Core Viewpoint - The article discusses the fraudulent activities of Jiangsu Wuzhong (*ST Suwu*), a company that has been involved in long-term deception and asset stripping, leading to its forced delisting from the stock market due to severe violations of regulations [3][17]. Group 1: Company Background and Fraudulent Activities - Jiangsu Wuzhong has a history of "cross-era fraud," where different controlling parties engaged in deceptive practices over time, ultimately leading to significant financial losses for investors [5]. - The company was initially involved in the textile industry and later attempted various transformations, including real estate and chemical sectors, before venturing into the medical aesthetics industry [7]. - The company gained notoriety for its medical aesthetics product, AestheFill, which became popular but was later undermined by legal disputes with its supplier, Regen [12]. Group 2: Key Events Leading to Delisting - Jiangsu Wuzhong's stock experienced a misleading surge, with five consecutive days of trading at the upper limit before being suspended, creating a false impression of success [16]. - Regulatory investigations revealed multiple instances of fraud, including the misrepresentation of controlling shareholders and the inflation of revenue and profits, with related party transactions amounting to 1.693 billion yuan, which constituted 96.09% of the company's net assets [17]. - The company and its controlling shareholders faced severe penalties, including a 15 million yuan fine for the actual controller, Qian Qunshan, and a ten-year ban from the securities market [18]. Group 3: Legal and Financial Consequences - Jiangsu Wuzhong and its subsidiaries have been labeled with negative legal tags, and the ongoing legal disputes with Regen have led to a significant claim of 1.6 billion yuan for damages [19]. - The article highlights the broader implications of the case, noting that the surge in the capital market has led to increased scrutiny and regulatory actions against companies engaging in fraudulent activities, with a record number of 13 companies facing delisting measures in 2025 [18].

Core Viewpoint - The article discusses the exposure of a major fraud involving Jiangsu Wuzhong (*ST Suwu), a company that misled investors and engaged in long-term deception, leading to its forced delisting from the stock market [1][2]. Group 1: Company Background - Jiangsu Wuzhong, originally established in 1994, has undergone multiple transformations, including ventures into textiles, real estate, and chemicals, before entering the medical aesthetics industry [4][6]. - The company gained attention in the medical aesthetics sector through its subsidiary, Wuzhong Aesthetics, which marketed the popular "AestheFill" product [3][4]. Group 2: Fraudulent Activities - Jiangsu Wuzhong has been involved in systematic fraud, including false disclosures about its actual controllers and inflated financial figures, with a significant amount of funds misappropriated [9][10]. - The company engaged in a "hot potato" scheme, where different controllers participated in the deception, ultimately leaving investors to bear the losses [2][9]. Group 3: Regulatory Actions - Regulatory authorities have initiated major illegal delisting procedures against Jiangsu Wuzhong due to severe violations, including a fine of 15 million yuan for its actual controller, Qian Qunshan, and a ten-year ban from the securities market [10][12]. - The company is now facing legal challenges, including a lawsuit against Aimeike for trademark infringement, as it seeks to recover 1.6 billion yuan in damages [11][12].