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Delisting! 300344, financial statement fraud!
Log in to Sina Finance App and search for [Information Disclosure] to see more evaluation levels.
Due to financial fraud, *ST Likuang (Rights Protection) (300344) will be delisted.
On March 23, the Shenzhen Stock Exchange issued an announcement regarding the termination of listing of Likuang Digital Science Co., Ltd.
The announcement states that on February 14, 2026, Likuang Digital Science Co., Ltd. (hereinafter “*ST Likuang” or “the Company”) received an Administrative Penalty Decision from the Anhui Regulatory Bureau of the China Securities Regulatory Commission. According to the facts stated in the decision, the company’s disclosures in annual reports from 2021 to 2023 contained false records, with the total false reported revenue for 2021 and 2022 exceeding 500 million yuan and accounting for more than 50% of the total disclosed annual revenue over those two years.
The announcement states that *ST Likuang meets the delisting conditions specified in Article 10.5.1, Item 1, and Articles 10.5.2, Items 6 and 7 of the Shenzhen Stock Exchange’s “Growth Enterprise Market Listing Rules (2025 Revision).” Based on Article 10.5.10 of the same rules and the review opinions of the Listing Review Committee, the Shenzhen Stock Exchange has decided to delist the company’s stock, which will enter a delisting restructuring period starting March 31, 2026. The restructuring period lasts for fifteen trading days, and on the next trading day after the period ends, the company’s stock will be delisted.
On the same day, *ST Likuang also issued a related announcement stating that the company’s stock will enter the delisting restructuring trading period starting March 31, with the stock code remaining 300344, and the stock abbreviation changing to “Likuang Restructuring.” During the first trading day of the restructuring period, there will be no price fluctuation limits; thereafter, the daily price fluctuation limit will be 20%.
The previously received Administrative Penalty Decision states that between 2021 and 2023, the company artificially inflated revenue by 638 million yuan and costs by 628 million yuan through proxy business, financing trade, false trade, and other methods, which is suspected of involving major illegal violations that could lead to mandatory delisting.
Specifically, in 2021, the company inflated revenue by 280 million yuan, accounting for 50.09% of that year’s revenue, and inflated costs by 277 million yuan, accounting for 60.61% of that year’s costs; in 2022, inflated revenue was 312 million yuan, accounting for 51.67%, and inflated costs were 305 million yuan, accounting for 53.54%, with a total inflated profit of 510,400 yuan, representing 0.33% of that year’s profit; in 2023, inflated revenue was 45.69 million yuan, accounting for 24.00%, and inflated costs were 45.23 million yuan, accounting for 27.55%.
Source: Company announcement, Shenzhen Stock Exchange announcement