【e公司观察】退市不是终点，追责从未停歇，勿存“借退市逃责”幻想

Core Viewpoint - The regulatory authority is intensifying its crackdown on companies that have been delisted, emphasizing that delisting does not exempt them from accountability for past violations [1][2][3] Group 1: Regulatory Actions - Changjiang Health received an administrative penalty notice after being delisted for a year, with a total fine of 53.3 million yuan proposed against the company and its responsible personnel [1] - The penalties include maximum fines for direct responsible individuals, highlighting a "zero tolerance" regulatory attitude [1] - Since 2025, over 70 delisted companies have faced investigations for violations, with 33 cases referred for suspected criminal information disclosure [1] Group 2: Legal Framework and Enforcement - The core breakthrough in the accountability system is the strengthening of "criminal-administrative connection," allowing for precise targeting of actual controllers and key positions behind delisted companies [2] - The implementation of the "Basic Rules for Administrative Penalty Discretion" in March 2025 allows for heavier penalties for those with significant subjective faults [2] - Recent cases, such as the imprisonment of key individuals for fraud and market manipulation, demonstrate the clear direction of punishing the "principal offenders" [2] Group 3: Comprehensive Accountability System - The collaborative efforts between administrative and criminal authorities have led to a significant increase in the number of cases referred for criminal investigation, with a 51% year-on-year growth in 2024 [3] - The establishment of a comprehensive accountability system aims to ensure accurate and complete information disclosure, which is vital for the capital market [3] - The enforcement of the "punish the principal offenders and their accomplices" principle is expected to raise the cost of violations, promoting legal compliance and integrity in market operations [3]