重罚！退市不免责又一例

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has reinforced its stance that companies are not exempt from penalties after delisting, as evidenced by the recent heavy fines imposed on Taihe Group and Huatie Co., Ltd. for their violations [1][7]. Regulatory Actions - Taihe Group received a total fine of 17.4 million yuan for failing to disclose significant lawsuits and for major omissions in its annual reports from 2020 to 2022 [5][6]. - The company was involved in 13 lawsuits from July 2020 to May 2021, with a total amount of 9.674 billion yuan, representing 48.21% of its audited net assets for 2020 [5][6]. - Huatie Co., Ltd. was also penalized with a proposed fine of 24.15 million yuan for new violations, including failure to disclose related party transactions and inflating inventory figures [7][8]. Enforcement Statistics - Since 2024, the CSRC has investigated 64 delisted companies for violations, with 44 companies receiving final administrative penalties totaling 1.2 billion yuan, averaging 27.31 million yuan per case [8]. - Among the penalized companies, 28 faced consequences for financial fraud, while 7 were penalized for fund misappropriation [8]. Criminal and Civil Accountability - The CSRC has referred 33 delisted companies to law enforcement for suspected information disclosure crimes, leading to criminal charges against key personnel in several cases [8][9]. - Civil actions have been initiated for cases of false statements, with efforts to assist investors in recovering losses through various legal means [9]. Market Implications - The recent penalties against Taihe Group and Huatie Co., Ltd. illustrate the CSRC's commitment to maintaining market integrity and protecting investors' rights, emphasizing that illegal activities will be met with serious consequences regardless of a company's listing status [8][9].