炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 连续多年财务造假、虚增利润40亿元等，上市公司遭重罚后退市，知名投行被立案：涉嫌持续督导业务 未勤勉尽责 登录新浪财经APP 搜索【信披】查看更多考评等级 每经记者 陈晨 每经编辑 段炼 10月31日晚间，第一创业发布公告，其全资子公司第一创业证券承销保荐有限责任公司（以下简称"一 创投行"）已于当日收到中国证监会的《立案告知书》。此次立案所涉事项，正是一桩已退市公司的陈 年旧案——鸿达兴业2019年可转债项目。公告明确指出，立案原因是一创投行在该项目中"涉嫌持续督 导业务未勤勉尽责"。 鸿达兴业已于2024年3月被摘牌退市，但这并不意味着相关方的责任就此终结。就在2025年6月，江苏证 监局查实，鸿达兴业在2019年可转债发行后，存在严重财务造假和违规行为，包括擅自改变募集资金用 途达16.91亿元，以及在2020年至2023年间合计虚增利润总额高达40.78亿元。该案最终以鸿达兴业及相 关责任人合计被罚5780万元、实控人周奕丰被处以终身市场禁入告终。如今，监管的目光正式转向了当 年的保荐机构。第一创业方面回应记者称，此系"历史项目 ...

Core Viewpoint - Meicheng Technology has been confirmed to have committed financial fraud over a period of five years, resulting in a significant increase in reported revenue and profits, leading to a suspension of trading and a change in stock designation to "ST Meicheng" [1][2]. Financial Fraud Details - The financial fraud involved the inflation of revenue by over 1.438 billion yuan and profits by over 658 million yuan from 2014 to 2018, with specific annual figures showing substantial discrepancies between reported and actual figures [2]. - The inflated revenue percentages for each year were 2.06%, 20.67%, 24.60%, 5.53%, and 2.88%, while the inflated profit percentages were 17.91%, 75.64%, 49.78%, 15.49%, and 15.58% respectively [2]. Acquisition and Performance - Meicheng Technology acquired 100% of the shares of Sai Stone Garden Group for 600 million yuan, with a high premium of 377.96% over the assessed value [2][3]. - Despite the inflated financials, Sai Stone Garden exceeded its performance commitments in the initial years, but if the inflated amounts are excluded, it failed to meet the targets in the first year [3][4]. Capital Raising Activities - In 2015, Meicheng Technology initiated a private placement to raise up to 1.2 billion yuan, successfully raising 800 million yuan by the end of the year [4][5]. - The funds were intended to supplement working capital, with a significant portion allocated to the acquisition of Sai Stone Garden [5]. Regulatory and Legal Implications - Questions arise regarding whether Meicheng Technology is guilty of fraudulent issuance and the potential investigation risks for its sponsor, Zhongtai Securities, which was involved in the private placement [1][6]. - Zhongtai Securities had previously confirmed the accuracy of Meicheng Technology's financial statements, raising concerns about its due diligence and potential legal repercussions [6][8]. Future Outlook - Meicheng Technology is facing significant operational challenges, with declining revenues and extended project payment cycles, leading to the classification of Sai Stone Garden as a "negative asset" [6]. - The company plans to undergo a transformation starting in 2024, including divesting from loss-making segments of its business [6].

Core Viewpoint - *ST Dongtong faces a potential fine of 229 million yuan from the China Securities Regulatory Commission (CSRC) due to false reporting in its financial statements from 2019 to 2022 and fraudulent issuance in its 2022 private placement [1][2][3] Group 1: Financial Misconduct - From 2019 to 2022, *ST Dongtong inflated its revenue by 61.45 million yuan, 84.85 million yuan, 125.51 million yuan, and 160.53 million yuan, representing 12.29%, 13.25%, 14.54%, and 17.68% of the reported revenue for those years respectively [2] - The inflated profits for the same period were 52.23 million yuan, 58.77 million yuan, 79.48 million yuan, and 123.69 million yuan, accounting for 34.11%, 22.72%, 30.35%, and 219.43% of the reported profit totals [2][3] Group 2: Role of First Capital - First Capital, the underwriter for *ST Dongtong's 2022 private placement, failed to detect the severe financial fraud during the reporting period, which raises questions about its due diligence [3][5] - First Capital's commitment in the underwriting document stated that it had sufficient reason to believe that the issuer's application documents and disclosures were free from false statements or omissions [3][5] Group 3: Implications of Fraudulent Activities - The fraudulent activities included the early recognition of over 100 million yuan in revenue by Taice Technology, which was acquired by *ST Dongtong at a significant premium [1][6] - Following the completion of performance commitments in 2021, Taice Technology's revenue plummeted by 87.38% in 2022, indicating a drastic change in financial performance [6][8] Group 4: Regulatory and Market Reactions - The CSRC has indicated that *ST Dongtong's fraudulent disclosures could lead to a forced delisting due to continuous financial misconduct [1][3] - The establishment of a compensation fund by First Capital could help restore investor confidence and mitigate reputational damage in light of the ongoing investigations [13]

Core Viewpoint - The company NuoTai Bio (688076.SH) has been penalized by the China Securities Regulatory Commission (CSRC) for financial fraud and has officially been designated as ST (Special Treatment) due to its violations, which include fabricating financial data and misleading disclosures [1][3]. Group 1: Company Violations - NuoTai Bio was found to have falsely recognized 30 million yuan in revenue through fictitious technology transfers, inflating profits by 25.95 million yuan, which accounted for 20.6% of the disclosed amount [1]. - The company also fabricated significant content in its public offering documents, with the 2023 convertible bond prospectus continuing to use this false data, constituting a serious violation of issuance document integrity [1][3]. Group 2: Underwriter's Responsibility - Nanjing Securities (601990.SH), as the underwriter for NuoTai Bio, was deeply involved in its financing operations and failed to identify the discrepancies in the financial disclosures, despite confirming the accuracy of the information provided [3][6]. - The underwriter received a total of 66.3854 million yuan in underwriting fees for the IPO and an additional 5.66 million yuan for the convertible bond project, raising questions about its due diligence practices [3][6]. Group 3: Regulatory and Market Impact - Following the scandal, Nanjing Securities has faced scrutiny for its oversight quality, with over 40% of the 17 IPO and refinancing companies it has supervised in the past decade encountering issues such as financial fraud and disclosure violations [6]. - Despite achieving a record net profit of 1 billion yuan in 2024, Nanjing Securities reported an 11.6% decline in revenue in the first quarter of 2025, indicating potential weaknesses in its business performance [7]. Group 4: Future Outlook - NuoTai Bio's stock will be subject to additional risk warnings from the Shanghai Stock Exchange, but it does not currently face mandatory delisting due to major legal violations [8]. - Nanjing Securities' 5 billion yuan private placement plan has faced delays and scrutiny, with the validity of the plan extended to July 2026, leaving its future uncertain [8].