# Guangfa Securities

Regulatory Reckoning: ST Qingyue Faces Forced Delisting Amid Massive Fraud Scandal

ST Qingyue faces a 173 million RMB fine and potential forced delisting after the CSRC uncovered major fraud in its IPO documents and financial reports. In response, the company's auditors and underwriters have established a compensation fund to mitigate losses for affected investors.