Core Viewpoint - Fujian Zitian Media Technology Co., Ltd. (*ST Zitian) is entering a delisting arrangement period due to financial fraud, with the last trading date expected to be October 13, 2025 [1][4]. Summary by Sections Company Status - *ST Zitian's stock has been suspended since July 21, with a closing price of 2.74 yuan per share and a total market value of 440 million yuan before suspension [2]. - The stock will resume trading on September 15 and enter a delisting arrangement period lasting 15 trading days, during which the stock name will change to "Zitian Tui" but the stock code will remain the same [2]. Financial Misconduct - The company has been found to have inflated revenues by a total of 2.499 billion yuan over two years (2022-2023) through various fraudulent means, including fictitious internet advertising fees and other services [3]. - In the 2022 annual report, *ST Zitian inflated revenue by 778 million yuan and profit by 85 million yuan, which constituted 44.59% and 35.99% of total revenue and profit, respectively [2]. - In the 2023 semi-annual report, the company prematurely recognized revenue of 207 million yuan and profit of 79 million yuan, with the inflated profit accounting for 51.64% of the total profit for that period [3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a fine of 38.4 million yuan on *ST Zitian and its management for the fraudulent activities, with lifetime market bans for the former chairman and CFO [3]. - The Shenzhen Stock Exchange (SZSE) decided to terminate the company's stock listing due to failure to rectify financial reports within the required timeframe and ongoing fraudulent activities [4].

Core Viewpoint - *ST Zitian (300280) will resume trading on September 15 and enter a delisting arrangement period lasting 15 trading days, with the expected last trading date being October 13, 2025 [1] Summary by Relevant Sections Delisting Arrangement - After entering the delisting arrangement period, the company's stock name will change to "Zitian Tui," while the stock code remains unchanged [4] - On the first trading day of the delisting arrangement period, there will be no price limit on the stock, followed by a 20% price limit on subsequent trading days [4] Reasons for Delisting - The Shenzhen Stock Exchange (SZSE) decided to terminate the company's stock listing due to the company's failure to rectify false financial reporting as mandated by the China Securities Regulatory Commission (CSRC) [4] - The termination decision was based on the company's inability to disclose corrected financial reports within the required timeframe and the triggering of delisting conditions as per the SZSE's listing rules [4] Financial Misconduct - The CSRC issued an administrative penalty against *ST Zitian on August 22, 2025, confirming that the company inflated its revenue by a total of 2.499 billion yuan over two years through various means [5] - In the 2022 annual report, the company inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [5] - The 2023 semi-annual report showed an early recognition of revenue amounting to 207 million yuan, with inflated profit accounting for 51.64% of the total profit for that period [5] - The 2023 annual report revealed that the company misapplied revenue recognition methods, inflating revenue by 1.721 billion yuan, which constituted 78.63% of the total revenue for that period [5] Additional Violations - Besides financial fraud, *ST Zitian has failed to disclose its 2024 annual report on time and has obstructed law enforcement [6] - The CSRC imposed a total fine of 38.4 million yuan on the company and 12 of its management personnel [6] - Prior to the suspension of trading on July 21, the company's stock price was 2.74 yuan per share, with a total market capitalization of 440 million yuan [6]

Core Viewpoint - Yili Clean Energy has been penalized for financial fraud and related misconduct, with a total fine of approximately 375 million yuan proposed by the Inner Mongolia Securities Regulatory Bureau, affecting the company, its controlling shareholder, and 29 related individuals [1][8]. Group 1: Company Background - Yili Clean Energy is the only publicly listed company under Yili Group, founded by Wang Wenbiao in 1988, and primarily engages in modern coal chemical products, clean energy, and thermal energy [2]. - The company was once considered a "cash cow" for Yili Group, supporting its extensive expansion efforts [4]. Group 2: Financial Misconduct - From 2016 to 2022, Yili Clean Energy inflated profits, assets, and revenues significantly, with total inflated profits exceeding 125 million yuan, inflated assets over 11 billion yuan, and inflated revenues surpassing 13 billion yuan [5]. - The company and its subsidiaries provided funds to the controlling shareholder and related parties through various financial maneuvers, with 3.906 billion yuan in deposits controlled by Yili Group, constituting 20.38% of the reported net assets [5]. Group 3: Regulatory Actions - The company is accused of fraudulent bond issuance, with two bond issues in 2020 totaling 1 billion yuan, which included false statements and significant omissions from previous annual reports [7]. - Penalties include 210 million yuan for Yili Clean Energy, 30 million yuan for the controlling shareholder, and a total of 135 million yuan for 29 related individuals, including 30 million yuan for Wang Wenbiao [8]. Group 4: Business Decline - Yili Clean Energy has faced continuous losses, reporting losses of 542 million yuan in 2023, 709 million yuan in 2024, and 129 million yuan in the first half of 2024 [10]. - The company's financial troubles are compounded by the downturn in the renewable energy sector and ongoing investigations into its controlling shareholder, Yili Group [10][11].

Core Viewpoint - *ST Zitian (300280) will resume trading on September 15 and enter a delisting transition period lasting 15 trading days, with the expected last trading date being October 13, 2025 [1] Summary by Relevant Sections Delisting Transition Period - Upon entering the delisting transition period, the stock's name will change to "Zitian Tui," while the stock code remains unchanged. The first trading day of the transition period will not have price fluctuation limits, but subsequent days will have a limit of 20% [4] Reasons for Delisting - The Shenzhen Stock Exchange (SZSE) decided to terminate the listing of *ST Zitian's shares due to the company's failure to rectify false financial reporting as mandated by the China Securities Regulatory Commission (CSRC) [4] - The termination decision was based on the company's inability to disclose corrected financial reports within the required timeframe, leading to a delisting risk warning [4] Financial Misconduct - The CSRC issued an administrative penalty on August 22, 2025, confirming that *ST Zitian inflated revenues by a total of 2.499 billion yuan over two years through various means [5] - In the 2022 annual report, the company inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [5] - The 2023 semi-annual report showed an inflated revenue of 207 million yuan and profit of 79 million yuan, with the inflated profit representing 51.64% of total profit [5] - In the 2023 annual report, the company misreported revenue by 1.721 billion yuan, which constituted 78.63% of total revenue, due to improper accounting methods [5] Additional Violations - Besides financial fraud, *ST Zitian failed to disclose the 2024 annual report on time and obstructed law enforcement, leading to a total fine of 38.4 million yuan for the company and 12 management personnel [6] - The company's stock was suspended from trading on July 21, with the last recorded price at 2.74 yuan per share, resulting in a total market capitalization of 440 million yuan [6]

Core Viewpoint - *ST Zitian (300280) is entering a delisting arrangement period due to serious financial misconduct and will be delisted by the Shenzhen Stock Exchange after the arrangement period ends [3][6][8]. Group 1: Delisting Process - On September 15, *ST Zitian will resume trading and enter a delisting arrangement period lasting 15 trading days, with the last trading date expected to be October 13, 2025 [3]. - During the delisting arrangement period, the stock's name will change to "Zitian Tui," while the stock code remains unchanged. The first trading day will not have price limits, but subsequent days will have a 20% price limit [6]. - The Shenzhen Stock Exchange decided to terminate the company's stock listing due to failure to rectify false financial reporting within the required timeframe [6]. Group 2: Financial Misconduct - The China Securities Regulatory Commission (CSRC) found that *ST Zitian inflated its revenue by a total of 2.499 billion yuan over two years (2022-2023) through various means, including falsifying income in three periodic reports [7]. - In the 2022 annual report, the company inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [7]. - The 2023 semi-annual report showed an early recognition of revenue amounting to 207 million yuan and profit of 79 million yuan, with inflated profit accounting for 51.64% of the total profit for that period [7]. - In the 2023 annual report, the company misclassified revenue from its subsidiary, leading to an inflated revenue of 1.721 billion yuan, which constituted 78.63% of the total revenue for that period [7]. Group 3: Regulatory Actions - In addition to financial fraud, *ST Zitian failed to disclose its 2024 annual report on time and obstructed law enforcement, resulting in a total fine of 38.4 million yuan for the company and 12 management personnel [8]. - The company's stock was suspended from trading on July 21, with the last recorded price at 2.74 yuan per share, giving it a total market value of 440 million yuan [8].

Core Viewpoint - *ST Zitian is entering a delisting adjustment period due to serious financial misconduct, with the last trading date expected to be October 13, 2025 [1][4]. Group 1: Delisting Process - *ST Zitian will change its stock name to "Zitian Tui" during the delisting adjustment period, which lasts for 15 trading days [4]. - The first trading day of the adjustment period will not have price limits, while subsequent days will have a 20% price fluctuation limit [4]. - The Shenzhen Stock Exchange decided to terminate the company's stock listing due to failure to rectify false financial reports within the required timeframe [4]. Group 2: Financial Misconduct - The China Securities Regulatory Commission (CSRC) found that *ST Zitian inflated its revenue by a total of 2.499 billion yuan over two years (2022-2023) through various fraudulent means [5]. - In the 2022 annual report, the company falsely reported 778 million yuan in revenue and 85 million yuan in profit, which constituted 44.59% and 35.99% of the total revenue and profit, respectively [5]. - The 2023 semi-annual report showed an early recognition of 207 million yuan in revenue and 79 million yuan in profit, with the inflated profit accounting for 51.64% of the total profit for that period [5]. - In the 2023 annual report, the company misclassified revenue from its subsidiary, leading to an inflated revenue of 1.721 billion yuan, which represented 78.63% of the total revenue for that period [5]. Group 3: Regulatory Actions - In addition to financial fraud, *ST Zitian failed to disclose its 2024 annual report on time and obstructed law enforcement, resulting in a total fine of 38.4 million yuan for the company and 12 management personnel [6]. - The company's stock was suspended from trading on July 21, with a closing price of 2.74 yuan per share and a total market value of 440 million yuan prior to suspension [6].

Core Viewpoint - *ST Zitian (300280) is entering a delisting arrangement period, with significant financial misconduct leading to this decision [2][6][7]. Summary by Sections Delisting Process - On September 15, *ST Zitian will resume trading and enter a delisting arrangement period lasting 15 trading days, with the expected last trading date on October 13, 2025 [2]. - During the delisting arrangement period, the stock's name will change to "Zitian Tui," while the stock code remains the same. The first trading day will not have price limits, but subsequent days will have a 20% price limit [5]. Financial Misconduct - In the 2022 annual report, *ST Zitian inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [9]. - The 2023 semi-annual report showed an early recognition of revenue amounting to 207 million yuan and profit of 79 million yuan, with the inflated profit representing 51.64% of the total profit for that period [9]. - In the 2023 annual report, the company misreported revenue by 1.721 billion yuan, which constituted 78.63% of the total revenue, due to improper accounting methods [9]. Regulatory Actions - The company received a delisting notice from the Shenzhen Stock Exchange on September 5, 2025, due to failure to rectify financial reporting issues as mandated by the regulatory authority [6][7]. - The company and 12 management personnel were fined a total of 38.4 million yuan for various violations, including financial fraud and failure to disclose the 2024 annual report on time [9].

Core Viewpoint - Regulatory authorities are intensifying efforts to combat financial fraud and maintain market order, as evidenced by multiple administrative penalties issued to various companies for financial misconduct [1] Group 1: Regulatory Actions - On September 12, several companies including *ST Dongtong, Yili Clean Energy, *ST Xinchao, *ST Lingda, and ST Tiansheng received administrative penalties from regulatory bodies, primarily related to financial fraud, with some facing penalties in the billion yuan range [1] - Since the beginning of the year, over ten companies have faced administrative penalties from the China Securities Regulatory Commission (CSRC) for financial fraud, marking a record high for such cases [1] - The CSRC has imposed strict penalties on multiple significant financial fraud cases, emphasizing a "no exemption" policy for companies that have been delisted [1] Group 2: Specific Company Cases - *ST Dongtong has been found to have inflated revenue and profits for four consecutive years, leading to a proposed fine of 229 million yuan and a 10-year market ban for its actual controller [2] - Yili Clean Energy, which was delisted last year, is facing a proposed fine of 375 million yuan for financial fraud and related violations, reinforcing the message that delisting does not exempt companies from accountability [3] - ST Tiansheng is facing a proposed fine of 4.39 million yuan for inflating profits through off-balance-sheet transactions in 2017 and 2018 [4] - *ST Xinchao has been penalized for failing to disclose its annual report on time, with a proposed fine of 3 million yuan [6] - *ST Lingda has been fined a total of 500,000 yuan for failing to disclose related party transactions and guarantees, with penalties imposed on its executives as well [6]

Core Viewpoint - ST Tian Sheng has been penalized by the China Securities Regulatory Commission (CSRC) for inflating profits and failing to disclose related party transactions, resulting in a total fine of 4.99 million yuan [1][4]. Group 1: Financial Misconduct - ST Tian Sheng inflated its total profit by 92,204,254.47 yuan in 2017 and 28,823,001.51 yuan in 2018, which accounted for 30.21% and 20.61% of the reported profits for those years respectively [2]. - The company used off-balance sheet funds to pay sales expenses, leading to inflated profits of 174,783,429.59 yuan in 2017 and 47,908,869.95 yuan in 2018 [2]. - Additionally, ST Tian Sheng understated its profits by 82,579,175.12 yuan in 2017 and 19,085,868.44 yuan in 2018 through inflated procurement costs [2]. Group 2: Disclosure Failures - In 2017 and 2018, ST Tian Sheng failed to disclose related party transactions amounting to 481,025,946.65 yuan and 48,631,061.00 yuan, which represented 15.08% and 1.49% of the net assets at the end of those periods [3]. - The undisclosed related party transactions included 328,521,817.60 yuan that exceeded 15% of the latest audited net assets, violating disclosure regulations [3]. Group 3: Regulatory Actions - The CSRC has issued a warning and imposed a fine of 60,000 yuan for the failure to disclose related party transactions and for the false records in the annual reports [4]. - The former chairman Liu Qun has been fined 90,000 yuan and banned from the market for life due to his role in directing these illegal activities [4]. - Following these actions, ST Tian Sheng's stock will be subject to additional risk warnings, maintaining its designation as "ST Tian Sheng" with a trading code of 002872 [4].

Core Viewpoint - The company *ST Guandao is facing mandatory delisting from the capital market due to systemic financial fraud over seven consecutive years, with the China Securities Regulatory Commission (CSRC) imposing a total fine of 40.2 million yuan [2][11]. Group 1: Financial Fraud Details - *ST Guandao has been found to have fabricated sales and procurement activities through false contracts, invoices, and other documents, resulting in inflated revenue and costs [7][9]. - From 2018 to the first half of 2024, the company inflated its revenue by amounts ranging from 71.6 million yuan to 303.97 million yuan, with the inflated revenue constituting up to 99.39% of reported figures in certain years [8][11]. - The inflated costs during the same period ranged from 38.63 million yuan to 162.51 million yuan, with similar high percentages of inflation relative to reported figures [8][11]. Group 2: Penalties and Consequences - The CSRC has imposed a fine of 1 million yuan on *ST Guandao and a total of 30.2 million yuan on 12 responsible individuals, including the actual controller, Jin Wenming, who received a fine of 15 million yuan [2][11]. - Jin Wenming and Zhao Lu, the company's former executives, have been banned from the securities market for life due to their involvement in the fraud [12][13]. - The company will be subject to a mandatory delisting process, with its stock set to be suspended from trading starting September 15, 2025 [4][11].