这只股票真的可以说是上市即巅峰，上市之后几乎没有什么大的反弹，而且单边下跌，一路下跌，就这走势，真的是奥迪进去奥拓出来，自行车进去链条 出来，轮椅进去出来就是担架了，最后直接把公司卖给散户！ 这只股票就是688086退市紫晶，原名紫晶存储！ 紫晶存储上市之后，中间反弹过一次，没有超过前期高位，然后就开始了一路下跌，看看这猛虎下山一般的走势，是挡也挡不住，除了跌还是跌，中间抄 底的全部被抄家，补仓的是越补亏的越多！ 紫晶存储是一家光存储高科技企业，为各类用户提供光存储介质、磁光电混合存储系统、光盘摆渡机系统、光存储一体机解决方案、行业解决方案、数据 中心及云存储服务！ 那么这是哪只股票？公司主要是做什么的？公司是怎么造假的？保荐机构是哪家？我们一起来看看！ 通过紫晶存储的财务数据可以看到，公司2020-2022年，营收分别为4.91亿元、4.58亿元、1.77亿元，净利润分别为8182.6万元、-2.06亿元、-16.56亿元，可 以看到紫晶存储真的是上市即变脸，这净利润变化也太快了！ 看看紫晶存储的财务造假从上市之前就开始造假，造假时间跨度长达四年，2017年至2020年间，公司通过虚构销售合同、伪造物流单据 ...

Core Insights - The Blu-ray technology, launched by Sony and the Blu-ray Alliance in 2006, significantly increased storage capacity from 4.7GB in DVDs to 25GB, marking a major advancement in optical storage [1][4] - Despite winning the format war against HD DVD in 2008, Blu-ray's subsequent growth has been hindered by the rise of streaming services and increased internet bandwidth, leading to a decline in physical disc usage [1][4] - The Japanese market has shown a longer reliance on optical media, with some environments still using floppy disks, which has allowed Blu-ray products to persist longer in that region [3][4] Industry Developments - Production of Blu-ray products is shrinking, with LG announcing the cessation of Blu-ray drive manufacturing in 2024 and Sony ending the production of recordable Blu-ray discs in 2025 [5] - Sony remains active in the Blu-ray space through gaming consoles, with the PS5 featuring a detachable Blu-ray drive and plans for the next-generation console in 2027 to support external Blu-ray devices [5] - Although hardware like Blu-ray drives and discs are declining, the Blu-ray video format standard continues to be widely used for 4K ultra-high-definition movie content, influencing the digital media landscape for the foreseeable future [6]

Core Viewpoint - The company Zijing Storage, once celebrated as the first stock in optical storage, was forced to delist due to financial fraud, with criminal sentences now issued against key executives involved in the fraudulent activities [1][6][7]. Summary by Sections Company Background - Zijing Storage was listed in February 2020 and delisted in June 2023, having engaged in financial fraud since 2017, which included fabricating sales contracts and inflating revenue and profits [1][6]. Criminal Sentences - The court issued sentences to several key executives: - Chairman Zheng Mu received a prison term of 7 years and 6 months, along with a fine of 500,000 RMB [2][8]. - Director Luo Tiewei was sentenced to 7 years in prison and fined 400,000 RMB [2][8]. - Financial Director Li Yanxia received 6 years and 6 months in prison, with a fine of 350,000 RMB [2][9]. - Vice President Jiao Shizhi was sentenced to 4 years and 6 months, with a fine of 250,000 RMB [2][9]. - Assistant General Manager Huang Meishan received a sentence of 3 years and 8 months, along with a fine of 150,000 RMB [2][9]. - Business Manager Tan Junsheng was sentenced to 3 years and 8 months, with a fine of 150,000 RMB [3][10]. - Southern Sales Director Lin Haizhong received a sentence of 3 years and 6 months, with a fine of 150,000 RMB [3][11]. - General Manager Zhong Guoyu was sentenced to 3 years in prison and fined 100,000 RMB for failing to disclose important information [3][11]. - Procurement Manager Ding Jie received a sentence of 2 years and 6 months, with a fine of 100,000 RMB for similar charges [3][11]. - Vice President Wei Qiang was sentenced to 2 years in prison, with a 3-year probation for his involvement in fraudulent activities [3][11]. Distinction Between Administrative and Criminal Penalties - The distinction between administrative and criminal penalties is highlighted, with criminal penalties focusing on substantial participation in the fraud, while administrative penalties may not always lead to criminal charges [5][12]. For instance, former Secretary Wang Wei was fined 1.05 million RMB for failing to fulfill his duties but was not criminally charged [5][12].

Core Viewpoint - The case of Zijing Storage highlights significant financial fraud within the company, leading to the sentencing of ten individuals involved in the scheme, which has raised concerns about the integrity of the capital market [1][2][5]. Group 1: Company Overview - Zijing Storage, listed on the New Third Board in 2016, became the only mainland optical storage company recognized by the International Blu-ray Alliance after being supported by CITIC Securities [1][8]. - The company quickly transitioned to the Sci-Tech Innovation Board but faced a dramatic decline in performance shortly after its IPO, attributed to fraudulent activities rather than advanced technology [1][8]. Group 2: Fraudulent Activities - From 2017 to mid-2019, Zijing Storage inflated its revenue by 222 million yuan through fictitious sales contracts and forged logistics documents [4][11]. - In 2019, the company exaggerated its profits to create a false sense of prosperity, with half-year profit inflation reaching 137% of total profits [4][11]. - In 2020, Zijing Storage reported inflated revenue of 328 million yuan, accounting for over 58% of its total revenue, and inflated profits by 169 million yuan, representing 150% of its total profits [4][11]. Group 3: Consequences and Legal Actions - Following the exposure of the fraud, ten executives, including the CEO Zheng Mu and COO Luo Tiewei, were sentenced, with Zheng receiving a prison term of seven and a half years [7][14]. - The company faced significant financial repercussions, with CITIC Securities and other intermediaries paying a total of 12.75 billion yuan in compensation to investors [5][12]. - The fraudulent activities led to a drastic decline in stock price, from a peak of over 80 yuan to just 0.6 yuan before delisting, resulting in substantial losses for investors [5][12].

Core Viewpoint - The case of Guangdong Zijing Information Storage Technology Co., Ltd. (Zijing Storage) highlights the importance of accountability in China's capital market, emphasizing that financial fraud and information disclosure violations are serious crimes that can lead to severe penalties for responsible individuals and companies [2][8]. Group 1: Company Overview - Zijing Storage, established in 2010, is a light storage technology company that offers optical storage media for consumer markets and optical storage devices and solutions for enterprise markets [3]. - The company went public on the STAR Market in February 2020, raising 1.023 billion yuan with an initial share price of 21.49 yuan, and saw its stock price surge by 264% on the first trading day, reaching a market capitalization of nearly 15 billion yuan [3]. Group 2: Financial Fraud Details - Zijing Storage engaged in extensive financial fraud, including fabricating sales contracts, falsifying logistics documents, and prematurely recognizing revenue, which began in 2017 [4][5]. - The scale of the fraud was significant, with the company inflating its revenue by approximately 435 million yuan in 2017 (13.9% of that year's revenue) and by 3.28 billion yuan in 2020 (58.26% of that year's revenue) [4][5]. Group 3: Legal Consequences - The company was sentenced to a fine of 37 million yuan for fraudulently issuing securities, while its legal representative and actual controller, Zheng Mu, received a prison sentence of seven years and six months for multiple offenses [5][6]. - A total of 10 individuals associated with Zijing Storage were criminally prosecuted, with sentences ranging from two years to seven years and six months, reflecting the severity of the financial misconduct [6][7]. Group 4: Investor Compensation and Regulatory Impact - Investors affected by the fraud have been compensated efficiently, with approximately 1.086 billion yuan paid to 16,986 investors within two months through a compensation mechanism initiated by the regulatory authority [7]. - The case has prompted a significant shift in regulatory expectations, emphasizing that intermediaries must conduct thorough due diligence to avoid severe financial and reputational consequences [8].

Core Viewpoint - The case of Guangdong Zijing Information Storage Technology Co., Ltd. highlights significant corporate fraud leading to severe legal consequences for its management, marking a notable decline from being a celebrated company to facing criminal charges and forced delisting [1][4]. Group 1: Company Background - Founded in 2010, Zijing Storage was a representative of domestic optical storage technology, initially focusing on Blu-ray media and expanding into storage devices and solutions for key sectors such as government, finance, and healthcare [5]. - The company successfully went public on the STAR Market in February 2020, achieving a market value exceeding 10 billion RMB, earning the title of "the first stock in optical storage" [5]. Group 2: Fraudulent Activities - From 2017, the actual controllers, Zheng Mu and Luo Tiewei, orchestrated fraudulent activities to inflate revenue and profits through fake sales contracts and falsified logistics documents, which misled investors and regulatory bodies [8]. - The scale of the fraud was alarming, with inflated profits exceeding 100% in certain years; for instance, in 2019, the inflated profit accounted for 137.31% of the actual profit, indicating severe financial distress when adjusted for fraud [6][9]. Group 3: Legal Consequences - The company was found guilty of securities fraud and fined 37 million RMB, with all ten core executives receiving prison sentences, the longest being seven years and six months [10][11]. - The court's decision reflects a stringent approach to corporate fraud, with the case being one of the first to apply the revised criminal law that increased penalties for fraudulent issuance of securities [14].

Core Viewpoint - The case of Guangdong Zijing Information Storage Technology Co., Ltd. highlights severe corporate fraud leading to the conviction of its top executives and the company's forced delisting from the Sci-Tech Innovation Board, marking a significant event in China's capital market [2][5][6]. Group 1: Company Background - Founded in 2010, Zijing Storage was once a representative of domestic optical storage technology, initially focusing on Blu-ray media and expanding into optical storage devices and solutions for key sectors such as government, finance, and healthcare [6]. - The company successfully went public in February 2020, achieving a market value exceeding 10 billion RMB, earning the title of "the first optical storage stock" [6]. Group 2: Fraudulent Activities - From 2017 onwards, the company's executives engaged in fraudulent activities to inflate revenue and profits through fake sales contracts, forged logistics documents, and early revenue recognition [10]. - The scale of the fraud was alarming, with inflated profits exceeding 100% in certain years. For instance, in 2019, the inflated profit accounted for 137.31% of the actual profit, indicating severe financial misrepresentation [10][11]. Group 3: Legal Consequences - The court found Zijing Storage guilty of securities fraud, imposing a fine of 37 million RMB. Key executives received prison sentences, with the highest being seven years and six months for the actual controller Zheng Mu [13][16]. - The case is notable as it is one of the first to apply the revised criminal law, which increased the maximum penalty for securities fraud from five to ten years, reflecting a stringent approach to corporate misconduct in China [16].

Core Viewpoint - The recent criminal judgment against Guangdong Ziqing Information Storage Technology Co., Ltd. (Ziqing Storage) highlights the consequences of financial fraud, resulting in prison sentences for the actual controllers and significant fines for the company [2][3]. Summary by Sections Criminal Judgment - Ziqing Storage received a criminal judgment from the Meizhou Intermediate People's Court, with the company fined 37 million RMB for fraudulently issuing securities [2]. - Ten individuals, including the actual controllers Zheng Mu and Luo Tiewei, were sentenced to prison, with the longest term being seven years and six months [2]. Financial Fraud Details - The company was accused of fraudulently issuing securities to achieve its listing goals, involving inflated revenue and profits through fake contracts and documents from 2016 to 2018 [2]. - The total amount raised through three rounds of capital increases was approximately 413.4 million RMB, with significant profit inflation reported: 34.83% in 2017, 32.25% in 2018, and 42.97% in the first half of 2019 [2]. Violations of Information Disclosure - After going public, Ziqing Storage continued to misrepresent its financial performance, leading to false disclosures in annual reports from 2019 to 2021, which harmed shareholders and investors [3]. Investor Compensation - Nearly 17,000 investors have received over 1 billion RMB in compensation due to the company's fraudulent activities, with a high percentage of claims processed within a short timeframe [4][5]. - The China Securities Regulatory Commission (CSRC) has taken measures to ensure that affected investors can continue to claim compensation [5]. Involvement of Intermediaries - Four intermediary institutions, including CITIC Securities and accounting firms, were implicated in the case and agreed to pay a total of approximately 1.275 billion RMB in commitment funds to cover investor losses and ensure compliance [6]. - The CSRC has concluded its investigation into these intermediaries after they fulfilled their obligations under the commitment agreement [6]. Future Legal Actions - Investors who did not apply for compensation within the designated period may pursue civil litigation against Ziqing Storage and related parties for damages [7].

Core Viewpoint - The Guangdong Zijing Information Storage Technology Co., Ltd. has been sentenced for securities fraud, resulting in the imprisonment of 10 individuals, including the actual controllers, with the longest sentence being seven years and six months [2][11]. Group 1: Legal Proceedings and Sentencing - The company was found guilty of fraudulently issuing securities and was fined 37 million yuan [2][11]. - The actual controllers, Zheng Mu and Luo Tiewei, along with the former financial director, Li Yanzha, received prison sentences, with the maximum being seven years and six months [2][11]. - The company has ceased operations following the court's ruling [12]. Group 2: Financial Misconduct Details - The company was accused of inflating revenue and profits through false contracts and forged documents from 2017 to 2019, leading to significant misrepresentation in financial statements [3][4]. - The total amount raised through three rounds of capital increases from 2016 to 2018 was approximately 413.4 million yuan [3][14]. - The inflated profits accounted for 34.83% of total profits in 2017 and 32.25% in 2018, with 42.97% of revenue in the first half of 2019 being falsely reported [14]. Group 3: Investor Compensation - Nearly 17,000 investors have received over 1 billion yuan in compensation due to the company's fraudulent activities [5][16]. - The total loss for affected investors was estimated at approximately 1.097 billion yuan, with 16,986 investors compensated, representing 97.22% of the total affected [7][16]. - The compensation process involved a combination of administrative commitments and advance payments from the investor protection fund [7][17]. Group 4: Regulatory Actions and Future Implications - The company was delisted from the Shanghai Stock Exchange due to severe violations of listing rules [6][16]. - Four intermediary institutions involved in the case have paid a total of approximately 1.275 billion yuan in commitment funds and have undergone self-inspection and rectification [8][17]. - The deadline for eligible investors to apply for compensation has ended, and those who missed the deadline may pursue civil litigation for damages [9][18].

Core Viewpoint - The recent criminal judgment against Guangdong Ziqing Information Storage Technology Co., Ltd. (Ziqing Storage) highlights the severe consequences of financial fraud, with the actual controllers and several executives sentenced to prison, and the company facing significant penalties and operational cessation [1][4][5]. Group 1: Criminal Judgment and Penalties - Ziqing Storage was found guilty of fraudulently issuing securities, resulting in a fine of RMB 37 million [3][6]. - The actual controllers, Zheng Mu and Luo Tiewei, along with eight others, received prison sentences, with the longest being seven years and six months [4][6]. - The company has ceased operations following the judgment [5]. Group 2: Financial Fraud Details - From 2016 to 2018, Ziqing Storage raised a total of RMB 413.4 million through three rounds of capital increases, while engaging in fraudulent activities to inflate revenue and profits [6]. - The fraudulent profit inflation was significant, with 34.83% of the 2017 profit being artificially inflated, and 42.97% of the revenue in the first half of 2019 being falsely reported [6][7]. - The company failed to disclose external guarantees amounting to RMB 125 million, further compounding the fraudulent activities [6]. Group 3: Investor Compensation - Nearly 17,000 investors have received over RMB 1 billion in compensation due to the fraud, with a high percentage of claims processed within a short timeframe [8][10]. - The China Securities Regulatory Commission (CSRC) has taken steps to ensure that affected investors can continue to seek compensation through the Investor Protection Fund [10][12]. Group 4: Regulatory Actions - Following the fraud, Ziqing Storage's stock was delisted from the Shanghai Stock Exchange due to severe violations of listing rules [10]. - Four intermediary institutions involved in the case have agreed to pay a total of approximately RMB 1.275 billion in commitment funds as part of their accountability [11][12].