去年超80只A股被立案调查

Core Viewpoint - The article highlights the increasing regulatory scrutiny in China's capital market, particularly focusing on the financial misconduct of several listed companies, leading to severe penalties and delistings [3][12]. Group 1: Financial Misconduct Cases - Derun Electronics (得润电子) has been found guilty of financial fraud, with over 500 million yuan in fictitious receivables over two and a half years, resulting in penalties exceeding 20 million yuan [3][4]. - In 2025, a total of 87 A-share companies were investigated, with 38 being ST companies, indicating a significant focus on information disclosure violations [5][6]. - Notable cases include ST Dongtong (东通) and ST Tiantian (天圣), which were penalized for inflating revenues and profits over several years, with fines totaling 229 million yuan and 4 million yuan respectively [6][8]. Group 2: Regulatory Environment - The regulatory environment has become increasingly stringent, reflecting the "zero tolerance" approach adopted by the China Securities Regulatory Commission (CSRC) since the introduction of the "New National Nine Articles" [3][12]. - The article emphasizes the shift from reactive to proactive regulatory measures, aiming to enhance the integrity of the capital market through improved oversight and enforcement mechanisms [12][14]. Group 3: Consequences of Misconduct - In 2025, 29 A-share companies were delisted due to severe violations, with some companies like Suwu (退市苏吴) facing mandatory delisting after being found guilty of long-term financial fraud [9][10]. - Companies such as ST Changyuan (ST长园) and ST Changyao (ST长药) are also at risk of delisting due to ongoing financial misconduct investigations [10][11]. Group 4: Recommendations for Improvement - Experts suggest enhancing the reputation mechanisms for intermediary institutions and increasing the costs associated with collusion between companies and these institutions to prevent future misconduct [15][16].