The platform for affected investors to register their claims is available.
Guandian Defense completed its delisting procedures from the Shanghai Stock Exchange on June 10, 2026, formally exiting the A-share market. Delisting does not preclude investors from seeking compensation from the company for violations, and the claim collection process is currently ongoing.
On May 11 of the same year, the company had received the exchange's decision to terminate its listing. The immediate trigger for the delisting was its dismal operational figures: the company was placed under delisting risk warnings due to a net loss for the 2024 fiscal year and revenue falling below 100 million yuan.
The 2025 annual report revealed that the company not only widened its losses to 217 million yuan but also triggered the Science and Technology Innovation Board's delisting rules because its financial report received a qualified audit opinion and its internal controls received an adverse opinion.
For investors still holding the stock, the June 10 delisting signifies a severe loss of liquidity, as the shares will be transferred to the National Equities Exchange and Quotations (the 'Old Third Board') for trading. For investors who have suffered losses, pursuing legal claims is the most viable path to recover damages. Investors meeting the following criteria can currently participate in the claim registration:
Those who purchased shares on or before April 3, 2026, and sold or continued to hold them after April 4, 2026, incurring losses.
Those who purchased shares between May 25, 2022, and April 29, 2024, and sold or continued to hold them after April 30, 2024, incurring losses.
Those who purchased shares between January 17, 2025, and April 11, 2025 (inclusive), and sold or continued to hold them after April 12, 2025, incurring losses.
The existence of multiple claim periods underscores the extent of Guandian Defense's past information disclosure violations, which include two separate regulatory investigations initiated on May 29, 2024, and April 4, 2026.
The first investigation concluded with an Administrative Penalty Decision received in July 2025. The investigation found that between 2022 and 2023, the company fabricated payment justifications to transfer a total of 284 million yuan to multiple third-party companies, with the funds ultimately flowing to the actual controller and related parties. These transactions were never truthfully disclosed in periodic reports, resulting in significant omissions in the annual reports. Furthermore, the company provided illegal guarantees totaling 173 million yuan for the actual controller's related parties and external individuals without undergoing any proper review procedures and failed to disclose these as required.
More seriously, the actual controller even directed subordinates to forge bank confirmations and bank statements in an attempt to conceal the financial irregularities. This demonstrated that corporate governance mechanisms were effectively non-existent and confirmed the intentional and malicious nature of the fraud.
The second investigation, initiated in 2026, remains ongoing.
Additionally, the company has faced investor claims related to corrections made to its performance forecast for the 2024 annual report.
In the face of such corporate misconduct, affected investors are encouraged to utilize legal avenues to protect their rights and interests, which also contributes to market regulation.
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