上海明伦律师事务所王智斌律师在接受《证券日报》记者采访时表示："当前，资本市场已经形成了行 政、刑事、民事立体追责，以保护投资者。通过提升违法成本，强化对财务造假等行为的查处力度，不 仅为后续投资者维权提供了基础，也可以净化资本市场生态。" 工信部信息通信经济专家委员会委员盘和林告诉《证券日报》记者："投资者的合法权益受到侵害时要 积极维护自身权益，监管部门也鼓励投资者通过诉讼实践，对各类违法责任主体追究民事赔偿责任。而 上市公司因为实际控制人、高管的违法违规行为受到损失的，可以依法向相关责任人追偿。" 此外，根据告知书认定的情况，公司披露的年度报告财务指标存在虚假记载，公司股票将被叠加实施其 他风险警示。 12月29日，苏州恒久光电科技股份有限公司（以下简称"ST恒久"）发布多个公告，公司被立案调 查之事有了最新进展。 根据中国证监会的查证，公司在2019年至2021年，连续3年有4期定期报告虚假记载，公司及相关责 任人被处罚，其中，ST恒久的控股股东、实际控制人余荣清拟被采取5年市场禁入措施。公司股票被叠 加实施其他风险警示。 同一天，ST恒久还因未就对外财务资助事项及时履行信息披露和监督管理义务、光导鼓 ...

此外，鸿达兴业通过虚增营业收入以及虚减营业成本、费用等方式虚增利润总额，导致2020年至 2022年年度报告、2023年半年度报告涉嫌存在虚假记载。上述期间虚增利润总额分别占公司当期披露利 润总额（绝对值）高达94.11%、94.42%、618.70%和12.84%。涉案期间虚增营业收入合计35.05亿元， 虚增利润总额合计40.78亿元。 已从深市退市一年的鸿达兴业股份有限公司（简称"鸿达兴业"，NQ400207）拟被重罚。江苏证监 局日前发出的《行政处罚事先告知书》显示，因涉嫌擅自改变可转债募集资金用途、多年财务造假、重 大诉讼、仲裁未依法披露等事项，江苏证监局拟对鸿达兴业、实控人及7名董监高人员开出合计5800万 元罚单。其中，公司拟被罚1850万元；实控人、董事长兼总经理周奕丰拟被罚2200万元，终身证券市场 禁入；财务总监林桂生拟被罚600万元，10年证券市场禁入。 对于擅自改变可转债募集资金用途、财务造假等严重违法行为，监管部门对鸿达兴业及周奕丰均拟 实施顶格处罚。监管部门认为，周奕丰组织、指使公司在相关定期报告中编造、篡改重要财务数据，严 重扰乱证券市场秩序，组织、指使公司擅自变更募集资金用途； ...

Core Viewpoint - *ST Tianmao (000627.SZ), controlled by Liu Yiqian, has announced its intention to voluntarily delist from the stock market due to its inability to disclose financial reports for 2024 and Q1 2025, which could lead to mandatory delisting by regulatory authorities [1][2][4]. Group 1: Company Actions and Financial Situation - The board of *ST Tianmao has approved a proposal to terminate the company's stock listing and transfer to the National Equities Exchange and Quotations (NEEQ) after delisting [1]. - Liu Yiqian and his wife control over 66% of the company's shares, with an estimated cost of 2.6 billion yuan based on an exercise price of 1.6 yuan per share [2]. - The company has set up mechanisms to protect dissenting shareholders, offering cash options to all A-share shareholders except for the actual controller Liu Yiqian [1]. Group 2: Investor Concerns and Market Reactions - Investors have expressed concerns that the company intentionally suppressed stock prices to trigger delisting rules, leading to significant losses for shareholders [3]. - As of now, *ST Tianmao has approximately 111,900 shareholders, and the stock price has been drastically reduced, with a valuation of 0.27 yuan per share by a fund company, down over 90% from the pre-suspension price of 2.74 yuan [3]. - The stock price reached a limit-up of 1.52 yuan on August 11, attributed to the exercise price being higher than the suspended price [3]. Group 3: Financial Reporting Issues - The company has been under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports on time [4]. - The inability to obtain auditor approval for financial reports is typically linked to discrepancies in financial data or insufficient evidence [5]. - Despite generating stable revenue figures over the years, the company relies heavily on its subsidiary, Guohua Life Insurance, which has reported a decline in premium income [5][6]. Group 4: Investment Strategies and Risks - Guohua Life Insurance has been criticized for its high policy surrender rates, with significant amounts returned to policyholders over the past three years [6]. - The company has engaged in unconventional investment strategies, primarily through trust plans, raising questions about its operational model as an insurance company [8]. - Guohua Life's investments in real estate and trust loans have raised concerns about compliance with regulatory standards for insurance fund investments [11][15]. Group 5: Leadership and Future Outlook - Liu Yiqian has begun liquidating personal assets, including art collections, to raise funds amid the company's financial struggles [23]. - The loss of control over Changjiang Securities marks a significant shift for Liu Yiqian, reducing his influence in the financial sector [24][25]. - The potential delisting of *ST Tianmao raises questions about the company's future and its ability to meet the requirements for trading on the NEEQ [26].

Core Viewpoint - The regulatory authority has imposed severe penalties on *ST Gaohong (000851) for engaging in financial fraud over nine years, inflating revenues by nearly 20 billion yuan, reflecting a zero-tolerance stance towards securities violations [1][4]. Group 1: Financial Fraud Details - From 2015 to 2023, *ST Gaohong inflated its revenue by approximately 19.8 billion yuan and profits by over 76.2 million yuan through fictitious trade activities [2][3]. - The fraudulent activities involved a closed-loop system where suppliers and customers were orchestrated by Jiang Qing, with no actual goods being exchanged [2]. - The company also misused inflated financial statements to raise funds, constituting fraudulent issuance during its non-public stock offering in 2020, which raised 1.25 billion yuan [3]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) plans to impose a fine of 135 million yuan on *ST Gaohong and an additional 26.75 million yuan on nine involved executives, including a 7.5 million yuan fine and a 10-year market ban for the chairman [4]. - Jiang Qing, the actual controller of Nanjing Qingya, will also face a 7 million yuan fine and a 10-year market ban for his role in the fraudulent activities [4]. - The company has issued a risk warning regarding the potential for mandatory delisting due to serious violations, including fraudulent issuance and false reporting in annual reports [4][5]. Group 3: Industry Implications - The crackdown on financial fraud is part of a broader regulatory effort to maintain market integrity and protect investors, with an increasing number of companies and individuals facing criminal charges for similar offenses [6][7]. - The regulatory environment has become more stringent, with a focus on creating a comprehensive deterrent system against financial misconduct, enhancing the overall standard of the capital market [7].

Core Viewpoint - The article discusses serious allegations against Huaxi Biological, including financial mismanagement, information disclosure issues, bond issuance fraud, and tax evasion, as revealed by a whistleblower who claims to be a former executive of the company [2][5][22]. Summary by Sections Whistleblower Allegations - The whistleblower, identified as David, has released a series of videos detailing alleged financial irregularities at Huaxi Biological, including a lack of proper financial management and low R&D investment [3][5][22]. - David claims that the financial team is poorly organized, lacking basic financial literature and effective data integration, which raises concerns about the company's governance [10][14][18]. Financial Mismanagement - David noted that R&D investment at Huaxi Biological is only 5% of revenue, significantly lower than the industry standard of over 25% [18]. - He reported that the CFO's office was disorganized, with outdated organizational charts and a lack of professional financial resources [14][16]. Specific Allegations of Fraud - The article outlines several specific allegations, including: 1. **False Promises**: Huaxi Xinyu allegedly concealed significant information during its IPO process in 2015, including the undisclosed holding of 30 million shares [23]. 2. **Financial Fabrication**: In 2017, Huaxi Xinyu reportedly fabricated financial statements, claiming 1.17 billion in revenue while the actual figure was only 1.23 million [23]. 3. **Bond Fraud**: The company allegedly misled the Shenzhen Stock Exchange to secure bond issuance approvals totaling 1.8 billion [23]. 4. **Tax Evasion**: Huaxi Xinyu is accused of orchestrating a scheme to evade 57.72 million in taxes through investment strategies exploiting tax exemptions [23]. IPO and Regulatory Issues - Despite ongoing investigations into Huaxi Xinyu's practices, Huaxi Biological successfully went public in 2019, with its IPO prospectus allegedly omitting critical information regarding the aforementioned fraudulent activities [24][31]. - The company has faced scrutiny from regulatory bodies, including the China Securities Regulatory Commission, which previously issued warnings regarding financial discrepancies [29][31]. Company Response - Huaxi Biological has publicly denied the allegations, claiming that the whistleblower's statements are fabricated and malicious, and has initiated legal actions against the individual [28][32]. - The company asserts that previous investigations by regulatory authorities found no evidence of fraud or significant information disclosure violations [31].

Core Viewpoint - *ST Gaohong has been implicated in a massive financial fraud spanning nine years, leading to a significant drop in stock price and potential delisting due to major violations of regulations [2][7][9]. Financial Fraud Details - The company inflated its revenue by nearly 20 billion yuan through fictitious trade activities from 2015 to 2023, with total inflated revenue amounting to 19.876 billion yuan and inflated profit totaling 76.2259 million yuan [4][6]. - Specific years of inflated revenue include: - 2015: 6.94 million yuan (9.34%) - 2016: 24.52 million yuan (28.27%) - 2017: 24.20 million yuan (26.97%) - 2018: 32.59 million yuan (35.18%) - 2019: 56.34 million yuan (49.38%) - 2020: 24.83 million yuan (35.38%) - 2021: 18.05 million yuan (21.11%) - 2022: 7.35 million yuan (10.72%) - 2023: 3.94 million yuan (6.65%) [5][6]. Regulatory Actions - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for fraudulent issuance of stocks in 2020, which involved false data from 2018 to 2020 [2][6]. - Due to the ongoing investigations and findings, *ST Gaohong's stock has been marked with a "ST" label, indicating it is under special treatment due to financial irregularities [8][9]. Audit Opinions - The company has faced consecutive years of adverse audit opinions from different accounting firms, indicating significant issues with its financial reporting and internal controls [8]. - The 2023 audit report highlighted uncertainties regarding the company's ability to continue as a going concern [8]. Industry Context - Since 2025, a total of 24 companies have been delisted, with several facing similar financial misconduct issues, indicating a broader trend of regulatory scrutiny in the market [10]. - Other companies currently under investigation for major violations include *ST Suwu, *ST Zitian, and others, reflecting systemic issues within the industry [11].

Group 1 - Company *ST Gao Hong (000851.SZ) has been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a trading halt with shares dropping to 2.1 yuan and over 4 million shares on hold [1] - The CSRC's notice indicates that the company engaged in fraudulent issuance of shares during its non-public offering in 2020, and its annual reports from 2015 to 2023 contain false records, potentially leading to mandatory delisting [1] - Investigations revealed that *ST Gao Hong inflated its revenue and profits through fictitious trade activities, resulting in a total inflated revenue of 19.876 billion yuan and inflated profit of 76.2259 million yuan from 2015 to 2023 [1] Group 2 - The CSRC 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 fraudulent activities [1]

Core Viewpoint - The article discusses the financial misconduct and subsequent penalties faced by Fangzheng Electric, highlighting the significant losses incurred by shareholders and the controversial actions of former chairman Zhang Min, who profited substantially before the company's decline [1][3][15]. Group 1: Company Background - Fangzheng Electric was established in 1991 and has grown from a small startup to a leading player in the electric motor industry, achieving numerous accolades over the years [4][6]. - The company went public in 2007, which typically provides opportunities for growth through increased funding [6][8]. Group 2: Financial Misconduct - The company faced severe financial issues, including a reported net loss of over 400 million yuan, equivalent to its total profit since its listing [11]. - From 2018 onwards, Fangzheng Electric engaged in financial misreporting, which included inflating the goodwill of its subsidiaries [15][17]. - Regulatory authorities imposed a fine of 4 million yuan on the company and penalties on three executives ranging from 700,000 to 1.3 million yuan [17][20]. Group 3: Shareholder Impact - Following the financial downturn, over 30,000 investors were left with significant losses, while Zhang Min managed to cash out approximately 800 million yuan by selling shares before the company's decline [3][14]. - The stock price peaked at 38.6 yuan but has since plummeted, with recent trading around 9.21 yuan, raising concerns for investors who entered at higher prices [1][23]. Group 4: Future Outlook - Despite past challenges, Fangzheng Electric reported a revenue increase of 9.22% year-on-year in the first quarter of 2025, indicating potential recovery [20][23]. - The completion of two major production bases and the capacity to produce 4.8 million drive systems annually may support future growth and order fulfillment [23].

Core Viewpoint - The case of Liyuan Technology highlights the increasing severity of penalties for financial fraud in China's capital markets, reflecting a new enforcement trend that emphasizes criminal accountability for key perpetrators [1][2][4]. Group 1: Case Overview - Liyuan Technology's actual controller, Shen Wanzhong, was sentenced for the crime of illegally disclosing important information, marking the sixth listed company involved in financial fraud this year [1]. - The financial fraud lasted only one year before being addressed, contrasting with traditional cases that often take three to five years to resolve [2]. - Shen Wanzhong faced an administrative penalty of 3.3 million yuan and a criminal sentence of one year in prison, with a probation period of one and a half years [2]. Group 2: Regulatory Environment - The new securities law has increased the maximum fine for information disclosure violations from 600,000 yuan to 10 million yuan, introducing harsher penalties for controlling shareholders and actual controllers who organize or instruct fraud [3]. - The establishment of a comprehensive accountability system combining civil compensation, administrative penalties, and criminal accountability is being accelerated through policy coordination between the Supreme People's Court and the China Securities Regulatory Commission [3]. Group 3: Challenges and Recommendations - Despite intensified regulation, some actual controllers of listed companies still take risks due to unchanged profit-driven mechanisms, ineffective corporate governance, and failures of intermediary institutions [3]. - To combat financial fraud, a market ecosystem that discourages such behavior is needed, including a rapid response mechanism from the regulatory body to law enforcement [4]. - Enhancing corporate governance structures, granting substantial supervisory powers to audit committees, and establishing a lifetime accountability system for intermediary institutions are recommended [4].

Group 1 - The core viewpoint of the articles highlights the severe penalties imposed on *ST Gaohong for financial fraud, including a proposed fine of 1.6 billion yuan and additional penalties for involved third parties [1][2] - The regulatory body has adopted a zero-tolerance approach towards financial fraud, establishing a comprehensive accountability system that includes administrative penalties, criminal referrals, and civil compensation lawsuits to protect investors [1][3] - *ST Gaohong's financial fraud lasted for nine years from 2015 to 2021, resulting in inflated revenue of nearly 19.9 billion yuan and total profits exceeding 76.2 million yuan [1] Group 2 - The penalties for *ST Gaohong are characterized by their severity, with the company facing potential delisting due to significant violations, reflecting a strong stance against malpractices in the market [2] - The crackdown on accomplices involved in financial fraud has intensified, with significant fines imposed on individuals and companies that facilitated the fraudulent activities, indicating a shift towards stricter enforcement [2] - There has been an increase in cases where listed companies and responsible individuals face criminal charges for financial fraud, demonstrating a growing trend in the regulatory environment [3]