On the late evening of April 29, Yunchuang Data (BJ:920305), trading at 3.57 yuan per share with a market capitalization of 473 million yuan, disclosed that it has triggered the "financial" category for mandatory delisting.
Simultaneously, the company received a Prior Notice of Administrative Penalty from the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission. After nearly a year under investigation, regulators found that the company's annual reports from 2020 to 2023 and its semi-annual report for 2024 are suspected of containing false records. Furthermore, its public issuance documents are suspected of fabricating significant false content.
From 2020 through the first half of 2024, the company allegedly inflated its revenue by approximately 770 million yuan cumulatively through business activities lacking commercial substance.
Due to these two suspected violations, Yunchuang Data and its relevant responsible persons are facing combined fines nearing 150 million yuan. The company's actual controllers, the married couple Zhang Zhen and Liu Peng, who served as Chairman and General Manager respectively at the time, are proposed to be subject to lifetime bans from the securities market.
According to the Prior Notice, from 2020 to June 2024, Yunchuang Data is suspected of recognizing revenue from businesses that were either not actually executed or lacked commercial substance. This led to false records in its annual reports from 2020 to 2023 and its 2024 semi-annual report, overstating both revenue and profit.
Specifically, for the years 2020 to 2023 and the first half of 2024, the company is suspected of inflating operating revenue by 83.9091 million yuan, 147.2814 million yuan, 240.2145 million yuan, 195.8759 million yuan, and 100.1345 million yuan respectively. The proportion of this inflated revenue to the total revenue reported surged from 23.09% to 81.83% over this period. Concurrently, suspected inflated total profits were 32.4193 million yuan, 66.7404 million yuan, 88.5536 million yuan, 49.9725 million yuan, and 18.7814 million yuan, accounting for 40.41%, 91.57%, 405.10%, 63.31%, and 127.90% of the absolute value of total profit reported for each respective period.
Beyond the information disclosure violations, Yunchuang Data is also suspected of fraudulent issuance. Its "Prospectus for the Public Offering of Shares to Qualified Non-Specific Investors" disclosed in July 2021 is suspected to have included falsified financial data for the year 2020. For that year, the company is suspected of overstating operating revenue by 83.9091 million yuan and total profit by 32.4193 million yuan, representing 23.09% and 40.41% of the respective figures reported.
In response to these violations, the Jiangsu Regulatory Bureau proposes severe penalties totaling nearly 1.5 billion yuan (including fines for the company and relevant individuals), alongside market entry bans for several persons.
For the information disclosure violations and fraudulent issuance, a combined fine of 79.6 million yuan is proposed for Yunchuang Data. This includes a fine of 69.6 million yuan, equivalent to 20% of the illegally raised funds (348 million yuan).
Additionally, fines are proposed for 10 relevant responsible individuals, totaling 69.5 million yuan. Former Chairman Zhang Zhen, identified as having organized and arranged the systematic financial fraud, is proposed to be fined 15 million yuan in total. His spouse, former General Manager Liu Peng, who was aware of the falsification yet signed off certifying the truthfulness, accuracy, and completeness of the company's periodic reports and public issuance documents for multiple years, is proposed to be fined 14 million yuan in total. Both are proposed to face lifetime securities market bans.
Furthermore, former Employee Representative Supervisor and Procurement Director Zhang Xiaochuang, former Marketing Project Director and Director Yuan Gaofeng, and former Finance Manager and Financial Officer Shen Shiqiang are each proposed to face 10-year securities market bans. Marketing Director Shan Mingyue and Engineering Department Manager Xu Dongfang are each proposed to face 5-year securities market bans.
Yunchuang Data and the related individuals have the right to make statements, defend themselves, and request hearings regarding the proposed administrative penalties.
Coinciding with the regulatory penalties, Yunchuang Data's listing may be nearing its end.
According to another announcement released by the company on the same day, as it has triggered the "financial" criteria for mandatory delisting, trading of its shares will be suspended starting April 30, 2026.
Before making a final delisting decision, the Beijing Stock Exchange will issue a prior notice of its intent to terminate the company's stock listing.
Within 15 trading days after the expiration of the periods for hearings, statements, and defenses, or after the conclusion of any hearing procedures, the Beijing Stock Exchange's Listing Committee will deliberate on whether to terminate the listing. The Exchange will then make a final decision based on the Listing Committee's opinion.
As early as May 2025, Yunchuang Data was placed under "financial" delisting risk warning after its 2024 financial report received an audit opinion that could not express a view. Additionally, the company's 2025 financial accounting report again received an audit opinion that could not express a view.
These circumstances trigger multiple provisions under the "Beijing Stock Exchange Listing Rules" related to "financial" mandatory delisting.
It is noteworthy that due to receiving the Prior Notice of Administrative Penalty and potentially involving major illegal activities, Yunchuang Data has also been subjected to an additional "major violation" delisting risk warning.
If the Exchange ultimately decides to delist Yunchuang Data, the company's shares will enter a 15-trading-day delisting consolidation period before being officially terminated from listing and transferred to the delisted sector.