退市不是"免罚金牌" ，首航高科退市难逃追责

Group 1 - The core viewpoint is that the China Securities Regulatory Commission (CSRC) demonstrates a "zero tolerance" attitude towards illegal activities in the capital market, indicating that delisting does not exempt companies from penalties for violations [1][2][3] - Shihang High-Tech, which has been delisted from A-shares, received an administrative penalty notice from the CSRC, proposing penalties for the company and five responsible individuals, including market bans for two individuals [1][2] - The CSRC's investigation into Shihang High-Tech revealed multiple violations from 2017 to 2020, including failure to disclose the use of raised funds for guarantees to controlling shareholders and non-operating fund occupation leading to related party transactions [2] Group 2 - The penalties imposed on Shihang High-Tech include a fine of 3 million yuan and a total of 13.3 million yuan in fines for responsible individuals, along with warnings and market bans for two individuals for serious violations [2] - The CSRC's ongoing high-pressure regulatory environment aims to deter illegal activities and improve market ecology, emphasizing that any violations will incur appropriate consequences [3] - The regulatory actions reflect the implementation of new policies and a commitment to protecting investor interests by targeting key individuals and behaviors in the market [3]