泛海控股被罚，青岛中程被罚，退市不免责！

Core Viewpoint - Both Qingdao Zhongci Zhongcheng Group Co., Ltd. and Fanhai Holdings Co., Ltd. received administrative penalties from the China Securities Regulatory Commission (CSRC) and Beijing Securities Regulatory Bureau for violations of information disclosure laws, highlighting the regulatory stance that delisting does not exempt companies from accountability [2][7][18]. Group 1: Qingdao Zhongci Zhongcheng Group - Qingdao Zhongci was penalized for false records in annual reports from 2017 to 2022 and failure to disclose significant litigation matters [7][8]. - The company falsely reported financial data related to its projects in the Philippines and Indonesia, leading to six consecutive years of false annual reports [10][11]. - Specific financial discrepancies included a revenue inflation of approximately 1.403 billion yuan in 2017, which accounted for 92.18% of reported revenue, and a profit inflation of about 553 million yuan, representing 136.17% of reported profit [11][14]. Group 2: Fanhai Holdings - Fanhai Holdings was penalized for failing to timely disclose significant debt defaults, with eight financing contracts defaulting between 2022 and 2023 [18][20]. - The undisclosed debts included 5.943 billion yuan in 2022, which was 43.15% of the company's latest audited net assets, and 2.6 billion yuan in 2023, amounting to 290.83% of the latest audited net assets [18][22]. - The penalties included a fine of 4 million yuan for the company and individual fines for key executives, reflecting a lack of diligence in their responsibilities [22].