证监会剑指财务造假，发行人+中介机构被同步追责

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued administrative penalties and pre-notification of market bans against Lifan Shuke Co., Ltd. for falsifying financial data in periodic reports, marking a significant step in the crackdown on financial fraud in the capital market [1][2]. Summary by Sections Company Actions - Lifan Shuke has inflated its revenue and costs for three consecutive years, violating securities laws. The total inflated revenue amounts to 638 million yuan and inflated costs to 628 million yuan from 2021 to 2023 [2]. - The breakdown of inflated figures includes 280 million yuan in revenue and 277 million yuan in costs for 2021, 312 million yuan in revenue and 305 million yuan in costs for 2022, and 46 million yuan in revenue and 45 million yuan in costs for 2023 [2]. Regulatory Response - The CSRC plans to impose a fine of 10 million yuan on Lifan Shuke and a total of 30 million yuan in fines on 10 responsible individuals [1][2]. - The Shenzhen Stock Exchange will initiate delisting procedures for Lifan Shuke due to serious violations [1][2]. - The CSRC is also investigating Zhongxing Caiguanghua Accounting Firm for failing to perform due diligence, which may lead to severe penalties [1][2][3]. Broader Implications - Lifan Shuke is the 14th company this year to face potential mandatory delisting due to financial fraud, reflecting a record high in such cases [5]. - The regulatory environment has shifted towards a "zero tolerance" approach to financial fraud, with a comprehensive system for punishing both the perpetrators and the accomplices [5][6]. - The collaboration between the CSRC and the Supreme People's Procuratorate emphasizes a full-chain approach to punishment, enhancing the deterrent effect against financial misconduct [6]. Industry Insights - Experts highlight the importance of intermediary institutions, such as accounting firms and law firms, in maintaining market order and the need to hold them accountable for their roles in financial fraud [4][7]. - Recommendations for improving the financial fraud prevention mechanism include enhancing the deterrent effect of administrative penalties and establishing a more efficient investor compensation mechanism [7].