公告突发。 *ST长药（300391）1月23日晚间公告称，公司当天收到中国证监会下发的《行政处罚决定书》。 经查明，*ST长药存在以下违法事实： 2020年11月，*ST长药通过支付现金方式收购湖北长江星医药股份有限公司（简称"长江星"）52.75%的 股权。同年12月，长江星纳入*ST长药财务报表合并范围。长江星原实际控制人罗某等对长江星2020年 至2022年净利润等指标进行了业绩承诺。上述收购完成后，罗某继续担任长江星董事长、总经理，全面 负责长江星的经营管理工作。 2021年至2023年，长江星子公司湖北长江源制药有限公司、湖北新峰制药有限公司制作虚假的入库单、 出库单等，在没有发生真实销售业务的情况下确认收入，导致*ST长药2021年至2023年年度报告分别虚 增营业收入21532.38万元、28373.66万元、23363.46万元，占当期对外披露营业收入的9.12%、17.57%、 19.51%；虚增利润总额5640.14 万元、6337.52万元、4370.50万元，占当期对外披露利润总额绝对值的 35.62%、88.23%、6.42%。同时，由于2022年对长江伟创中药城交易中心工程项目未 ...

公告突发。 *ST长药（300391）1月23日晚间公告称，公司当天收到中国证监会下发的《行政处罚决定书》。 经查明，*ST长药存在以下违法事实： 2020年11月，*ST长药通过支付现金方式收购湖北长江星医药股份有限公司(简称"长江星")52.75%的股权。同年12月，长江星纳入 *ST长药财务报表合并范围。长江星原实际控制人罗某等对长江星2020年至2022年净利润等指标进行了业绩承诺。上述收购完成 后，罗某继续担任长江星董事长、总经理，全面负责长江星的经营管理工作。 2021年至2023年，长江星子公司湖北长江源制药有限公司、湖北新峰制药有限公司制作虚假的入库单、出库单等，在没有发生真 实销售业务的情况下确认收入，导致*ST长药2021年至2023年年度报告分别虚增营业收入21532.38万元、28373.66万元、23363.46 万元，占当期对外披露营业收入的9.12%、17.57%、19.51%；虚增利润总额5640.14万元、6337.52万元、4370.50万元，占当期对外 披露利润总额绝对值的35.62%、88.23%、6.42%。同时，由于2022年对长江伟创中药城交易中心工程项目未合理确 ...

公告突发。 *ST长药（300391）1月23日晚间公告称，公司当天收到中国证监会下发的《行政处罚决定书》。 经查明，*ST长药存在以下违法事实： 2020年11月，*ST长药通过支付现金方式收购湖北长江星医药股份有限公司（简称"长江星"）52.75%的股权。同年12月，长江 星纳入*ST长药财务报表合并范围。长江星原实际控制人罗某等对长江星2020年至2022年净利润等指标进行了业绩承诺。上述 收购完成后，罗某继续担任长江星董事长、总经理，全面负责长江星的经营管理工作。 2021年至2023年，长江星子公司湖北长江源制药有限公司、湖北新峰制药有限公司制作虚假的入库单、出库单等，在没有发生 真实销售业务的情况下确认收入，导致*ST长药2021年至2023年年度报告分别虚增营业收入21532.38万元、28373.66万元、 23363.46万元，占当期对外披露营业收入的9.12%、17.57%、19.51%；虚增利润总额5640.14 万元、6337.52万元、4370.50万 元，占当期对外披露利润总额绝对值的35.62%、88.23%、6.42%。同时，由于2022年对长江伟创中药城交易中心工程项目未合 ...

Core Viewpoint - *ST Changyao has been penalized by the China Securities Regulatory Commission (CSRC) for inflating revenue and profits for three consecutive years, resulting in a fine of 10 million yuan [1][5]. Group 1: Financial Misconduct - The company inflated its revenue by 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan for the years 2021, 2022, and 2023 respectively, which accounted for 9.12%, 17.57%, and 19.51% of the reported revenue for those years [3]. - The inflated profit totals were 56.40 million yuan, 63.38 million yuan, and 43.71 million yuan for the same years, representing 35.62%, 88.23%, and 6.42% of the reported profit [3]. - In addition, the company failed to reasonably recognize losses related to a project in 2022, leading to an additional profit inflation of 4.55 million yuan, which was 6.34% of the reported profit for that year [4]. Group 2: Regulatory Actions - On January 23, the company received a notice from the CSRC regarding administrative penalties, which included a warning and a fine of 10 million yuan [5]. - The Shenzhen Stock Exchange has announced that it will monitor *ST Changyao closely due to the financial misconduct and is considering terminating the company's stock listing [1][6]. - The company has triggered major violations that could lead to mandatory delisting, as it has reported false financial data for three consecutive years [6][7]. Group 3: Market Implications - The recent actions by regulatory bodies reflect a zero-tolerance policy towards financial fraud, aiming to enhance the overall quality of listed companies and improve the investment environment [10]. - The stock price of *ST Changyao has seen a surge, with four consecutive days of trading limits, indicating market speculation despite the impending regulatory actions [10].

Core Viewpoint - *ST Changyao has been officially penalized by the China Securities Regulatory Commission (CSRC) for systematic false reporting in its annual reports from 2021 to 2023, leading to imminent forced delisting due to major violations [2][4][7]. Financial Misconduct - *ST Changyao has been found to have engaged in financial fraud for three consecutive years, with significant false reporting in its annual financial statements [4][7]. - The company inflated its revenue by 215 million yuan, 284 million yuan, and 234 million yuan for the years 2021, 2022, and 2023 respectively, representing 9.12%, 17.57%, and 19.51% of the reported revenue for those years [5]. - The inflated profit totals were 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan for the same years, accounting for 35.62%, 88.23%, and 6.42% of the reported profit respectively, with 2022 showing an alarming 90% inflation rate [5][6]. Regulatory Actions - The CSRC has imposed a fine of 10 million yuan on *ST Changyao and mandated corrective actions due to the confirmed financial misconduct [7]. - The company is facing multiple delisting risks, including major violations, financial delisting, and trading delisting, as it has reported negative net assets and negative profits for the last three accounting years [7][8]. Market Behavior - Despite the serious delisting risks, *ST Changyao's stock price has surged, with a cumulative increase of over 100% in a short period, indicating a significant divergence from its fundamental performance [2][9]. - The stock has been trading below the 1 yuan threshold for 17 consecutive trading days, approaching the delisting threshold of 20 days [8]. Similar Cases - *ST Lifang is experiencing a similar situation, with allegations of financial fraud and stock price volatility despite the risks of forced delisting [2][10]. - Both companies have seen unusual trading activity, with significant price increases despite ongoing regulatory scrutiny and warnings about the risks involved [9][10].

Core Viewpoint - *ST Changyao has been officially recognized by the regulatory authority for systematic false reporting in its annual reports from 2021 to 2023, leading to imminent forced delisting due to major violations [1][3][5]. Group 1: Financial Misconduct - *ST Changyao has been found to have inflated revenue by CNY 215 million, CNY 284 million, and CNY 234 million for the years 2021, 2022, and 2023 respectively, with these figures representing 9.12%, 17.57%, and 19.51% of the disclosed revenue for those years [4]. - The company also inflated total profit by CNY 56.4 million, CNY 63.4 million, and CNY 43.7 million for the same years, accounting for 35.62%, 88.23%, and 6.42% of the total disclosed profit [5]. - The financial misconduct originated from a 2020 acquisition of 52.75% of Hubei Changjiang Star Pharmaceutical Co., which led to false revenue recognition through fabricated documents [3][4]. Group 2: Regulatory Actions and Consequences - The China Securities Regulatory Commission (CSRC) has issued a penalty of CNY 10 million and mandated corrections due to the financial misreporting [5]. - *ST Changyao is facing multiple delisting risks, including major violations, financial delisting, and trading delisting, with its net assets reported as negative [6]. - The stock has been trading below CNY 1 for 17 consecutive days, nearing the threshold for forced delisting if it continues for 20 days [6][7]. Group 3: Market Behavior and Investor Risks - Despite the significant risks and multiple warnings about potential delisting, *ST Changyao's stock price has surged, with a cumulative increase of over 100% in a short period [1][7]. - Similar patterns are observed in *ST Lifang, which is also under scrutiny for financial misconduct, with its stock price experiencing unusual volatility [7][8]. - The trading activity for both companies has shown a turnover rate exceeding 250%, indicating speculative trading behavior, with net selling from major funds [9].

每经记者｜张宝莲 每经编辑｜何小桃 廖丹 1月23日，安徽证监局官网发布《关于*ST立方相关情况的通报》，*ST立方（SZ300344，股价1.31元，市值8.41亿元）因2021年、2022年、2023年连续三 年年度报告财务数据涉嫌虚假记载，触及《创业板股票上市规则》关于重大违法强制退市情形的规定，公司股票可能被强制退市。 编辑|何小桃 廖丹 易启江 校对|段炼 封面图片来源：视觉中国 ｜每日经济新闻 nbdnews 原创文章｜ 未经许可禁止转载、摘编、复制及镜像等使用 安徽证监局表示，已于2025年11月28日下发《行政处罚及市场禁入事先告知书》。拟处罚对象向安徽证监局提出延期申辩和听证的申请，被依法准予延 期，目前正抓紧开展相关工作。后续，安徽证监局将依法做出行政处罚决定。 "近期，我局关注到有人通过媒体发布《*ST立方回应风险提示：多措并举应对挑战股票20日复牌》等信息，涉嫌存在不真实、不准确、不完整情形和误 导性陈述，公司已通过法定渠道予以公告澄清，我局也将依法开展监管处置。我局郑重提醒，*ST立方存在重大违法强制退市风险，请广大投资者以公司 正式公告内容为准，理性投资，避免被不实信息误导，造成损 ...

Core Viewpoint - The article discusses the shift in securities regulatory requirements from "formal compliance" to "substantive authenticity" in the context of the registration system reform, questioning whether Zhejiang Hengdao Technology Co., Ltd. has alleviated concerns regarding the authenticity of its revenue in its second-round inquiry response [1][14]. Group 1: Company Overview - Zhejiang Hengdao Technology Co., Ltd. is under review by the Beijing Stock Exchange, with its application accepted on June 13, 2025, and the latest update on January 21, 2026 [2][14]. - The company is sponsored by Guotai Junan Securities Co., Ltd., with representatives Lu Qi and Wu Shaochao, and audited by Tianjian Certified Public Accountants, with signatory accountants Wei Jianqing and Zhou Wangfei [2][14]. Group 2: Audit and Verification Concerns - There are concerns regarding the effectiveness of audit measures for a significant portion of small and micro clients, with 87% of these clients potentially lacking adequate verification [2][14]. - The on-site visit coverage for clients with transactions below 500,000 yuan has been low, with only 21.08% of small clients visited in 2024, indicating over 500 clients have not been verified by intermediaries [5][6][18]. - The audit process has been criticized for its low external confirmation rates, with only 17.62% of small clients receiving confirmation letters in 2024, raising questions about compliance with auditing standards [21][23]. Group 3: Risk of Revenue Inflation - A significant portion of Hengdao Technology's revenue (20%-30%) comes from high-risk clients, defined as those with registered capital below 500,000 yuan or newly established during the reporting period, which raises concerns about potential revenue inflation through shell companies [22][23]. - The identification of 136 clients with discrepancies in confirmation addresses or contacts signals a high level of fraud risk, suggesting that confirmation letters may not have reached the intended recipients [10][25]. Group 4: Ineffective Verification Methods - The reliance on internal documents for verification, such as contracts and orders, without independent third-party evidence, is questioned, as it may lead to circular reasoning in audits [21][26]. - The audit team’s explanations for address discrepancies, such as group procurement or internal personnel handling, are deemed inadequate and raise further doubts about the integrity of the verification process [10][25].

Core Insights - The financial misconduct of Ju Shi Chemical involves significant amounts, with inflated revenue of 157 million yuan, inflated costs of 158 million yuan, and a reduced profit of 1.66 million yuan, representing 8.32% of the total revenue for the period [2][8] Investigation Findings - The Guangdong Securities Regulatory Commission identified that the company manipulated its financial statements through various fictitious trading activities. The fraudulent transactions were conducted in three main ways: 1. The subsidiary Guan Zhen Technology controlled four trading companies to engage in fictitious trades without actual goods 2. The company intervened in third-party trade chains for polypropylene, relying solely on self-made transfer documents 3. The subsidiary Anhui Ju Run Trading Co., Ltd. sold goods to clients without actual shipment and later repurchased them at a markup, creating a cycle of fictitious transactions [3][9][11] Penalty Details - The Guangdong Securities Regulatory Commission proposed a total fine of 6.7 million yuan against Ju Shi Chemical and related responsible individuals. The company is required to rectify its practices and has been fined 2.4 million yuan. Specific penalties include: - 1.8 million yuan for the then Chairman and General Manager Chen Gang - 900,000 yuan for the then Director and Deputy General Manager Liu Penghui - 800,000 yuan for the then Director and Chief Financial Officer Wu Yang - 800,000 yuan for the then General Manager of Guan Zhen Technology Xu Jianjun - The penalties are based on violations of the Securities Law, indicating that the company failed to ensure the accuracy and truthfulness of the information disclosed in its 2023 semi-annual report [4][10]

根据这份告知书，公司因连续多年财务报告存在虚假记载，被实施其他风险警示。 依据预处罚，索赔条件更新为于2020年8月27日-2023年12月30日期间买入，并在2023年12月31日之后卖 出或仍持有而亏损的即可加入维权。（得润电子维权入口） 二、实控人主导策划造假 具体来看该公司财务造假细节，背后是一场由实际控制人主导、虚构超5亿元回款的财务造假案。据调 查，该案可追溯至2020年。当时公司面临主要客户经营困难，无法按时偿还欠款，导致公司现金流紧 张。 为了解决这一问题，公司实际控制人、时任董事长兼总裁邱建民采取了非常规手段。 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我 一、严重的财务造假行为 上海沪紫律师事务所刘鹏律师代理的投资者诉得润电子证券虚假陈述案近日递交立案。（刘鹏律师专 栏） 回溯此案，2025年12月31日，得润电子发布公告，公司及相关当事人收到深圳证监局出具的《行政处罚 事先告知书》。据调查，该公司在2020年、2021年和2 ...