重罚！退市不免责又一例

Core Viewpoint - The recent penalties imposed on Taihe Group and Huatie Co. highlight the China Securities Regulatory Commission's (CSRC) firm stance that "delisting does not exempt from liability," reinforcing that companies are accountable for illegal activities regardless of their listing status [2][9][10]. Regulatory Actions - Taihe Group received an administrative penalty from the Fujian Securities Regulatory Bureau, amounting to a total fine of 17.4 million yuan due to failure to disclose significant lawsuits and major omissions in annual reports from 2020 to 2022 [5][6]. - The company faced 13 lawsuits from July 2020 to May 2021, with a total claim amount of 9.674 billion yuan, representing 48.21% of its audited net assets for 2020 [6]. - Huatie Co. also announced receiving a notice of administrative penalty, with a proposed fine of 24.15 million yuan for new violations, including failure to disclose related party transactions and inflating inventory [8][10]. Enforcement Statistics - In 2024, the CSRC has investigated 64 delisted companies for illegal activities, with 44 companies receiving final administrative penalties totaling 1.2 billion yuan, averaging 27.31 million yuan per case [10]. - Among the penalized companies, 28 faced consequences for financial fraud, while 7 were penalized for fund occupation, and 9 for failing to disclose key matters on time [10]. Criminal and Civil Accountability - The CSRC has referred 33 delisted companies to public security for suspected information disclosure crimes, leading to criminal charges against responsible personnel in several cases [10]. - Civil compensation cases related to false statements have been accepted, with efforts to assist investors in recovering funds through various legal means [11]. Market Implications - The penalties against Taihe Group and Huatie Co. serve as a clear indication of the CSRC's rigorous regulatory approach, emphasizing that the capital market is not a lawless zone and that all illegal actions will face serious consequences [11].