坚持一追到底 不能一退了之

Core Viewpoint - The article emphasizes that delisting does not absolve companies of their responsibilities, highlighting a trend of stringent regulatory oversight and accountability for companies that engage in illegal activities before delisting [1][2][3]. Regulatory Trends - Regulatory authorities have intensified scrutiny of delisted companies, ensuring that violations are pursued thoroughly and not overlooked after delisting [2][3]. - The new "National Nine Articles" explicitly calls for enhanced delisting regulation, strict enforcement, and severe penalties for financial fraud and market manipulation [3][4]. Legal Accountability - The case of Guangdong Zijing Information Storage Technology Co., Ltd. illustrates that companies facing delisting due to major violations can still be held accountable, with significant fines and prison sentences for executives [1][2]. - The China Securities Regulatory Commission (CSRC) has imposed substantial fines, totaling 41.4 billion yuan for various violations during the 14th Five-Year Plan period [4]. Investor Protection - There is a growing emphasis on protecting investors' rights, with mechanisms being developed to ensure compensation for losses incurred due to major violations by companies [3][4]. - The regulatory framework is shifting focus from merely the status of being listed to the legality of actions taken by companies, which is expected to increase the cost of violations and encourage compliance [3][5]. Multi-faceted Accountability - The regulatory approach now includes not only the companies themselves but also key individuals such as actual controllers and executives, as well as third-party intermediaries involved in fraudulent activities [5][6]. - The integration of technology in regulatory practices aims to enhance the ability to trace evidence and improve oversight effectiveness [6].