Di Yi Cai Jing·2025-05-15 11:17Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified its enforcement actions in 2024, focusing on various illegal activities in the securities market, including fraud, financial misconduct, and insider trading. Group 1: Enforcement Actions - In 2024, the CSRC handled 739 securities and futures law violation cases, with 592 penalty decisions made against 1,327 responsible parties, and 118 individuals banned from the market [1] - The CSRC increased enforcement in key areas such as issuance and listing, information disclosure, mergers and acquisitions, and delisting, targeting fraudulent issuance and financial fraud [1] Group 2: Financial Fraud - The CSRC identified 128 cases of financial fraud through diverse channels, focusing on fictitious business activities and abuse of accounting policies [2] - Notable cases include *ST Pengbo, which was fined 34 million yuan for manipulating asset impairment to inflate profits [2] Group 3: Mergers and Acquisitions - The CSRC guided exchanges to enhance monitoring of stock price fluctuations related to mergers and acquisitions, resulting in 35 cases of insider trading being investigated [2] - The case involving Hengrun Co. was penalized 61.56 million yuan for misleading investors through false announcements regarding business transformation [2] Group 4: Delisting and Accountability - In 2024, 55 companies were delisted, with the CSRC pursuing legal accountability for 35 of these companies and their responsible parties [3] - The case of Meishang Ecology faced administrative penalties and criminal referrals post-delisting, highlighting the CSRC's commitment to accountability [3] Group 5: Key Individuals and Financial Misconduct - The CSRC increased accountability for major shareholders and actual controllers involved in financial fraud, with a 60% year-on-year increase in penalties for such cases [4] - The actual controller of Yongyue Technology was fined 10.5 million yuan for illegally transferring company funds [4] Group 6: Professional Accountability - The CSRC imposed fines totaling 673 million yuan on various audit and legal service firms for failing to fulfill their responsibilities, including a record fine of 325 million yuan against PwC [4] - Actions were taken against 59 cases of misconduct by securities professionals, with administrative penalties issued to 38 individuals [4] Group 7: New Violations and Market Manipulation - The CSRC addressed emerging illegal activities, including insider trading through derivatives, with significant penalties imposed on market manipulators [5] - A total of 61 administrative penalties were issued, amounting to 5.157 billion yuan, with 426 individuals held accountable [5]