记者丨崔文静 实习生张长荣 编辑丨包芳鸣 退市续集来了！A股市场正对重大违法退市行为展现"零容忍"的坚决态度。 11月25日晚间，*ST东通、*ST苏吴双双公告收到证监会《行政处罚决定书》，因触及重大违法强制退 市情形，两家公司股票自11月26日起同步停牌。2025年以来，沪深交易所重大违法退市公司已达13家， 创下历史新高。 两家公司的违法情节均十分严重。*ST东通通过子公司连续四年财务造假，并在2022年定向增发中引用 虚假数据，构成欺诈发行；*ST苏吴不仅长期隐瞒实际控制人、系统性地虚增收入，更存在关联方巨额 资金占用，截至2023年末占用余额高达16.93亿元，占公司净资产的96.09%，几乎掏空上市公司资产。 一日内两家上市公司相继触及退市红线，反映出监管态势的显著变化。业内人士分析，这主要源于退市 制度的持续完善——新规明确"连续三年及以上造假即坚决出清"，并适度降低了造假金额和比例的认定 标准，使得更多存在长期造假行为的公司浮出水面。在监管实践中，"应移尽移"原则得到严格执行，行 政、民事与刑事"三罚联动"的惩戒体系日益成熟。 从首度追究配合造假方责任，到运用科技手段构建"穿透式"监管网络，再到 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 原标题：一夜之间，两家A股公司退市，监管释放重要信号 退市续集来了！A股市场正对重大违法退市行为展现"零容忍"的坚决态度。 一夜之间，两家上市公司因触及重大违法强制退市而停牌。 11月25日晚间，*ST东通公告称，收到北京证监局下发的《行政处罚决定书》，认定公司2019年至2022 年年度报告信息披露存在虚假记载。 经查明，*ST东通存在两项核心违法事实。其一，是2019年至2022年年度报告信息披露存在虚假记载。 其通过全资子公司泰策科技虚构业务、提前确认收入，在四年间持续虚增收入与利润，造假金额逐年攀 升。 以利润为例，2019年虚增利润5222.79万元，占比高达34.11%；2020年虚增利润5877.42万元，占比 22.72%；2021年虚增利润7948.22万元，占比30.35%；到了2022年，虚增利润进一步扩大至1.24亿元， 占当期利润总额的219.43%。这意味着*ST东通实际业务已严重萎缩，利润表象几乎完全依赖造假。 11月25日晚间，*ST东通（维权）、*ST苏 ...

退市续集来了！A股市场正对重大违法退市行为展现"零容忍"的坚决态度。 11月25日晚间，*ST东通、*ST苏吴双双公告收到证监会《行政处罚决定书》，因触及重大违 法强制退市情形，两家公司股票自11月26日起同步停牌。 2025年以来，沪深交易所重大违法 退市公司已达13家，创下历史新高。 两家公司的违法情节均十分严重。*ST东通通过子公司连续四年财务造假，并在2022年定向增 发中引用虚假数据，构成欺诈发行；*ST苏吴不仅长期隐瞒实际控制人、系统性地虚增收入， 更 存 在 关 联 方 巨 额 资 金 占 用 ， 截 至 2023 年 末 占 用 余 额 高 达 16.93 亿 元 ， 占 公 司 净 资 产 的 96.09%，几乎掏空上市公司资产。 一日内两家上市公司相继触及退市红线，反映出监管态势的显著变化。 业内人士分析，这主 要源于退市制度的持续完善——新规明确"连续三年及以上造假即坚决出清"，并适度降低了造 假金额和比例的认定标准，使得更多存在长期造假行为的公司浮出水面。在监管实践中，"应 移尽移"原则得到严格执行，行政、民事与刑事"三罚联动"的惩戒体系日益成熟。 从首度追究配合造假方责任，到运用科技 ...

（原标题：监管亮剑！一日两家上市公司退市，财务造假"零容忍"时代来临） 21世纪经济报道记者 崔文静 实习生 张长荣 退市续集来了！A股市场正对重大违法退市行为展现"零容忍"的坚决态度。 11月25日晚间，*ST东通、*ST苏吴双双公告收到证监会《行政处罚决定书》，因触及重大违法强制退 市情形，两家公司股票自11月26日起同步停牌。2025年以来，沪深交易所重大违法退市公司已达13家， 创下历史新高。 两家公司的违法情节均十分严重。*ST东通通过子公司连续四年财务造假，并在2022年定向增发中引用 虚假数据，构成欺诈发行；*ST苏吴不仅长期隐瞒实际控制人、系统性地虚增收入，更存在关联方巨额 资金占用，截至2023年末占用余额高达16.93亿元，占公司净资产的96.09%，几乎掏空上市公司资产。 一日内两家上市公司相继触及退市红线，反映出监管态势的显著变化。业内人士分析，这主要源于退市 制度的持续完善——新规明确"连续三年及以上造假即坚决出清"，并适度降低了造假金额和比例的认定 标准，使得更多存在长期造假行为的公司浮出水面。在监管实践中，"应移尽移"原则得到严格执行，行 政、民事与刑事"三罚联动"的惩戒体系日益 ...

Core Viewpoint - The article emphasizes the need for the sustainable development of China's A-share market amidst increasing global competition and market volatility, highlighting the importance of reforms in registration systems, delisting mechanisms, information disclosure, long-term capital entry, and investor protection to enhance market quality and resilience [2]. Group 1: Improvement of Registration System - The registration system should be continuously improved, focusing on information disclosure and market-driven mechanisms for listing and delisting [3]. - A-share IPO fundraising increased by 54.92% since the implementation of the comprehensive registration system, but the delisting rate remains low at 0.44%, indicating structural issues in market exit mechanisms [3][4]. Group 2: Enhancing Information Disclosure - There is a need to enhance the quality of information disclosure by refining content and standards, including detailed governance disclosures and industry-specific guidelines [5]. - Timely reporting and real-time disclosure of significant events should be optimized to reduce information delays affecting market performance [5]. Group 3: Establishing Efficient Delisting Mechanisms - An efficient delisting mechanism is crucial for orderly market entry and exit, with current A-share processes being lengthy and allowing for financial manipulation to avoid delisting [6]. - Recommendations include shortening the delisting warning period and streamlining the delisting process to improve market clearing efficiency [6]. Group 4: Promoting Internationalization and Industrial Upgrading - The article advocates for expanding market openness by easing foreign investment restrictions and enhancing cross-border trading mechanisms to attract international capital [8]. - The proportion of strategic emerging industry listings has increased to 83.58%, reflecting market support for innovation-driven economic growth [7]. Group 5: Financial Stability Mechanisms - Establishing a sizable stabilization fund is recommended, with a target size of 2% to 6% of total market capitalization to enhance market resilience [11]. - Additional market-based emergency tools should be developed to address liquidity crises and support long-term market stability [12]. Group 6: Strengthening Investor Protection - Strengthening regulations on major shareholder reductions is essential to maintain market stability and protect minority investors [14]. - The establishment of a dedicated legal framework for investor protection is suggested to ensure comprehensive safeguards for investors [15]. Group 7: Encouraging Long-term Investment - The article highlights the importance of long-term capital in shaping investment philosophies, suggesting tax incentives to promote long-term holding behaviors [17]. - A robust dividend policy is recommended to attract long-term investors and ensure stable returns, addressing the current low dividend rates in the A-share market [19].

Group 1 - Recent administrative penalties have been imposed on three delisted companies, namely Taihe Group, Huatie Co., and Meishang Ecology, due to violations of information disclosure laws during their listing period [1] - The regulatory authorities are committed to pursuing accountability for delisted companies, emphasizing that delisting does not equate to escaping responsibility [1][2] - The delisting system is crucial for optimizing resource allocation in the capital market, aiming to remove companies that lack sustainable operational capabilities or engage in serious violations [1][3] Group 2 - The legal framework for holding delisted companies accountable has become increasingly stringent, with the China Securities Regulatory Commission (CSRC) having investigated 64 delisted companies for violations since the beginning of 2024 [2] - Various channels for investor protection and compensation have been established, including representative litigation and administrative enforcement, providing robust support for investors seeking redress [2] - The CSRC has intensified criminal referrals for serious violations, with 33 delisted companies referred to law enforcement for suspected information disclosure crimes in 2024 [2]

Core Viewpoint - The recent actions taken by *ST Huamei and ST Dongshi to resolve significant fund occupation issues demonstrate the effectiveness of regulatory measures in preventing delisting risks and protecting the rights of small investors [1][4][5]. Group 1: Company Actions - *ST Huamei resolved a fund occupation of 1.491 billion yuan by transferring all shares held by its controlling shareholder, with the proceeds directly used to repay the occupied funds [1][2]. - ST Dongshi, facing a fund occupation issue, initiated a pre-restructuring process to attract investors to repay 337 million yuan of non-operating funds, alongside a debt transfer agreement for an additional 50 million yuan [3][5]. Group 2: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has emphasized strict enforcement of delisting rules for companies with significant fund occupations, aiming to enhance the quality of listed companies [4][5]. - The Shanghai Stock Exchange issued multiple public letters urging both *ST Huamei and ST Dongshi to expedite the recovery of occupied funds, reiterating that failure to comply would lead to termination of listing [4][5]. Group 3: Industry Implications - The successful resolution of fund occupation issues by *ST Huamei and ST Dongshi serves as a warning to other companies with similar problems, highlighting the importance of timely rectification to avoid delisting [5]. - The overall number and amount of occupied funds in the capital market have significantly decreased due to the combined efforts of regulatory bodies and companies to address these issues [5].

Core Viewpoint - The A-share market is experiencing an accelerated pace of delisting under the regulatory policy of "retreating as necessary," with 23 companies delisted this year due to various reasons including financial issues, trading violations, and major illegal activities [1][2]. Group 1: Delisting Trends - A total of 23 A-share listed companies have been delisted this year, with reasons ranging from financial delisting to voluntary delisting [1][2]. - The diversification of delisting channels is becoming more apparent, contributing to a more rational market price mechanism and enhancing the capital market's resource allocation function [1][3]. - *ST Tianmao is the fifth company to voluntarily delist this year, citing significant uncertainties affecting its business structure [1]. Group 2: Regulatory Environment - The tightening of delisting regulations is seen as beneficial for protecting investor interests, reducing "shell speculation," and optimizing the market ecosystem [2]. - The current delisting standards include criteria such as a total market value below 500 million and fewer than 2,000 shareholders, which are gradually taking effect [2][3]. - The regulatory framework for delisting has become more stringent, particularly concerning financial fraud and corporate governance issues, leading to an increase in companies being forced to delist due to financial indicators [3]. Group 3: Future Recommendations - Suggestions for improving the delisting process include clarifying timelines, compressing overlapping delisting steps, and enhancing the regulatory functions of exchanges to prevent companies from remaining inactive [4]. - There is a call for the establishment of a robust mechanism for accountability and penalties post-listing, as well as improving investor compensation mechanisms to protect the rights of small investors [4].

Core Viewpoint - The upcoming National People's Congress is focusing on the registration system reform, emphasizing the importance of balancing "stability" and "progress" to achieve "seeking progress while maintaining stability" [1] Group 1: Registration System Reform - The registration system reform has accelerated the allocation of capital market resources towards technological innovation, significantly benefiting the real economy [2] - As of February 28, 2023, the Science and Technology Innovation Board has listed 391 companies, raising a total of 547.848 billion yuan, with a total market value of 5.21 trillion yuan and an average price-to-earnings ratio of 63.89 times; the Growth Enterprise Market has listed 282 companies, raising 243.686 billion yuan, with a total market value of 2.29 trillion yuan and an average price-to-earnings ratio of 49.28 times [2] - Experts believe that the conditions for fully implementing the registration system in China's capital market are already in place, with a more complete institutional foundation [2] Group 2: Challenges and Considerations - The registration system reform involves comprehensive changes across the entire chain, including information disclosure, trading, delisting, and investor protection [4] - Experts highlight five key issues to address during the reform: establishing effective market constraints, protecting investor rights, enforcing strict regulations against fraud, enhancing regulatory capabilities, and improving delisting standards [4] - The current delisting rate is considered low, necessitating further optimization of delisting standards and processes [4] Group 3: Enhancing Company Quality - Under the comprehensive registration system, the capital market must also focus on improving the quality of listed companies [5] - It is essential to enhance the market's ability to eliminate underperforming companies while promoting the selection of high-quality firms [5] - Strengthening regulatory oversight, particularly against financial fraud, and improving transparency in mergers and acquisitions are crucial for directing resources towards genuinely high-quality companies [5]

Core Viewpoint - The phenomenon of stocks under delisting risk being heavily speculated in the market raises questions about the effectiveness of the delisting risk warning system, as investors seem to ignore the risks associated with these stocks [1] Group 1: Market Behavior - Multiple stocks under delisting risk warnings, such as *ST Yazhen and *ST Hengjiu, have experienced significant price increases despite ongoing losses and risk warnings [1] - The paradox of "the stricter the risk warning, the stronger the stock price surge" suggests that the current risk warning system is ineffective [1] - Speculative trading is overshadowing value discovery, eroding the foundation of healthy capital market development [1] Group 2: Recommendations for Improvement - It is suggested to optimize the suspension and review system, focusing on the actual trading behaviors rather than just compliance checks by listed companies [1] - Exchanges should enhance the investigation of abnormal price fluctuations by establishing a real-time tracking system for account associations and identifying the true operators behind large accounts [2] - The delisting rules should be improved to prevent excessive speculation on stocks at risk of delisting, potentially introducing a new delisting threshold based on market valuation metrics [2] Group 3: Investor Protection and Education - Increasing the asset threshold for participating in delisting risk stocks from 500,000 to 1,000,000 yuan is recommended to limit speculative participation [3] - Strengthening the regulation of intermediary institutions that serve *ST stocks is crucial, with penalties for non-compliance or negligence [3] - Enhancing investor education and protection mechanisms is essential, including risk awareness campaigns and establishing efficient compensation channels for investors suffering losses due to speculative activities [4]