ST Changyao: Fined for financial fraud, stock will be delisted.

ST Changyao announced that from 2021 to 2023, Changjiang Xing, a subsidiary of the company, fabricated false documents to recognize revenue without actual sales transactions, leading to an overstatement of revenue by 2.15 billion yuan, 2.84 billion yuan, and 2.34 billion yuan in the annual reports of the company for each year, and an overstatement of total profits by 56.40 million yuan, 67.92 million yuan, and 43.70 million yuan. The China Securities Regulatory Commission has decided to give warnings and fines to 14 relevant individuals, including Luo Ming, and impose market entry bans on Luo Ming and Yang Zhenghui. The company has violated major laws and will be forced to delist its stock.