证监会及多地证监局出手，8张“1号罚单”落地

Core Viewpoint - The article highlights the ongoing strict regulatory environment in China's capital markets, evidenced by the issuance of multiple "first penalties" by various regulatory bodies in January 2026, targeting a range of violations including market manipulation and information disclosure failures [1][2]. Regulatory Actions - As of January 25, 2026, a total of eight "first penalties" have been issued by the China Securities Regulatory Commission (CSRC) and local regulatory bodies across several provinces [1]. - The penalties cover various violations such as market manipulation, information disclosure violations, and internal governance issues, with a notable focus on companies that have been delisted [2]. Notable Cases - The CSRC issued a significant penalty against Yu Han for manipulating the stock price of "BoShi Glasses," resulting in a total fine of 1.022 billion yuan, which includes the confiscation of illegal gains of 511 million yuan and an equal amount in fines [3][6]. - The manipulation involved 67 accounts over a period of 1,252 trading days, leading to a price increase of BoShi Glasses from 13.72 yuan to 37.81 yuan, a rise of 175.58% [3][6]. Accounting Firms Under Scrutiny - The Shenzhen Securities Regulatory Bureau issued penalties to multiple accounting firms, including ZhongShen YaTai, for serious issues related to internal governance and audit quality, leading to warnings and regulatory discussions [7][10]. - Specific deficiencies included inadequate risk assessments and failure to comply with auditing standards, affecting several listed companies [10][11]. Delisted Companies Accountability - Regulatory actions have also targeted delisted companies, such as Hainan Puli Pharmaceutical, which failed to disclose its annual report on time, resulting in a fine of 500,000 yuan for the company and 200,000 yuan for its chairman [12][13]. - Jiangsu Sunshine, another delisted company, faced penalties for failing to disclose significant related party transactions, leading to a total fine of 2 million yuan [16][19]. Overall Regulatory Environment - The regulatory stance reflects a commitment to preventing companies from evading accountability post-delisting, with 91 delisted companies under investigation for serious financial misconduct [22].