四天罚三家，退市公司的“紧箍咒”越念越紧

Core Viewpoint - The recent actions taken against three delisted companies highlight a new regulatory trend in the Chinese capital market, emphasizing that delisting does not equate to immunity from accountability [2][3]. Group 1: Regulatory Actions - Three delisted companies, China Zhongqi, Jiangsu Sunshine, and Futong Information, were recently named by regulatory authorities for various violations, reinforcing the message that "delisting does not exempt from responsibility" [1][3]. - Jiangsu Sunshine received a notice of administrative penalty for non-operational fund occupation and information disclosure violations, resulting in a total fine of 3.3 million yuan [1][5]. - China Zhongqi and Futong Information are under investigation for suspected information disclosure violations, with investigations ongoing [1][6]. 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 [4][5]. - Futong Information faced issues such as delayed information disclosure regarding significant lawsuits and financial discrepancies in its reports, with a 98% variance in its profit forecast compared to audited results [6][9]. - The regulatory scrutiny extends beyond the companies to include key individuals such as actual controllers and financial executives, indicating a comprehensive accountability approach [8]. Group 3: Broader Context - Since the implementation of stricter delisting regulations, the number of companies forcibly delisted has reached 178 from 2021 to September 2025, more than double the total before the reform [7]. - The regulatory framework is evolving towards a "three-punishment linkage" system, combining administrative, civil, and criminal penalties for serious violations, which continues even after a company is delisted [8][9]. - Approximately 8 companies facing delisting risks due to fund occupation have completed substantial rectifications, recovering a total of 8 billion yuan [7].