Core Viewpoint - The recent exposure of three typical violations by listed companies reflects the China Securities Regulatory Commission's (CSRC) intensified regulatory stance, emphasizing a "zero tolerance" approach towards financial misconduct [1][4]. Group 1: Violations and Penalties - *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, Huang Yongjun, who will also face a personal fine of 26.5 million yuan [2][3]. - *ST Xinchao was penalized for failing to disclose its 2024 annual report on time, facing a fine of 3 million yuan and warnings issued to its chairman and financial director [2]. - ST Tiansheng received a notice of administrative penalty for profit inflation in its 2017 and 2018 reports, with a proposed fine of 600,000 yuan and penalties for over 20 responsible individuals, including a lifetime market ban for its actual controller, Liu Qun [3]. Group 2: Regulatory Environment - The CSRC has significantly increased its enforcement efforts, processing 739 cases this year, with penalties exceeding double that of the previous year, indicating a robust crackdown on financial fraud and misconduct [4]. - The regulatory body has also intensified its efforts to combat criminal activities related to securities, having referred 178 cases to law enforcement this year [4]. - The ongoing "zero tolerance" enforcement approach is expected to continue into 2025, with a focus on protecting investors and enhancing the market environment [5].

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 fines from regulatory bodies, primarily for financial fraud, with some penalties reaching billions [1] - Since the beginning of 2024, the China Securities Regulatory Commission (CSRC) has penalized 67 delisted companies for illegal activities, with 46 cases resulting in final administrative penalties [1] - The regulatory authorities are committed to strictly enforcing delisting policies and combating financial fraud, as outlined in various official opinions [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, faces a proposed fine of 375 million yuan for financial fraud and related violations, reinforcing the message that "delisting does not exempt from liability" [3] - ST Tiansheng is facing a proposed fine of 4.39 million yuan for inflating profits through off-balance-sheet funding, with penalties also directed at 22 responsible individuals [4] - *ST Xinchao has been penalized for failing to disclose its annual report on time, with a proposed fine of 3 million yuan for the company and additional fines for its executives [6] - *ST Lingda has been fined 500,000 yuan for failing to disclose related party transactions and fund occupation, with its chairman and vice chairman also facing penalties [7]

原标题："证监会查处东方通严重财务造假：拟对上市公司罚款2.29亿元" *ST东通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。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《刑法》《最高人民检察院公安部关于公安机关管辖的刑事 案件立案追诉标准的规定(二)》的规定移送公安机关。 延伸阅读： 三大新态势凸显监管加码打击财务造假 财务造假追责7月份5家公司披露涉刑进展 年内5家上市公司涉嫌财务造假被立案调查 中国证监会12日发布消息称，近日，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(简 称*ST东通)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东通连续四年虚增收入和利润，违反证券法律法规。证监会拟对上市公司罚款2.29亿元，对7 名责任人合计罚款4400万元，对实际控制人采取10年证券市场禁入。 ...

Core Viewpoint - *ST Dongtong has been penalized for serious financial fraud, leading to its forced delisting, marking the 12th company to face such consequences in 2025, highlighting the increasing severity of regulatory measures against financial misconduct [1][2][7]. Financial Fraud Details - From 2019 to 2022, *ST Dongtong inflated its revenue by 432 million yuan and profits by 314 million yuan through fictitious business activities and premature revenue recognition [3][4]. - The company was found to have used false financial data in its 2022 private placement, constituting fraudulent issuance, which significantly increased the penalties imposed [3][4]. Penalties Imposed - The total penalty for *ST Dongtong amounts to over 270 million yuan, with the company itself fined 229 million yuan and its actual controller, Huang Yongjun, fined 26.5 million yuan and banned from the market for 10 years [3][4]. - The regulatory authority has indicated that any criminal leads related to this case will be transferred to law enforcement, emphasizing that delisting does not exempt the company from accountability [4]. Regulatory Environment - The increase in companies facing forced delisting due to major violations is not due to a rise in fraudulent companies but rather a result of stricter delisting regulations that lower the thresholds for identifying financial fraud [7][8]. - The new delisting rules categorize forced delisting into four types, with financial fraud being prioritized due to its severe social and legal implications [9]. Industry Impact - The current regulatory environment reflects a "zero tolerance" approach towards financial fraud, aiming to ensure that accountability is enforced beyond mere delisting [1][8]. - As regulatory scrutiny intensifies, the number of companies engaging in financial fraud is expected to decrease over time, as existing cases are resolved [8].

Core Viewpoint - Guangdao Digital has been penalized by the China Securities Regulatory Commission (CSRC) for systematic financial fraud from 2018 to mid-2024, leading to a significant overstatement of revenue and costs, resulting in the company's stock being forced to delist [2][12]. Summary by Sections Financial Fraud Details - From 2018 to mid-2024, Guangdao Digital inflated its reported revenue by amounts ranging from 71.64 million to 304 million yuan annually, with the inflated revenue constituting over 99% in some years [4][5]. - The company also inflated its reported costs, with similar high percentages of over 90% in several years [4][5]. Penalties and Consequences - The CSRC has imposed fines ranging from 500,000 to 15 million yuan on the company and its executives, with the actual controller Jin Wenming and secretary Zhao Lu facing lifetime bans from the securities market [6][11]. - The company is mandated to correct its practices and has been fined 10 million yuan, while Jin Wenming faces a total fine of 15 million yuan [11][12]. Stock Market Impact - Guangdao Digital's stock will be suspended from trading starting September 15, 2025, due to serious violations of the Beijing Stock Exchange listing rules, leading to a forced delisting [12][13]. - The company's market capitalization was reported at 638 million yuan as of September 12, 2025 [15]. Company Background - Guangdao Digital specializes in software product development and sales aimed at data applications, claiming to have significant experience in digital government services [14].

Core Points - The China Securities Regulatory Commission (CSRC) has announced administrative penalties against Beijing Oriental Technology Co., Ltd. (*ST Dongtong) for serious financial fraud involving false reporting of financial data [1] - *ST Dongtong has inflated its revenue and profits for four consecutive years, violating securities laws and regulations [1] - The CSRC plans to impose a fine of 229 million yuan on the company and a total of 44 million yuan on seven responsible individuals, while the actual controller will face a 10-year ban from the securities market [1] - The company is suspected of major violations that could lead to mandatory delisting, prompting the Shenzhen Stock Exchange to initiate delisting procedures [1] - The CSRC will transfer any potential criminal evidence to the public security authorities in accordance with legal standards [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has identified *ST Dongtong (300379.SZ) as a serious financial fraud case, leading to a proposed fine of 273 million yuan and the initiation of delisting procedures due to fraudulent activities from 2019 to 2022 [2][8]. Group 1: Financial Fraud Details - *ST Dongtong was found to have inflated revenues and profits through its subsidiary, Beijing Taice Technology Co., Ltd., by fabricating business activities and prematurely recognizing income [5]. - The inflated revenues from 2019 to 2022 were approximately 61.45 million yuan, 84.85 million yuan, 125.50 million yuan, and 160.53 million yuan, representing 12.29%, 13.25%, 14.54%, and 17.68% of the reported revenues for those years, respectively [5]. - The inflated profits during the same period were approximately 52.23 million yuan, 58.77 million yuan, 79.48 million yuan, and 123.69 million yuan, accounting for 34.11%, 22.72%, 30.35%, and 219.43% of the reported profits, respectively [5]. Group 2: Regulatory Actions - The CSRC has proposed a total fine of 273 million yuan, which includes a 229 million yuan penalty for the company and additional fines for the chairman and other responsible parties [7]. - The chairman, Huang Yongjun, faces a 10-year ban from the securities market due to his significant role in the fraudulent activities [7]. - The CSRC has indicated that the case may involve criminal elements, and relevant information will be forwarded to law enforcement agencies [8]. Group 3: Impact on Investors - As of June 2025, *ST Dongtong had approximately 56,000 shareholders, and the stock price had dropped over 50% since the investigation began in April 2025 [9]. - The company's market capitalization was approximately 3.67 billion yuan as of September 12, 2025, with a closing price of 6.58 yuan per share [9]. - Investors affected by the fraud may pursue legal action for compensation, particularly those who held shares from April 29, 2020, to April 14, 2025 [10].

据央视新闻消息，当地时间9月12日，法国、德国和英国三国外交部发表联合声明，紧急呼吁以 色列立即停止在加沙城开展的军事行动。 声明写道："我们紧急呼吁立即停止在加沙城的军事行动，这些行动已造成大规模平民流离失所、严重平 民伤亡，还毁坏了关键基础设施。" 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 中美双方将在西班牙举行会谈 丨 拟罚款2.29亿元！证监会查处东方通严重财务造假案件 丨 8月重 磅数据来了！刚刚，央行公布！ 丨 财政部重磅发声！ 丨 复牌即涨停！688521，再创新高 丨 突传 利好，直线拉升！ 丨 深夜大涨！美联储，降息大消息！ 丨 最高24个跌停板！A股"最惨"板块跌麻 了，什么情况？ 丨 工作室确认：演员于朦胧坠楼身亡，微博也发通报→ 丨 创业板指，已翻倍！ 此前，以色列军方宣布将进一步加大对加沙城的打击力度，这引发了欧洲多国的强烈担忧。 来源：央视新闻 责编：叶舒筠 校对：赵燕 版权声明 证券时报各平台所有原创内容，未经书面授权 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against Beijing Oriental Technology Co., Ltd. (*ST Dongtong*) for significant financial fraud, including a proposed fine of 229 million yuan and a 10-year market ban for the actual controller [1][5]. Group 1: Company Overview - Beijing Oriental Technology Co., Ltd. was established in 1997 and listed on the Growth Enterprise Market in 2014 [6]. - The company has reported continuous losses over the past three years, with a revenue of 240 million yuan and a net profit of -55 million yuan for the first half of 2025 [6]. Group 2: Financial Fraud Details - The CSRC found that *ST Dongtong* inflated its revenue and profits for four consecutive years from 2019 to 2022, violating securities laws [1][4]. - The company engaged in fraudulent activities, including fabricating business transactions and prematurely recognizing revenue through its wholly-owned subsidiary, Taice Technology [4]. - In 2022, *ST Dongtong* raised approximately 2.2 billion yuan through a stock issuance that was based on falsified financial data from its annual reports [4]. Group 3: Regulatory Actions - The CSRC plans to impose a total fine of 273 million yuan, including 44 million yuan against seven responsible individuals, with the direct supervisor, Huang Yongjun, facing a fine of 12.5 million yuan [4][5]. - Huang Yongjun, as the actual controller and chairman, played a significant role in the fraudulent activities and is subject to a 10-year ban from the securities market [5]. - The CSRC has indicated that *ST Dongtong* may face mandatory delisting due to its serious violations [1][4]. Group 4: Industry Context - The regulatory environment has intensified, with a clear message from the authorities to combat illegal activities and protect investors' rights [6]. - The principle of "delisting does not exempt from liability" has been established, ensuring that companies face consequences for financial misconduct even after delisting [6]. - Since 2024, the CSRC has referred over 30 delisted companies to law enforcement for suspected information disclosure crimes, emphasizing a strict enforcement approach [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative penalty against Beijing Orient Telecom Technology Co., Ltd. (*ST Dongtong) for falsifying financial data in its periodic reports, leading to significant penalties and potential delisting [1][2] Group 1: Financial Misconduct - *ST Dongtong has inflated its revenue and profits for four consecutive years, violating securities laws [1] - The inflated revenue figures from 2019 to 2022 are as follows: 61.45 million, 84.85 million, 125.51 million, and 160.53 million respectively [1] - The inflated profit figures for the same period are: 52.23 million, 58.77 million, 79.48 million, and 123.69 million respectively, with the 2022 inflated profit amounting to 219.43% of the reported total profit for that year [1] Group 2: Penalties and Consequences - The CSRC plans to impose a fine of 229 million on *ST Dongtong and a total of 44 million on seven responsible individuals [1] - The actual controller of *ST Dongtong faces a 10-year ban from the securities market [1] - The CSRC has indicated that *ST Dongtong's actions may lead to mandatory delisting procedures initiated by the Shenzhen Stock Exchange [2]