- The report does not contain any quantitative models or factors for analysis

Core Viewpoint - The regulatory authorities have taken strict actions against two listed companies, *ST Lingda and Xinhuajin, for the misuse of funds, highlighting the ongoing issue of fund occupation in the market [1][2]. Group 1: Regulatory Actions - *ST Lingda's former chairman and vice chairman are facing a total fine of 5 million yuan for their involvement in fund occupation [2]. - Xinhuajin has been ordered to rectify its issues within six months, failing which it may face delisting procedures [2][8]. Group 2: Fund Occupation Details - *ST Lingda reported a total of 65.6 million yuan in fund occupation, which constitutes 9.95% of its latest audited net assets [3][6]. - The company had unauthorized guarantees totaling 126 million yuan, representing 19.10% of its net assets [6]. - Xinhuajin disclosed that its actual controller's group has non-operationally occupied 406 million yuan of company funds [10]. Group 3: Implications of Fund Occupation - Fund occupation is defined as the act of major shareholders misusing their control over a listed company to divert funds, which harms the company's interests [11]. - The phenomenon often arises from shareholders seeking quick liquidity solutions to address debt risks, with inadequate internal controls and governance mechanisms facilitating such actions [12]. - Regulatory bodies have maintained a stringent enforcement stance against fund occupation, with 35 cases prosecuted in 2024 alone [12].

Core Viewpoint - *ST Lingda (300125.SZ) experienced a 20% limit-up on the first trading day after receiving an administrative penalty, indicating market optimism despite ongoing restructuring efforts [2]. Group 1: Administrative Penalty and Restructuring - On August 26, *ST Lingda disclosed receiving an administrative penalty notice from the Dalian Regulatory Bureau, confirming violations related to undisclosed external guarantees and related party fund occupation, resulting in a warning and a fine [2]. - The company transitioned from its core waste heat power generation business to the photovoltaic sector in 2020 but faced declining profitability and production halts due to technological iterations and price drops, leading to its restructuring application by creditors [2]. - The Lu'an Intermediate Court initiated pre-restructuring for the company, with a consortium led by Zhejiang Zhongling Technology Co., Ltd. and Hefei Weidi Semiconductor Materials Co., Ltd. appointed as the pre-restructuring investors [2]. Group 2: Investment and Control - In March, Hefei Weidi designated its subsidiary, Jinzhai Jinwei Semiconductor Materials Co., Ltd., as a participant in the restructuring investment, while other financial investors were also appointed [3]. - The actual controllers of Jinzhai Semiconductor and Zhejiang Zhongling are both Peng Qian, who is also the actual controller of listed company Jingce Electronics (300567.SZ), a leader in the flat panel display signal testing field [3]. - Jingce Electronics, established in 2006 and listed in 2016, has a market capitalization of approximately 18.9 billion yuan and reported a revenue of 2.565 billion yuan with a net profit of -97.59 million yuan last year [3]. Group 3: Strategic Transition - The restructuring investment agreement indicates that post-restructuring, *ST Lingda will leverage the industrial resources of its investors to gradually introduce new business lines, such as electrochromic EC film materials or high-precision metal mask plate production, aligning with regulatory requirements [5]. - Zhejiang Zhongling is involved in the research and manufacturing of precision metal mask plates (FMM), which will be part of the company's strategic transition [5].

Core Viewpoint - The regulatory authorities have demonstrated a "zero tolerance" attitude towards violations such as illegal guarantees and fund occupation, aiming to protect the legitimate rights and interests of listed companies and small investors [1]. Group 1: *ST Lingda Violations - *ST Lingda has been penalized for multiple violations, including failing to disclose external guarantee matters, with a total of 126 million yuan in illegal guarantees over 12 months, accounting for 19.10% of the latest audited net assets [4]. - The company also failed to disclose related party fund occupation, with a total of 65.6 million yuan occupied from June to December 2023, representing 9.95% of the latest audited net assets [4]. - The Dalian Securities Regulatory Bureau plans to issue a warning and impose a fine of 1 million yuan on *ST Lingda, while the former chairman and vice chairman will each receive a warning and a fine of 2 million yuan [5]. Group 2: Xinhuajin Violations - Xinhuajin was penalized for non-operational occupation of company funds by its actual controller, with a balance of 406 million yuan occupied as of the report date, violating relevant regulations [5]. - The Qingdao Securities Regulatory Bureau has mandated Xinhuajin and its group to correct the situation and record it in the securities market integrity file, with further measures to be taken based on inspection results [5]. - If Xinhuajin fails to recover the occupied funds within one month, the Shanghai Stock Exchange will implement other risk warnings on its stock, and failure to comply within six months may lead to stock suspension and potential delisting [5].

Core Viewpoint - Regulatory authorities are intensifying scrutiny and enforcement actions against companies like *ST Lingda and Xinhuajin for issues related to fund occupation and illegal guarantees, highlighting a zero-tolerance approach to compliance violations in the capital market [2][9][21]. Group 1: Regulatory Actions - On August 26, *ST Lingda received an administrative penalty notice from Dalian Securities Regulatory Bureau for failing to disclose external guarantees and fund occupation issues [2][11]. - Xinhuajin announced on the same evening that it received a corrective action decision from Qingdao Securities Regulatory Bureau due to fund occupation [5][8]. - The Dalian Securities Regulatory Bureau has mandated that *ST Lingda's related parties return a total of 65.6 million yuan in occupied funds and 126 million yuan in illegal guarantees [11][14]. Group 2: Financial Impact and Compliance Measures - As of August 26, Xinhuajin's actual controller and related parties had a non-operational fund occupation balance of 406 million yuan, with a six-month deadline to rectify the situation [8][16]. - If Xinhuajin fails to comply within the stipulated timeframe, it may face delisting procedures as per the new regulations effective from April 2024 [9][17]. - The regulatory environment has prompted eight A-share companies to resolve fund occupation issues, recovering over 8 billion yuan collectively [9][22]. Group 3: Compliance Culture and Future Implications - The issues faced by *ST Lingda reflect a broader lack of compliance awareness among the "key minority" in some listed companies, necessitating a stronger emphasis on compliance culture [14][19]. - Regulatory bodies are committed to a comprehensive accountability framework, including civil and criminal liabilities for key personnel involved in fund occupation and illegal guarantees [23][25]. - The introduction of new regulations and judicial interpretations aims to enhance the deterrent effect against violations, reinforcing the importance of corporate governance and investor trust [26][27].

Group 1 - Two listed companies, *ST Lingda and Xinhua Jin, faced regulatory penalties for fund occupation and illegal guarantees, with *ST Lingda receiving a proposed fine of 5 million yuan from Dalian Securities Regulatory Bureau [1][3] - Xinhua Jin reported a fund occupation balance of 406 million yuan in its 2025 semi-annual report and was ordered by Qingdao Securities Regulatory Bureau to rectify the situation within six months [1][5] - The new delisting rules introduced in April last year include significant fund occupation as a reason for potential delisting, with eight companies having resolved fund occupation issues, recovering over 8 billion yuan in total [1][7] Group 2 - Regulatory authorities maintain a "zero tolerance" approach towards fund occupation and illegal guarantees, with a focus on protecting the rights of listed companies and minority investors [2][8] - The Dalian Securities Regulatory Bureau's investigation into *ST Lingda revealed that the company had occupied funds totaling 65.6 million yuan and provided illegal guarantees amounting to 126 million yuan, severely harming the rights of shareholders [3][4] - Xinhua Jin's actual controller is involved in non-operational fund occupation, and the company has proposed a plan to transfer equity to cover the occupied funds, with a deal valued at 666 million yuan [6][8] Group 3 - The regulatory framework has been strengthened to ensure accountability for fund occupation, with civil and criminal liabilities being pursued against responsible parties [7][10] - Recent cases highlight the challenges in criminal accountability for fund occupation, with a need for clearer standards and judicial interpretations regarding breaches of fiduciary duty [9][10] - The new "National Nine Articles" emphasize the need for comprehensive regulations and judicial interpretations to enhance the accountability of major shareholders and actual controllers involved in financial misconduct [10]

Group 1 - *ST Lingda and Xinhua Jin announced regulatory penalties due to fund occupation and other issues, reflecting the regulatory body's zero-tolerance attitude towards violations such as guarantee and fund occupation [1] - The penalties aim to enhance the accountability system and better protect the interests of listed companies and small investors [1] - *ST Lingda was found to have violated disclosure regulations regarding external guarantees and fund occupation, with a total of 126 million yuan in guarantees and 65.6 million yuan in fund occupation [7][8] Group 2 - The regulatory authority proposed a warning and a fine of 1 million yuan for *ST Lingda, along with individual fines of 200,000 yuan for its chairman and vice chairman [8] - Xinhua Jin's actual controller was found to have non-operationally occupied company funds amounting to 406 million yuan, violating relevant regulations [8] - The Qingdao regulatory authority mandated Xinhua Jin to rectify the situation and recover the occupied funds within a month, with potential consequences for non-compliance [8]

Core Viewpoint - The regulatory authorities are intensifying their crackdown on non-operational fund occupation by major shareholders and related parties of listed companies, emphasizing strict enforcement and accountability to protect the interests of minority shareholders and ensure high-quality development of the capital market [1][4][5]. Group 1: Regulatory Actions - On August 26, *ST Lingda was issued an administrative penalty notice for suspected fund occupation and illegal guarantees, with fines totaling 5 million yuan for the chairman and vice-chairman [1][2]. - Xinhua Jin received an administrative regulatory decision on the same day due to non-operational fund occupation amounting to 406 million yuan, with potential stock warnings and delisting risks if funds are not recovered within specified timeframes [1][2]. - Regulatory bodies are committed to a principle of "occupation must be repaid, rectification has a deadline, and delisting is not exempt," enhancing compliance awareness among listed companies through training and case warnings [1][4]. Group 2: Specific Cases and Consequences - *ST Lingda was found to have occupied funds totaling 65.6 million yuan and provided illegal guarantees of 126 million yuan, severely harming the rights of the company and minority shareholders [2][3]. - The responsible executives, Wang Mingsheng and Lin Zhihuang, face individual fines of 2 million yuan each for their roles in the illegal activities and failure to disclose information [3][4]. - The case highlights a lack of compliance awareness among the "key minority" in listed companies, with the intention to deter similar future misconduct through strict penalties [3][4]. Group 3: Broader Regulatory Framework - The regulatory authorities have been actively addressing major shareholder fund occupation and illegal guarantees, achieving positive results through a three-year action plan aimed at improving the quality of listed companies [4][5]. - Since the implementation of new delisting rules, eight companies have resolved fund occupation issues, recovering over 8 billion yuan [4][5]. - The China Securities Regulatory Commission (CSRC) has maintained a "zero tolerance" policy towards fund occupation, with 35 cases addressed in 2024 alone, emphasizing both administrative and criminal accountability [5][6]. Group 4: Future Directions - Regulatory bodies are working on enhancing administrative penalties and pushing for the introduction of new regulations to increase deterrence against fund occupation [6]. - Experts suggest a multi-faceted approach to tackle fund occupation, including the use of civil, administrative, and criminal enforcement tools, and ensuring proper disclosure and governance in significant related transactions [6].

Core Viewpoint - Recent regulatory actions against listed companies highlight a stringent approach to address fund occupation and illegal guarantees, emphasizing the need for compliance awareness among key stakeholders in the industry [1][2][3]. Group 1: Regulatory Actions - On August 26, two listed companies, *ST Lingda and Xinhua Jin, faced penalties for fund occupation, with *ST Lingda receiving a proposed fine of 5 million yuan from Dalian Securities Regulatory Bureau [1][2]. - Xinhua Jin reported a fund occupation balance of 406 million yuan and was ordered by Qingdao Securities Regulatory Bureau to rectify the situation within six months, failing which delisting procedures may commence [1][4]. - The new delisting regulations introduced last year include unrectified large fund occupations as a reason for potential delisting, with eight companies having resolved similar issues, recovering over 8 billion yuan in total [1][6]. Group 2: Compliance and Accountability - The Dalian Securities Regulatory Bureau's investigation revealed that *ST Lingda's former chairman and vice chairman were involved in fund occupation and illegal guarantees, leading to a proposed fine of 5 million yuan for both [2][3]. - The company utilized various methods to transfer funds to related parties, significantly harming the interests of the company and minority shareholders [2][3]. - Regulatory bodies are emphasizing the importance of compliance among the "key minority" in listed companies, urging them to enhance their awareness of legal obligations [3]. Group 3: Industry Impact and Future Outlook - The ongoing regulatory pressure aims to protect the rights of listed companies and minority investors, with a focus on establishing a robust governance framework [1][6]. - The market is closely monitoring the implementation of Xinhua Jin's fund recovery plan, which involves transferring equity to cover the fund occupation [4][5]. - The regulatory environment is evolving, with a push for clearer legal definitions and consequences for fund occupation and related offenses, including potential criminal liabilities for key stakeholders [8][9].

证券代码：300125 证券简称：*ST 聆达 公告编号：2025-086 聆达集团股份有限公司 关于公司及相关当事人收到《行政处罚事先告知书》的公告 一、《行政处罚事先告知书》的主要内容 聆达集团股份有限公司、王明圣、林志煌： 日前，聆达集团股份有限公司涉嫌信息披露违法违规案已由我局调查完毕， 我局依法拟对你们作出行政处罚。现将我局拟对你们作出行政处罚所根据的事 实、理由和依据以及你们享有的相关权利予以告知。 经查，当事人存在以下违法事实： 涉案期间，金寨嘉悦正丰新能源有限公司（以下简称：嘉悦正丰）、安徽新 旭新能源有限公司（以下简称：安徽新旭）、浙江容硕互联网科技有限公司（以 下简称：浙江容硕）、铜陵市正丰企业管理合伙企业（有限合伙）（以下简称： 铜陵正丰）符合《上市公司信息披露管理办法（2021 年修订）》（证监会令第 182 号）第六十二条第三款的规定，是聆达股份的关联方。 （一）未按规定披露对外担保事项 。 2023 年 10 月 24 日至 2024 年 1 月 2 日期间，聆达股份全资子公司金寨嘉 悦新能源科技有限公司（以下简称：金寨嘉悦）先后两次将其在天津华明村镇 银行股份有限公司（以下简称： ...