深夜！证监会，突然发布！深交所：启动终止上市程序

Core Viewpoint - The article discusses the severe administrative penalties imposed by the China Securities Regulatory Commission (CSRC) on Hainan Puli Pharmaceutical Co., Ltd. (ST Puli) for significant financial fraud, leading to the initiation of delisting procedures by the Shenzhen Stock Exchange [1][2]. Summary by Sections Financial Fraud Confirmation - ST Puli was found to have significant false records in its 2021 and 2022 annual reports, with a total profit inflation exceeding 500 million yuan, accounting for over 50% of the reported profits [1][2]. - The total inflated revenue for these two years reached 1.03 billion yuan, representing 31.08% of the total reported revenue [2]. - The inflated profit totaled 695 million yuan, which is 76.72% of the total reported profit for the same period [2]. Delisting Procedures - Due to the financial fraud, ST Puli triggered the conditions for mandatory delisting as per the regulations of the Growth Enterprise Market [2]. - The company’s stock will be delisted, and its convertible bonds will also be terminated or delisted [2]. Comprehensive Accountability Measures - The CSRC emphasized that administrative penalties and delisting are not the end of the process, as they will pursue comprehensive accountability for the involved parties [4]. - The CSRC will also investigate potential criminal activities related to the fraud and will refer cases to law enforcement as necessary [4]. Investor Protection Initiatives - The China Securities Investor Services Center will assist eligible investors who suffered losses due to the fraud through various legal means [4]. - The CSRC is committed to enhancing the mechanisms for preventing and punishing financial fraud in the capital market, including the establishment of a comprehensive accountability system [5]. Regulatory Actions and Statistics - In 2024, the CSRC handled 739 cases and issued 592 administrative penalties, with a total fine amounting to 15.342 billion yuan, which is 2.4 times that of 2023 [5][6]. - The CSRC has intensified its crackdown on financial fraud, with 178 cases referred to law enforcement in 2024 [6]. - The regulatory body aims to increase the costs of violations and ensure that financial fraud is met with severe consequences, thereby protecting investors' rights [6].