全链条严惩上市公司财务造假

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative punishment against Nanjing Yuebo Power System Co., Ltd. for financial fraud, marking the first time that accomplices in such fraud are also being held accountable [1][2]. Group 1: Regulatory Actions - The CSRC is committed to pursuing accountability for companies that have been delisted, emphasizing that delisting does not exempt them from penalties [2]. - Nanjing Yuebo was delisted after its net assets turned negative in 2022, and it has been found to have engaged in financial fraud since its listing in 2018, including fictitious business transactions and undisclosed related party transactions [2][3]. - The total fines proposed against Yuebo and responsible individuals amount to 30.8 million yuan, with two individuals facing 8 to 10 years of market ban [2]. Group 2: Comprehensive Punishment for Financial Fraud - The CSRC is intensifying efforts to dismantle the "ecosystem" of financial fraud by holding not only the companies accountable but also third-party accomplices such as financial institutions and service providers [3][4]. - In the Yuebo case, accomplices were found to have facilitated fraudulent business transactions totaling 270 million yuan and 91 million yuan, respectively [3]. - The CSRC aims to increase the costs of colluding in fraud, thereby enhancing regulatory deterrence [3]. Group 3: Future Legal Actions - The CSRC plans to pursue civil and criminal liabilities in addition to administrative penalties, aiming to significantly raise the costs of illegal activities [4][5]. - Administrative penalties will serve as crucial evidence for potential civil lawsuits from affected investors [5]. - The CSRC is expected to collaborate with law enforcement to address criminal activities related to financial fraud [4]. Group 4: Legal Framework and Policy Development - The CSRC's recent guidelines emphasize the need for comprehensive punishment of all parties involved in financial fraud, including planners, organizers, and accomplices [6][7]. - The upcoming regulations will clarify the legal responsibilities of third-party accomplices and enhance the overall regulatory framework [7]. - A three-pronged approach involving administrative penalties, civil compensation, and criminal prosecution is anticipated to be further developed to combat financial fraud effectively [7].