20亿惊险还款，救活两家上市公司

Core Viewpoint - The article highlights the successful risk mitigation efforts of two listed companies, *ST Huamei and ST Dongshi, which collectively recovered nearly 2 billion yuan in misappropriated funds, thus avoiding delisting risks. This serves as a typical case under the regulatory approach of "promoting reform through delisting" [1][3][10]. Group 1: Company Actions - *ST Huamei faced a significant issue with 1.491 billion yuan of funds misappropriated by its controlling shareholder. After failing to rectify the situation within the mandated timeframe, the company was suspended from trading starting August 13, 2025. In response, the controlling shareholder transferred all shares, using the proceeds of 1.556 billion yuan to repay the misappropriated funds and interest by August 18 [3][4]. - ST Dongshi, on the other hand, initiated a pre-restructuring process to introduce investors who would compensate for the 387 million yuan misappropriated funds. Despite the controlling shareholder's shares being frozen and lacking repayment capability, the company managed to recover the funds with the help of local government support and investor involvement [5][6]. Group 2: Regulatory Environment - The regulatory framework has evolved significantly since 2003, with the China Securities Regulatory Commission (CSRC) implementing stricter measures against the non-operational appropriation of funds by major shareholders. The introduction of new rules in 2024 emphasized that failure to rectify fund misappropriation would lead to delisting, reinforcing the message that delisting is a means to ensure compliance rather than an end goal [7][9]. - The current regulatory approach combines various measures, including warnings, deadlines for rectification, and categorized handling of issues, to encourage companies to proactively resolve problems and restore operational integrity [1][2][10]. Group 3: Broader Market Implications - The successful cases of *ST Huamei and ST Dongshi reflect a broader trend in the market where companies that actively rectify issues are seen as potential investment opportunities. Conversely, companies that repeatedly violate regulations and fail to improve should be approached with caution [2][8]. - Other companies, such as ST Xintong and *ST Moden, have also managed to escape delisting risks through active rectification efforts, indicating a shift towards a more regulated and transparent market environment [8][10].