出品：新浪财经上市公司研究院 文/夏虫工作室 近日，美晨科技（维权）财务造假被坐实。受此影响，美晨科技将于9月29日停牌一天，于9月30日起复 牌并被实施其他风险警示，股票简称变更为"ST美晨"，涨跌幅仍为20%。 美晨科技此次财务造假年份长达五年，虚增营收超14亿元，虚增利润超6亿元。值得注意的是，财务造 假期间，公司涉及定增及筹划可转债募资等资本动作。至此，我们产生两大疑惑，其一，美晨科技是否 涉嫌欺诈发行？其二，作为保荐机构的中泰证券等中介机构又是否存在立案调查风险？ 美晨科技是否涉嫌欺诈发行？ 美晨科技原主营业务为非轮胎橡胶业务，后通过外延式并购切入园林板块。需要指出的是，此次财务造 假主要为收购标的。 2014年9月，美晨科技以发行股份购买资产方式收购郭柏峰等持有的杭州赛石园林集团有限公司（以下 简称赛石园林）股权，赛石园林自此成为美晨科技全资子公司。即美晨科技以"发行股份和支付现金相 结合的方式"购买郭柏峰、潘胜阳、孙宇辉、肖菡、华夏嘉源、颐高集团、华峰科技合计持有的赛石园 林100%股权，交易价格为6亿元，其中现金支付2.5亿元、发行股份支付3.5亿元。 美晨科技2014年至2018年年度报告存 ...

作者：IPO再融资组/郑权 近日，*ST东通（维权）（或称东方通）发布公告称，证监会拟对公司罚款2.29亿元，因为公司2019—2022年度报告存在虚假记载、2022年定增构成 欺诈发行。此外，*ST东通公告称可能被实施重大违法强制退市。 值得关注的是，2019—2022年是*ST东通定增募资的报告期及第一创业的保荐期，第一创业竟然对*ST东通严重财务造假没有察觉，尤其是2022年*ST 东通虚增的利润总额是披露数值的219.43%。 登录新浪财经APP 搜索【信披】查看更多考评等级 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！ 出品：上市公司研究院 更有意思的是，*ST东通财务造假的主体泰策科技2022年提前或虚增确认的一笔超1亿元的收入，对应的招投标信息或直到2024年网上才有相关线索， 第一创业是否充分尽调核查待考。此外，泰策科技是*ST东通高溢价收购的标的，泰策科技2021年完成业绩承诺后2022年就迅速"变脸"，第一创业理 应对泰策科技业绩真实性保持高度警惕。 *ST东通定增期间严重财务造假 第一创业毫无察觉客观上协助欺诈发行 根据证监会近日下发的《行政处罚事先告知书》， ...

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].