Cubic Digital Technology Co., Ltd. (300344), currently under special treatment (ST), announced on November 28 that it received a prior notice of administrative penalty and market ban from the Anhui Securities Regulatory Bureau. The notice confirmed the company inflated revenue and costs through proxy businesses, financing-related trade, and fabricated transactions. Based on the facts outlined in the notice, the company's shares may face mandatory delisting due to severe violations.
Trading of ST Cubic shares will be suspended starting December 1, 2025, and resume on December 2, 2025 (Tuesday). Upon resumption, the stock will be placed under delisting risk warning and continue trading on the risk warning board with a daily price fluctuation limit of 20%.
According to the China Securities Regulatory Commission (CSRC) investigation, from 2021 to 2023, ST Cubic artificially inflated revenue by 638 million yuan and costs by 627 million yuan through various fraudulent practices. Specifically, in 2021, revenue and costs were overstated by 280 million yuan and 277 million yuan respectively; in 2022, by 312 million yuan and 305 million yuan; and in 2023, by 46 million yuan and 45 million yuan.
The CSRC plans to impose a 10 million yuan fine on the company and a combined 30 million yuan penalty on 10 responsible individuals. As ST Cubic is suspected of meeting criteria for mandatory delisting due to major violations, the Shenzhen Stock Exchange will initiate delisting procedures in accordance with the law.
Concurrently, the CSRC has launched an investigation into Zhongxingcai Guanghua Accounting Firm involved in the case. Those found negligent in their professional duties will face severe penalties. For potential securities crimes related to the violations, the CSRC will transfer all relevant leads to public security authorities following legal procedures.
This case marks the first instance where both a listed company received penalties and its intermediary agency faced simultaneous investigation, reflecting regulators' dual focus on punishing primary offenders and accomplices in financial fraud. It signifies further advancement of a comprehensive, multi-dimensional regulatory enforcement system.
In secondary markets, ST Cubic's shares have declined consecutively in recent days, closing at 3.36 yuan per share with a market capitalization of approximately 2.156 billion yuan. As of Q3 2025, the company had 30,700 shareholders.
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