Core Points - Yili Clean Energy Co., Ltd. and its controlling shareholder Yili Resource Group, along with 29 related responsible persons, received a notice of administrative penalty from the Inner Mongolia Securities Regulatory Bureau for suspected violations of information disclosure and fraudulent bond issuance, facing a total penalty of 240 million yuan [1][2] - The company was found to have engaged in financial fraud from 2016 to 2022, including fictitious futures trading, inflated investment income, and fabricated trade activities, leading to significant misstatements in its financial reports [2][3] - The company provided over 9.4 billion yuan in illegal guarantees to its controlling shareholder and related parties from 2017 to 2022, failing to disclose these guarantees in its annual reports, resulting in major omissions [3] Financial Misconduct Details - From 2016 to 2022, Yili Clean Energy inflated or deflated profits, with the maximum annual profit reduction reaching 128 million yuan, which accounted for -12.77% of the reported profit for that year [2] - The company inflated its assets by up to 3.115 billion yuan in one instance, representing 8.49% of the total assets reported for that period [2] - The fictitious trade activities resulted in a total inflated revenue exceeding 13 billion yuan from 2017 to 2021, with two years showing over 3.5 billion yuan in inflated revenue, accounting for over 20% of the reported revenue for those years [2] Penalties and Consequences - The proposed penalties include 210 million yuan for Yili Clean Energy, 30 million yuan for Yili Group, and 30 million yuan for the former chairman Wang Wenbiao, who faces a lifetime market ban [3] - Other executives, including four individuals, face bans ranging from 5 to 10 years, with over 20 responsible persons facing fines between 500,000 to 5.4 million yuan [3][4] - Despite the penalties, the company claims that its production and operations remain normal and that there is no risk of being delisted due to this punishment, although it acknowledges potential impacts on cash flow [5][6]

Core Viewpoint - Two listed companies, *ST Suwu and *ST Zitian, are facing delisting procedures due to serious financial fraud, highlighting the increasing regulatory scrutiny in the capital market [1][2]. Group 1: Delisting Procedures - *ST Suwu's stock price closed at 0.95 yuan per share, below the 1 yuan face value, risking delisting due to price [1][2]. - *ST Zitian has entered a delisting preparation period, with its stock expected to be delisted by October 13, 2025 [2]. Group 2: Financial Fraud Details - *ST Suwu inflated its revenue by a total of 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion yuan from 2020 to 2023 [3]. - The company also had non-operational fund occupation by related parties totaling 47.56 billion yuan from the end of 2020 to the end of 2023 [3]. - *ST Zitian inflated its revenue by a total of 24.99 billion yuan over two years, with 7.78 billion yuan in 2022 alone, accounting for 44.59% of its revenue [4]. Group 3: Investor Compensation - Legal channels for investor compensation have opened, with specific periods defined for *ST Suwu and *ST Zitian for eligible claims [5]. - The increasing awareness of investor rights and the rising costs of violations for listed companies are evident in these cases [5]. - Audit firms involved in these companies may also face legal consequences for their roles in the financial fraud [5].

Core Viewpoint - The Chinese regulatory authorities have adopted a "zero tolerance" approach towards financial fraud, significantly increasing penalties for companies involved in such activities, aiming to create a market environment where fraud is discouraged [1][2][4]. Group 1: Regulatory Actions - ST Emergency announced a fine of 5.9 million yuan due to financial fraud in its 2022 annual report, marking the eighth penalty issued by regulators for financial fraud in September alone [1]. - Over 30 companies have received penalties for financial fraud this year, including both listed and delisted companies, indicating a strict stance against the notion of "retirement from the market" as an escape from accountability [2][4]. - The regulatory authorities have issued substantial fines, with several companies facing penalties exceeding 100 million yuan, enhancing the deterrent effect on the market [4][5]. Group 2: Legal Framework and Enforcement - The new securities law has significantly increased penalties for financial fraud and fraudulent issuance, with fines ranging from 10% to 100% of the illegally raised funds [5]. - The enforcement focus has shifted to include third parties involved in financial fraud, such as suppliers and intermediaries, broadening the scope of accountability [6][7]. - There has been an increase in civil and criminal liabilities for those responsible for financial fraud, enhancing the overall deterrent effect of regulatory actions [7]. Group 3: Market Impact and Ecosystem - The regulatory crackdown aims to foster a market ecosystem where entities are deterred from committing fraud, thereby protecting investors and maintaining market integrity [3][6]. - The emphasis on holding key individuals, such as controlling shareholders and actual controllers, accountable reflects a commitment to ensuring that all parties involved in financial misconduct face consequences [7]. - The approach to penalizing intermediaries, such as accounting firms and law firms, for their roles in facilitating fraud is intended to restore trust in the market and reinforce the responsibilities of these entities [6][7].

Core Viewpoint - The regulatory actions against *ST Dongtong highlight a zero-tolerance approach towards financial fraud, emphasizing the need for systemic reform to eliminate the ecosystem that enables such practices [1][2][3] Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 229 million yuan against *ST Dongtong for four consecutive years of inflated revenue and profits, alongside fines totaling 44 million yuan for seven responsible individuals [1] - The actual controller of *ST Dongtong faces a 10-year market ban, and the Shenzhen Stock Exchange will initiate delisting procedures due to serious violations [1][3] Implications of Financial Fraud - Financial fraud can lead to short-term stock price increases and easy financing, but ultimately damages the company's credibility and results in significant penalties for those involved [2] - The consequences of financial misconduct are severe, with the potential for individuals to lose their positions and face criminal charges, reinforcing the importance of accountability among key stakeholders [2][3] Systemic Reform - The regulatory approach has shifted from isolated penalties to comprehensive accountability, targeting not only the companies but also the individuals behind the fraud [1][3] - To create an environment where fraud is deterred, a combination of strict post-incident penalties and proactive preventive measures, such as improved information disclosure and audit supervision, is essential [3]

市场禁入，红牌罚下"关键少数"，让关键之人难以再肆意作假。控股股东、实控人等"关键少数"，理应 在上市公司经营发展、规范治理中担负起关键责任，切实维护公司和中小股东利益。但总有人不知敬 畏，带头违规，以身试法。如果仅对其罚款了事，很可能好了伤疤忘了疼，过不了多久就旧态复萌。此 次监管部门狠抓到人，对实际控制人采取市场禁入，就是要让说假话、做假账的"关键少数"失面子、丢 位子，难以换套马甲重操旧业。 强制退市、刑事移送，彻底打破某些人"上市圈钱、退市免责"的幻想。过去，部分上市公司造假东窗事 发后，常抱有摘牌免责的侥幸心理，企图以退市将过往一笔勾销。此次证监会表示，对于可能涉及的犯 罪线索，将坚持应移尽移的工作原则移送公安机关，释放出对相关违法违规人员一追到底的信号。谁是 财务造假的背后推手、谁是伤害全体股东利益的罪魁祸首、谁是配合作恶的帮凶，决不会因为退市而被 遗忘。 当然，要塑造一个不敢造假、不能造假、不想造假的市场环境，既要靠有力的事后惩罚，还要靠周密的 事前防范。规范信息披露、严格审计监督、完善举报机制、畅通维权渠道等均不可缺少。只有形成惩防 并举的监管闭环，才能倒逼上市公司完善内控、规范治理，从源头上 ...

Core Viewpoint - Regulatory authorities in China are adopting a "zero tolerance" approach towards financial fraud, significantly increasing penalties for companies involved in such activities, aiming to create a market environment where fraud is discouraged [1][2][4]. Group 1: Regulatory Actions - ST Emergency (300527) faces a total fine of 5.9 million yuan due to financial fraud in its 2022 annual report, marking the eighth penalty issued by regulators for financial fraud in September alone [1]. - Over 30 companies have received penalties for financial fraud this year, including both listed and delisted companies, indicating a strict stance against the notion of "retirement from the market" as an escape from accountability [2][3]. - The China Securities Regulatory Commission (CSRC) emphasizes that delisting does not exempt companies from penalties, reinforcing the message that all parties involved in financial misconduct will be held accountable [2][3]. Group 2: Penalty Amounts and Trends - The amount of penalties for financial fraud has significantly increased this year, with several companies facing fines exceeding 100 million yuan, enhancing the deterrent effect on the market [4][5]. - Notable cases include Dongxu Optoelectronic Technology Co., which faced fines totaling 4.2 billion yuan, and its parent company Dongxu Group, which was fined 12.42 billion yuan for financial fraud and fraudulent issuance [4][5]. Group 3: Comprehensive Accountability - Regulatory authorities are expanding the scope of accountability to include third parties involved in financial fraud, such as suppliers and intermediaries, to dismantle the "ecosystem" of fraud [6][7]. - The CSRC has initiated investigations into companies that collaborated in financial fraud, aiming to break the profit chain associated with such activities [6][7]. - There is a growing trend of civil and criminal accountability for individuals responsible for financial fraud, enhancing the overall deterrent effect of regulatory actions [7].

Core Viewpoint - The article discusses significant legal developments regarding investor compensation lawsuits against Dingxin Communications (603421) and Sichuang Medical (300078) due to false statements and financial misconduct [1][2]. Group 1: Dingxin Communications (603421) - Dingxin Communications has been ordered by the Shandong High Court to pay a total of 32,800.75 yuan in a lawsuit related to false statements, following a previous ruling by the Qingdao Intermediate People's Court [1]. - The company failed to timely disclose significant changes in external conditions affecting its operations, specifically regarding the State Grid's procurement freeze, which had a major impact on its revenue [1]. - The company also did not disclose the disposal of shares by its controlling shareholder and actual controller, which is another basis for potential investor claims [2]. Group 2: Sichuang Medical (300078) - The investor compensation case against Sichuang Medical is ongoing, with a lawsuit filed in Wenzhou Intermediate Court, following previous successful claims by investors [2]. - The company has been found to have fabricated significant false information in its public offering documents and had false records in its annual reports for 2019 and 2020 [3][4]. - Investors who purchased Sichuang Medical shares between April 30, 2020, and October 29, 2022, may still initiate claims, as the case is approaching the statute of limitations [5].

本报记者 吴晓璐 9月16日晚间，中国船舶重工集团应急预警与救援装备股份有限公司（简称"ST应急"）发布公告称，公 司因2022年年报财务造假，湖北证监局拟对公司及相关责任人罚款合计590万元。据记者梳理，这是9月 份以来，监管部门对财务造假开出的第8张罚单。 今年以来，监管部门以"零容忍"态度，向财务造假全面"亮剑"，过亿元罚单频现，雷霆手段彰显"重典 治乱"决心；退市公司被罚常态化，"退市不免责"逐渐成市场共识；对财务造假全链条打击，坚决破除 造假"生态圈"。 接受采访的专家认为，监管部门依法从严对财务造假全方位、立体化、全周期追责，大幅提高监管威慑 力，有望推动形成"不敢造假、不能造假、不想造假"的资本市场生态。 "退市不免责"常态化 月内2家退市公司造假被罚 9月12日，亿利洁能股份有限公司（简称"亿利洁能"，已退市）披露公司因财务造假、欺诈发行而收到 地方证监局行政处罚告知书的公告，其中，亿利洁能因触及交易类退市指标，今年7月份被交易所摘牌 退市。 亿利洁能已经是9月份以来第2家因为财务造假收罚单的退市公司。9月5日晚间，退市公司上海龙宇数据 股份有限公司收到上海证监局行政处罚事先告知书，因存在财务 ...

又一家上市公司因严重财务造假被中国证监会查处，将被退市。 近日，中国证监会对深交所创业板上市公司北京东方通科技股份有限公司（以下简称"*ST东通 （300379）"）涉嫌定期报告等财务数据存在虚假记载作出行政处罚事先告知。经查，*ST东通连续4年 虚增收入和利润，违反证券法律法规。 在市场人士看来，今年以来，重大违法强制退市数量创新高，形成了强大的执法震慑，促使上市公司 及"关键少数"更加敬畏法律、敬畏市场，依法依规经营。 连续4年虚增收入和利润 9月12日晚，*ST东通发布公告称，收到中国证监会《行政处罚事先告知书》（以下简称《告知 书》）。根据《告知书》，*ST东通2019年、2020年、2021年、2022年年度报告信息披露存在虚假记 载、公告的证券发行文件编造重大虚假内容。 《告知书》显示，2018年12月，*ST东通收购北京泰策科技有限公司（以下简称"泰策科技"）100%股 权，泰策科技成为东方通全资子公司。2019年至2022年期间，*ST东通通过泰策科技虚构业务、提前确 认收入等方式虚增收入、利润，导致*ST东通披露的2019年至2022年年度报告存在虚假记载，4年间合 计虚增收入4.32亿元， ...

Group 1 - Regulatory authorities continue investigations into delisted companies, with recent penalties amounting to billions for financial fraud, fraudulent issuance, fund occupation, and illegal guarantees [1][3][4] - The new "National Nine Articles" and delisting regulations emphasize the principle of "delisting does not exempt from liability," reflecting a zero-tolerance approach towards capital market violations [2][8] - Companies like Yili Clean Energy and Huatie Co. have faced severe penalties, with Yili Clean Energy's total fines reaching approximately 375 million yuan and significant bans imposed on its executives [3][4] Group 2 - Regulatory bodies are actively pursuing the recovery of occupied funds from delisted companies, ensuring that responsible parties are held accountable [5][6] - The case of Delisted Longyu illustrates ongoing investigations post-delisting, with fines totaling 38.1 million yuan for inflated income and undisclosed fund occupations [6] - The regulatory focus extends to intermediary institutions, which are also being penalized for their roles in facilitating financial misconduct [7][8] Group 3 - The Shanghai Securities Regulatory Bureau has reinforced its commitment to stringent oversight of delisted companies, ensuring that financial fraud is thoroughly investigated and that responsible individuals face increased penalties [8] - Investor protection mechanisms have been enhanced, providing various avenues for compensation and legal recourse for investors affected by delisted companies [8]