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时评:退市不是“免责金牌”
Zheng Quan Ri Bao· 2025-08-24 23:45
登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 吴晓璐 近日,3家退市公司被行政处罚,引发市场关注。此前因触及交易类退市指标先后摘牌退市的泰禾集 团、华铁股份、美尚生态,由于在上市期间存在信披违法违规行为,退市约1年或2年后仍被地方证监局 行政处罚,3家公司及相关责任人均被重罚。 这充分说明,上市公司不管因何种原因退市,监管部门依旧会紧追不放,一查到底,决不允许"金蝉脱 壳""一退了之"。退市违法必究已成常态。 目前,法律之网越织越密,对退市公司的行、民、刑立体化追责,正在重塑市场生态。证券监管部门加 大行政处罚,2024年以来,证监会已经查处了64家退市公司的违法行为,其中对44家已作出最终行政处 罚决定,处罚覆盖负有责任的公司实际控制人、董事长、财务总监等"关键少数"。 退市后,公司因上市时存在虚假陈述等行为给投资者造成损失的,需要承担赔偿责任。目前,证券纠纷 代表人诉讼、先行赔付、支持诉讼、行政执法当事人承诺、示范判决、专业调解等多种维权渠道畅通, 且有泽达易盛、紫晶存储、太安堂等系列相关案例落地,为投资者获得赔偿救济提供有力支持。同时, 证监会加大对"首恶""帮凶"的刑事移送力度,2024年以来 ...
退市不是“免责金牌”
Zheng Quan Ri Bao· 2025-08-24 16:14
但是,退市绝不意味着责任的"一笔勾销",部分公司在退市前可能存在财务造假、信披不合规、资金占 用等违法违规行为,不仅损害市场的公平和信用,还严重侵害投资者合法权益,监管部门必须"一追到 底"。"退市不免责"已逐步成为资本市场的一项原则,并落实在执法司法过程中。 目前,法律之网越织越密,对退市公司的行、民、刑立体化追责,正在重塑市场生态。证券监管部门加 大行政处罚,2024年以来,证监会已经查处了64家退市公司的违法行为,其中对44家已作出最终行政处 罚决定,处罚覆盖负有责任的公司实际控制人、董事长、财务总监等"关键少数"。 退市后,公司因上市时存在虚假陈述等行为给投资者造成损失的,需要承担赔偿责任。目前,证券纠纷 代表人诉讼、先行赔付、支持诉讼、行政执法当事人承诺、示范判决、专业调解等多种维权渠道畅通, 且有泽达易盛、紫晶存储、太安堂等系列相关案例落地,为投资者获得赔偿救济提供有力支持。同时, 证监会加大对"首恶""帮凶"的刑事移送力度,2024年以来,证监会已向公安机关移送33家退市公司涉嫌 信息披露犯罪线索。构成犯罪的,司法部门依法追究刑事责任。如康得新原董事长钟玉被判处有期徒刑 15年,并处罚金;康得新 ...
证监会,重拳出击!
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified its crackdown on companies engaging in illegal activities in the capital market, signaling a zero-tolerance approach towards violations [1] Group 1: *ST Zitian - *ST Zitian was fined a total of 38.4 million yuan for financial fraud, including inflating revenue by 2.499 billion yuan over two years [2][3] - The company reported inflated revenues of 778 million yuan and profits of 85 million yuan in its 2022 annual report, accounting for 44.59% and 35.99% of total revenue and profit, respectively [2] - In the 2023 semi-annual report, *ST Zitian inflated revenue by 208 million yuan and profits by 79 million yuan, representing 14.56% and 51.64% of total revenue and profit, respectively [2] - The company is facing potential delisting due to serious violations and has been criminally investigated for concealing accounting documents [3] Group 2: *ST Huike - *ST Huike received a warning and a fine of 2 million yuan for misleading statements in its 2024 performance forecast, failing to disclose that its revenue was below 100 million yuan [4][5] Group 3: Huayang Lianzhong - Huayang Lianzhong is facing a fine of 5 million yuan for concealing 181.53 million yuan in non-operating fund occupation across multiple reports [6][7] - The company also inflated profits by over 86 million yuan due to inadequate bad debt provisions, affecting its financial statements for 2021 and 2022 [8][9] Group 4: Taihe Group - Taihe Group was fined 6 million yuan, with executives facing a total penalty of 11.4 million yuan for failing to disclose significant lawsuits totaling 9.674 billion yuan, which represented 48.21% of its net assets [11][15] - The company's chairman has been placed under detention for suspected violations, adding to the uncertainty surrounding its future operations [12][18] Group 5: Meishang Ecology - Meishang Ecology was fined a total of 9 million yuan for systemic financial fraud and failing to disclose significant lawsuits, including a case involving 471 million yuan [19][21] - The company inflated its reported profits and net assets across multiple annual reports from 2020 to 2022, leading to significant discrepancies in its financial disclosures [20][21]
年内19家公司退市后收罚单 监管部门强化立体追责
Zheng Quan Ri Bao· 2025-07-10 16:07
Core Viewpoint - The regulatory authorities have intensified oversight on delisted companies, with a significant increase in penalties issued this year compared to the previous year, aimed at protecting the rights of small and medium investors and enhancing market integrity [1][2][3]. Regulatory Actions - As of July 10, 2023, 19 delisted companies have received 20 penalties from the China Securities Regulatory Commission (CSRC) or local regulatory bodies, a substantial increase from 10 penalties in the same period last year [2]. - The penalties include 18 administrative punishment decisions and 2 advance notices of administrative punishment, reflecting a strict "delisting does not exempt from liability" policy [2]. Case Examples - Nanjing Yuebo Power System Co., Ltd. was fined a total of 3.8 million yuan for failing to disclose its annual report on time and for financial misconduct, highlighting the regulatory focus on financial integrity [2]. - Guangdong Haiyin Group Co., Ltd. was penalized 13 million yuan for failing to disclose significant transactions with related parties in its annual reports, demonstrating the zero-tolerance approach of regulators [3]. Investor Compensation - Efforts to support investor compensation are ongoing, with various lawsuits initiated against delisted companies for losses incurred due to fraudulent activities [4]. - The Supreme People's Court and the CSRC have issued guidelines allowing investors to file civil compensation lawsuits for losses caused by false statements [4]. Legal Framework and Enforcement - There is a call for improved legal frameworks to facilitate investor rights and lower the costs of legal actions, emphasizing the need for streamlined processes and enhanced collaboration among regulatory bodies [5]. - The regulatory framework includes a multi-faceted accountability system that combines administrative, civil, and criminal measures to deter fraudulent activities in the capital market [6][7].
深圳中院裁定确认美尚生态特别代表人诉讼适格原告 专业机构投资者被“剔除”
Core Points - Shenzhen Intermediate People's Court has ruled that 33,324 investors are qualified plaintiffs in a securities false statement liability dispute involving Meishang Ecological Landscape Co., Ltd. This marks the first time a court has confirmed qualified plaintiffs through a hearing process in a special representative lawsuit [1] - The lawsuit was initiated by the Investor Protection Agency under the China Securities Regulatory Commission, representing investors in a collective action. The court announced the rights registration for special representative lawsuits on December 31, 2024, and the Investor Protection Agency submitted the list of rights holders to the court [1] - On April 28, 2025, the court held a public hearing to determine whether disputed investors were qualified plaintiffs. It concluded that professional institutional investors do not fall under the special protection of the representative lawsuit system and are not qualified plaintiffs [2] Summary by Sections Legal Proceedings - The Shenzhen Intermediate People's Court confirmed the qualification of 33,324 investors as plaintiffs in a special representative lawsuit against Meishang Ecological Landscape Co., Ltd. This decision was made through a hearing process, which is a first in this context [1] - The court's ruling fills a procedural gap in the special representative lawsuit system, establishing a standard that excludes professional institutional investors from being qualified plaintiffs, thereby focusing on the protection of retail investors' rights [2] Institutional Involvement - The lawsuit is backed by the Investor Protection Agency, which represents investors in collective actions. The agency has been proactive in identifying rights holders and submitting their information to the court [1] - The court's decision to exclude professional institutional investors from the qualified plaintiff list emphasizes the need for a clear distinction between retail and institutional investors in the context of investor protection [2]
证监会最新公布!办理案件739件,罚没超153亿元
券商中国· 2025-03-21 13:29
Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening regulatory enforcement and investor protection while promoting high-quality development in the capital market for 2024 [2][4][11]. Group 1: Regulatory Actions and Enforcement - In 2024, the CSRC handled 739 cases and made 592 administrative penalty decisions, with a total fine amounting to 15.342 billion yuan, which is 2.4 times that of 2023 [2][7]. - The number of penalized entities reached 1,327, a year-on-year increase of 24%, and 118 individuals were banned from the market, up 14.56% [2][7]. - The CSRC plans to enhance the comprehensive punishment and prevention mechanism for financial fraud, establishing a three-dimensional accountability system involving administrative, civil, and criminal responsibilities [6][9]. Group 2: Capital Market Reform Initiatives - The CSRC established a "1+N" policy system in 2024, introducing several supporting documents to improve the regulatory framework for securities companies and public funds [3]. - The implementation of the stock issuance registration system is being deepened, with a focus on enhancing the quality of listed companies and tightening the entry standards for public offerings [3][8]. Group 3: Support for Economic Development - The CSRC aims to enhance the capital market's ability to support high-quality economic development, particularly in technology innovation and new productive forces [4]. - In 2024, the CSRC received 2,609 administrative license applications, including 607 registration applications, and issued 1,359 administrative license approvals [5]. Group 4: Investor Protection Measures - The CSRC guided the China Securities Investor Service Center to initiate 15 representative lawsuits and 5 derivative lawsuits to protect investors' rights [11]. - The center successfully mediated over 8,000 cases, recovering more than 650 million yuan for investors [11].
*ST美尚:关于公司股票终止上市暨摘牌的公告
2024-09-19 11:47
关于公司股票终止上市暨摘牌的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整,没有 虚假记载、误导性陈述或重大遗漏。 证券代码:300495 证券简称:*ST 美尚 公告编号:2024-085 美尚生态景观股份有限公司 5、摘牌日期:2024 年 9 月 20 日 二、终止上市决定的主要内容 "美尚生态景观股份有限公司: 2、证券简称:*ST 美尚 3、证券代码:300495 4、终止上市决定日期:2024 年 9 月 13 日 你公司股票在 2024 年 4 月 8 日至 2024 年 5 月 8 日期间,连续二十个交易日 的股票收盘价均低于 1 元,触及深圳证券交易所《创业板股票上市规则(2024 年修订)》第 10.2.1 条第一款第二项规定的股票终止上市情形。 特别提示: 公司股票已被深圳证券交易所决定终止上市,并将于 2024 年 9 月 20 日被摘 牌。 美尚生态景观股份有限公司(以下简称"公司")于 2024 年 9 月 13 日收到 深圳证券交易所出具的《关于美尚生态景观股份有限公司股票终止上市的决定》 (深证上〔2024〕756 号)。鉴于公司股票被深圳证券交易所决定终止上市 ...
关于*ST美尚的关注函
2024-09-13 13:34
深 圳 证 券 交 易 所 关于对美尚生态景观股份有限公司 及相关当事人的关注函 创业板关注函〔2024〕第 109 号 美尚生态景观股份有限公司及相关当事人: 因你公司招股说明书、定期报告及发行文件存在虚假记 载,未按规定披露关联交易及资金占用,我所于 2024 年 4 月 26 日对你公司时任董事长、总经理、实际控制人王迎燕 给予公开认定终身不适合担任上市公司董监高的处分,对你 公司、王迎燕、时任董事及实际控制人徐晶给予公开谴责的 处分。 根据中国证监会查明的事实,你公司时任董监高等 8 人、 保荐机构、会计师事务所、律师事务所及有关人员也对上述 违规行为负有责任。在日常监管中,我部关注到,你公司及 相关当事人还涉嫌存在业绩预告违规、违规对外提供担保的 违规行为。 针对你公司、有关机构及相关当事人的违规行为,我所 已依规启动纪律处分程序。 特此函告。 1 深圳证券交易所 创业板公司管理部 2024 年 9 月 13 日 2 ...
*ST美尚:关于聘请主办券商的公告
2024-09-13 12:47
证券代码:300495 证券简称:*ST 美尚 公告编号:2024-084 美尚生态景观股份有限公司 关于聘请主办券商的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整,没有 虚假记载、误导性陈述或重大遗漏。 一、聘请主办券商的情况说明 法定代表人:李长伟 注册资本:681,631.637 万人民币 成立日期:2004 年 01 月 06 日 住所:云南省昆明市北京路 926 号同德广场写字楼 31 楼 美尚生态景观股份有限公司(以下简称"公司")于 2024 年 9 月 13 日收到 深圳证券交易所出具的《关于美尚生态景观股份有限公司股票终止上市的决定》 (深证上〔2024〕756 号),2024 年 4 月 8 日至 2024 年 5 月 8 日期间,公司连 续二十个交易日的股票收盘价均低于 1 元,触及深圳证券交易所《创业板股票上 市规则(2024 年修订)》第 10.2.1 条第一款第二项规定的股票终止上市情形, 深圳证券交易所决定公司股票终止上市。具体内容详见公司于同日在巨潮资讯网 披露的《关于收到股票终止上市决定的公告》(公告编号:2024-083)。 鉴于公司股票终止上市后将转入全 ...
*ST美尚:关于收到股票终止上市决定的公告
2024-09-13 12:47
证券代码:300495 证券简称:*ST 美尚 公告编号:2024-083 美尚生态景观股份有限公司 关于收到股票终止上市决定的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整,没有 虚假记载、误导性陈述或重大遗漏。 特别提示: 1、终止上市的证券种类:人民币普通股;证券简称:*ST 美尚;证券代码: 300495。 你公司股票在 2024 年 4 月 8 日至 2024 年 5 月 8 日期间,连续二十个交易日 的股票收盘价均低于 1 元,触及深圳证券交易所《创业板股票上市规则(2024 年修订)》第 10.2.1 条第-款第二项规定的股票终止上市情形。 2、根据《深圳证券交易所创业板股票上市规则(2024 年修订)》第 10.7.1 条第三款、第 10.7.9 条第二款的规定,公司股票因触及交易类强制退市情形被 深圳证券交易所作出终止上市决定,不进入退市整理期,公司股票将于深圳证券 交易所作出终止上市决定后十五个交易日内摘牌。 3、请投资者、证券公司等市场主体在股票摘牌前及时了结股票质押式回购、 约定购回、融资融券、转融通、深股通等业务。 4、对于将在股票摘牌后至完成退市板块初始登记期间到期 ...