7年财务造假、营业收入虚增99%、线下拦截询证函、私刻公章……1月5日，广道数字（920680.BJ）因 触及重大违法强制退市情形，正式被北京证券交易所终止上市并摘牌，这是2026年的首只退市股，也是 北交所的首单重大违法退市案例。 根据公告，广道数字终止上市后，将转入全国股转系统依托原证券公司代办转让系统设立并代为管理的 两网公司及退市公司板块挂牌转让。在股吧中，有股民调侃"留一手作纪念""退市板块见"。 如此恶劣的造假行径震惊了资本市场，在股吧，广道数字的社区炸开了锅，"12月3日上午刚买的，下午 就看到出问询函了，这种情况符合索赔条件吗？"一股民发帖询问。广道数字2024年最高涨幅曾达到 270%，因而吸引了一众股民。 2024年12月4日，证监会连夜下发《立案告知书》，宣布对该公司立案。2025年6月13日，调查结果出 炉，广道数字收到深圳证监局的《行政处罚事先告知书》（下称《告知书》）。根据《告知书》，广道 数字通过制作虚假购销合同、发票、银行回单、发货通知单及入库单等方式虚构销售和采购业务，从而 虚增营业收入及营业成本。 2018年至2024年上半年，广道数字分别虚增营业收入1.43亿元、1.92 ...

Core Viewpoint - Guangdao Digital (920680.BJ) has been officially delisted from the Beijing Stock Exchange due to severe financial fraud, marking it as the first major delisting case of 2026 and the first major fraud delisting in the history of the exchange [3][5]. Group 1: Company Background - Guangdao Digital was established in 2003 and listed on the New Third Board in November 2016, later becoming one of the first companies listed on the Beijing Stock Exchange in November 2021. The company focuses on the development and sales of software products aimed at data applications, with Wuzhong Securities as its sponsor [5]. Group 2: Financial Fraud Details - The company engaged in financial fraud for seven years, inflating its revenue by a total of 1.465 billion yuan, with the highest inflation rate exceeding 99% [8]. - From 2018 to the first half of 2024, Guangdao Digital inflated its revenue by 143 million yuan, 192 million yuan, 223 million yuan, 249 million yuan, 304 million yuan, 284 million yuan, and 71.646 million yuan, representing 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% of the reported amounts for those periods, respectively [7]. - The company also inflated its operating costs significantly, with similar high percentages of inflation [7]. Group 3: Regulatory Actions - Following media reports of fraudulent activities, the Beijing Stock Exchange issued an inquiry letter to Guangdao Digital, demanding verification of the allegations regarding intercepting audit confirmations and falsifying documents [6]. - The China Securities Regulatory Commission (CSRC) initiated an investigation, leading to an administrative penalty notice in June 2025, which included a fine of 10 million yuan for the company and a total of 30.5 million yuan in fines for 12 executives, including the controlling shareholder Jin Wenming, who was banned from the securities market for life [8][9]. Group 4: Market Reactions and Investor Protection - Despite the impending delisting, Guangdao Digital's stock experienced a dramatic surge, with a maximum increase of 466% from June 25 to August 1, 2025 [10]. - Wuzhong Securities announced measures to protect investors, including the establishment of a 210 million yuan compensation fund for eligible investors who suffered losses due to the company's fraudulent disclosures [10][11]. Group 5: Regulatory Environment - The CSRC has been strengthening the delisting system as part of broader capital market reforms, with 32 companies completing delisting in 2025 due to various reasons, including financial fraud [12]. - Recent regulatory opinions emphasize the importance of investor protection in cases of major illegal delisting, encouraging proactive compensation measures from controlling shareholders and actual controllers of listed companies [13].

7年财务造假、营业收入虚增99%、线下拦截询证函、私刻公章…… 1月5日，广道数字（920680.BJ）因 触及重大违法强制退市情形，正式被北交所终止上市并摘牌。这是2026年的首只退市股，也是北交所的 首单重大违法退市案例。 7年财务造假、营业收入虚增99%、线下拦截询证函、私刻公章……1月5日，广道数字（920680.BJ）因 触及重大违法强制退市情形，正式被北京证券交易所终止上市并摘牌，这是2026年的首只退市股，也是 北交所的首单重大违法退市案例。 根据公告，广道数字终止上市后，将转入全国股转系统依托原证券公司代办转让系统设立并代为管理的 两网公司及退市公司板块挂牌转让。在股吧中，有股民调侃"留一手作纪念""退市板块见"。 7年虚增营业收入14.65亿元 广道数字成立于2003年，2016年11月在新三板挂牌，2021年11月成为北交所首批上市企业之一。该公司 主要从事以数据应用为目标的软件产品的开发与销售，保荐机构为五矿证券。 从上市以来该公司披露的财务数据来看，无论是营业收入抑或是净利润均呈现稳步上涨趋势。然而，这 背后却是一场被虚构的数字骗局。 为此，深圳证监局决定对广道数字责令改正，给予警告， ...

得润电子被查明财务造假，两年半时间虚构回款累计超5亿元，导致其多份财报存在虚假记载。 刚刚进入2026年，就有上市公司要被实施ST。 据得润电子（002055.SZ）最新公告，该公司被查明财务造假，两年半时间里虚构回款累计超5亿元，导 致其多份财报存在虚假记载。最终，公司及相关责任人被罚没逾2000万。 根据安排，得润电子将自1月6日开市起实施其他风险警示，股票简称变更为ST得润。另据披露，同 日，金通灵（300091.SZ）将"披星戴帽"，变更为*ST金灵。 在此之前，2025年年尾，多家A股公司密集披露被立案消息，多因涉嫌信披违法违规，如铂力特 （688333.SH）、启迪设计（300500.SZ）等。刚刚过去的2025年是上市公司监管大年，第一财经记者根 据Wind数据梳理，去年全年共有超80家A股公司、200余名相关责任人被立案调查，其中约四成是ST公 司。 随着立案调查结束，多家公司被查明长期财务造假，并因此吃下大额罚单，部分公司因此走向了退市。 中国政法大学商学院副教授胡历芳告诉第一财经记者，2025年，资本市场监管更趋严格，体现了自去 年"新国九条"以来，证监会所秉承的、一以贯之的严监管思路。 ...

从"深化"到"持续深化"，资本市场投融资综合改革已连续两年跻身中央经济工作会议重点任务清 单。这一表述的升级，不仅标志着改革进入"深水区"，更彰显了国家在"十五五"开局之年推动资本市场 向纵深突破的坚定决心。 站在2026年的门槛上回望，A股总市值突破百万亿元、科技板块市值占比超四分之一、各类中长期 资金持有流通市值逾21万亿元——这一连串数字背后，是资本市场从"单向融资通道"向"投融资协同生 态"的历史性转变。 展望新的一年，随着注册制从"全面落地"走向"精细优化"、退市制度从"常态化"迈向"高效化"、多 层次市场体系从"成型"走向"成势"，资本市场将在服务科技创新、培育新质生产力、推动经济高质量发 展中扮演更加关键的角色。 持续深化资本市场投融资综合改革，其核心要义在于破解投融资结构失衡的深层矛盾。 刘斌对记者表示，当前以银行为主的间接融资仍占绝对主导，直接融资比重偏低，难以满足科技创 新和产业升级的多元化资金需求。改革的核心是打通"融资—投资—退出"全链条，从"融资主导"转 向"投融资并重"：既要提升资本市场对科技创新、新质生产力的融资适配性，扩大直接融资占比；也要 强化投资者保护、吸引长期资金入市，扭 ...

田轩表示，对资本市场而言，主动退市与强制退市形成互补，有助于建设多元退出渠道，实现不同 类型企业的精准分类处置，提升退市机制的灵活性与包容性，推动形成能进能出、动态平衡的资本市场 生态体系。对公司而言，主动退市既可以是战略调整的主动作为，也可以是提升运营效率与竞争力的重 要路径。公司通过退市可减少信息披露成本与监管合规压力，聚焦长期战略目标，避免短期市场波动干 扰经营决策，可以为技术升级与业务转型腾出空间。 "退市不免责"成常态 退市渠道不断畅通的同时，"退市不免责"也成为今年退市制度执行中的亮点。12月10日，已于今年 7月退市的*ST九有披露，收到证监会《行政处罚决定书》，因存在未按规定披露关联交易、实施财务 造假等违法行为，证监会决定对公司责令改正，给予警告，并处以850万元罚款；对时任董事长、实际 控制人李明给予警告，并处以1500万元罚款，且采取10年证券市场禁入措施。 作为资本市场基础性制度之一，退市制度是市场新陈代谢的重要一环。进退有据的市场才能优胜劣 汰，更好配置资源，更好发挥资本市场功能。去年4月，证监会发布《关于严格执行退市制度的意 见》。新规实施以来，在"应退尽退"原则下，我国资本市场的 ...

□ 徐 明 随着资本市场改革的不断深入，一场由政策与市场共同驱动的并购重组浪潮正在上演，并购重组案例数 量、交易规模持续攀升。并购重组作为我国资本市场的重要功能之一，正与IPO形成功能互补，共同构 建多层次资本市场体系。未来并购重组市场会持续发展，其发展方向上应遵循市场规律、优化资源配 置、实行优胜劣汰，强调高质量和新质生产力。 一、政府积极推动，政策举措加码 近年来，一系列支持和推动并购重组的政策陆续出台。在中央层面，2024年国务院发布《关于加强监管 防范风险推动资本市场高质量发展的若干意见》（下称"新'国九条'"）。在监管层面，中国证监会2024 年发布《中国证监会关于深化科创板改革 服务科技创新和新质生产力发展的八条措施》（下称"科八 条"）、《关于深化上市公司并购重组市场改革的意见》（下称"并购六条"），2025年发布《关于修改 〈上市公司重大资产重组管理办法〉的决定》（下称"重组六条"）等。在地方层面，如《上海市支持上 市公司并购重组行动方案（2025—2027年）》等出台。 并购重组是资本市场的基本功能之一，对于市场统一、资源优化配置、体现优胜劣汰、推动企业做大做 优做强和科技创新、促进新质生产 ...

年内逾40家会计师事务所被罚 因立方数科2021年至2023年连续财务造假，安徽证监局拟对公司及相关责任人罚款合计4000万元。立方数科涉嫌触及重大 违法强制退市情形，深交所将依法启动退市程序。同时，证监会决定对本案所涉会计师事务所执业行为正式立案调查。 近年来，监管部门强化对财务造假全链条打击，不仅坚持"追首恶""打帮凶"，还推动"一案双查"，对上市公司和中介机构 一并追责，彻底铲除造假滋生的"土壤"。 本报记者 吴晓璐 沪深两市14家公司触及重大违法强制退市 据证监会网站11月28日消息，近日，证监会对上市公司立方数科股份有限公司（以下简称"立方数科"）涉嫌定期报告等财 务数据存在虚假记载作出行政处罚事先告知。 经证监会调查，2021年至2023年，立方数科通过开展代理业务、融资性贸易、虚假贸易等方式，累计虚增收入6.38亿元、 成本6.28亿元。 其中，2021年收入、成本分别虚增2.80亿元、2.77亿元，2022年收入、成本分别虚增3.12亿元、3.05亿元，2023年收入、成 本分别虚增0.46亿元、0.45亿元。立方数科连续三年虚增收入和成本，严重违反证券法律法规，安徽证监局拟对立方数科处以 1 ...

Core Viewpoint - The A-share market is demonstrating a "zero tolerance" attitude towards major illegal delisting behaviors, as evidenced by the recent forced delisting of *ST Dongtong and *ST Suwu due to severe violations [2][9] Summary by Sections Major Violations and Delisting - *ST Dongtong and *ST Suwu have been forced to suspend trading due to serious violations, marking a significant shift in regulatory enforcement [2][7] - Since 2025, the number of companies facing major illegal delisting has reached 13, a historical high [9] Specific Violations - *ST Dongtong engaged in financial fraud through its subsidiary for four consecutive years, inflating profits significantly, with a peak of 124 million yuan in 2022, representing 219.43% of its total profit for that year [5][6] - *ST Suwu concealed its actual controlling party and inflated revenues, with related party non-operating fund occupation reaching 1.693 billion yuan, nearly depleting the company's net assets [6][7] Regulatory Changes - The new delisting regulations specify that companies with continuous fraud for three years or more will be decisively removed from the market, lowering the thresholds for identifying fraudulent activities [10][12] - The updated standards include three tiers for recognizing fraud, with specific monetary thresholds and percentage criteria [10] Enforcement and Accountability - The regulatory environment has intensified, with a comprehensive system for punishing financial fraud being established, including administrative, civil, and criminal penalties [12][13] - The regulatory body emphasizes the importance of holding not only the companies accountable but also those who collude with them in fraudulent activities [12] Investor Protection - Measures are being implemented to enhance investor protection, particularly in cases of major illegal delisting, encouraging companies to compensate affected investors [13] - Technological advancements such as AI and big data are being utilized to improve regulatory oversight and detect hidden illegal activities [13]

Core Viewpoint - The A-share market is demonstrating a "zero tolerance" attitude towards major illegal delisting behaviors, as evidenced by the simultaneous delisting of two companies, *ST Dongtong and *ST Suwu, due to severe violations of regulations [1][2][7]. Summary by Sections Company Violations - *ST Dongtong engaged in financial fraud through its subsidiary for four consecutive years, inflating profits significantly, with a reported profit inflation of 52.23 million yuan in 2019, 58.77 million yuan in 2020, 79.48 million yuan in 2021, and 124 million yuan in 2022, leading to a total of 2.29 billion yuan in penalties [3][4]. - *ST Suwu concealed its actual controlling party and inflated revenues, with non-operational fund occupation reaching 1.693 billion yuan, accounting for 96.09% of its net assets by the end of 2023 [5][7]. Regulatory Changes - The recent delistings reflect a significant shift in regulatory attitudes, with new rules stipulating that companies involved in continuous financial fraud for three years or more will be decisively delisted, thus tightening the standards for identifying fraudulent activities [2][8]. - The updated delisting criteria include thresholds for financial fraud, such as a single-year fraud amount exceeding 200 million yuan or cumulative fraud exceeding 300 million yuan over two years, which has led to an increase in companies facing delisting risks [9]. Enforcement and Accountability - The regulatory framework has evolved to include a comprehensive system of penalties, including administrative, civil, and criminal actions against those involved in financial fraud, indicating a robust enforcement mechanism [10][12]. - The regulatory authorities are focusing on holding not only the companies accountable but also third-party accomplices involved in fraudulent activities, aiming to dismantle the "ecosystem" of financial fraud [10][11]. Investor Protection - There is an ongoing effort to enhance investor protection, particularly in cases of major illegal delistings, encouraging companies to take proactive measures to compensate affected investors [11]. Market Implications - The increase in major illegal delistings signals a tightening of the capital market's "exit mechanism," promoting a more competitive market environment and reducing the number of companies willing to engage in systematic financial fraud [12].