严惩“首恶”构建不敢假市场生态

Core Viewpoint - The case of Liyuan Technology highlights the increasing severity of penalties for financial fraud in China's capital markets, reflecting a new enforcement trend that emphasizes criminal accountability for key perpetrators [1][2][4]. Group 1: Case Overview - Liyuan Technology's actual controller, Shen Wanzhong, was sentenced for the crime of illegally disclosing important information, marking the sixth listed company involved in financial fraud this year [1]. - The financial fraud lasted only one year before being addressed, contrasting with traditional cases that often take three to five years to resolve [2]. - Shen Wanzhong faced an administrative penalty of 3.3 million yuan and a criminal sentence of one year in prison, with a probation period of one and a half years [2]. Group 2: Regulatory Environment - The new securities law has increased the maximum fine for information disclosure violations from 600,000 yuan to 10 million yuan, introducing harsher penalties for controlling shareholders and actual controllers who organize or instruct fraud [3]. - The establishment of a comprehensive accountability system combining civil compensation, administrative penalties, and criminal accountability is being accelerated through policy coordination between the Supreme People's Court and the China Securities Regulatory Commission [3]. Group 3: Challenges and Recommendations - Despite intensified regulation, some actual controllers of listed companies still take risks due to unchanged profit-driven mechanisms, ineffective corporate governance, and failures of intermediary institutions [3]. - To combat financial fraud, a market ecosystem that discourages such behavior is needed, including a rapid response mechanism from the regulatory body to law enforcement [4]. - Enhancing corporate governance structures, granting substantial supervisory powers to audit committees, and establishing a lifetime accountability system for intermediary institutions are recommended [4].