多家退市企业被追责“退市不免责”成监管常态

Core Viewpoint - The concept of "delisting does not exempt from liability" has become a regulatory norm in the capital market, indicating that companies and related parties will still face accountability for illegal activities even after delisting [1][4]. Group 1: Regulatory Actions - Three delisted companies and their related parties have recently faced regulatory actions, including investigations and penalties, highlighting the ongoing accountability in the market [1][2]. - China Zhongqi Investment Co., which has been delisted for over a year, announced that its controlling shareholder is under investigation by the CSRC for information disclosure violations [2]. - Jiangsu Sunshine, another delisted company, received a notice of administrative penalty for failing to disclose significant events related to related party transactions, with a proposed fine of 3.3 million yuan [3]. Group 2: Trends in Delisting and Accountability - The trend of holding delisted companies accountable has become common, with several companies like Yili Clean Energy and Dongxu Optoelectronics facing fines exceeding 100 million yuan [4]. - The CSRC has investigated over 70 delisted companies for illegal activities and has referred 33 cases for potential criminal prosecution [4]. - A comprehensive accountability system is being established to enhance compliance awareness among market participants and boost investor confidence [4]. Group 3: Legal Mechanisms and Market Integrity - The introduction of representative litigation mechanisms for delisted companies marks a significant advancement in civil compensation, reducing the cost of investor rights protection [5]. - The regulatory focus on financial fraud has intensified, with 13 companies facing mandatory delisting this year due to severe violations, particularly financial misconduct [6]. - The CSRC aims to create a robust market ecosystem by strictly enforcing penalties for financial fraud and ensuring that key stakeholders are held accountable [6].