本报记者 吴晓璐 近日，宜通世纪科技股份有限公司（以下简称"宜通世纪"）发布公告称，公司收到广东省广州市中级人 民法院（以下简称"广州中院"）出具的《刑事判决书》。一场历时多年的并购重组财务造假案再迎来司 法清算。 被刑事追责 2016年，宜通世纪启动重大资产重组，以发行2178.99万股及支付现金4.4亿元的方式向深圳市倍泰健康 测量分析技术有限公司（以下简称"倍泰健康"）原实际控制人方某林等16名交易对手方收购倍泰健康 100%的股份，交易总对价为10亿元。彼时，方某林等人承诺，倍泰健康2016年至2019年累计净利润不 低于3.11亿元。 2017年，在方某林等人的组织下，倍泰健康虚构订单财务造假，并导致宜通世纪2017年年报财务造假。 此后，宜通世纪及相关责任人被证监会行政处罚。 2018年，方某林因涉嫌合同诈骗罪被立案侦查。2020年底，广州中院一审判决方某林无期徒刑，剥夺政 治权利终身，处没收个人全部财产，并追缴方某林犯罪所得发还被害单位宜通世纪；追缴不足以清偿被 害单位损失的，责令方某林退赔，追缴、退赔总额以7.7亿元为限。方某林上诉后，二审判决维持原 判。 许某群东窗事发于2018年6月份，宜 ...

Core Viewpoint - Yitong Century Technology Co., Ltd. has received a criminal judgment from the Guangzhou Intermediate People's Court regarding a long-standing merger and acquisition financial fraud case, marking a significant step in judicial accountability against financial fraud in China [1][2]. Group 1: Case Background - In 2016, Yitong Century initiated a major asset restructuring, acquiring 100% of Shenzhen Beitai Health Measurement Analysis Technology Co., Ltd. for a total consideration of 1 billion yuan, with a commitment from the sellers to achieve a cumulative net profit of no less than 311 million yuan from 2016 to 2019 [2]. - The fraud involved the fabrication of orders by Beitai Health, leading to financial misstatements in Yitong Century's 2017 annual report, resulting in administrative penalties from the China Securities Regulatory Commission [2]. Group 2: Judicial Outcomes - The court sentenced Xu Mouqun to five years in prison and imposed a fine of 500,000 yuan for his role in the fraud, which included providing funds and assisting in financial deception, causing significant economic losses to Yitong Century [1][3]. - The court also ordered the recovery of 40 million yuan in illegal gains from Xu, with provisions for further compensation if the recovery was insufficient [1]. Group 3: Regulatory Environment - The case reflects a broader trend in China's regulatory environment, emphasizing a dual approach of targeting both the principal offenders and accomplices in financial fraud cases, thereby enhancing market integrity and protecting investors' rights [1][4]. - The China Securities Regulatory Commission has reinforced its stance on punishing accomplices in financial fraud, indicating a shift towards a more comprehensive accountability framework [4][6]. Group 4: Industry Implications - The increasing severity of penalties for financial fraud, including criminal charges against accomplices, aims to deter potential fraudsters and purify the market environment [8][9]. - The establishment of a multi-dimensional accountability system is intended to create clear behavioral boundaries for market participants, thereby safeguarding investors' legitimate rights and interests [8][9].

Core Viewpoint - The regulatory authorities are firmly enforcing the principle of "delisting does not exempt from responsibility," indicating a zero-tolerance approach towards illegal activities by delisted companies [1][3][5]. Regulatory Actions - In October, the China Securities Regulatory Commission (CSRC) and local securities regulatory bureaus took action against seven delisted companies, with four receiving administrative penalties or prior notices, two shareholders being investigated, and one company facing regulatory measures [1][2]. - Pan Hai Holdings and Qingdao Zhongzi Zhongcheng Group received fines of 8.4 million yuan and 20.6 million yuan respectively for violations related to financial disclosures and contract defaults [2]. Enforcement of Accountability - The regulatory bodies are implementing a "double penalty" approach, holding both the companies and key individuals accountable for violations, which enhances the deterrent effect against misconduct [4][5]. - For instance, the controlling shareholder of Changjiang Health was fined 15 million yuan, and the former and current chairpersons faced fines of 1.2 million yuan each, along with lifetime bans from the securities market [4]. Strengthening Investor Protection - The CSRC is enhancing investor protection measures, particularly for small and medium investors, by promoting proactive compensation from controlling shareholders in cases of significant violations leading to forced delisting [7][8]. - Recent judicial actions have also favored investors, as seen in the case of Shanghai Longyu Data, where investors won a civil lawsuit against the delisted company [7]. Overall Market Impact - The ongoing strict regulatory environment is expected to improve compliance among companies, reduce the occurrence of illegal activities, and ultimately foster a healthier capital market ecosystem [5][6].

Core Viewpoint - The concept of "delisting does not exempt from liability" has become a regulatory norm in the capital market, indicating that companies and related parties will still face accountability for illegal activities even after delisting [1][4]. Group 1: Regulatory Actions - Three delisted companies and their related parties have recently faced regulatory actions, including investigations and penalties, due to violations during their listing period [1][2]. - China Zhongqi Investment Co., Ltd. announced that its controlling shareholder received a notice of investigation from the CSRC for suspected information disclosure violations [2]. - Jiangsu Sunshine, a delisted company, received a notice of administrative penalty for failing to disclose significant events related to related party transactions, with a proposed fine of 3.3 million yuan [3]. Group 2: Trends in Delisting Accountability - There has been a notable increase in regulatory actions against delisted companies, with over 70 companies investigated for illegal activities and 33 cases referred for suspected criminal information disclosure [4]. - The regulatory framework aims to enhance compliance awareness among market participants and boost investor confidence, contributing to the high-quality development of the capital market [4]. Group 3: Legal Mechanisms and Enforcement - The introduction of representative litigation for delisted companies marks a significant advancement in civil compensation mechanisms, reducing the cost of investor rights protection and increasing litigation efficiency [5]. - The CSRC has intensified its crackdown on financial fraud, with 13 companies facing mandatory delisting this year due to severe violations, particularly financial misconduct [6]. - Regulatory authorities are focusing on key stakeholders, including actual controllers and major shareholders, to ensure accountability and maintain market stability [6].

Core Points - Jintongling (300091.SZ) has been sentenced for securities fraud, with a fine of 8 million yuan and its chairman, Ji Wei, receiving a 6-year prison term and a fine of 3 million yuan [2][4] - The company has faced administrative penalties from the Jiangsu Securities Regulatory Bureau for financial fraud from 2017 to 2022, with ongoing civil litigation initiated by a representative [2][5][7] Summary by Category Criminal Sentences - Jintongling was found guilty of securities fraud and fined 8 million yuan, which is 1.17% of its latest audited net assets [4] - Ji Wei was sentenced to 6 years in prison for securities fraud and information disclosure violations, while other executives received varying prison terms and fines [4][6] Administrative Penalties - The Jiangsu Securities Regulatory Bureau imposed a fine of 1.5 million yuan on Jintongling for financial misconduct, including inflating revenue and profits through falsified documents from 2017 to 2022 [5][6] - Specific fines were also levied against Ji Wei and other executives for their roles in the fraudulent activities [6] Civil Litigation - A special representative lawsuit has been initiated against Jintongling for securities fraud, with the Nanjing Intermediate Court announcing the commencement of this process [7] - Legal experts emphasize the importance of a comprehensive regulatory approach to deter financial fraud in the capital market [7]

Core Viewpoint - *ST Zitian's stock will be delisted due to financial misconduct, including false accounting reports and failure to rectify issues as mandated by regulatory authorities [2][6][9] Group 1: Financial Misconduct - *ST Zitian has inflated revenue by a total of 2.499 billion yuan over two years [5][6] - In the 2022 annual report, the company falsely reported internet advertising fees and other services, inflating revenue by 778 million yuan, which constituted 44.59% of annual revenue, and profit by 85 million yuan, accounting for 35.99% of total profit [6][7] - The 2023 semi-annual report showed an inflated revenue of 207 million yuan and profit of 79 million yuan, representing 14.56% of that period's revenue and 51.64% of profit [7] - The 2023 annual report indicated an inflated revenue of 1.721 billion yuan, which was 78.63% of that year's revenue, due to incorrect revenue recognition practices [7] Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a total penalty of 38.4 million yuan on *ST Zitian and its management for the fraudulent activities [7][9] - The former chairman and financial director face lifetime bans from the securities market due to their roles in the misconduct [7] - Regulatory authorities are pursuing comprehensive accountability for financial fraud, indicating that penalties will extend beyond administrative actions to potential criminal charges [9] Group 3: Market Impact - *ST Zitian's stock has experienced a cumulative decline of 87.01% this year [9]

Group 1 - The core viewpoint of the articles highlights the severe penalties imposed on *ST Gaohong for financial fraud, including a proposed fine of 1.6 billion yuan and additional penalties for involved third parties [1][2] - The regulatory body has adopted a zero-tolerance approach towards financial fraud, establishing a comprehensive accountability system that includes administrative penalties, criminal referrals, and civil compensation lawsuits to protect investors [1][3] - *ST Gaohong's financial fraud lasted for nine years from 2015 to 2021, resulting in inflated revenue of nearly 19.9 billion yuan and total profits exceeding 76.2 million yuan [1] Group 2 - The penalties for *ST Gaohong are characterized by their severity, with the company facing potential delisting due to significant violations, reflecting a strong stance against malpractices in the market [2] - The crackdown on accomplices involved in financial fraud has intensified, with significant fines imposed on individuals and companies that facilitated the fraudulent activities, indicating a shift towards stricter enforcement [2] - There has been an increase in cases where listed companies and responsible individuals face criminal charges for financial fraud, demonstrating a growing trend in the regulatory environment [3]

Core Viewpoint - *ST Gaohong has been found guilty of serious financial fraud, resulting in a total revenue inflation of 19.876 billion yuan and profit inflation of 76.2259 million yuan from 2015 to 2023, leading to severe penalties and potential delisting from the stock exchange [1][3][4]. Group 1: Financial Fraud Details - The company engaged in fictitious trade activities, significantly inflating its revenue and profits through non-substantive transactions involving laptops and IT products [3][4]. - The inflated revenue accounted for 49.38% of the reported figures in 2019, while the inflated profit represented 64.88% of the total profit for that year [3]. - The total penalties proposed by the China Securities Regulatory Commission (CSRC) include a fine of 1.6 billion yuan for the company and 7 million yuan for third parties involved in the fraud [1][3]. Group 2: Regulatory Actions - The CSRC has initiated a delisting process for *ST Gaohong due to serious violations of securities laws, marking a "zero tolerance" approach towards financial fraud in the market [1][6]. - Key individuals involved, including the chairman and other executives, face significant penalties and market bans, with the chairman facing a 10-year ban [5][6]. - The regulatory framework is evolving to include a comprehensive accountability system that targets both the primary offenders and those who facilitate fraudulent activities [6][7]. Group 3: Company Financial Health - *ST Gaohong has reported continuous losses since 2021, with an expected loss of 130 to 180 million yuan in the first half of 2025 due to overdue loans and other financial strains [5]. - The company has faced multiple lawsuits and has had its bank accounts frozen, further impacting its operational capabilities and revenue generation [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a pre-penalty notice against *ST Gaohong for serious financial fraud, proposing fines totaling 1.6 billion yuan for responsible parties and 7 million yuan for third-party collaborators [1][2]. Group 1: Financial Fraud Penalties - The penalties against *ST Gaohong reflect a significant increase in the severity of financial fraud enforcement, with the company facing a potential forced delisting due to major violations [1][2]. - The total inflated revenue reported by *ST Gaohong from 2015 to 2021 reached nearly 19.9 billion yuan, with total profit overstated by over 76.2 million yuan [1]. - The penalties include a rare high fine of 1.35 billion yuan against *ST Gaohong, with the chairman and former general manager receiving a 7.5 million yuan fine and a 10-year market ban [2]. Group 2: Broader Regulatory Actions - The CSRC has adopted a comprehensive approach to tackle financial fraud, including administrative penalties, criminal referrals, and civil claims, creating a closed-loop accountability system [1][3]. - There has been a noticeable increase in criminal accountability for financial fraud this year, with cases like Jintongling facing public prosecution for multiple years of fraudulent activities [3]. - The civil liability aspect of the *ST Gaohong case will lead to significant claims from eligible investors, further enhancing the protection of small investors' interests [3].

Core Viewpoint - *ST Gaohong has been severely penalized for financial fraud amounting to nearly 20 billion yuan over nine years, facing a fine of 160 million yuan and potential delisting due to serious violations of securities laws [3][5][6]. Summary by Sections Financial Fraud Details - *ST Gaohong engaged in fictitious trade activities, significantly inflating revenue and profits from 2015 to 2023, with a total inflated revenue of 19.876 billion yuan and inflated profit of 76.2259 million yuan [5][6]. - In 2019, the inflated revenue accounted for 49.38% of the reported figures, while the inflated profit represented 64.88% of the total profit for that period [5]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 1.35 billion yuan for the fraudulent activities, marking the maximum penalty under the Securities Law [6]. - Key executives, including the chairman and the actual controller of the involved trading company, face severe penalties, including a 10-year market ban for the chairman and a 5-year ban for the financial director [7][9]. Company Financial Health - *ST Gaohong has reported continuous losses since 2021, with an expected loss of 130 to 180 million yuan in the first half of 2025 due to overdue loans and other financial difficulties [8]. - The company has faced significant operational challenges, including frozen bank accounts and numerous lawsuits, impacting its revenue generation [8]. Broader Regulatory Context - The CSRC has adopted a "three-in-one" accountability system to combat financial fraud, emphasizing the need to penalize not only the companies but also the accomplices involved in fraudulent activities [10][11]. - Recent regulatory actions reflect a zero-tolerance policy towards financial fraud in the capital market, aiming to restore investor confidence and market integrity [10][12].