Core Viewpoint - The report highlights the increasing number of securities-related disputes in Beijing, emphasizing the prevalence of securities fraud cases and the expanding range of liable parties involved in these disputes [1][2][3][5]. Group 1: Case Statistics - From March 2021 to August 2025, the Beijing Financial Court accepted a total of 10,942 securities commercial cases, with a significant portion being securities fraud liability disputes [2][3]. - The total amount involved in securities dispute cases reached 45.928 billion yuan, with an average litigation amount of approximately 4.1974 million yuan per case [2][7]. - The number of securities fraud liability disputes accounted for 99.8% of all fraud-related cases, indicating a dominant trend in the types of disputes being filed [4]. Group 2: Types of Disputes - The report categorizes securities fraud liability disputes into four main types: false statements, insider trading, market manipulation, and fraud against clients, with false statements being the most common [4]. - The majority of cases involve false statements related to financial misrepresentation, misleading statements, and failure to disclose critical information [4]. Group 3: Involved Parties - A total of 45 intermediary institutions have been sued, including 11 securities companies, 19 accounting firms, 6 law firms, 5 asset appraisal agencies, and 4 credit rating agencies [5][6]. - The report notes that investors are increasingly suing not only the issuers but also their controlling shareholders, actual controllers, and senior executives, reflecting a trend towards broader accountability [5][6]. Group 4: Emerging Issues - The report identifies new challenges arising from the complexity of financial products and trading models, including potential lawsuits related to companies facing delisting due to fraud [8]. - There is a growing concern regarding large shareholders' illegal share reductions, which may lead to securities fraud claims, especially in light of new regulations governing share reductions [8][9]. - The report anticipates an increase in civil claims related to insider trading and market manipulation as investor awareness and legal frameworks evolve [9].

Core Viewpoint - The company *ST Tianmao has received a decision from the Shenzhen Stock Exchange to terminate its stock listing due to continuous financial losses and failure to meet reporting obligations [1][5]. Group 1: Company Overview - *ST Tianmao was established in November 1993 and listed on the Shenzhen Stock Exchange in November 1996, primarily engaged in various personal insurance businesses including life, health, and accident insurance [4]. Group 2: Delisting Process - The company announced its intention to voluntarily delist on August 8, 2023, submitted the delisting application on September 4, and the Shenzhen Stock Exchange accepted the application on September 10, with the final decision made on September 25, 2023, completing the delisting process in approximately two months [3][5]. Group 3: Financial Performance - The company's net profit attributable to shareholders has declined for four consecutive years, with significant losses in the last two years. The net profit figures from 2020 to 2023 show a decline of 67.32%, 18.88%, 41.78%, and 337.82%, respectively. In 2023, the company reported a net loss of 650 million yuan, and for the first three quarters of 2024, the loss was 333 million yuan [5]. - The company projected a net loss of 500 million to 750 million yuan for 2024, with a non-recurring net profit loss forecasted between 503 million and 753 million yuan [5]. Group 4: Regulatory Compliance and Risks - Prior to the voluntary delisting, the company had issued multiple risk warning announcements regarding the potential for termination of its listing due to its inability to disclose the 2024 annual report and the 2025 Q1 report within the statutory timeframe [6]. - Since 2025, a total of 25 listed companies, including B-share companies, have completed the delisting process, with nine companies facing financial delisting, indicating a broader trend in the market [6].

Core Viewpoint - The company *ST Tianmao has been delisted from the Shenzhen Stock Exchange due to continuous financial losses and has initiated a voluntary delisting process, which took approximately two months to complete [1][2][4]. Summary by Sections Delisting Announcement - On September 25, *ST Tianmao received a decision from the Shenzhen Stock Exchange to terminate its stock listing, effective within five trading days [1][2]. - The company will not enter a delisting transition period as it voluntarily chose to delist [2]. Company Background - *ST Tianmao was established in November 1993 and listed on the Shenzhen Stock Exchange in November 1996, primarily engaging in various life and health insurance businesses [4]. Financial Performance - The company's financial performance has deteriorated for four consecutive years, with significant losses in the last two years [5]. - From 2020 to 2023, the net profit attributable to shareholders decreased by 67.32%, 18.88%, 41.78%, and 337.82%, respectively [5]. - In 2023, the company reported a net loss of 650 million yuan, and for the first three quarters of 2024, the loss was 333 million yuan [5]. - A forecast for 2024 indicated expected losses between 500 million to 750 million yuan [5]. Delisting Process - The entire delisting process took about two months, starting from the initial announcement of voluntary delisting on August 8 [2][4]. - Prior to the delisting, the company had issued multiple risk warnings regarding the potential for termination of its listing [6]. Industry Context - Since 2025, a total of 25 companies, including B-share companies, have completed the delisting process, with various reasons including financial issues and voluntary delisting [6].

Core Viewpoint - The article discusses the circumstances under which a listed company may be delisted, emphasizing the importance of protecting investors' rights in cases of financial fraud and other violations [1][2]. Group 1: Types of Delisting - Delisting can occur in two main forms: voluntary delisting, where a company chooses to withdraw from the stock exchange, and involuntary delisting, which is enforced by the exchange due to non-compliance with listing requirements [1]. - Involuntary delisting is categorized into four types: trading-related, financial-related, compliance-related, and major violation delisting, with financial fraud falling under the major violation category [1][2]. Group 2: Impact of Financial Fraud - Financial fraud involves companies artificially inflating revenues or profits to mislead investors, as exemplified by Beijing Orient Technology Co., which was reported for falsifying financial data over four consecutive years [2]. - While delisting may disappoint investors, it serves to protect their interests by removing companies that distort market pricing mechanisms and fail to provide accurate financial information [2]. Group 3: Investor Rights and Compensation - Delisting does not automatically entitle investors to compensation; only in cases of financial fraud or other illegal activities leading to delisting can investors seek damages [3]. - Investors have various legal avenues to assert their rights, including administrative buybacks, advance compensation, and litigation, particularly in cases of false statements or disclosures [3][4]. Group 4: Importance of Evidence and Timeliness - Investors are advised to retain evidence such as transaction records and to stay informed about regulatory actions, as these are crucial for any potential claims [4]. - The success of obtaining compensation post-litigation depends on the company's ability to pay and the court's enforcement capabilities [4]. Group 5: Conclusion - Understanding the complexities of delisting and investor rights is essential for investors to protect their legal interests and make informed investment decisions [5].

2025.09.07 本文字数：1766，阅读时长大约3分钟 作者 |第一财经 周斌 封图 |AI生成 此前8月22日，福建证监局对*ST紫天财务造假出具了两份《行政处罚决定书》。根据《行政处罚决定 书》，2022年至2023年期间，*ST紫天先后通过虚构互联网广告费代充值业务、短信发送服务业务，在 云服务业务未开工、未经客户验收通过且未收到任何款项情况下提前确认营业收入等方式虚增收入 24.99亿元，虚增利润上亿元。 公告显示，该公司财务报表合并范围共有33家子公司，但仅收集3家主要子公司2024年度财务报表，未 能有效组织开展2024年年度报告编制及披露工作，导致该公司未在2024年会计年度结束之日起四个月 内，依照法律规定报送并公告2024年年度报告。截至目前，*ST紫天仍未披露2024年年度报告。 由于连续两年财务造假，并未按期披露2024年年报等违规行为，*ST紫天及其12位管理人员合计被罚 3840万元，原董事长姚小欣、财务总监李想被采取终身证券市场禁入措施。 又有两家深市公司锁定退市。近日，*ST紫天（300280.SZ）发布公告称，深交所对其依规作出终止上 市决定。另外，*ST天茂（00062 ...

Core Viewpoint - The article discusses the recent trend of delistings in the A-share market, highlighting that companies are facing stricter regulations and potential legal consequences even after delisting due to financial misconduct and other violations [3][10]. Group 1: Recent Delistings - Two companies, *ST Zitian and *ST Tianmao, have recently been involved in delisting activities, with *ST Zitian facing a forced delisting due to regulatory violations [3][11]. - As of September 7, 2023, a total of 24 companies have been delisted this year, with over 80% of these cases attributed to severe legal, financial, and regulatory breaches [3][11]. Group 2: Regulatory Actions and Consequences - *ST Zitian was found to have inflated its revenue by CNY 2.499 billion and profits by over CNY 100 million through fraudulent accounting practices, leading to administrative penalties and potential criminal charges [7][9]. - The company has been penalized a total of CNY 38.4 million, and its former chairman and CFO have been banned from the securities market for life due to their involvement in the misconduct [9]. - Following its delisting, *ST Longyu also faced significant penalties for similar financial misreporting, indicating a trend of continued regulatory scrutiny post-delistings [12]. Group 3: Market Trends and Future Implications - The article notes an acceleration in the pace of delistings, with a clear emphasis from regulators on enforcing strict delisting rules and holding companies accountable for their actions [11][12]. - The proactive delisting by *ST Tianmao, which offered cash options to dissenting shareholders, reflects a growing trend among companies to manage their exit from the market strategically [11].

继玉龙股份、中航产融、海通证券之后，又一家A股上市公司申请主动退市。 日前，天茂实业集团股份有限公司（以下简称"*ST天茂"，000627.SZ）发布公告称，公司董事会审议通过议案，同意公司以股东会决议方式主 动撤回A股股票在深交所的上市交易，并在退市之后将申请转入全国中小企业股份转让系统代为管理的退市板块转让。 对于申请退市原因，*ST天茂表示，系因公司拟进行业务结构调整，面临重大不确定性，可能对公司造成重大影响，此举是为了保护中小股东 利益。 公司公告显示，为充分保护投资者的利益，公司将设置异议股东及其他股东保护机制，本次以股东会决议方式主动终止上市事项经股东会审议 通过后，由荆门市维拓宏程管理合伙企业（有限合伙）向除新理益集团、王薇、刘益谦外现金选择权股权登记日登记在册的全体A股股东提供现金 选择权（限售或存在权利限制的股份等情形除外）。 现金选择权的行权价格为1.60元/股，较上述停牌价1.45元溢价约10.34%。股权登记日为2025年9月2日（如有调整，由公司董事会确定）。 股东可以申报现金选择权，也可以继续持有公司股票。 *ST天茂提示称，若股东会不能通过《关于以股东会决议方式主动终止公司股票上 ...

Core Viewpoint - *ST Tianmao has applied for voluntary delisting from the Shenzhen Stock Exchange due to significant uncertainties arising from business restructuring, aiming to protect the interests of minority shareholders [2][5][7]. Group 1: Delisting Announcement - *ST Tianmao's board has approved a resolution to withdraw its A-share listing and will apply to transfer to the National Equities Exchange and Quotations for management in the delisting section [1]. - The company will provide cash options to shareholders, with an exercise price of 1.60 CNY per share, representing a premium of approximately 10.34% over the suspension price of 1.45 CNY [6]. Group 2: Financial Performance - The company has faced continuous declines in performance, with net profits dropping for four consecutive years, including a significant loss of 11.55 billion CNY in 2023, a year-on-year decline of 338.6% [13][14]. - From 2020 to 2023, the company's net profit attributable to shareholders decreased by 67.32%, 18.88%, 41.78%, and 337.82%, respectively [14]. Group 3: Historical Context - Established in November 1993 and listed in November 1996, *ST Tianmao primarily engages in various life insurance businesses [10]. - The company underwent significant changes in ownership and control, with New Liyi Group becoming the major shareholder in 2002 [10][11]. - The acquisition of a 43.86% stake in Guohua Life Insurance in 2016 marked a turning point, leading to substantial revenue growth, peaking at over 500 billion CNY in 2019 [12]. Group 4: Industry Context - As of 2025, a total of 24 companies have completed delisting, with various reasons including financial issues and voluntary applications [17][20]. - The primary reasons for delisting include financial performance issues and violations of regulations, indicating a challenging environment for companies in the market [20].

Core Viewpoint - The company Tuisijingang (SH600190) is set to be delisted due to serious financial misconduct, with its last trading day on July 18, 2025, and delisting effective on July 25, 2025 [1][7]. Group 1: Company Overview - Tuisijingang primarily engages in logistics services for bulk goods, including oil, chemicals, grain, coal, metal ores, and steel [5]. - The company was listed on the B-share market in May 1998 and on the A-share market in June 1999 [5]. Group 2: Financial Misconduct and Regulatory Actions - The company has faced scrutiny for financial fraud, leading to significant penalties from the Liaoning Securities Regulatory Bureau, totaling 38.6 million yuan [6][7]. - On May 29, 2025, the company received a regulatory notice from the Shanghai Stock Exchange regarding mandatory delisting due to serious violations in annual report disclosures [7]. - The stock entered a delisting preparation period on June 30, 2025, which lasted for 15 trading days, concluding on July 18, 2025 [7]. Group 3: Delisting Process and Investor Guidance - Following delisting, Tuisijingang's shares will transition to the National Equities Exchange and Quotations (NEEQ) system for trading [8]. - The company has advised investors to pay attention to announcements from the lead broker regarding share confirmation and to complete necessary account setup for trading [8].

Core Viewpoint - Qinghai Spring (referred to as *ST Spring) has been publicly reprimanded by the Shanghai Stock Exchange for failing to timely correct performance forecast data and not adequately warning the market about the risk of delisting [2][3] Group 1: Company Performance and Regulatory Issues - *ST Spring has reported continuous losses for five consecutive years, leading to its stock being marked with a delisting risk warning since April 30, 2024 [2][3] - The company’s 2024 revenue forecast was initially set between 311 million to 339 million yuan, with a critical threshold of 300 million yuan established by the exchange for delisting risk [3][4] - After inquiries from the exchange regarding a significant revenue increase, it was determined that *ST Spring's adjusted revenue for 2024 would fall below the 300 million yuan threshold [4][5] Group 2: Financial Impact and Business Strategy - The company’s white liquor business, particularly the product "Tinghua Wine," has been highlighted as a key focus for maintaining its listing status, despite a 44.05% year-on-year decline in revenue to 46.41 million yuan [6][7] - The potential revenue from Tinghua Wine, based on planned production and pricing, could theoretically reach 5.318 billion yuan, indicating its importance in the company's recovery strategy [6] - The company plans to introduce new products and enhance communication with customers to improve brand presence and product quality [6][7] Group 3: Industry Context and Challenges - The liquor industry is experiencing a significant adjustment period, with companies like Hainan Coconut Island and Lanzhou Yellow River also facing delisting risks due to performance issues [7][8] - The market is showing a trend of polarization in liquor consumption, with high-end brands consolidating while mid-range and mass-market segments expand, posing challenges for *ST Spring's high-end positioning [7]