重庆证监局严处ST天圣信披违法

Core Viewpoint - ST Tian Sheng (002872) has received an administrative penalty notice from the Chongqing Securities Regulatory Bureau for information disclosure violations linked to the criminal activities of its actual controller, Liu Qun, highlighting the capital market's "zero tolerance" regulatory stance [1][2] Summary by Sections Case Background - ST Tian Sheng inflated its total profits by 92 million yuan and 28 million yuan in 2017 and 2018, respectively, through off-balance-sheet funding pools to pay sales expenses, corresponding to 30.21% and 20.61% of the disclosed profits for those periods [1] Regulatory Actions - The Chongqing Securities Regulatory Bureau imposed a total fine of 4.39 million yuan on ST Tian Sheng and 22 responsible individuals, with Liu Qun receiving a lifetime market ban and two other individuals facing market bans of 5 and 8 years [1] - The regulatory body emphasized accountability for both executive and non-executive personnel involved in the violations, reinforcing the principle that "leaving office does not exempt from responsibility" [1] Broader Implications - The case demonstrates a "multi-dimensional accountability" approach in regulation, with the Chongqing Securities Regulatory Bureau quickly initiating administrative investigations following Liu Qun's criminal conviction for misappropriating company funds, thereby establishing a closed loop of criminal and administrative accountability [2] - Following the penalty decision, regulatory authorities will coordinate with investor service centers and financial courts to facilitate civil compensation claims for eligible investors [2] - Market participants view this case as both a warning and a reassurance, emphasizing the importance of transparency in information disclosure and the ongoing enhancement of investor protection mechanisms [2]