“带病”退市别想“赖账” 多维度追责杜绝“一退了之”

Core Viewpoint - The recent cases of Huatie Co. and Taihe Group illustrate that delisting does not exempt companies from legal responsibilities, emphasizing a stringent regulatory environment where accountability is enforced even after a company exits the market [1][5]. Group 1: Huatie Co. Case - Huatie Co. was delisted on August 27, 2024, after its stock price fell below 1 yuan for 20 consecutive trading days [2]. - Prior to delisting, Huatie Co. faced administrative penalties totaling 2,620 million yuan for false reporting and significant omissions in its financial statements from 2019 to 2022 [2]. - After delisting, the company and its executives were fined an additional 530 million yuan for failing to disclose the 2023 annual report on time [2]. - The Guangdong Securities Regulatory Bureau identified three violations of information disclosure post-delisting, leading to a total penalty exceeding 24 million yuan for Huatie Co. and 13 involved parties [2][4]. Group 2: Accountability of Executives - Among the 13 individuals penalized, the actual controller, Xuan Ruiguo, faced a fine of 9.5 million yuan, bringing his total penalties to over 11 million yuan, along with a lifetime ban from the securities market [3]. - The cumulative penalties for Huatie Co. before and after delisting reached 55.65 million yuan by August 2025 [4]. Group 3: Taihe Group Case - Taihe Group was delisted in August 2023 due to a similar price drop, and in November 2024, it was investigated for information disclosure violations [5]. - The company and its executives were fined a total of 17.4 million yuan for failing to disclose significant lawsuits and major omissions in annual reports from 2020 to 2022 [5]. - Taihe Group was involved in 23 major lawsuits during this period, with 21 cases exceeding 50 million yuan each, which were concealed until May 2023 and February 2025 [5]. Group 4: Regulatory Environment - The regulatory framework has established a comprehensive accountability system involving administrative, civil, and criminal penalties for delisted companies [6]. - In 2024, the China Securities Regulatory Commission (CSRC) penalized 64 delisted companies, with total fines amounting to 1.2 billion yuan, averaging 27.31 million yuan per case [6]. - The regulatory approach includes strict enforcement against key individuals, ensuring that penalties cover actual controllers, board chairs, and financial directors [6]. Group 5: Legal and Investor Protection - The new "National Nine Articles" aims to enhance investor compensation mechanisms during the delisting process, allowing for civil lawsuits against companies for losses due to false statements [7]. - Various channels for investor protection, including representative lawsuits and administrative commitments, are now fully operational [7]. - The CSRC has indicated a commitment to criminally prosecute those involved in fraudulent activities, reinforcing a high-pressure deterrent against misconduct [8].