Core Viewpoint - The company *ST Guangdao is facing potential delisting from the Beijing Stock Exchange due to significant violations related to false disclosures in its financial reports, marking a potential first case of mandatory delisting for major violations on this exchange [1][2][3] Group 1: Delisting Announcement - On September 19, 2025, *ST Guangdao received a notice from the Beijing Stock Exchange regarding the proposed termination of its stock listing [1] - The notice indicates that the company has been found to have false disclosures in its annual reports from 2018 to 2023 and the half-year report for 2024, which constitutes a major violation under the exchange's listing rules [2] - The company has the right to request a hearing within five trading days of receiving the notice, failing which it will forfeit this right [2] Group 2: Regulatory Actions - The company was investigated by the China Securities Regulatory Commission (CSRC) on December 4, 2024, and received a prior notice of administrative punishment on June 13, 2025 [3] - The CSRC's administrative punishment includes a fine of 10 million yuan for violations of the Securities Law, along with warnings and penalties for other relevant executives [3] Group 3: Compensation Measures - This case marks the first instance of a sponsor institution initiating advance compensation for investors affected by the company's violations [4] - The sponsor institution has announced plans to establish a special fund for advance compensation to eligible investors who suffered losses due to the company's misconduct [4] - The sponsor is actively working on the compensation plan and maintaining communication with relevant parties to ensure investor rights are protected [4]