20亿惊险还款，救活两家上市公司

Core Insights - Two listed companies in the Shanghai market, *ST Huamei and ST Dongshi, successfully resolved risks of delisting by recovering nearly 2 billion yuan in misappropriated funds through substantial rectification efforts [1][4][9] Group 1: Company Actions - *ST Huamei faced a misappropriation of funds amounting to 1.491 billion yuan by its controlling shareholder and was ordered to rectify the situation within six months [4][5] - The company managed to transfer all shares held by the controlling shareholder, raising 1.556 billion yuan to repay the misappropriated funds and interest by August 18 [5][6] - ST Dongshi, on the other hand, initiated a pre-restructuring process to introduce investors to compensate for 387 million yuan in misappropriated funds, despite its controlling shareholder lacking repayment capability [6][9] Group 2: Regulatory Environment - The regulatory framework has evolved since 2003 to prohibit non-operational fund misappropriation by major shareholders, with significant measures introduced in 2022 and 2024 to enhance oversight [8][10] - The new regulations emphasize that delisting is a means to enforce compliance rather than an end goal, promoting companies to proactively address issues and restore operations [1][9] Group 3: Market Implications - Investors are encouraged to focus on companies that are actively rectifying issues and improving their fundamentals, while remaining cautious of those with repeated violations [2][10] - The market is undergoing a transformation towards a new ecosystem driven by the principle of "delisting to promote reform" [2][9]