“退市不免责”成常态

Core Viewpoint - The regulatory environment for delisted companies in China's capital market is becoming increasingly stringent, emphasizing that delisting does not exempt companies from accountability for past violations [1][4][5]. Group 1: Regulatory Actions and Penalties - Two delisted companies, Zhejiang Aikang New Energy Technology Co., Ltd. and Hainan Puli Pharmaceutical Co., Ltd., received significant fines totaling 34.3 million yuan and 500,000 yuan respectively for information disclosure violations [1]. - As of November 2023, a total of 91 delisted companies have been investigated, with 73 facing penalties amounting to 2 billion yuan [2]. - The China Securities Regulatory Commission (CSRC) has initiated a delisting process for companies involved in severe financial fraud, with 14 companies facing potential mandatory delisting this year, marking a historical high [3]. Group 2: Enforcement of Accountability - The principle of "delisting does not exempt" has led to 38 delisted companies facing administrative penalties this year, surpassing the total for the previous year [4]. - Companies like Jiangsu Sunshine Co., Ltd. and Hengli Industrial Development Group Co., Ltd. have received multiple administrative penalties for various violations post-delisting [4]. - The CSRC is also investigating the accounting firms involved in financial fraud cases, indicating a comprehensive approach to accountability [5]. Group 3: Investor Protection Mechanisms - The regulatory framework has been enhanced to protect investors, with 12 delisted companies disclosing civil litigation progress against them this year [6]. - Recent court rulings have favored investors in several cases, reinforcing the legal recourse available to them [6]. - The CSRC has issued new guidelines aimed at strengthening investor protection during the delisting process, focusing on continuous monitoring and transparency [8]. Group 4: Systematic Approach to Deterrence - The combination of administrative, civil, and criminal accountability creates a robust deterrent against corporate misconduct, aiming to ensure that the costs of violations outweigh any potential benefits [7]. - Experts emphasize the need for a comprehensive understanding of the legal relationships among different parties involved in delisted companies to facilitate effective accountability [7].