以下文章来源于21世纪经济报道 ，作者21记者 来源|21世纪经济报道 21世纪经济报道 . 权威、专业、深度、有趣！用经济思维看世界。 互联网新闻信息服务许可证编号：44120250004 作者|崔文静 上市公司严监管信号愈发明显。 仅2月27日晚间，即有7家上市公司或其董事长被立案调查或处罚。 其中，海泰发展、捷荣技术、双良节能三家被立案调查；此前已被立案调查的*ST沐邦、*ST海钦、达华智能收到事先告知书；文投控股董事长则被 出具行政处罚决定书。 值得注意的是，随着2月27日晚间这批罚单落地，2026年以来已有14家上市公司或其实控人被立案调查，平均4天即有一家；收到行政处罚决定书或 事先告知书的公司数量更是多达19家，平均约3天一家。 另一个值得关注的信号是：上市公司实控人的违法违规行为被给予更多关注，这不仅体现在更重的行政处罚，而且在立案调查阶段，不少实控人即与 上市公司一起被立案，2月27日新被立案调查的捷荣技术等皆如此。 01 立案调查再添三家，误导性陈述成监管重点 继2月25日ST新华锦被立案调查后，2月27日晚间，又有三家上市公司被证监会启动立案调查。 海泰发展因涉嫌信息披露违法违规被立案； ...

2月25日晚间，ST新华锦（600735）连发两份重磅公告，将这家上市公司的经营困局与合规危机彻底摆 上台面。公司及实际控制人张建华因涉嫌信息披露违法违规被证监会立案调查，与此同时，控股股东及 其关联方高达4.06亿元的非经营性资金占用在整改期限届满后仍实现"零归还"，公司股票自2月26日开 市起被迫停牌，预计停牌时长不超过2个月。 此次事件的导火索是控股股东长期违规占用上市公司资金且逾期未还。据公告显示，截至2025年半年度 报告披露日，新华锦集团及其关联方非经营性占用公司资金余额达4.06亿元。按照监管要求，所有占用 资金应在收到《行政监管措施决定书》之日起六个月内归还，即需在2026年2月25日前完成整改。然 而，直至公告发布日，仍未有任何归还动作，且具体解决方案尚未确定。 更令人担忧的是，作为还款义务人的控股股东鲁锦集团及间接控股股东新华锦集团已于1月20日被法院 裁定受理破产重整，这使得被占资金的追偿前景愈发黯淡。根据法律规定，公司只能通过申报普通债权 的方式追索被占资金，而普通债权在破产清偿序列中处于劣势，存在无法全额清偿的风险。 此外，ST新华锦的业绩也面临巨大压力。1月23日，公司公告预计20 ...

一、监管重拳指向信披违规 根据新华锦发布的公告，中国证监会于2026年2月26日下发了《立案通知书》。因公司涉嫌信息披露违 法违规，监管部门决定对其正式启动立案调查程序。 这一进展意味着公司合规性问题已升级。立案调查不仅是对当前违规行为的查处，也是证监会衡量后续 行政处罚力度的重要依据。目前调查结果尚存不确定性。 事实上，公司受到的监管早已显现。2025年8月25日，青岛证监局曾对其出具《行政监管措施决定 书》，明确指出公司实际控制人存在非经营性占用资金的违法违规行为。根据公司《2025年半年度报 告》显示，截至披露日，公司及其关联方非经营性占用公司资金余额高达4.06亿元。这一巨额资金缺口 成为了后续一系列连锁反应的导火索。 由于未能在一个月内完成被占用资金的清收工作，根据上交所相关规定，公司此前已被实施其他风险警 示。 登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我 二、深层调查或牵出系统风险 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我 2026年2月25日晚间，ST新华锦（维权）发布关于公司及实际控制人收到中国证券监督管理委员会《立 案告知书》的公告。公告显示：山东新华锦国际股份有限公司于2026年2月25日收到中国证券监督管理 委员会下发的《立案告知书》（编号：证监立案字0242026002号）。因公司涉嫌信息披露违法违规，根 据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司进行 立案。 ST新华锦此次遭证监会立案或与此前曝光的资金占用问题相关，在公告遭证监会立案的同时，ST新华 锦还发布了《关于无法在责令改正期限内完成资金占用整改暨公司股票停牌的公告》，因山东新华锦国 际股份有限公司在责令改正规定期限（2026年 2 月 25 日前）届满前未完成整改，根据《上海证券交易 所股票上市规则》（20 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600735 证券简称：ST新华锦公告编号：2026-022 山东新华锦国际股份有限公司 关于公司及实际控制人收到中国证券监督管理委员会《立案告知书》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 山东新华锦国际股份有限公司（以下简称"公司"）于2026年2月25日收到中国证券监督管理委员会（以 下简称"中国证监会"）下发的《立案告知书》（编号：证监立案字0242026002号）。因公司涉嫌信息披 露违法违规，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会 决定对公司进行立案。 公司实际控制人张建华先生于2026年2月25日收到中国证监会下发的《立案告知书》（编号：证监立案 字0242026003号）。因涉嫌信息披露违法违规，根据《中华人民共和国证券法》《中华人民共和国行政 处罚法》等法律法规，中国证监会决定对其进行立案。 目前公司各项经营活动和业务均正常开展。在立案调查期间，公司将积极配合中国证监会的相关调查工 ...

Core Viewpoint - ST Xinhua Jin and its actual controller Zhang Jianhua are under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a suspension of trading for the company's stock starting February 26, 2026, for a period not exceeding two months [2][4][10]. Group 1: Investigation and Compliance Issues - The CSRC issued a notice of investigation to ST Xinhua Jin and Zhang Jianhua on February 25, 2026, due to suspected violations of information disclosure laws [4]. - The company has been under scrutiny since January 21, 2026, when it received a regulatory letter from the Shanghai Stock Exchange regarding the bankruptcy restructuring of its controlling shareholder [4][6]. - The ongoing investigation highlights the compliance risks faced by ST Xinhua Jin, which have now become a significant concern for investors [3]. Group 2: Financial Performance and Risks - ST Xinhua Jin reported a revenue of 1.637 billion yuan for 2024, a decrease of 30.97% year-on-year, and a net loss of 134 million yuan, marking the end of several years of profitability [7]. - The company anticipates a net loss of between 95 million yuan and 142 million yuan for 2025, primarily due to asset impairment tests and provisions for goodwill and inventory [9]. - As of February 25, 2026, the company confirmed that it had not recovered 406 million yuan of non-operating funds occupied by its controlling shareholder and related parties, which represents 33% of the company's net assets [10]. Group 3: Stock Suspension and Potential Delisting - The Shanghai Stock Exchange has mandated a trading suspension for ST Xinhua Jin due to the overdue rectification of the occupied funds, which poses a direct threat to the company's listing status [10][11]. - If the company fails to rectify the fund occupation within the two-month suspension period, it will face a risk warning upon resuming trading, and further non-compliance could lead to delisting [11]. - As of the last trading day before the suspension, ST Xinhua Jin's stock was priced at 6.73 yuan per share, with a total market capitalization of 2.886 billion yuan [12].

ST新华锦（600735）2月25日公告，公司当日收到中国证监会下发的《立案告知书》。因公司涉嫌信息披露违法违规，根据《中华人民共和国证券法》 《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司进行立案。 同日，公司实际控制人张建华也因涉嫌信息披露违法违规收到《立案告知书》。 控股股东进入破产重整程序 根据ST新华锦2月12日披露的公告，公司控股股东鲁锦集团和间接控股股东新华锦集团的破产重整申请已被青岛市市南区人民法院受理。鲁锦集团债权人 需在2026年3月14日前向管理人申报债权，第一次债权人会议定于2026年3月20日召开。 ST新华锦表示，目前公司各项经营活动和业务均正常开展。在立案调查期间，公司将积极配合中国证监会的相关调查工作，并严格按照相关法律法规和 监管要求及时履行信息披露义务。 资金占用"零归还" 公司股票将停牌 ST新华锦同日披露的另一份公告显示，因公司在责令改正规定期限（2026年2月25日前）届满前未完成整改，根据相关规定，公司股票将自2026年2月26 日开市起停牌，预计停牌时间不超过2个月。 简单回溯，公司于2025年8月25日收到青岛证监局出具的《行政监管措施决定书》，截 ...

Stock Price Movement Reasons - A major shareholder, Shenzhen Zhongshengyuan Enterprise Management Center (Limited Partnership), plans to reduce its stake by up to 59,786,089 shares (3% of total share capital) due to funding needs, through centralized bidding and block trading from March 11, 2026, to June 10, 2026. The reduction will not lead to a change in company control [1] Performance and Operating Conditions - The company forecasts a net loss attributable to shareholders of between 100 million to 150 million yuan for 2025, an improvement from a loss of 620 million yuan in 2024, primarily due to asset impairment in the real estate market and the impact of the Beijing Loyal Oncology Hospital project exit. Final figures will be confirmed in the official annual report expected to be released in 2026 [2] Company Status - A share transfer completed on January 22, 2026, resulted in Meihua Investment becoming the second-largest shareholder with a 10.38% stake, while Bubugao (002251) holds an indirect 19.08% stake. Market attention is on whether the new shareholders will drive business integration or resolve capital occupation issues, although no specific timeline has been publicly disclosed [3] Related Party Transactions - As of the end of 2024, the original controlling shareholder, Zhongzhu Group, and its affiliates have an outstanding capital occupation balance of 568 million yuan, which remains unpaid. The company has applied for compulsory enforcement through the courts. Future developments regarding repayment or judicial outcomes may impact corporate governance and risk warning status [4]

Group 1 - The core issue revolves around *ST Changyao's financial fraud, which has been ongoing for three years, leading to administrative penalties from the China Securities Regulatory Commission [1][3] - The company inflated its revenue by over 730 million yuan and profits by more than 160 million yuan from 2021 to 2023, with false revenue accounting for nearly 20% of total revenue at its peak [4][5] - In 2022, the inflated profits represented an alarming 88.23% of the total profit, indicating severe discrepancies in the company's financial reporting [5] Group 2 - In addition to financial fraud, *ST Changyao is also involved in serious non-operational fund occupation, with 180 million yuan occupied, representing 92.08% of the company's latest audited net assets [2][6] - The company’s subsidiaries provided collateral guarantees for related parties without following any approval procedures, jeopardizing the interests of minority shareholders [2][6] - Legal actions are underway against the company, with precedents of successful second-instance rulings for investors who suffered losses during specific periods [2][6]

Core Viewpoint - Shandong Xinhua Jin International Co., Ltd. is facing significant financial and operational challenges due to the non-repayment of funds by its controlling shareholder, Xinhua Jin Group, which may lead to stock suspension and delisting risks [2][4][12] Group 1: Financial Issues - As of the announcement date, Xinhua Jin Group and its affiliates have returned 0 yuan of the 406 million yuan in non-operational funds they occupied, with no specific solution for repayment determined [2][4] - The deadline for rectification of the fund occupation is set for February 25, 2026, after which the company's stock may be suspended if the issue is not resolved [4][12] Group 2: Legal and Regulatory Actions - The company received an administrative regulatory decision from the Qingdao Securities Regulatory Bureau on August 25, 2025, mandating the return of occupied funds within six months [2][4] - Xinhua Jin Group has been declared bankrupt, which raises concerns about the recovery of the occupied funds, classified as ordinary debts with a low recovery rate [3][12] Group 3: Stock Suspension Risks - If the company fails to recover the occupied funds by the deadline, its stock will be suspended from trading starting February 26, 2026, for a period not exceeding two months [4][12] - Continued failure to rectify the situation may lead to delisting warnings and eventual termination of stock trading [4][12] Group 4: Acquisition and Related Transactions - The company agreed to acquire 100% of Shandong Xinhua Jin New Materials Technology Co., Ltd. for 161.1557 million yuan, which was later adjusted to 160.8156 million yuan due to a loss during the transition period [9][10] - Xinhua Jin Group is required to repurchase the acquired shares due to failure to obtain necessary operational licenses by December 31, 2025, but has not fulfilled the payment obligations for the repurchase [11][12]