监管亮剑：一日两家上市公司退市，财务造假“零容忍”时代来临

Core Viewpoint - The A-share market is demonstrating a "zero tolerance" attitude towards major illegal delisting behaviors, as evidenced by the recent forced delisting of *ST Dongtong and *ST Suwu due to severe violations of regulations [1][2] Summary by Sections Major Violations and Delisting - *ST Dongtong and *ST Suwu have been forced to delist due to serious violations, marking a significant shift in regulatory enforcement [1][6] - Since 2025, the number of companies facing major illegal delisting has reached 13, a historical high [1][6] Specific Violations - *ST Dongtong engaged in financial fraud through its subsidiary for four consecutive years and used false data in a 2022 private placement, constituting fraudulent issuance [2][3] - The fraudulent profits reported by *ST Dongtong were substantial, with inflated profits of 52.23 million in 2019, 58.77 million in 2020, 79.48 million in 2021, and 124 million in 2022, indicating a reliance on fabricated financials [2][3] - *ST Suwu concealed its actual controlling party and inflated revenues, with related party non-operating fund occupation reaching 1.693 billion, accounting for 96.09% of its net assets by the end of 2023 [4][5] Regulatory Changes and Enforcement - The new delisting regulations specify that companies with continuous fraud for three years or more will be decisively delisted, lowering the thresholds for identifying fraudulent activities [6][7] - The regulatory framework now includes a three-tiered system for recognizing financial fraud, with specific monetary thresholds and proportions that trigger delisting [7] - The regulatory approach has shifted to a comprehensive punishment system, integrating administrative, civil, and criminal penalties for financial fraud [7][8] Investor Protection and Technological Integration - The regulatory body is enhancing investor protection mechanisms, urging companies at risk of delisting to compensate affected investors [9] - Technological advancements such as AI and big data are being utilized to improve regulatory oversight, creating a "penetrating" monitoring system to detect hidden illegal activities [9][10] Market Implications - The recent actions against *ST Dongtong and *ST Suwu indicate a strengthening of the A-share market's survival of the fittest mechanism [10] - The ongoing high-pressure regulatory environment is expected to reduce the number of companies engaging in systematic financial fraud, leading to a cleaner capital market ecosystem [11]