Core Viewpoint - The concept of "delisting does not exempt from liability" has become a regulatory norm in the capital market, indicating that companies and related parties will continue to be held accountable for violations even after delisting [1][4]. Group 1: Regulatory Actions - Three delisted companies and their related parties have recently faced regulatory actions, including investigations and penalties, highlighting ongoing accountability in the market [1][2]. - China Zhongqi Investment Co., Ltd. announced that its controlling shareholder, Zhongqi Group, received a notice of investigation from the CSRC for suspected information disclosure violations [2]. - Jiangsu Sunshine, a delisted company, received a notice of administrative penalty for failing to disclose significant events related to a related party transaction, with proposed fines totaling 3.3 million yuan [3]. Group 2: Trends in Delisting Accountability - There has been a notable increase in regulatory actions against delisted companies, with over 70 companies investigated for violations and 33 cases referred for suspected criminal information disclosure [4]. - The regulatory framework aims to enhance compliance awareness among market participants and boost investor confidence, contributing to the high-quality development of the capital market [4]. Group 3: Legal Mechanisms and Enforcement - The introduction of representative litigation mechanisms for delisted companies marks a significant advancement in civil compensation, reducing the cost of investor rights protection and increasing litigation efficiency [6]. - The CSRC has intensified its crackdown on financial fraud, with 13 companies facing mandatory delisting this year due to severe violations, particularly financial misconduct [7]. - Regulatory authorities are focusing on key individuals such as actual controllers and major shareholders to ensure accountability and prevent failures in oversight by intermediaries [7].

Core Viewpoint - The recent actions taken against three delisted companies in China signal a clear message: delisting does not exempt companies from accountability, and regulatory scrutiny is intensifying [1][2]. Summary by Relevant Categories Regulatory Actions - Three companies, China Zhongqi, Jiangsu Sunshine, and Futong Information, have faced regulatory actions within four days, highlighting the ongoing enforcement against delisted firms [1]. - Jiangsu Sunshine was fined 3.3 million yuan for fund occupation and false information disclosure, while China Zhongqi and Futong Information are under formal investigation for information disclosure violations [1]. Delisting and Accountability - A total of 178 companies have been delisted from the A-share market this year, indicating an accelerated pace of market cleanup [1]. - The process of delisting is just the beginning; accountability measures are being reinforced, with a focus on continuous regulatory follow-up [1]. Enforcement Mechanism - A comprehensive accountability system is being established, integrating administrative, civil, and criminal penalties, which is becoming the norm in regulatory practices [1].

Core Viewpoint - The regulatory environment in China's capital market is tightening, with an increase in investigations by the China Securities Regulatory Commission (CSRC) into companies for financial misconduct, emphasizing that "delisting does not exempt" companies from accountability [1][5]. Group 1: Regulatory Investigations - Shandong Ruyi Technology Group and Xiamen Road and Bridge Information Co., Ltd. have been announced to be under investigation by the CSRC for suspected violations related to financial information disclosure [1]. - As of October 16, 2023, a total of 89 companies have disclosed investigations by the CSRC, including 8 companies for suspected violations in regular financial reporting [1][5]. - The trend indicates a proactive approach by regulators, with investigations serving as a "pre-warning" mechanism to alert investors to potential financial fraud [2][3]. Group 2: Financial Misconduct and Accountability - The CSRC has intensified its efforts to hold not only companies but also responsible individuals accountable for financial fraud, establishing a comprehensive accountability system [4]. - Recent cases, such as *ST Dongtong, highlight severe penalties for companies involved in financial fraud, including fines and potential delisting [2][4]. - The regulatory framework now includes administrative, civil, and criminal liabilities, creating a multi-layered accountability structure that aims to deter financial misconduct [4][6]. Group 3: Impact on Delisted Companies - Seven companies that have been delisted this year are now facing investigations, reinforcing the message that delisting does not absolve them of legal responsibilities [5][6]. - The CSRC has already investigated 67 delisted companies for violations, with 33 cases referred for potential criminal charges [5][6]. - This approach aims to eliminate the "get away with it" mentality among companies, ensuring that accountability is maintained even after delisting [5][6].

Core Viewpoint - The article highlights the strict regulatory environment in China regarding companies that have been delisted, emphasizing that delisting does not exempt them from legal responsibilities and penalties [1]. Group 1: Company Violations - Jiangsu Sunshine was found to have engaged in illegal activities related to a land use rights transaction with its controlling shareholder, Sunshine Group, amounting to 170.44 million yuan, which constituted a related party transaction [2]. - The company failed to complete the necessary property rights transfer registration and did not recover the 170.44 million yuan paid to Sunshine Group by the end of 2023 [3][4]. Group 2: Regulatory Actions - Jiangsu Securities Regulatory Bureau determined that Jiangsu Sunshine's failure to disclose significant events related to the land transaction violated multiple provisions of the Securities Law, leading to potential penalties [4][5]. - The regulatory body proposed a warning and fines totaling 2 million yuan for Jiangsu Sunshine, along with individual fines for key executives involved in the decision-making process [5][6].

Core Viewpoint - The article emphasizes the regulatory crackdown on the misuse of funds by controlling shareholders of listed companies, highlighting the need for strict compliance and accountability in financial practices [1][3][5]. Group 1: Regulatory Actions - The Shanghai Stock Exchange has mandated four companies, including ST Dongshi and ST Huami, to recover non-operational funds occupied by their controlling shareholders to protect the interests of the companies and minority shareholders [1]. - The new "National Nine Articles" stresses the serious rectification of financial fraud and fund occupation, with regulatory bodies intensifying their efforts against such behaviors [1][3]. - In 2024, the China Securities Regulatory Commission (CSRC) will strictly combat 35 cases of fund occupation, maintaining a "zero tolerance" stance and increasing accountability for key individuals involved [3]. Group 2: Rectification and Compliance - The revised delisting rules in 2024 include provisions for companies that fail to rectify significant fund occupation issues, potentially leading to delisting [5]. - ST Xintong faced delisting risk due to its controlling shareholder's failure to resolve fund occupation within the designated timeframe, but managed to repay 568 million yuan in cash and 60.48 million yuan through equity compensation [5]. - Companies like ST Huami and ST Dongshi are under pressure to repay occupied funds within a specified correction period, or they will face delisting procedures [5]. Group 3: Accountability Post-Delisting - Companies that face delisting due to operational failures or financial irregularities are still required to repay any occupied funds, as the regulatory stance is that "delisting does not exempt from repayment obligations" [7]. - ST Yangguang's case illustrates that even after delisting, the company is urged to recover occupied funds, with ongoing legal actions against its controlling shareholder [7]. - ST Longyu has not repaid 868 million yuan of occupied funds, and the CSRC has initiated an investigation into the company [7]. Group 4: Investor Protection and Legal Actions - Companies are encouraged to take proactive measures to recover funds from controlling shareholders, with several firms already initiating lawsuits [9]. - Independent directors have played a crucial role in urging companies to conduct thorough checks on fund occupation issues and to ensure repayment from controlling shareholders [9]. - The investor protection center has successfully initiated a derivative lawsuit against ST Moden, resulting in a court ruling for the controlling shareholder to return 240 million yuan in occupied funds [9].

Group 1 - The core viewpoint of the article highlights that *ST Yangguang (000608) reported a revenue of 73.08 million yuan and a net loss of 16.23 million yuan for Q1 2025, indicating significant financial challenges [1] - Due to negative profit totals and revenues below 300 million yuan in 2024, the company has been placed under delisting risk warning, changing its stock name to "ST Yangguang (600220)" [1] - The company aims to achieve a revenue target of 300 million yuan in 2025, relying on improved fundamentals, property sales, and new project expansions [1] Group 2 - The company expressed confidence in increasing revenue for 2025, citing that the Shajing project will contribute approximately 8 months of revenue compared to 2024 [1] - Measures to enhance operational efficiency include improving existing fundamentals, focusing on new projects, and accelerating strategic layout through mergers and acquisitions [1] - Notably, two significant foreign institutional shareholders have entered the top ten circulating shareholders, including Barclays Bank PLC and J.P. Morgan Securities PLC, holding 1.08% and 0.93% of circulating shares, respectively [2]

上海证券交易所 纪律处分决定书 〔2024〕129 号 关于对江苏阳光股份有限公司、控股股东江苏 阳光集团有限公司、实际控制人陆克平 及有关责任人予以纪律处分的决定 当事人： 江苏阳光股份有限公司，退市前证券简称：ST 阳光，退市 前证券代码：600220； 江苏阳光集团有限公司，江苏阳光股份有限公司控股股东； 陆克平，江苏阳光股份有限公司实际控制人； -1- ──────────────────────── 陆 宇，江苏阳光股份有限公司时任董事长； 高青化，江苏阳光股份有限公司时任总经理； 潘新雷，江苏阳光股份有限公司时任财务总监； 杨之豪，江苏阳光股份有限公司时任董事会秘书。 一、上市公司及相关主体违规情况 经查明，江苏阳光股份有限公司（以下简称公司）及控股股 东江苏阳光集团有限公司（以下简称阳光集团）、实际控制人陆 克平在规范运作、信息披露方面，有关责任人在职责履行方面存 在如下违规行为。 （一）控股股东及其关联方非经营性占用公司资金 2024 年 4 月 30 日，公司披露 2023 年年度报告等显示，2023 年 5 月 18 日，公司与控股股东阳光集团签订《土地转让协议》， 交易江阴市新桥镇何巷村 ...

关于江苏阳光股份有限公司股票终止上市的公告 2024-07-03 上证公告（股退）【2024】041号 2024年5月16日至2024年6月13日，江苏阳光股份有限公司连续20个交易日的每日股票收盘价均 低于1元，上述情形属于《上海证券交易所股票上市规则（2024年4月修订）》（以下简称《股票上市规 则》）第9.2.1条第一款第（一）项规定的股票终止上市情形。根据《股票上市规则》第9.1.10条、第 9.2.1条和第9.2.7条的规定，经上海证券交易所（以下简称本所）上市审核委员会审议，本所决定终止江 苏阳光股份有限公司股票上市。 如江苏阳光股份有限公司对本所作出的终止上市决定不服，可以在本所公告本决定之日后的5个交 易日内，向本所申请复核。 上海证券交易所 2024年7月3日 根据《股票上市规则》第9.1.14条、第9.2.9条和第9.6.1条的规定，江苏阳光股份有限公司股票不进 入退市整理期交易，本所在公告本决定之日后的5个交易日内，对江苏阳光股份有限公司股票予以摘 牌，公司股票终止上市。 根据《股票上市规则》第9.1.15条的规定，江苏阳光股份有限公司应当立即安排股票转入全国中小 企业股份转让系统等证券 ...

证券代码：600220 证券简称：ST 阳光 公告编号：临 024-076 江苏阳光股份有限公司 股票终止上市暨摘牌的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 第二节 终止上市决定的主要内容 "2024 年 5 月 16 日至 2024 年 6 月 13 日，你公司连续 20 个交易日的 每日股票收盘价均低于 1 元，上述情形属于《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简称《股票上市规则》）第 9.2.1 条第一款第（一）项规定 的股票终止上市情形。根据《股票上市规则》第 9.1.10 条、第 9.2.1 条和第 9.2.7 条的规定，经上海证券交易所（以下简称本所）上市审核委员会审议，本所决定 终止你公司股票上市。 江苏阳光股份有限公司（以下简称"公司"）于 2024 年 7 月 3 日收到上海证 券交易所（以下简称"上交所"）出具的自律监管决定书《关于江苏阳光股份有 限公司股票终止上市的决定》（上海证券交易所自律监管决定书〔2024〕84 号）， 上交所决定终止公司股票上 ...

二、主办券商基本情况 机构名称：西南证券股份有限公司 企业类型：股份有限公司（上市公司） 统一社会信用代码：91500000203291872B 法定代表人：吴坚 成立日期：1990 年 6 月 7 日 一、聘请主办券商的情况说明 江苏阳光股份有限公司（以下简称"公司"）股票 2024 年 5 月 16 日至 2024 年 6 月 13 日连续 20 个交易日每日收盘价均低于人民币 1 元，根据《上海证券交 易所股票上市规则》第 9.2.1 条第一款第一项的规定：在上海证券交易所（以下 简称"上交所"）仅发行 A 股股票的上市公司，如果公司股票连续 20 个交易日 的每日股票收盘价均低于 1 元，上交所有权决定终止公司股票上市交易。公司于 2024 年 6 月 13 日收到上交所下发的《关于拟终止江苏阳光股份有限公司股票上 市的事先告知书》，（上证公函【2024】0798 号，以下简称"告知书"），上 交所将对公司股票作出终止上市的决定。 根据《上海证券交易所股票上市规则》第 9.1.15 条相关规定，公司股票被 强制终止上市后，公司应当聘请具有主办券商业务资格的证券公司，在上交所作 出终止股票上市决定后立即 ...