Di Yi Cai Jing Zi Xun·2025-11-09 12:25Core Viewpoint - The article highlights the ongoing stringent regulatory environment in the A-share market, with multiple companies facing investigations and penalties for violations related to information disclosure and financial misconduct [2][10]. Group 1: Companies Under Investigation - Eight companies disclosed that they or their controlling shareholders and executives are under investigation by the China Securities Regulatory Commission (CSRC) for violations such as information disclosure and insider trading [2][3]. - Specific companies involved include Bayi Steel, Delisted Haiyue, Intercontinental Oil & Gas, Shanghai Washba, and *ST Changyao, with allegations ranging from information disclosure violations to false financial reporting [3][4]. Group 2: Administrative Penalties - Three companies, including Delisted Longyu, ST Tiantian, and *ST Jintai, received administrative penalties, with Delisted Longyu facing fines exceeding 30 million yuan for years of financial fraud [6][8]. - Delisted Longyu was found to have inflated revenue by approximately 14.54 billion yuan and profits by 37.32 million yuan through fictitious trading activities from 2019 to 2022 [6][7]. Group 3: Impact on Companies - Companies such as Intercontinental Oil & Gas and Shanghai Washba stated that the investigations would not adversely affect their operations, as the inquiries pertain to individual shareholders rather than the companies themselves [5]. - However, *ST Changyao warned that if the CSRC's findings lead to administrative penalties, it could trigger mandatory delisting due to serious violations [5]. Group 4: Broader Regulatory Trends - The article notes a trend of increasing accountability for companies that have been delisted, emphasizing that delisting does not exempt them from regulatory scrutiny [10]. - Recent cases show that even companies that have been delisted for over a year continue to face investigations and penalties for past violations [10][11].