每经热评｜紫天科技财务造假近25亿元被严惩 企业治理不能用“家族信任”代替“制度约束”

Core Viewpoint - The case of *ST Zitian (SZ300280) serves as a cautionary tale for the capital market, highlighting the severe consequences of financial fraud and the importance of corporate governance and regulatory compliance [1][2][3] Group 1: Financial Fraud and Consequences - *ST Zitian has been penalized with a total fine of 38.4 million yuan by the Fujian Securities Regulatory Bureau for systemic financial fraud involving nearly 2.5 billion yuan in revenue [1] - The company's market value has plummeted to just over 400 million yuan, representing a loss of over 90% from its peak [2] Group 2: Corporate Governance Issues - The family ties among the company's executives led to a chaotic blame game during the crisis, demonstrating that familial relationships cannot replace institutional constraints in corporate governance [2] - The case emphasizes the necessity for independent directors and professional oversight to prevent governance failures [2] Group 3: Regulatory Compliance and Market Sentiment - The company's blatant defiance of regulatory investigations, including ignoring communications from regulators, signifies a challenge to regulatory authority and market rules [3] - The regulatory response indicates a zero-tolerance policy towards financial fraud and non-compliance, reinforcing the need for companies to adhere to market regulations [3]