退市不免责，控股股东仍被立案调查！

Core Viewpoint - China Zhongqi Holdings' controlling shareholder, Zhongqi Group, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, despite the company being delisted for over a year [1][3]. Group 1: Investigation and Regulatory Actions - Zhongqi Group received a notice from the CSRC on October 11, indicating that it is under investigation for failing to timely disclose financial reports as a bond issuer [1]. - On December 20, 2024, the Beijing Regulatory Bureau of the CSRC issued a warning letter to Zhongqi Group and its information disclosure officer, Mou Shuyun, for not disclosing the annual and interim reports as required [2]. - The company failed to disclose its 2023 annual report within four months after the year-end and the 2024 interim report within two months after the first half of the year [2]. Group 2: Financial Performance and Delisting - In 2022, China Zhongqi reported revenue of approximately 31.78 million, a year-on-year decrease of 35.77%, and a net loss attributable to shareholders of about 3.4 million [3]. - Due to negative net profit and revenue below 100 million after excluding non-core business income, the company's stock was placed under delisting risk warning starting May 5, 2023 [3]. - In 2024, the company faced delisting as its 2023 annual report received an audit report with no opinion, leading to the termination of its listing on June 8, 2024 [3]. Group 3: Regulatory Environment and Market Impact - The regulatory environment is increasingly stringent, with a "full-chain accountability" model being implemented, which is expected to deter market violations [4]. - The CSRC's enforcement of the "delisting does not exempt from liability" principle is anticipated to strengthen, ensuring that violators face consequences and maintaining market order and investor rights [4].