退市不是“安全区”！四天罚三家，退市公司的“紧箍咒”越念越紧

Core Viewpoint - The recent actions by regulatory authorities against three delisted companies highlight a new trend in the capital market governance, emphasizing that delisting does not equate to exemption from accountability [2][4]. Group 1: Regulatory Actions - Three delisted companies, China Zhongqi, Jiangsu Sunshine, and Futong Information, were recently named by regulatory bodies for ongoing issues despite their delisted status [4][9]. - Jiangsu Sunshine received an administrative penalty notice for non-operational fund occupation and information disclosure violations, resulting in a total fine of 3.3 million yuan [6][7]. - China Zhongqi and Futong Information are under investigation for suspected information disclosure violations, with investigations still ongoing [4][10]. Group 2: Specific Violations - Jiangsu Sunshine's violations include the occupation of funds related to land transfer payments and overdue accounts receivable from its controlling shareholder's subsidiary, totaling 2.61 billion yuan [5][6]. - Futong Information faced issues such as delayed information disclosure regarding significant lawsuits and frozen bank accounts, as well as discrepancies in financial reporting [8][9]. Group 3: Broader Implications - The trend of holding delisted companies accountable is not isolated, as several other companies have faced similar scrutiny post-delisting, reinforcing the principle that "delisting does not mean safe landing" [9][10]. - Since the implementation of stricter delisting regulations, the number of companies forcibly delisted has reached 178, significantly increasing the pace of market exit [9][10]. - The regulatory framework is evolving towards a comprehensive accountability system that includes administrative, civil, and criminal penalties, indicating a shift towards more rigorous enforcement [10][11].