11月12日晚间，*ST广道发布公告，公司收到北交所出具的决定书，根据《股票上市规则》及北交所审议意见，决定终止*ST广道的股票上市，这也是北 交所首家因重大违法而被强制退市的上市公司。 图：*ST广道公告 决定书显示，*ST广道被北交所终止上市，与其长时间、系统性财务造假有关，事实上，*ST广道披露的2018年至2023年年报、2024年半年报均存在虚假 记载。 具体来看，*ST广道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。 图：*ST广道官网 广道数字（现*ST广道）被强制退市，实属意料之中。早在去年12月3日，广道数字就收到了证监会下发的问询函，12月5日，广道数字收到立案告知书： 因公司涉嫌信息披露违法违规，中国证监会决定对公司立案。 随后，公司接连发布《立案调查进展暨风险提示公告》、《银行账户被冻结公告》、《可能被实施退市风险警示公告》。 今年4月29日，公司发布《被实施退市风险警示的公告》，公司股票名称由广道数字变更为*ST广道。 2018年至2023年、2024年上半年，*ST广道虚增的营业收入占当期报告记载金额的比例，分别为 ...

每经编辑｜许绍航 11月12日晚间，*ST广道发布公告，公司收到北交所出具的决定书，根据《股票上市规则》及北交所审议意见，决定终止*ST广道的股票上市，这也是北 交所首家因重大违法而被强制退市的上市公司。 决定书显示，*ST广道被北交所终止上市，与其长时间、系统性财务造假有关，事实上，*ST广道披露的2018年至2023年年报、2024年半年报均存在虚假 记载。 图：*ST广道公告 具体来看，*ST广道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2023年、2024年上半年，*ST广道虚增的营业收入占当期报告记载金额的比例，分别为87.34%、95.39%、98.96%、85.87%、99.39%、98.14%和 88.11%。 2018年至2023年、2024年上半年，*ST广道虚增的营业成本占当期报告记载金额的比例，分别为84.53%、91.17%、98.41%、83.30%、99.13%、92.26%和 83.81%。 资料显示，*ST广道全称"深圳市广道数字技术股份有限公司"，主要从事以数据应用为目标的软件产品的开发与销 ...

北交所上市公司*ST广道（证券代码：920680）11月12日晚间发布公告称，当日收到《关于深圳市广道数字技术股份有限公司股票终止上市的决定》，北 交所决定公司股票终止上市。 *ST广道被北交所终止上市，与其长时间、系统性财务造假有关。中国证监会深圳监管局于9月12日下发的《行政处罚决定书》认定，*ST广道披露的2018 年至2023年年度报告、2024年半年度报告及《2024年度向特定对象发行股票募集说明书（草案）》存在虚假记载。这触及《北京证券交易所股票上市规 则》第10.5.1条第（七）项规定的重大违法强制退市情形。 具体来看，*ST广道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。 来源：千图网 根据上述《行政处罚决定书》，中国证监会深圳监管局对*ST广道责令改正，给予警告，并处以1000万元罚款。同时，*ST广道时任董事长、总经理、控 股股东、实际控制人金文明，时任董事、副总经理、财务负责人、董事会秘书赵璐等核心决策与管理人员，被认定为主要负责人员，遭到了严厉的行政处 罚与市场禁入措施。 *ST广道全称"深圳市广道数字技术股份有限公司 ...

【导读】北交所决定终止*ST广道上市，五矿证券先行赔付适格投资者工作正积极推进 北交所上市公司*ST广道（证券代码：920680）11月12日晚间发布公告称，当日收到《关于深圳市广道数字技术股份有限公司股票终止上市的决定》，北 交所决定公司股票终止上市。 *ST广道被北交所终止上市，与其长时间、系统性财务造假有关。中国证监会深圳监管局于9月12日下发的《行政处罚决定书》认定，*ST广道披露的2018 年至2023年年度报告、2024年半年度报告及《2024年度向特定对象发行股票募集说明书（草案）》存在虚假记载。 这触及《北京证券交易所股票上市规则》第10.5.1条第（七）项规定的重大违法强制退市情形。 这意味着，*ST广道成为北交所首家因重大违法而被强制退市的上市公司。 高比例虚增收入、成本 连续7年财务造假 *ST广道全称"深圳市广道数字技术股份有限公司"，主要从事以数据应用为目标的软件产品的开发与销售。2016年11月，公司在新三板挂牌，2021年通过 北交所审核成为首批上市企业之一。 根据上述《行政处罚决定书》，公司披露的2018年至2023年年度报告、2024年半年度报告，乃至旨在再融资的《2024年 ...

【导读】北交所决定终止*ST广道上市，五矿证券先行赔付适格投资者工作正积极推进 中国基金报记者 夏天 北交所 上市公司 *ST广道 （证券代码：920680）11月12日晚间发布公告称，当日收到 《关于深圳市广道数字技术股份有限公司股票终止上市的决定》， 北交所决定公司股票终止 上市 。 这意味着，*ST广道成为北交所首家因重大违法而被强制退市的上市公司。 高比例虚增收入、成本 连续7年财务造假 *ST广道全称"深圳市广道数字技术股份有限公司"，主要从事以数据应用为目标的软件产品的 开发与销售。2016年11月，公司在新三板挂牌，2021年通过北交所审核成为首批上市企业 之一。 根据上述《行政处罚决定书》，公司披露的2018年至2023年年度报告、2024年半年度报 告，乃至旨在再融资的《2024年度向特定对象发行股票募集说明书（草案）》，均存在虚假 记载。其造假时间跨度之长，覆盖报告之全面，在近年来的资本市场案件中亦属罕见。 具体来看，*ST广道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手段， 虚构销售和采购业务，进而虚增营业收入和营业成本。 2018年至2024年上半年，*ST广道分别虚增 ...

11月12日晚间，*ST广道（920680）公告称，公司当日收到北京证券交易所出具的《关于深圳市广道数字 技术股份有限公司股票终止上市的决定》（简称《决定书》）。 *ST广道自9月15日开市起停牌。截至9月12日收盘，*ST广道股价报9.52元/股，总市值为6.38亿元。 *ST广道触及重大违法强制退市情形 《决定书》显示，根据深圳证监局9月12日下发的《行政处罚决定书》，认定*ST广道已触及《北京证券交 易所股票上市规则》（简称《股票上市规则》）第10.5.1条第（七）项规定的重大违法强制退市情形。 《行政处罚决定书》显示，*ST广道披露的2018年至2023年年报、2024年半年报，以及《2024年度向特定 对象发行股票募集说明书（草案）》存在虚假记载。 具体来看，*ST广道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2023年、2024年上半年，*ST广道虚增的营业收入占当期报告记载金额的比例，分别为87.34%、 95.39%、98.96%、85.87%、99.39%、98.14%、88.11%。 2018年至2023 ...

Core Viewpoint - *ST Guandao (839680.BJ) is facing mandatory delisting from the Beijing Stock Exchange due to significant violations involving extensive financial fraud over seven years, with over 80% of its revenue derived from inflated figures [1][2][3] Group 1: Company Violations and Penalties - The company has been found guilty of systematic financial fraud, with the China Securities Regulatory Commission (CSRC) confirming the fraudulent activities spanning from 2018 to 2024 [3][4] - The former chairman Jin Wenming and board secretary Zhao Lu received lifetime bans from the securities market and were fined a total of 20 million yuan, with Jin fined 15 million yuan and Zhao 5 million yuan [2][3] - The company reported inflated revenues of 1.43 billion yuan, 1.92 billion yuan, 2.23 billion yuan, 2.49 billion yuan, 3.04 billion yuan, 2.83 billion yuan, and 720 million yuan from 2018 to the first half of 2024, with corresponding inflated costs [4] Group 2: Role of the Underwriter - Wulian Securities, as the underwriter and continuous supervisor, failed to fulfill its responsibilities, leading to a proposed establishment of a 220 million yuan compensation fund for affected investors [6][7] - The firm did not effectively verify the authenticity of the company's financial data and business contracts during the listing process [7] Group 3: Historical Context - *ST Guandao 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 2021, indicating it was already in a compromised state prior to its listing [5]

Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. (*ST Guangdao*) has been found guilty of systematic financial fraud from 2018 to mid-2024, with a total inflated revenue exceeding 1.4 billion yuan, leading to severe regulatory consequences [1][4]. Group 1: Financial Fraud Details - The company engaged in financial fraud by creating false sales and purchase contracts, invoices, bank receipts, delivery notices, and warehouse receipts to inflate both revenue and costs [4]. - The inflated revenues for the years 2018 to mid-2024 were as follows: - 2018: 142.97 million yuan (87.34%) - 2019: 191.56 million yuan (95.39%) - 2020: 223.44 million yuan (98.96%) - 2021: 249.27 million yuan (85.87%) - 2022: 303.97 million yuan (99.39%) - 2023: 282.63 million yuan (98.14%) - 2024 (H1): 71.65 million yuan (88.11%) [4]. - The inflated costs for the same period were: - 2018: 64.65 million yuan (84.53%) - 2019: 85.42 million yuan (91.17%) - 2020: 117.36 million yuan (98.41%) - 2021: 133.08 million yuan (83.30%) - 2022: 162.51 million yuan (99.13%) - 2023: 151.90 million yuan (92.26%) - 2024 (H1): 38.63 million yuan (83.81%) [4]. Group 2: Regulatory Actions and Consequences - The company has been subjected to an administrative penalty by the China Securities Regulatory Commission (CSRC) and is facing mandatory delisting due to serious violations of regulations [2][5]. - Starting from September 15, 2025, the company's stock will be suspended from trading due to the triggering of major illegal delisting circumstances [2]. - *ST Guangdao* will become the first company to be delisted from the Beijing Stock Exchange since its establishment, as previous delistings were due to transfers rather than direct violations [6].

Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. (*ST Guangdao*) has been found guilty of systematic financial fraud from 2018 to mid-2024, inflating its revenue by over 1.4 billion yuan, with some years showing nearly 100% inflation in reported income [1][5][9]. Summary by Sections Financial Fraud Details - The company inflated its operating revenue by 142,973,927.21 yuan in 2018, 191,558,867.84 yuan in 2019, 223,444,673.66 yuan in 2020, 249,266,088.49 yuan in 2021, 303,965,284.02 yuan in 2022, 282,630,187.61 yuan in 2023, and 71,646,067.21 yuan in the first half of 2024, with respective inflation rates of 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% [5][9]. - Operating costs were also inflated by 64,652,610.42 yuan in 2018, 85,416,420.45 yuan in 2019, 117,359,597.78 yuan in 2020, 133,078,197.50 yuan in 2021, 162,512,396.11 yuan in 2022, 151,900,201.80 yuan in 2023, and 38,629,991.69 yuan in the first half of 2024, with inflation rates of 84.53%, 91.17%, 98.41%, 83.30%, 99.13%, 92.26%, and 83.81% respectively [5][9]. Regulatory Actions - The company has been subjected to an administrative penalty by the China Securities Regulatory Commission (CSRC) due to its violations of information disclosure laws, leading to an investigation initiated in December 2024 [1][9]. - As a result of these violations, *ST Guangdao* will face mandatory delisting from the Beijing Stock Exchange starting September 15, 2025 [2][10]. Company Background - Established in 2003, *ST Guangdao* was listed on the New Third Board in November 2016 and became one of the first companies to be listed on the Beijing Stock Exchange in 2021, focusing on software product development and sales aimed at data applications [7][8].

Core Viewpoint - Guangdao Digital has been penalized by the China Securities Regulatory Commission (CSRC) for systematic financial fraud from 2018 to mid-2024, leading to a significant overstatement of revenue and costs, resulting in the company's stock being forced to delist [2][12]. Summary by Sections Financial Fraud Details - From 2018 to mid-2024, Guangdao Digital inflated its reported revenue by amounts ranging from 71.64 million to 304 million yuan annually, with the inflated revenue constituting over 99% in some years [4][5]. - The company also inflated its reported costs, with similar high percentages of over 90% in several years [4][5]. Penalties and Consequences - The CSRC has imposed fines ranging from 500,000 to 15 million yuan on the company and its executives, with the actual controller Jin Wenming and secretary Zhao Lu facing lifetime bans from the securities market [6][11]. - The company is mandated to correct its practices and has been fined 10 million yuan, while Jin Wenming faces a total fine of 15 million yuan [11][12]. Stock Market Impact - Guangdao Digital's stock will be suspended from trading starting September 15, 2025, due to serious violations of the Beijing Stock Exchange listing rules, leading to a forced delisting [12][13]. - The company's market capitalization was reported at 638 million yuan as of September 12, 2025 [15]. Company Background - Guangdao Digital specializes in software product development and sales aimed at data applications, claiming to have significant experience in digital government services [14].