一夜之间，*ST东通、*ST苏吴两家A股公司退市，监管释放重要信号

Core Viewpoint - The A-share market is demonstrating a "zero tolerance" attitude towards major illegal delisting behaviors, as evidenced by the simultaneous delisting of two companies, *ST Dongtong and *ST Suwu, due to severe violations of regulations [1][2][7]. Summary by Sections Company Violations - *ST Dongtong engaged in financial fraud through its subsidiary for four consecutive years, inflating profits significantly, with a reported profit inflation of 52.23 million yuan in 2019, 58.77 million yuan in 2020, 79.48 million yuan in 2021, and 124 million yuan in 2022, leading to a total of 2.29 billion yuan in penalties [3][4]. - *ST Suwu concealed its actual controlling party and inflated revenues, with non-operational fund occupation reaching 1.693 billion yuan, accounting for 96.09% of its net assets by the end of 2023 [5][7]. Regulatory Changes - The recent delistings reflect a significant shift in regulatory attitudes, with new rules stipulating that companies involved in continuous financial fraud for three years or more will be decisively delisted, thus tightening the standards for identifying fraudulent activities [2][8]. - The updated delisting criteria include thresholds for financial fraud, such as a single-year fraud amount exceeding 200 million yuan or cumulative fraud exceeding 300 million yuan over two years, which has led to an increase in companies facing delisting risks [9]. Enforcement and Accountability - The regulatory framework has evolved to include a comprehensive system of penalties, including administrative, civil, and criminal actions against those involved in financial fraud, indicating a robust enforcement mechanism [10][12]. - The regulatory authorities are focusing on holding not only the companies accountable but also third-party accomplices involved in fraudulent activities, aiming to dismantle the "ecosystem" of financial fraud [10][11]. Investor Protection - There is an ongoing effort to enhance investor protection, particularly in cases of major illegal delistings, encouraging companies to take proactive measures to compensate affected investors [11]. Market Implications - The increase in major illegal delistings signals a tightening of the capital market's "exit mechanism," promoting a more competitive market environment and reducing the number of companies willing to engage in systematic financial fraud [12].