上交所：“十四五”时期“零容忍”打击财务造假或占用担保案件170余单

Core Insights - The Shanghai Stock Exchange (SSE) emphasizes the importance of investor protection and aims to implement the "big investor protection" concept as a key feature of its development during the 14th Five-Year Plan [1] Regulatory Measures - SSE has introduced a new generation of company regulatory portrait systems to enhance supervision and combat fraudulent activities, financial fraud, and fund misappropriation [1] - The exchange has issued nearly 800 disciplinary actions, with over 30% being severe penalties such as public reprimands [1] - A "zero tolerance" policy has been adopted against financial fraud and fund misappropriation, resulting in over 170 cases being addressed [1] - More than 50 cases of illegal share reduction have been punished under a strong deterrent approach [1] Delisting Mechanism - SSE has successfully implemented two rounds of delisting system reforms, leading to a total of 93 companies being delisted, including 70 through mandatory delisting and 23 through voluntary delisting [1] - The exchange continues to strengthen monitoring of abnormal trading activities to ensure stable market operations [1]