严管信披、交易等违法违规行为 上交所2025年作出纪律处分270余单

Core Viewpoint - The Shanghai Stock Exchange (SSE) has intensified its regulatory measures against violations in information disclosure and trading, resulting in over 270 disciplinary actions and more than 330 regulatory measures against illegal trading in 2025 [1] Regulatory Actions - In 2025, the SSE publicly condemned 23 cases of financial fraud and delisted 6 companies for serious violations [1] - 14 companies involved in financial fraud received other risk warnings as per regulations [1] - The SSE initiated special representative lawsuits against the delisted Jin Gang and pursued criminal accountability [1] Accountability Measures - The SSE held 51 individuals accountable among controlling shareholders and actual controllers, with 42 being publicly recognized and treated coldly, marking a 45% year-on-year increase [1] - Over 320 individuals in senior management positions were held accountable [1] Enforcement Trends - The SSE has increased the severity of its punitive measures, with nearly 50% of public condemnations in 2025, continuing a growth trend for two consecutive years [1] - The SSE closely monitored market irregularities, particularly focusing on behaviors such as speculative trading through restructuring, false disclosures in acquisitions, and unfulfilled performance commitments [1] - The SSE issued over 400 disciplinary actions and regulatory measures related to information disclosure violations throughout the year [1]