuance of securities, with the case currently in the police investigation stage [1] Group 1: Investigation and Legal Issues - The investigation is closely related to previous financial fraud cases, where Sichuang Medical inflated revenue by 34.93 million yuan and profits by 33.02 million yuan in 2019, and inflated revenue by 60.96 million yuan and profits by 52.37 million yuan in 2020, accounting for 20.03% and 56.81% of the respective profits [2] - The fraudulent data was included in the annual reports for 2019 and 2020, which were used as important evidence for the issuance of 817 million yuan in convertible bonds in 2021 [3] - The company has faced significant penalties, including a fine of 85.7 million yuan and a 10-year market ban for the former chairman [3] Group 2: Corporate Restructuring - In response to regulatory pressure, the company has made significant adjustments to its ownership structure and business layout, including the resignation of the former chairman and the transfer of control to the Cangnan County Finance Bureau [3] - The company has also divested its subsidiary, Medical Technology Co., which was the main platform for the financial fraud, and has shifted its focus to the Internet of Things sector [4] Group 3: Financial Performance - The company has reported continuous losses, with net profits of -878 million yuan, -874 million yuan, -502 million yuan, and -19.56 million yuan for the years 2022 to 2025 Q1, with a 71.14% reduction in losses for Q1 2025 compared to the same period last year [4] - The company claims that its financial situation has improved since the entry of state-owned capital, with a reduction in losses since 2024 [4] Group 4: Regulatory Environment - The capital market has intensified its crackdown on financial fraud and fraudulent issuance, with a focus on establishing a comprehensive accountability mechanism involving administrative, civil, and criminal responsibilities [5][6] - The ongoing investigation into Sichuang Medical is closely monitored by investors, with the company actively cooperating with the police and preparing compensation plans for affected investors [6]

8月19日，衡财保·炜衡金融315团队律师向投资快报记者表示，目前初步判断在2016年3月22日至2024年 7月30日（含当日）期间买入，并在2024年7月31日卖出或仍持有*ST高鸿的受损投资者，可以提出索赔 （最终索赔条件须以法院认定为准）。 令人震惊的是，*ST高鸿有着长达9年的巨额财务造假，虚增营业收入近200亿。具体来看，*ST高鸿通 过参与、组织开展虚假贸易业务的方式虚增收入和利润，2015年至2023年年度报告存在虚假记载。2015 年至2021年，*ST高鸿通过子公司北京大唐高鸿科技发展有限公司参与南京庆亚贸易有限公司实际控制 人江庆组织开展的笔记本电脑虚假贸易业务。该业务供应商和客户均由江庆联系撮合，业务资金、合 同、物流单据流转形成闭环，无实际货物流转，相关交易不具有商业实质。此外，2018年和2020年，高 鸿股份通过子公司北京大唐高鸿数据网络技术有限公司和高鸿恒昌科技有限公司组织开展IT系统等产品 虚假贸易业务。 2025年8月18日，大唐高鸿网络股份有限公司（*ST高鸿，证券代码：000851）发布股票可能被实施重 大违法强制退市的第二次风险提示公告。*ST高鸿此前因涉嫌信息披露违 ...