On November 28, 2025, a ruling from the Intermediate People's Court of Meizhou, Guangdong, marked a significant phase in a financial fraud case that shook the capital market—the first stock to be forcibly delisted from the Sci-Tech Innovation Board for serious violations, "Zijinchun Storage" (688086.SH). Its actual controllers Zheng Mu, Luo Tiewei, and former financial director Li Yanxia, along with 10 other management personnel, were all sentenced to fixed-term imprisonment.

Established in 2010, Zijinchun Storage was once a representative enterprise of domestic optical storage technology. The company started with Blu-ray media and gradually expanded into optical storage devices and solutions, serving key areas such as government affairs, finance, and healthcare. In February 2020, riding on the pilot program of the Sci-Tech Innovation Board registration system, Zijinchun Storage successfully went public, with its market value once exceeding 10 billion yuan, earning the title of "hard technology benchmark."

However, beneath the glamorous facade lay the seeds of disaster. Since 2017, the company systematically fabricated business operations and inflated profits, solely to meet the IPO betting agreement and maintain its stock price after going public. In just four years, it cumulatively inflated operating income by 754 million yuan and inflated profits by 375 million yuan, ultimately resulting in a massive loss of 1.097 billion yuan, leaving 17,400 investors at a total loss.

In February 2022, the China Securities Regulatory Commission launched an investigation; in July 2023, Zijinchun Storage became the first company on the Sci-Tech Innovation Board to be forcibly delisted for fraudulent issuance.