中经记者 陈家运 北京报道 12月1日，友发集团（601686.SH）发布公告，宣布终止2024年度向特定对象发行A股股票事项。 此前，在2024年10月，友发集团发布定增预案，计划发行股票数量不超过2.2亿股，募集资金总额不超 过10亿元，主要用于产能扩张、补充流动资金及偿还银行贷款等。 友发集团证券部人士在接受《中国经营报》记者采访时表示，此次终止募集资金不会对资金链稳定性造 成影响。该公司在公告中表示，终止事项不会对正常生产经营产生重大不利影响，亦不会损害股东利 益。 终止定增计划 此次定增计划始于2024年下半年。当年10月17日，友发集团董事会及监事会通过相关议案，随后在11月 30日召开的股东大会上获高票通过，并授权董事会在12个月内全权办理发行事宜。然而，直至2025年11 月30日授权期届满，市场未能等来定增实施的公告。友发集团董事会最终决定不再申请延期。 对此，友发集团证券部人士表示，此次终止募集资金不会对资金链稳定性造成影响。 定增预案显示，2021年至2024年6月末，友发集团资产负债率分别为54.37%、56.01%、56.36%和 64.62%，而各期末同行业可比上市公司（金洲管道、 ...

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].