On the evening of September 21, Yuan Dao (301139) announced that the company had received a decision from the Shenzhen Stock Exchange to terminate the listing of its shares. Because the disclosure documents for its initial public offering contained false records, the company triggered the delisting circumstances under the ChiNext listing rules. Its shares will resume trading on September 30 this year and enter a fifteen-trading-day delisting consolidation period, with the final trading date expected to be October 27. During the delisting consolidation period, the company's shares will trade on the risk warning board. On the first trading day there will be no price limit, and thereafter the daily price limit will be 20 percent. On the trading day immediately after the consolidation period ends, the Shenzhen Stock Exchange will delist the company's shares. Looking back at the events, in July 2025 the China Securities Regulatory Commission opened an investigation into the company on suspicion that financial data in its annual reports and other disclosure documents contained false records. On May 8 this year, the company received a prior notice of administrative penalty. The investigation found that from 2019 to 2021, the company inflated operating revenue by 65.9026 million yuan, 161 million yuan, and 264 million yuan respectively through methods such as fabricating work volume confirmation forms, accounting for 8.75 percent, 13.12 percent, and 16.23 percent of the operating revenue disclosed in the prospectus for 2019 to 2021. In its 2022 annual report, it inflated operating revenue by 166 million yuan, accounting for 7.87 percent of the operating revenue disclosed for that period. On August 28, the company received an administrative penalty decision from the China Securities Regulatory Commission, imposing a fine of 234 million yuan for fraudulent issuance violations, and ordering correction of information disclosure violations, issuing a warning, and imposing a fine of 5 million yuan, for a combined fine of 239 million yuan. High fines were also imposed on Li Jin, then chairman of the company, and others. Yuan Dao is a communications technology services company that listed on ChiNext in July 2022. In the first half of this year, it achieved operating revenue of 492 million yuan, down 15.83 percent year on year, and net profit attributable to the parent company of negative 54.9933 million yuan, turning from profit to loss year on year. As of June 30 this year, the total number of A-share shareholders in the company was 15,400, a decrease of 3,439 from the end of the first quarter, a decline of 18.28 percent. The company's shares have been suspended since August 31, and the share price on the last trading day before suspension was 3.31 yuan per share.
Wintao Communications Co. Ltd