Affected shareholders can register for claim assistance through the Sina Investor Rights Protection Platform at http://wq.finance.sina.com.cn/. Follow Sina Securities on social media, access the Sina Finance app, or visit the Sina Finance homepage to locate the registration channel.
On the evening of September 21, 2026, a delisting decision officially ended the A-share journey of Wintao Communications. The company, which had once earned the title of "the first stock in communication technology services" before listing on the ChiNext board in July 2022, was forced into termination by the Shenzhen Stock Exchange under the mandatory delisting rules for major violations. The decision came after authorities found that the company had fabricated work volume confirmation forms and inflated operating revenue for three consecutive years during its IPO application period.
According to the announcement, shares of Wintao Communications Co.,Ltd. (formerly *ST Yuandao) will resume trading on September 30, 2026, entering a 15-trading-day delisting adjustment period, with the expected final trading day set for October 27. The legal team led by lawyer Liu Peng at Shanghai Huzi Law Firm has already submitted multiple batches of cases to the court for filing, and claim collection remains open.
Where to Begin
Based on relevant judicial interpretations and lawyer opinions, the eligibility criteria for claims are clearly defined: investors who purchased shares between July 8, 2022, and July 11, 2025 (inclusive), and who sold after July 12, 2025, or still hold the shares at a loss, are entitled to seek compensation. An entry point for Wintao Communications claim registration is available through the designated platform.
Details of the Violations
The China Securities Regulatory Commission found that Wintao Communications committed two distinct violations during its IPO filing and post-listing period. First, the company fabricated major false content in its securities issuance documents. During the 2019 to 2021 IPO reporting period, the company inflated operating revenue by 65.90 million yuan, 161 million yuan, and 264 million yuan, respectively, through fabricated work volume confirmation forms, accounting for 8.75%, 13.12%, and 16.23% of the disclosed revenue in each corresponding year. The multiple versions of the prospectus disclosed between October 2020 and July 2022, including draft, review, and registration versions, all contained false records. On July 8, 2022, the company listed on the ChiNext board, raising 1.169 billion yuan.
Second, the 2022 annual report contained false statements. In the same year as its listing, the company continued using the same method to inflate operating revenue by 166 million yuan, representing 7.87% of the revenue disclosed in that annual report. These violations met the threshold for major misconduct, resulting in heavy penalties for the company and its responsible individuals.
Claims Remain Viable Post-Delisting
For investors who suffered losses during the exposure of the fraud, delisting does not mark the end of their right to claim compensation. Under the Securities Law and judicial interpretations on false statement liabilities, investors who incurred losses due to misrepresentation are entitled to pursue civil damages from the responsible parties. Filing a legal claim is a feasible path to recover partial losses, but investors must remain mindful of the statute of limitations and should prepare their materials for claim registration as soon as possible.