上交所：2025年对信息披露违规开出400余份“罚单”

Core Viewpoint - In 2025, the Shanghai Stock Exchange (SSE) implemented strict measures against various violations related to information disclosure and trading, issuing over 400 disciplinary actions and regulatory measures [1] Group 1: Regulatory Actions - The SSE took disciplinary actions totaling over 270 cases in various regulatory areas, with 330 measures against violations of trading regulations [1] - A significant crackdown on financial fraud was noted, with 23 cases receiving the maximum public reprimand, and 6 companies facing delisting due to serious violations [1] - 14 companies involved in financial fraud received other risk warnings, and special representative litigation was initiated against a company to pursue criminal responsibility [1] Group 2: Accountability Measures - The SSE held over 50 individuals accountable, including controlling shareholders and actual controllers, with a 45% increase in public recognition and indifference towards 42 individuals [1] - More than 320 senior executives were held accountable, reflecting a rigorous approach to governance [1] Group 3: Trends in Enforcement - The SSE increased the severity of penalties for violations, with nearly 50% of the 155 public reprimands issued in 2025, marking a continuous growth trend over two years [1] - The focus remained on curbing market irregularities, particularly in areas such as restructuring speculation, inaccurate acquisition disclosures, and unfulfilled performance commitments [1]