2026年1月5日晚，深圳市广道数字技术股份有限公司（下称"广道退"）发布公告，公司股票被北京证券 交易所终止上市并摘牌，成为新年首家退市股票，同时也是北交所设立以来首例因重大违法被强制退市 的案例。 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。 根据深圳证监局2025年9月12日下发的《行政处罚决定书》，广道退系统性财务造假长达7年。广道退披 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，广道退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年以及2024年上半年，广道退虚增的营业收入 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年、2024年上半年，广道退虚增的营业成本占当期报告记载金额的比例，分别 ...

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， ...

Core Viewpoint - *ST Guangdao has been forced to delist from the Beijing Stock Exchange due to serious financial fraud, marking it as the first company to be delisted for such reasons on this exchange [1][3]. Summary by Sections Company Background - *ST Guangdao, officially known as Shenzhen Guangdao Digital Technology Co., Ltd., specializes in the development and sales of software products aimed at data applications. The company 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 [3]. Financial Misconduct - The delisting decision is linked to long-term and systematic financial fraud, with false information found in annual reports from 2018 to 2023 and the first half of 2024. The company inflated its reported revenue and costs through fabricated sales and purchase contracts, invoices, bank receipts, delivery notices, and inventory receipts [3]. - The inflated revenue percentages for the respective periods were as follows: - 2018: 87.34% - 2019: 95.39% - 2020: 98.96% - 2021: 85.87% - 2022: 99.39% - 2023: 98.14% - 2024 (H1): 88.11% [3]. - The inflated cost percentages for the same periods were: - 2018: 84.53% - 2019: 91.17% - 2020: 98.41% - 2021: 83.30% - 2022: 99.13% - 2023: 92.26% - 2024 (H1): 83.81% [3]. Regulatory Actions - The company received a notice from the China Securities Regulatory Commission (CSRC) in December 2022 regarding an investigation into information disclosure violations, leading to a formal investigation [6]. - Following this, *ST Guangdao issued multiple announcements regarding the investigation's progress, the freezing of bank accounts, and the potential for delisting risk warnings [7]. - In April 2023, the company was officially warned of delisting, and its stock name was changed to *ST Guangdao. In September 2023, the CSRC issued an administrative penalty, imposing a fine of 10 million yuan and mandating corrective actions [8]. Leadership and Penalties - Key executives, including the chairman and general manager, were held accountable for the fraudulent activities and faced severe administrative penalties and market bans. The chairman, Jin Wenming, was fined 15 million yuan and received a lifetime ban from the securities market [9]. - The company's sponsor, Wukuang Securities, announced plans to establish a compensation fund of approximately 220 million yuan to compensate eligible investors for losses incurred due to the company's fraudulent disclosures [9].

Core Viewpoint - *ST Guangdao has been forced to delist from the Beijing Stock Exchange due to serious financial fraud, marking it as the first company to be delisted for such reasons on this exchange [1][3]. Group 1: Financial Misconduct - *ST Guangdao has been involved in long-term and systematic financial fraud, with false records found in its annual reports from 2018 to 2023 and the first half of 2024 [3]. - The company inflated its reported revenue and costs significantly, with inflated revenue percentages for the years 2018 to 2023 and the first half of 2024 being 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% respectively [3]. - Similarly, the inflated cost percentages for the same periods were 84.53%, 91.17%, 98.41%, 83.30%, 99.13%, 92.26%, and 83.81% [3]. Group 2: Regulatory Actions - The company received a notice from the China Securities Regulatory Commission (CSRC) in December 2022, leading to an investigation due to suspected violations of information disclosure [6]. - Following the investigation, *ST Guangdao was warned and fined 10 million yuan, and its stock was suspended, resulting in a 14.54% drop in share price [8]. - Key executives, including the chairman and financial officer, faced severe penalties, including lifetime bans from the securities market [9]. Group 3: Investor Compensation - The company's sponsor, Wukuang Securities, announced plans to establish a compensation fund of approximately 220 million yuan to reimburse investors affected by the company's fraudulent activities [9]. - As of the second quarter of this year, *ST Guangdao had 6,634 shareholders [9].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the listing of *ST Guangdao due to long-term and systematic financial fraud, as confirmed by the China Securities Regulatory Commission [3][4]. Company Summary - *ST Guangdao, officially known as Shenzhen Guangdao Digital Technology Co., Ltd., was primarily engaged in the development and sales of software products aimed at data applications. The company was listed on the Beijing Stock Exchange on November 15, 2021, after being listed on the New Third Board in November 2016 [7]. - The company has been found to have fabricated sales and procurement activities through false contracts, invoices, bank receipts, and other documents, leading to significant inflation of reported revenue and costs [4][7]. Financial Misconduct Details - From 2018 to 2023, *ST Guangdao inflated its reported revenue by the following percentages: 87.34% (2018), 95.39% (2019), 98.96% (2020), 85.87% (2021), 99.39% (2022), 98.14% (2023), and 88.11% (2024 H1) [4]. - The inflated operating costs during the same periods were: 84.53% (2018), 91.17% (2019), 98.41% (2020), 83.30% (2021), 99.13% (2022), 92.26% (2023), and 83.81% (2024 H1) [4]. Regulatory Actions - The China Securities Regulatory Commission has imposed a fine of 10 million yuan on *ST Guangdao and has mandated corrective actions. Key executives, including the chairman and financial officer, have faced severe administrative penalties and market bans [7]. - Following the announcement of the termination of its listing, *ST Guangdao has indicated that its sponsor, Wukuang Securities, is leading efforts to establish a compensation fund for eligible investors affected by the company's financial misconduct [7]. Industry Context - The A-share market is witnessing a diversification in delisting practices, with a notable increase in the enforcement of mandatory delisting due to severe violations such as financial fraud. This reflects a commitment from regulatory bodies to protect investors' rights and maintain market integrity [9]. - The principle of "delisting does not exempt liability" has gained traction, emphasizing that companies cannot evade accountability for past misconduct even after being delisted [9].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the listing of *ST Guandao due to long-term and systematic financial fraud, marking it as the first company to be forcibly delisted for major violations on the exchange [2][4]. Group 1: Financial Misconduct - *ST Guandao was found to have engaged in financial fraud for seven consecutive years, significantly inflating both revenue and costs through the fabrication of sales and purchase contracts, invoices, and other documents [5][7]. - The company reported inflated revenues of 143 million, 192 million, 223 million, 249 million, 304 million, 283 million, and 72 million from 2018 to the first half of 2024, representing percentages of 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% of the reported amounts for those periods [9]. - Correspondingly, the inflated costs were 65 million, 85 million, 117 million, 133 million, 163 million, 152 million, and 39 million, with percentages of 84.53%, 91.17%, 98.41%, 83.30%, 99.13%, 92.26%, and 83.81% [9]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a fine of 10 million yuan on *ST Guandao and issued warnings, while key executives faced severe penalties, including lifetime bans from the securities market [12]. - The former chairman and other senior management were held accountable for the fraudulent activities, with the chairman fined 15 million yuan and banned for life, while the secretary was fined 5 million yuan and also banned for life [12]. Group 3: Investor Compensation - As a response to the fraud and subsequent delisting, Minmetals Securities is actively working on a compensation plan for eligible investors, establishing a special fund of approximately 220 million yuan for this purpose [14]. - The compensation mechanism aims to provide timely relief to investors affected by the company's fraudulent disclosures, addressing the challenges of high litigation costs and lengthy recovery processes for small investors [14].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the listing of *ST Guandao due to long-term and systematic financial fraud, marking it as the first company to be forcibly delisted for major violations on the exchange [2][4][5]. Group 1: Company Background - *ST Guandao, officially known as Shenzhen Guandao Digital Technology Co., Ltd., primarily develops and sells software products aimed at data applications. The company 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 [7]. Group 2: Financial Fraud Details - The company has been found to have engaged in financial fraud for seven consecutive years, with significant inflation of revenue and costs. The China Securities Regulatory Commission (CSRC) identified false disclosures in annual reports from 2018 to 2023 and the first half of 2024 [4][6]. - Specific figures indicate that *ST Guandao inflated its reported revenue by 143 million, 192 million, 223 million, 249 million, 304 million, 283 million, and 72 million from 2018 to the first half of 2024, representing percentages of 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% respectively [9]. - Similarly, the inflated operating costs were 65 million, 85 million, 117 million, 133 million, 163 million, 152 million, and 39 million during the same period, with corresponding percentages of 84.53%, 91.17%, 98.41%, 83.30%, 99.13%, 92.26%, and 83.81% [9]. Group 3: Regulatory Actions and Penalties - The CSRC imposed a fine of 10 million yuan on *ST Guandao and issued severe penalties against key executives, including a lifetime ban from the securities market for the former chairman and other senior management [11]. - The Beijing Stock Exchange also publicly reprimanded *ST Guandao and its executives, prohibiting them from holding positions in listed companies for life [11]. Group 4: Investor Compensation - The termination of *ST Guandao's listing has raised concerns about investor compensation. Minmetals Securities, as the sponsor and continuous supervisor, failed to fulfill its responsibilities, leading to the establishment of a compensation fund of approximately 220 million yuan to compensate eligible investors for their losses [12][14]. - The compensation mechanism is designed to provide a more efficient remedy for small investors facing high litigation costs and long recovery periods [14].

Core Viewpoint - *ST Guangdao has received a decision from the Beijing Stock Exchange to terminate its stock listing due to significant violations of regulations, including falsifying financial reports and overstating revenue and costs [2][6][7]. Group 1: Termination of Listing - On November 12, *ST Guangdao announced it received a decision from the Beijing Stock Exchange regarding the termination of its stock listing [2]. - The company has been suspended from trading since September 15, with a closing price of 9.52 yuan per share and a total market value of 638 million yuan as of September 12 [4]. Group 2: Violations and Financial Misrepresentation - The decision to terminate the listing is based on findings from the Shenzhen Securities Regulatory Bureau, which identified significant violations under the Beijing Stock Exchange's listing rules [6]. - The company was found to have falsified financial documents from 2018 to 2023, inflating reported revenue and costs by substantial margins, with revenue inflation rates reaching as high as 99.39% in 2024 [7]. Group 3: Next Steps and Compensation - *ST Guangdao will enter a delisting preparation period, and if it does not appeal the decision within 15 trading days, its stock will resume trading for a delisting preparation period [8]. - The company is currently working with its sponsor, Wukuang Securities, to establish a compensation fund for eligible investors affected by the delisting [8].