记者丨崔文静 编辑丨包芳鸣 近期，资本市场迎来了一轮密集且严厉的监管动作，清晰地勾勒出一条从立案到处罚的快速响 应链条。 截至2月5日， 2026年以来已有倍轻松、宝馨科技、荃银高科等至少6家上市公司或其关键人物 被立案调查，平均每6天就有一例。 收到行政处罚决定书或事先告知书的公司更是多达13家， 平均不到3天就有一家。 与此同时，处罚力度显著加大，*ST长药等因严重财务造假面临强制退市，大额罚单和针对实 控人的市场禁入措施已成常态。监管坚持"追首恶、打帮凶"，打击范围已从上市公司本身，延 伸至整个配合造假的"生态圈"。 业内人士指出，这一系列监管动作表明，以"零容忍"为基调、覆盖"事前事中事后"全链条的监 管新常态已全面确立。其核心目标不仅是惩治已发生的违法行为，更是通过强化退市机制、运 用科技赋能穿透式监管等手段，构建"不敢违、不能违、不想违"的长效机制，从根本上推动上 市公司质量提升和市场生态净化。 调查直指信披违规 2月4日晚间，资本市场接连响起两声监管警报。清越科技、元道通信相继发布公告，披露其部 分证券及银行账户被证监会依法冻结。这是当前严监管趋势的体现之一。 根据公告，清越科技被冻结的账户包括 ...

Group 1 - The Shanghai Stock Exchange has monitored stocks with significant volatility, including *ST Zhengping, *ST Yazhen, Guosheng Technology, Aerospace Power, Tianpu Co., and Shuangwei New Materials, from January 12 to January 16 [1] - *ST Zhengping experienced a cumulative decline of 14.24% over three consecutive trading days from January 12 to January 14, followed by a near limit-up on January 15 and a drop of 4.92% on January 16 [1] - *ST Yazhen saw a cumulative increase of 43.74% from December 17, 2025, to January 8, 2026, with limit-up performances on January 12 and January 16 [1] - Guosheng Technology's stock price deviated significantly, with a cumulative increase exceeding 20% over three consecutive trading days from January 12 to January 14, followed by two consecutive limit-downs [1] - Tianpu Co. faced consecutive limit-downs on January 12 and 13, a limit-down at the opening on January 14, and a limit-up at closing, followed by a limit-down on January 15 [1] Group 2 - Shuangwei New Materials has shown significant cumulative increases since July 2025, with multiple instances of abnormal volatility [2] - The Shenzhen Stock Exchange announced a trading suspension for some investors of *ST Chengchang due to severe abnormal stock price fluctuations, with a resumption of trading on January 16 after a halt for investigation [4] - *ST Chengchang's stock price has increased approximately 190.89% since December 1, 2025 [5] - From January 12 to January 16, the Shenzhen Stock Exchange took self-regulatory measures against 387 instances of abnormal trading behavior, including market manipulation and false declarations [5]

受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我 2026年1月9日，元成环境股份有限公司（以下称"元成股份"或"公司"）公告称，公司及相关责任人收到 浙江证监局下发的行政处罚决定书。因2020-2022年年报存在虚假记载、2022年非公开发行股票文件编 造重大虚假内容被监管部门处罚。公司合计被警告并罚款3745.46万元，相关责任人亦被处以罚款。上 海市信本律师事务所赵敬国律师（执业证号：13101200410820485）提示，（1）于2021年4月15日-2024 年1月30日期间买入且有持仓，无论在2024年1月31日及之后是否卖出；（2）于2021年4月15日-2025年7 月1日期间买入且有持仓，无论在2025年7月2日及之后是否卖出的受损投资者，或可通过"新浪股民维权 平台"自愿登记索赔。（赵敬国律师专栏） 回顾本案，2025年7月1日，公司及实控人祝昌人分别收到中国证监会出具的《立案告知书》（编号：证 监立案字01120250019号 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed penalties on Yuancheng Environment Co., Ltd. and its actual controller, Zhu Changren, for financial misconduct, including false reporting in annual reports and misleading information in stock issuance documents [1][4]. Group 1: Financial Misconduct - Yuancheng Environment's annual reports from 2020 to 2022 contained false records, with inflated costs and revenues related to the Yuelongshan project, resulting in a total inflated operating cost of approximately 158.44 million yuan, inflated operating income of about 208.90 million yuan, and inflated total profit of around 50.46 million yuan [2]. - The inflated figures for the 2020 annual report included an operating cost increase of approximately 115.08 million yuan, operating income increase of about 153.56 million yuan, and profit increase of around 38.48 million yuan, representing 22.75%, 21.48%, and 36.60% of the disclosed amounts, respectively [2]. - For 2021, the inflated operating costs were about 25.08 million yuan, with operating income and profit inflated by approximately 36.17 million yuan and 11.09 million yuan, representing 5.99%, 6.31%, and 19.32% of the disclosed amounts, respectively [2]. - In 2022, the inflated operating costs were around 18.28 million yuan, with operating income and profit inflated by approximately 19.17 million yuan and 885,931.40 yuan, representing 7.22%, 5.86%, and 1.62% of the disclosed amounts, respectively [2]. Group 2: Stock Issuance Misrepresentation - In 2022, Yuancheng Environment fabricated significant false content in documents related to its non-public stock issuance, which raised approximately 284.55 million yuan [4]. - The financial data cited in the stock issuance documents regarding the Yuelongshan project for 2020 and 2021 was found to be untrue and inaccurate [4]. Group 3: Regulatory Actions and Penalties - The CSRC has ordered Yuancheng Environment to rectify its practices, issued a warning, and imposed a fine of approximately 37.45 million yuan [5]. - Zhu Changren, as the actual controller, received a warning and a fine of 28 million yuan for his role in the misconduct [5]. - Other executives, including Zhou Jinhai, Yao Lihua, and Chen Ping, also faced penalties for failing to ensure the accuracy and completeness of financial disclosures, with fines ranging from 200,000 to 5 million yuan [6].

"此前，我们已代理多批股民起诉。"厉健律师表示，根据司法解释，暂定：在2021年4月15日至 2024年1月30日期间买入*ST元成股票，并在2024年1月30日收盘时仍持有该股票的受损投资者，可以索 赔。索赔条件以法院认定为准。（元成股份维权入口） 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我 2026年1月9日，元成环境股份有限公司（代码：400284 、603388， 简称：*ST元成、元成环境）发布 《关于公司及相关责任人收到行政处罚决定书的公告》。 曾代理投资者告赢130余家上市公司并获赔的浙江裕丰律师事务所厉健律师表示，根据处罚决定，*ST 元成涉嫌证券虚假陈述，受损股民可依法索赔。（厉健律师专栏） 公告显示，浙江证监局查明，元成股份、祝昌人（实控人）违法的事实如下：1、元成股份2020年至 2022年年报存在虚假记载：通过虚增越龙山项目成本和产值，虚增公司2020年至2022年年报营业收入和 利润总额（事项一）、未及时将淮阴项目价审 ...

Core Viewpoint - The company Yuancheng (formerly "*ST Yuancheng" and "Yuancheng Co., Ltd.") has been penalized by the Zhejiang Securities Regulatory Bureau for significant violations, including false records in annual reports and fraudulent issuance of stock documents, resulting in a total fine of 79.4546 million yuan [1][5]. Group 1: Regulatory Penalties - On January 9, 2026, Yuancheng announced it received an administrative penalty decision from the Zhejiang Securities Regulatory Bureau due to violations in its annual reports [1][5]. - The company inflated labor and machinery costs related to the Yuelongshan International Tourism Resort project, leading to a cumulative inflation of operating costs by 158 million yuan, operating income by 209 million yuan, and total profit by 50.46 million yuan from 2020 to 2022 [2][6]. - The inflated profit for 2020 accounted for 36.60% of the disclosed amount, 19.32% for 2021, and 24.60% for 2022, even during the investigation period [2][6]. Group 2: Consequences of Delisting - Yuancheng was officially delisted on December 5, 2025, due to severe violations, highlighting a trend in the A-share market where delisted companies face strict penalties [3][7]. - The company was fined approximately 37.4546 million yuan, and the actual controller and chairman, Zhu Changren, was fined 28 million yuan and banned from the securities market for 10 years [3][7]. Group 3: Investor Compensation - Investors who purchased shares between April 15, 2021, and January 30, 2024, or between April 29, 2023, and April 27, 2024, and incurred losses can participate in compensation claims [4][8]. - The lawyer Liu Peng from Shanghai Huzhi Law Firm has extensive experience in securities rights protection, with a high success rate in claims for investors [4][8].

Core Viewpoint - Yuan Cheng Environment Co., Ltd. (referred to as Yuan Cheng, ST Yuan Cheng, stock code: 603388, 400284) has been penalized by the China Securities Regulatory Commission (CSRC) for violations related to false disclosures in financial reports and other misconduct [1][6]. Group 1: Violations and Penalties - The CSRC found that Yuan Cheng's annual reports from 2020 to 2022 contained false records, including inflated project costs and revenues, leading to overstated operating income and total profits [6][1]. - The company was also found to have fabricated significant false content in its 2022 non-public stock issuance documents [6][1]. - As a result, the CSRC ordered Yuan Cheng and its controlling shareholder, Zhu Changren, to correct the issues, issued warnings, and imposed fines [6][1]. Group 2: Previous Announcements and Findings - On January 30, 2024, Yuan Cheng announced corrections for prior accounting errors and adjustments [7]. - On February 6, 2024, the company received a warning letter from the Zhejiang Securities Regulatory Bureau regarding inaccuracies in its financial disclosures from 2020 to 2023 [7]. - The CSRC's investigations revealed multiple violations, including failure to disclose non-operating fund transactions with the actual controller and incomplete disclosures regarding related parties and equity transactions [7][8]. Group 3: Investor Compensation and Legal Actions - Investors affected by Yuan Cheng's violations can seek civil compensation for losses incurred due to false statements, including differences in investment, commissions, stamp duties, and interest losses [8][3]. - A lawyer from Shanghai Hanlian Law Firm is collecting claims from investors who purchased Yuan Cheng's securities between April 15, 2021, and January 29, 2024, and sold or held them after January 30, 2024 [8][3]. - The conditions for compensation claims may be adjusted based on the CSRC's administrative penalties and court rulings [8][9].

Core Viewpoint - The company Yuan Cheng Environment Co., Ltd. (formerly known as "*ST Yuan Cheng") has been penalized by the Zhejiang Securities Regulatory Bureau for significant violations, including false records in annual reports and fabrication of major false content in non-public stock issuance documents, resulting in a total penalty of 79.4546 million yuan [2][6]. Group 1: Violations and Penalties - The administrative penalty decision revealed that the annual reports from 2020 to 2022 contained false records, with the company inflating labor and machinery costs related to the Yue Long Mountain International Tourism Resort project, leading to a cumulative inflation of operating costs by 158 million yuan, operating income by 209 million yuan, and total profit by 50.46 million yuan [4][5]. - In 2022, the company failed to adjust financial records based on settlement approval documents for several infrastructure projects, resulting in an inflated operating income of 14.1614 million yuan and an inflated total profit of 13.4533 million yuan, which represented 4.33% and 24.60% of the disclosed amounts, respectively [5]. - The Zhejiang Securities Regulatory Bureau imposed a fine of approximately 37.4546 million yuan on Yuan Cheng, along with individual fines for the actual controller and other responsible persons ranging from 2 million to 5 million yuan [6][7]. Group 2: Consequences for Individuals - The actual controller and former chairman, Zhu Changren, received a warning and a fine of 28 million yuan, along with a 10-year ban from the securities market, prohibiting him from engaging in any securities-related business or holding positions in other securities issuers during the ban period [6][7]. - Other responsible individuals, including the former vice chairman and general manager, were also penalized with fines ranging from 2 million to 5 million yuan [6]. Group 3: Company Background - Yuan Cheng Environment Co., Ltd. was established in 1999 and operates in three core areas: ecological landscape, green environmental protection, and leisure tourism [8]. - The company was delisted from the Shanghai Stock Exchange on December 5, 2025 [8].

Group 1 - The core viewpoint of the article highlights the ongoing reform of the A-share delisting system, which is expected to enhance the quality of the capital market and promote a healthy ecosystem of "survival of the fittest" [1][3][9] - As of December 30, 2025, a total of 31 A-share listed companies have been delisted, primarily due to financial issues, trading violations, major illegal activities, and voluntary delisting [1][3][6] - The delisting process has shifted towards a diversified model, with a focus on mandatory delisting and an acceleration of voluntary delisting [3][6] Group 2 - The year 2025 has seen a significant decrease in the number of delisted companies compared to previous years, with 21 fewer delistings than in 2024 [6] - The environmental protection industry has shown a concentration of delisting cases, with two companies, *ST Xulan and *ST Yuancheng, being delisted due to their stock prices falling below par value [6] - Recent cases of delisting include Guandao Tui, which was forced to delist due to major violations, marking the first such case since the establishment of the Beijing Stock Exchange [8] Group 3 - The regulatory authorities are emphasizing a "zero tolerance" approach to delisting, ensuring that companies that should be delisted are indeed removed from the market [9] - Investor protection measures are being strengthened, with new regulations proposed to safeguard investors' interests during the delisting process [9]

Core Viewpoint - The trend of "炒小炒差" (speculative trading in small and poor-performing stocks) in the A-share market is shifting, with increasing scrutiny and penalties for companies involved in long-term financial fraud, leading to more companies facing delisting risks [1] Group 1: Company Actions and Penalties - Two companies, Yuan Da Intelligent and ST Cube, have been placed under risk warnings due to long-term financial fraud, with their stock names changed to ST Yuan Zhi (002689.SZ) and *ST Cube (300344.SZ) respectively [1] - On December 2, both companies experienced significant stock price declines, with ST Yuan Zhi closing at 4.33 CNY per share, down 5.04%, and *ST Cube closing at 2.69 CNY per share, down 19.94% [1] - *ST Cube was found to have inflated revenue by over 600 million CNY over three years, resulting in a total penalty of 40 million CNY for the company and several responsible individuals [1] Group 2: Market Trends and Regulatory Environment - ST Yuan Cheng (603388.SH) is set to be delisted on December 5 due to triggering mandatory delisting indicators, stemming from long-term financial fraud and fraudulent issuance [1] - The shift in market sentiment from speculative trading to risk aversion is noted, as funds are moving away from "博傻" (blind speculation) [1] - The collaboration of a "zero tolerance" system and a normalized delisting mechanism is seen as a natural outcome of the ongoing comprehensive registration system reform [1]