Core Viewpoint - R Puli 1 (Puli Pharmaceutical Co., Ltd.) is facing significant regulatory scrutiny and financial challenges, including a recent fine for failing to disclose its 2024 annual report on time, amidst ongoing concerns about its previous financial misconduct and potential delisting [1][2][3][4]. Regulatory Issues - On November 28, R Puli 1 received an administrative penalty notice from the Hainan Regulatory Bureau of the China Securities Regulatory Commission for not disclosing its 2024 annual report within the legal timeframe, resulting in a fine of 500,000 yuan and a warning [1]. - This is not the first regulatory issue for R Puli 1; the company was previously penalized for financial fraud, which included inflating revenue by 1.029 billion yuan and profits by 669 million yuan over two years [3]. Financial Challenges - As of the end of Q3 2024, R Puli 1 reported cash reserves of only 331 million yuan, while its short-term liabilities due within a year amount to 541 million yuan, indicating a concerning short-term solvency situation [4]. - The company is under significant pressure due to the combination of delisting risks and a looming debt crisis, raising fears of potential defaults [4]. Company Background - R Puli 1 was established in 1992 and listed on the Growth Enterprise Market in 2017, previously recognized as one of China's top 100 innovative listed companies, with a diverse product line in various therapeutic areas [4].

Core Viewpoint - Chang'an International Trust Co., Ltd. has been penalized by the State Taxation Administration for tax evasion involving the use of false VAT invoices, leading to significant financial repercussions and highlighting ongoing compliance issues within the company [1][2][4]. Group 1: Tax Evasion Details - Chang'an Trust received 17 VAT invoices from Sichuan Jinguang Real Estate Appraisal Co., totaling 594,059.40 yuan, and 3 invoices from Sichuan Sanshi Construction Co., totaling 2,053,824.41 yuan, which were later confirmed to be fraudulent [1][2]. - The company was found to have knowingly allowed these companies to issue invoices without any actual business transactions, constituting tax fraud [2][3]. - As a result of these actions, Chang'an Trust is required to pay back 190,784.80 yuan in VAT, 13,354.93 yuan in urban maintenance and construction tax, and additional corporate income taxes totaling 656,247.41 yuan for the years 2020 and 2021 [2][3]. Group 2: Previous Penalties and Compliance Issues - This is not the first penalty for Chang'an Trust in 2023; it was previously fined 255,000 yuan by the People's Bank of China for violations related to credit information management [4]. - The company has failed to disclose annual reports for three consecutive years (2022-2024), which is a legal obligation, raising concerns about transparency and investor access to critical information [5]. - In 2021, the company reported revenues of 2.18 billion yuan, a 33.7% decrease year-on-year, with net profits of 540 million yuan, indicating ongoing financial struggles exacerbated by risks in the real estate sector [5].