退市公司连收大额罚单，“退市不免责”信号持续强化

Core Viewpoint - The recent administrative penalties imposed on the delisted companies Huatie Co. and Taihe Group highlight that delisting does not equate to immunity from legal responsibilities, as regulatory actions continue to enforce accountability for past violations [1][2][3]. Summary by Sections Administrative Penalties - Huatie Co. has faced cumulative penalties amounting to 55.65 million yuan, with its actual controller, Xuan Ruiguo, receiving a fine of 9.5 million yuan and a lifetime market ban [1][5][6]. - Taihe Group was fined 6 million yuan for failing to disclose significant litigation issues, which involved 13 lawsuits [9][10]. Regulatory Mechanisms - The regulatory body is implementing a "three-punishment linkage" mechanism, combining administrative, civil, and criminal penalties to ensure comprehensive accountability for delisted companies [1][11]. - As of August 22, 2024, the China Securities Regulatory Commission (CSRC) has investigated 64 cases of delisted companies, with 44 cases resulting in penalties totaling 1.2 billion yuan [11][12]. Violations and Issues - Huatie Co. was found to have significant issues in its 2023 annual report, including false records and major omissions related to related-party transactions, which involved 1.134 billion yuan in non-operating fund transfers [7][8]. - The company also inflated its inventory and cash holdings through improper accounting practices, leading to discrepancies in its financial reports [7][8]. Investor Protection - The regulatory framework aims to protect investors' rights, ensuring that delisted companies and their responsible individuals remain liable for past misconduct [1][11]. - Civil compensation mechanisms are being enhanced, with courts accepting cases related to false statements and successful recoveries of funds in certain instances [12].