宋清辉：一旦相关上市公司遭到立案调查 其股价大多数应声下跌

Core Viewpoint - The regulatory environment remains stringent, with over 30 companies being investigated for violations, primarily related to information disclosure, leading to significant declines in their stock prices [3][4][6]. Group 1: Investigation Statistics - A total of 32 companies, shareholders, or executives have been investigated this year, with most cases involving information disclosure violations [3]. - Among the investigated companies, 50% are classified as ST (Special Treatment) companies, indicating a higher risk of forced delisting due to major violations [4]. - The China Securities Regulatory Commission (CSRC) has intensified its enforcement actions, handling 739 cases and issuing 592 penalties in 2024, marking a 10% increase year-on-year [8]. Group 2: Impact on Companies - Companies under investigation typically face administrative penalties, which can severely impact their stock performance and refinancing capabilities [6][8]. - For instance, *ST Dongtong's stock price plummeted by 20% consecutively after being investigated for false financial reporting, resulting in a 50% decline in its stock value this year [4]. - Tianmao Group was also investigated for failing to disclose financial reports on time, highlighting the risks associated with non-compliance [4]. Group 3: Legal and Financial Consequences - Companies facing investigations may also be liable for civil compensation claims from investors due to securities fraud, as stipulated by the Securities Law [5]. - The CSRC's focus on information disclosure violations, which accounted for 34% of all cases, underscores the importance of compliance for listed companies [8].