*ST高鸿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。 本文编选自"中国证监会官网"，智通财经编辑：徐文强。 智通财经APP获悉，近日，中国证监会对深交所主板上市公司大唐高鸿网络股份有限公司(简称：*ST高 鸿(000851.SZ))涉嫌信息披露违法违规行为依法作出行政处罚事先告知。经查，*ST高鸿长期开展无商 业实质的笔记本电脑等"空转""走单"业务，大幅虚增收入和利润，违反证券法律法规。证监会拟对相关 责任主体罚款1.6亿元，对配合造假的第三方罚款700万元。 ...

证监会一纸罚单震动资本市场！上市公司*ST高鸿因严重财务造假+欺诈发行，被重罚1.6亿元，同时面 临强制退市，第三方帮凶领罚700万元，这场监管风暴才刚刚开始—— 0:00 【重罚核心】 上市公司*ST高鸿：领罚1.35亿元； 董事长、时任总经理付景林：750万罚款+10年市场禁入； 关键帮凶江庆：作为第三方虚假贸易操盘手，被处700万罚款+10年禁入（处罚力度直逼上市公司掌门 人）； 配合造假第三方处罚力度加大，证监会正推动三记重拳： 争取立法赋予直接处罚权； 推动政府部门之间"齐抓共管"； 通报配合造假第三方黑名单。 特殊身份：*ST高鸿案成为今年配合造假第三方行政处罚第二例，距首例案发仅隔2个月！ 【终极审判】 深交所启动强制退市：*ST高鸿27年上市历程即将终结； 主要责任人移送公安机关； 【监管重拳升级】 从上市公司到第三方帮凶，监管利剑已无死角！ ...

视频剪辑丨柳润瑛 上市公司造假被重锤！证监会开出1.6亿元天价罚单，*ST高鸿（000851）及其9名责任人集体领罚。 根据证监会8月8日官网消息及上市公司公告，*ST高鸿长期开展无商业实质的笔记本电脑"空转""走 单"业务，存在严重财务造假与欺诈发行，被给予行政严惩。其中，上市公司*ST高鸿被罚1.35亿元，9 名涉事董监高被罚75万元至750万元不等。身为"首恶之首"的*ST高鸿董事长、时任总经理付景林被罚 最重，不仅被罚款750万元，而且被市场禁入。 值得注意的是，亿元重罚只是起步！ 一方面，*ST高鸿涉嫌触及重大违法强制退市，深交所将依法启动退市程序。这意味着，强制退市或已 成为*ST高鸿难以扭转的结局。 另一方面，*ST高鸿及其主要责任人将被移送公安机关，后续很可能面临刑事严惩。 *ST高鸿近日公告，股票可能被实施重大违法强制退市 需要注意的是，此次江庆被罚是近期造假第三方行政处罚第二例，并且距离第一例越博动力案间隔不到 2个月。 21世纪经济报道记者了解到，配合造假第三方被同步严惩正在成为监管新趋势。证监会正双管齐下加强 对造假第三方的约束力度，包括推动出台《上市公司监督管理条例》，从行政法规方面 ...

ST云动公告称，公司于2025年8月8日收到云南证监局下发的《行政处罚决定书》。经查明，公司2021 年年度报告、2022年年度报告存在虚假记载。具体包括销售和采购返利、供应商索赔补偿、期间费用的 会计核算不准确、不规范，未实际交付货物但开具发票并依据发票确认收入，导致虚构收入；仅依据发 票确认收入，导致跨期确认收入，以及计提存货跌价准备及应收账款信用减值不准确、未计提产品质量 保证费用等问题。上述行为导致公司2021年年度报告虚减营业收入180,406,240.72元，虚增利润总额 7674987.06元；2022年年度报告虚增营业收入22577173.38元，虚减利润总额101813468.95元。公司董事 长杨波、董事代云辉、董事宋国富、董事屠建国、董事王洪亮等相关人员被认定为直接负责的主管人 员。 ...

记者丨崔文静 编辑丨黄剑 视频剪辑丨 柳润瑛 上市公司造假被重锤！证监会开出1.6亿元天价罚单，*ST高鸿及其9名责任人集体领罚。 根据证监会8月8日官网消息及上市公司公告， *ST高鸿长期开展无商业实质的笔记本电脑"空 转""走单"业务，存在严重财务造假与欺诈发行，被给予行政严惩 。其中，上市公司*ST高鸿 被罚1.35亿元，9名涉事董监高被罚75万元至750万元不等。身为"首恶之首"的*ST高鸿董事 长、时任总经理付景林被罚最重，不仅被罚款750万元，而且被市场禁入。 值得注意的是，亿元重罚只是起步！ 一方面， *ST高鸿涉嫌触及重大违法强制退市，深交所将依法启动退市程序 。这意味 着，强制退市或已成为*ST高鸿难以扭转的结局。 另一方面， *ST高鸿及其主要责任人将被移送公安机关，后续很可能面临刑事严惩 。 *ST高鸿近日公告，股票可能被实施重大违法强制退市 另一个颇为值得关注的细节是：此次*ST高鸿造假案被重罚的，不只是上市公司及其"首恶"， 还有配合造假的第三方。 *ST高鸿连续多年造假得以成行，与南京庆亚贸易有限公司（以下简称"南京庆亚"）实控人江 庆组织开展的笔记本电脑虚假贸易业务密切相关。有鉴 ...

Core Viewpoint - The company *ST Gaohong is facing administrative penalties for suspected violations of information disclosure laws, involving significant financial misconduct [2] Group 1: Regulatory Actions - The company has been found to engage in non-substantive business activities, such as "empty transfers" and "fake transactions" related to notebook computers, which led to a substantial inflation of revenue and profits [2] - The regulatory authority plans to impose a fine of 160 million yuan on the responsible parties and an additional 7 million yuan on third parties involved in the fraud [2] - The company is suspected of serious violations that may lead to mandatory delisting, prompting the Shenzhen Stock Exchange to initiate delisting procedures [2] Group 2: Criminal Investigation - The regulatory authority will transfer any potential criminal evidence to law enforcement agencies, adhering to the relevant legal standards for prosecution [2]

Core Viewpoint - The company *ST Dongtong (300379.SZ) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following a previous investigation for false financial reporting. The actual controller and chairman, Huang Yongjun, is also facing regulatory scrutiny [2][3]. Financial Reporting Issues - The company received an audit report for its 2024 financial statements that expressed an inability to provide an opinion, citing insufficient evidence regarding the authenticity of receivables, the reasonableness of goodwill impairment, and the use of investment funds [2][3]. - The internal control audit report issued a negative opinion, highlighting significant deficiencies in internal controls, including failure to identify or correct accounting errors and manage funds effectively [5][6]. Historical Context - The company has faced continuous losses in recent years, with net profits showing a trend of decline: losses of 0.39 billion yuan in 2022, 0.673 billion yuan in 2023, and 0.576 billion yuan in 2024, totaling cumulative losses of 1.288 billion yuan over three years [6]. - In April 2023, the company was ordered to correct its financial disclosures due to insufficient basis for revenue recognition from its subsidiaries [5][6]. Fundraising and Investment Projects - In June 2023, the company raised 2.169 billion yuan through a private placement, intended for various projects, but the progress on these projects has been minimal, with frequent changes in the use of funds [6][9]. - As of the end of 2024, only 1.2799 million yuan had been invested in the intended projects, while 350 million yuan was redirected for working capital [8][10]. Management of Funds - The company has engaged in cash management for temporarily idle raised funds, with 600 million yuan remaining unutilized as of July 30, 2024 [10].

Core Viewpoint - *ST Dongtong's actual controller and chairman Huang Yongjun is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following a previous investigation for false financial reporting [1][2] Financial Reporting Issues - The company received an audit report for its 2024 financial statements that could not express an opinion, citing insufficient evidence regarding the authenticity of receivables, the reasonableness of goodwill impairment, and the use of investment funds [1][2] - The internal control audit report issued a negative opinion, highlighting significant deficiencies in internal controls, including failure to timely identify or correct accounting errors and major flaws in the approval and management of fund expenditures [3] Historical Performance - *ST Dongtong has reported continuous net losses in recent years, with cumulative losses amounting to 1.288 billion yuan from 2022 to 2024 [5] - The company raised 2.169 billion yuan through a private placement in 2023, but the corresponding investment projects have seen little progress, and the use of funds has frequently changed [4][5] Specific Financial Data - The company reported revenues of 791 million yuan, 557 million yuan, and 758 million yuan for the years 2022, 2023, and 2024, respectively, with net losses of 390 million yuan, 673 million yuan, and 576 million yuan during the same period [5] - In the first quarter of 2024, the company achieved 134 million yuan in revenue, a year-on-year increase of 77.41%, but still reported a net loss of 31 million yuan [5] Fund Utilization and Changes - The company has changed the use of raised funds multiple times, with only 1.2799 million yuan of the 2.169 billion yuan raised being invested in the intended projects, while 350 million yuan was used to supplement working capital [7][8] - As of July 30, 2024, 600 million yuan of the raised funds was under cash management, indicating a lack of immediate investment opportunities [8]

Core Viewpoint - The article highlights a series of criminal investigations and penalties faced by various listed companies in China due to financial misconduct, including embezzlement, false financial reporting, and other violations of securities laws [2][3]. Group 1: ST Pava Case - ST Pava disclosed that its co-actual controller and director, Zhang Bao, is under criminal investigation for embezzlement, with a total of 191.34 million yuan misappropriated, of which only 30 million yuan has been returned as of July 26, 2025 [2]. - This incident marks ST Pava as the eighth listed company since July to have executives or actual controllers involved in criminal activities related to financial misconduct [3]. Group 2: Hongxiang Shares Case - Hongxiang Shares' actual controller, Yang Cheng, is under criminal investigation for financial misconduct, with previous penalties from the China Securities Regulatory Commission for false financial reporting from 2017 to 2022, including inflated revenues and profits [4][5]. - The company reported inflated revenues of 104.89 million yuan in 2017, 255.59 million yuan in 2018, and other significant amounts in subsequent years, leading to severe penalties [5][6]. Group 3: Liyuan Technology Case - Liyuan Technology's actual controller, Shen Wanzhong, received a criminal sentence for violating information disclosure laws, with inflated revenues reported in 2021 amounting to over 103.84 million yuan, constituting 24.71% of the disclosed revenue [6][7]. Group 4: Jintongling Case - Jintongling is facing criminal charges for providing false financial data over six consecutive years, with significant misreporting of losses as profits, leading to severe investor losses [8]. Group 5: ST Qibu Case - ST Qibu is under investigation for financial fraud, with allegations of profit inflation and false disclosures in bond issuance documents, leading to criminal charges against responsible personnel [9][10]. Group 6: ST Dongshi Case - ST Dongshi's actual controller, Xu Xiong, was sentenced for market manipulation, receiving a six-and-a-half-year prison term and a fine of 170 million yuan [11]. Group 7: Ruiskanda Case - Ruiskanda's executives are facing criminal charges for misleading disclosures, with inflated revenues reported in 2019 and 2020 amounting to 35.13 million yuan and 28.13 million yuan, respectively [12]. Group 8: Tuidi Jinguang Case - Tuidi Jinguang's executives were arrested for significant financial misreporting, with inflated profits reported in 2022, 2023, and 2024, amounting to 36.10 million yuan, 68.09 million yuan, and 15.38 million yuan, respectively [13][14].

Core Viewpoint - A class action lawsuit has been filed against Tempus AI, Inc. for allegedly misleading investors regarding its financial practices and operations, leading to significant stock price decline [1][4]. Group 1: Allegations and Issues - The complaint alleges that Tempus inflated the value of contract agreements, many of which were with related parties and included non-binding opt-ins or were self-funded [3]. - Concerns were raised about the credibility of Tempus' joint venture with SoftBank, suggesting it appeared to involve "round-tripping" capital to create revenue [3]. - The business model of Tempus-acquired Ambry is criticized for aggressive and potentially unethical billing practices, risking scrutiny and sustainability [3]. - AstraZeneca reportedly reduced its financial commitments to Tempus through a questionable "pass-through payment" arrangement [3]. - The issues highlighted indicate weaknesses in Tempus' core operations and revenue prospects [3]. Group 2: Impact of Reports - On May 28, 2025, Spruce Point Capital Management issued a report raising multiple concerns about Tempus' management, operations, and financial reporting [4]. - The report pointed out that Tempus' actual AI capabilities may be overstated and that executives have ties to companies that have restated financial results [4]. - It also noted signs of aggressive accounting practices and issues with the AstraZeneca and Pathos AI deal that warrant further scrutiny [4]. - Following the release of this report, Tempus' stock price fell by $12.67 per share, or 19.23%, from $65.87 to $53.20 [5].