Wintao Communications faces delisting: fabricated IPO documents have pushed *ST Wintao into the delisting consolidation period starting on the 30th.
On the evening of September 29, *ST Wintao (301139) issued an announcement stating that the company's shares would resume trading on September 30, 2026 and enter the delisting consolidation period, which consists of a total of 15 trading days, with the expected final trading date being October 27, 2026. The securities abbreviation would also be changed to "Wintao Delisting."
The announcement clarified the trading rules during the delisting consolidation period: no price limit would apply on the first trading day, while the remaining trading days would have a 20% price limit. After the stock is terminated from listing, the company's shares would be transferred to the delisting board of the National Equities Exchange and Quotations for listing and transfer.
At the same time, according to ChiNext listing rules, during the delisting consolidation period, the company is not allowed to plan or implement major asset restructuring, and investors lose the room to speculate on restructuring expectations.
The root cause of this delisting lies in major false records in the company's securities issuance documents. The Shenzhen Stock Exchange made a decision on September 21, 2026 to terminate the listing of Wintao Communications' shares.
The administrative penalty decision issued by the China Securities Regulatory Commission shows that Wintao Communications fabricated major false content in its IPO-related securities issuance documents. Between 2019 and 2021, the company inflated revenue through means such as fabricating workload confirmation forms, with the inflated amounts accounting for 8.75%, 13.12%, and 16.23% of operating revenue in those respective years. In addition, its 2022 annual report also contained false records in information disclosure.
A series of financial fraud practices ultimately triggered the delisting red line. Wintao Communications was once a ChiNext-listed company, and before being placed under risk warning, its abbreviation was Wintao Communications.
The exposure of financial fraud also dealt a devastating blow to the company's stock price. Since May of this year, the company's share price has entered a sustained downward trend, with a cumulative decline of more than 80% during the year, causing huge losses for many investors.
The Wintao Communications case is a microcosm of the capital market's severe crackdown on financial fraud and its effort to tighten the responsibility of information disclosure entities. In recent years, regulators have continued to strengthen punishments for listed companies' illegal and irregular conduct, adhering to "zero tolerance" for malignant violations such as IPO fraud and false records in annual reports. Relevant entities will face administrative penalties and civil claims, and those with serious circumstances will also be pursued for criminal liability.
For investors, stocks entering the delisting consolidation period carry extremely high risks. Although short-term stock price fluctuations may occur, the company's fundamentals have already collapsed. After delisting, liquidity will shrink substantially, and the difficulty of cashing out shares will increase significantly. Regulatory authorities have also repeatedly warned investors not to blindly speculate on delisted stocks, but to stay away from targets involved in financial fraud or major illegal circumstances, rationally assess listed companies' true operating and compliance levels, and hold the bottom line of investment risk.