一线“哨兵”监管枢纽！上交所资本市场财务造假惩防体系独特作用凸显

Core Viewpoint - The Shanghai Stock Exchange (SSE) is intensifying its crackdown on financial fraud, emphasizing the importance of restoring market integrity and pricing logic through strict enforcement measures [1][6]. Group 1: Actions Against Financial Fraud - In 2025, the SSE publicly condemned 23 cases of severe financial fraud [2][4]. - Six companies faced mandatory delisting due to significant violations, with *ST Suwu being a notable example, having inflated revenue by 1.771 billion and costs by 1.695 billion from 2020 to 2023 [2][3]. - The SSE is pursuing accountability for nine delisted companies, ensuring that penalties are enforced even after delisting [3][5]. Group 2: Comprehensive Punishment System - The SSE is implementing a comprehensive punishment system that includes administrative penalties, civil compensation, and criminal accountability for financial fraud [5][6]. - For companies not facing mandatory delisting, the SSE has issued risk warnings (ST treatment) to 14 firms involved in financial fraud, promoting timely disciplinary actions [4][6]. Group 3: Role of the SSE in Market Regulation - The SSE acts as a frontline regulator and a key hub for market oversight, utilizing advanced technology and real-time monitoring to detect anomalies in company disclosures and trading behaviors [6][7]. - The SSE has sent out 55 regulatory letters and requested 29 corrective announcements from companies between December 1 and December 26, 2025, highlighting its proactive approach [7]. - The SSE's disciplinary actions serve as critical evidence in civil lawsuits and support criminal prosecutions, creating a cohesive enforcement chain [7].