Core Viewpoint - The regulatory actions against *ST Dongtong highlight a zero-tolerance approach towards financial fraud, emphasizing the need for systemic reform to eliminate the ecosystem that enables such practices [1][2][3] Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 229 million yuan against *ST Dongtong for four consecutive years of inflated revenue and profits, alongside fines totaling 44 million yuan for seven responsible individuals [1] - The actual controller of *ST Dongtong faces a 10-year market ban, and the Shenzhen Stock Exchange will initiate delisting procedures due to serious violations [1][3] Implications of Financial Fraud - Financial fraud can lead to short-term stock price increases and easy financing, but ultimately damages the company's credibility and results in significant penalties for those involved [2] - The consequences of financial misconduct are severe, with the potential for individuals to lose their positions and face criminal charges, reinforcing the importance of accountability among key stakeholders [2][3] Systemic Reform - The regulatory approach has shifted from isolated penalties to comprehensive accountability, targeting not only the companies but also the individuals behind the fraud [1][3] - To create an environment where fraud is deterred, a combination of strict post-incident penalties and proactive preventive measures, such as improved information disclosure and audit supervision, is essential [3]

Core Viewpoint - The regulatory actions against *ST Dongtong highlight a zero-tolerance approach towards financial fraud, emphasizing the need for systemic reform to eliminate the ecosystem that enables such practices [2][3][4]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 229 million yuan against *ST Dongtong for falsifying financial data over four consecutive years, along with fines totaling 44 million yuan for seven responsible individuals [2]. - The actual controller of *ST Dongtong faces a 10-year market ban, and the Shenzhen Stock Exchange will initiate delisting procedures due to serious violations [2][4]. Group 2: Implications of Financial Fraud - Financial fraud can lead to short-term stock price increases and easy financing, but ultimately damages the company's credibility and results in significant financial penalties for those involved [3]. - The regulatory focus on key individuals, such as controlling shareholders, aims to hold them accountable and prevent future violations, ensuring they cannot easily return to the market under a different guise [3][4]. Group 3: Systemic Reform and Prevention - A comprehensive approach is necessary to create an environment where financial fraud is deterred, which includes strict auditing, improved information disclosure, and effective whistleblower mechanisms [4]. - The CSRC's commitment to transferring criminal cases to law enforcement signals a rigorous pursuit of accountability for those who harm shareholder interests [4]. Group 4: Market Integrity - The integrity of the market relies on honest operations by listed companies, responsible behavior from key individuals, and diligent practices by intermediary institutions to restore investor confidence [5].

Core Viewpoint - Regulatory authorities in China are adopting a "zero tolerance" approach towards financial fraud, significantly increasing penalties for companies involved in such activities, aiming to create a market environment where fraud is discouraged [1][2][4]. Group 1: Regulatory Actions - ST Emergency (300527) faces a total fine of 5.9 million yuan due to financial fraud in its 2022 annual report, marking the eighth penalty issued by regulators for financial fraud in September alone [1]. - Over 30 companies have received penalties for financial fraud this year, including both listed and delisted companies, indicating a strict stance against the notion of "retirement from the market" as an escape from accountability [2][3]. - The China Securities Regulatory Commission (CSRC) emphasizes that delisting does not exempt companies from penalties, reinforcing the message that all parties involved in financial misconduct will be held accountable [2][3]. Group 2: Penalty Amounts and Trends - The amount of penalties for financial fraud has significantly increased this year, with several companies facing fines exceeding 100 million yuan, enhancing the deterrent effect on the market [4][5]. - Notable cases include Dongxu Optoelectronic Technology Co., which faced fines totaling 4.2 billion yuan, and its parent company Dongxu Group, which was fined 12.42 billion yuan for financial fraud and fraudulent issuance [4][5]. Group 3: Comprehensive Accountability - Regulatory authorities are expanding the scope of accountability to include third parties involved in financial fraud, such as suppliers and intermediaries, to dismantle the "ecosystem" of fraud [6][7]. - The CSRC has initiated investigations into companies that collaborated in financial fraud, aiming to break the profit chain associated with such activities [6][7]. - There is a growing trend of civil and criminal accountability for individuals responsible for financial fraud, enhancing the overall deterrent effect of regulatory actions [7].

Core Viewpoint - The article discusses significant legal developments regarding investor compensation lawsuits against Dingxin Communications (603421) and Sichuang Medical (300078) due to false statements and financial misconduct [1][2]. Group 1: Dingxin Communications (603421) - Dingxin Communications has been ordered by the Shandong High Court to pay a total of 32,800.75 yuan in a lawsuit related to false statements, following a previous ruling by the Qingdao Intermediate People's Court [1]. - The company failed to timely disclose significant changes in external conditions affecting its operations, specifically regarding the State Grid's procurement freeze, which had a major impact on its revenue [1]. - The company also did not disclose the disposal of shares by its controlling shareholder and actual controller, which is another basis for potential investor claims [2]. Group 2: Sichuang Medical (300078) - The investor compensation case against Sichuang Medical is ongoing, with a lawsuit filed in Wenzhou Intermediate Court, following previous successful claims by investors [2]. - The company has been found to have fabricated significant false information in its public offering documents and had false records in its annual reports for 2019 and 2020 [3][4]. - Investors who purchased Sichuang Medical shares between April 30, 2020, and October 29, 2022, may still initiate claims, as the case is approaching the statute of limitations [5].

本报记者 吴晓璐 9月16日晚间，中国船舶重工集团应急预警与救援装备股份有限公司（简称"ST应急"）发布公告称，公 司因2022年年报财务造假，湖北证监局拟对公司及相关责任人罚款合计590万元。据记者梳理，这是9月 份以来，监管部门对财务造假开出的第8张罚单。 今年以来，监管部门以"零容忍"态度，向财务造假全面"亮剑"，过亿元罚单频现，雷霆手段彰显"重典 治乱"决心；退市公司被罚常态化，"退市不免责"逐渐成市场共识；对财务造假全链条打击，坚决破除 造假"生态圈"。 接受采访的专家认为，监管部门依法从严对财务造假全方位、立体化、全周期追责，大幅提高监管威慑 力，有望推动形成"不敢造假、不能造假、不想造假"的资本市场生态。 "退市不免责"常态化 月内2家退市公司造假被罚 9月12日，亿利洁能股份有限公司（简称"亿利洁能"，已退市）披露公司因财务造假、欺诈发行而收到 地方证监局行政处罚告知书的公告，其中，亿利洁能因触及交易类退市指标，今年7月份被交易所摘牌 退市。 亿利洁能已经是9月份以来第2家因为财务造假收罚单的退市公司。9月5日晚间，退市公司上海龙宇数据 股份有限公司收到上海证监局行政处罚事先告知书，因存在财务 ...

又一家上市公司因严重财务造假被中国证监会查处，将被退市。 近日，中国证监会对深交所创业板上市公司北京东方通科技股份有限公司（以下简称"*ST东通 （300379）"）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4年 虚增收入和利润，违反证券法律法规。 在市场人士看来，今年以来，重大违法强制退市数量创新高，形成了强大的执法震慑，促使上市公司 及"关键少数"更加敬畏法律、敬畏市场，依法依规经营。 连续4年虚增收入和利润 9月12日晚，*ST东通发布公告称，收到中国证监会《行政处罚事先告知书》（以下简称《告知 书》）。根据《告知书》，*ST东通2019年、2020年、2021年、2022年年度报告信息披露存在虚假记 载、公告的证券发行文件编造重大虚假内容。 《告知书》显示，2018年12月，*ST东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年期间，*ST东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*ST东通披露的2019年至2022年年度报告存在虚假记载，4年间合 计虚增收入4.32亿元， ...

Group 1 - Regulatory authorities continue investigations into delisted companies, with recent penalties amounting to billions for financial fraud, fraudulent issuance, fund occupation, and illegal guarantees [1][3][4] - The new "National Nine Articles" and delisting regulations emphasize the principle of "delisting does not exempt from liability," reflecting a zero-tolerance approach towards capital market violations [2][8] - Companies like Yili Clean Energy and Huatie Co. have faced severe penalties, with Yili Clean Energy's total fines reaching approximately 375 million yuan and significant bans imposed on its executives [3][4] Group 2 - Regulatory bodies are actively pursuing the recovery of occupied funds from delisted companies, ensuring that responsible parties are held accountable [5][6] - The case of Delisted Longyu illustrates ongoing investigations post-delisting, with fines totaling 38.1 million yuan for inflated income and undisclosed fund occupations [6] - The regulatory focus extends to intermediary institutions, which are also being penalized for their roles in facilitating financial misconduct [7][8] Group 3 - The Shanghai Securities Regulatory Bureau has reinforced its commitment to stringent oversight of delisted companies, ensuring that financial fraud is thoroughly investigated and that responsible individuals face increased penalties [8] - Investor protection mechanisms have been enhanced, providing various avenues for compensation and legal recourse for investors affected by delisted companies [8]

Core Viewpoint - Recent regulatory actions against financial fraud in the stock market have intensified, with several companies facing significant penalties, indicating a stronger stance from authorities against such practices [1][3]. Group 1: Regulatory Actions - On September 12, multiple listed companies received fines from regulatory authorities for financial fraud, with penalties reaching over 200 million yuan for some, and even former delisted companies being penalized [1][3]. - This year alone, more than ten companies have been punished by the China Securities Regulatory Commission (CSRC) for financial fraud, a number that surpasses previous years [3]. - The penalties have escalated from previous fines of a few hundred thousand to over a billion yuan, demonstrating a serious commitment to tackling financial misconduct [3]. Group 2: Enforcement Mechanisms - Regulatory authorities are employing advanced technologies such as big data and artificial intelligence to detect financial discrepancies, making it harder for companies to conceal fraudulent activities [5][6]. - The CSRC encourages public reporting of financial fraud, which enhances the ability to uncover hidden misconduct [6]. Group 3: Implications for Companies - Companies that have been delisted are still subject to penalties for past fraudulent activities, signaling that delisting does not exempt them from accountability [7][9]. - The regulatory environment is shifting, with local governments now cooperating with regulatory bodies to ensure a clean market, recognizing that financial fraud harms ordinary investors and the overall market integrity [11]. Group 4: Investor Protection - The regulatory framework is evolving to provide better protection for investors, with efforts to facilitate collective lawsuits for compensation against fraudulent companies [11][13]. - The ongoing crackdown on financial fraud is seen as a positive development for ordinary investors, as it aims to create a more trustworthy market environment [13].

Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. (*ST Guangdao*) has been found guilty of systematic financial fraud from 2018 to mid-2024, with a total inflated revenue exceeding 1.4 billion yuan, leading to severe regulatory consequences [1][4]. Group 1: Financial Fraud Details - The company engaged in financial fraud by creating false sales and purchase contracts, invoices, bank receipts, delivery notices, and warehouse receipts to inflate both revenue and costs [4]. - The inflated revenues for the years 2018 to mid-2024 were as follows: - 2018: 142.97 million yuan (87.34%) - 2019: 191.56 million yuan (95.39%) - 2020: 223.44 million yuan (98.96%) - 2021: 249.27 million yuan (85.87%) - 2022: 303.97 million yuan (99.39%) - 2023: 282.63 million yuan (98.14%) - 2024 (H1): 71.65 million yuan (88.11%) [4]. - The inflated costs for the same period were: - 2018: 64.65 million yuan (84.53%) - 2019: 85.42 million yuan (91.17%) - 2020: 117.36 million yuan (98.41%) - 2021: 133.08 million yuan (83.30%) - 2022: 162.51 million yuan (99.13%) - 2023: 151.90 million yuan (92.26%) - 2024 (H1): 38.63 million yuan (83.81%) [4]. Group 2: Regulatory Actions and Consequences - The company has been subjected to an administrative penalty by the China Securities Regulatory Commission (CSRC) and is facing mandatory delisting due to serious violations of regulations [2][5]. - Starting from September 15, 2025, the company's stock will be suspended from trading due to the triggering of major illegal delisting circumstances [2]. - *ST Guangdao* will become the first company to be delisted from the Beijing Stock Exchange since its establishment, as previous delistings were due to transfers rather than direct violations [6].

Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. (*ST Guangdao*) has been found guilty of systematic financial fraud from 2018 to mid-2024, inflating its revenue by over 1.4 billion yuan, with some years showing nearly 100% inflation in reported income [1][5][9]. Summary by Sections Financial Fraud Details - The company inflated its operating revenue by 142,973,927.21 yuan in 2018, 191,558,867.84 yuan in 2019, 223,444,673.66 yuan in 2020, 249,266,088.49 yuan in 2021, 303,965,284.02 yuan in 2022, 282,630,187.61 yuan in 2023, and 71,646,067.21 yuan in the first half of 2024, with respective inflation rates of 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% [5][9]. - Operating costs were also inflated by 64,652,610.42 yuan in 2018, 85,416,420.45 yuan in 2019, 117,359,597.78 yuan in 2020, 133,078,197.50 yuan in 2021, 162,512,396.11 yuan in 2022, 151,900,201.80 yuan in 2023, and 38,629,991.69 yuan in the first half of 2024, with inflation rates of 84.53%, 91.17%, 98.41%, 83.30%, 99.13%, 92.26%, and 83.81% respectively [5][9]. Regulatory Actions - The company has been subjected to an administrative penalty by the China Securities Regulatory Commission (CSRC) due to its violations of information disclosure laws, leading to an investigation initiated in December 2024 [1][9]. - As a result of these violations, *ST Guangdao* will face mandatory delisting from the Beijing Stock Exchange starting September 15, 2025 [2][10]. Company Background - Established in 2003, *ST Guangdao* was listed on the New Third Board in November 2016 and became one of the first companies to be listed on the Beijing Stock Exchange in 2021, focusing on software product development and sales aimed at data applications [7][8].