多家退市企业被追责，“退市不免责”成监管常态

Core Viewpoint - The concept of "delisting does not exempt from liability" has become a regulatory norm in the capital market, indicating that companies and related parties will continue to face accountability for illegal activities even after delisting [1][5]. Group 1: Regulatory Actions - Recently, three delisted companies and their related parties have faced regulatory actions, including investigations and fines, due to violations during their listing period [1][2]. - China Zhongqi Investment Co., Ltd. announced that its controlling shareholder received a notice of investigation from the CSRC for suspected information disclosure violations [3]. - Jiangsu Sunshine, another delisted company, received a notice of administrative penalty for failing to disclose significant events related to a related party transaction, with a proposed fine of 3.3 million yuan [4]. Group 2: Increasing Accountability - The trend of holding delisted companies accountable has become common, with several companies like Yili Clean Energy and Taihe Group also facing penalties exceeding 100 million yuan this year [6]. - The CSRC has investigated over 70 delisted companies for illegal activities and has referred 33 cases for suspected criminal information disclosure violations [7]. Group 3: Legal Mechanisms and Market Integrity - The introduction of a representative litigation mechanism for delisted companies marks a significant breakthrough in civil compensation, reducing the cost of investor rights protection and increasing litigation efficiency [8]. - The CSRC has intensified its crackdown on financial fraud, with 13 companies facing mandatory delisting this year due to serious violations, particularly financial fraud [10][11]. - Regulatory bodies are focusing on key individuals such as actual controllers and major shareholders to ensure accountability and prevent failures in oversight by intermediaries [11].