Summary of Key Points Core Viewpoint Dalian Shengya Tourism Holdings Co., Ltd. has disclosed its recent regulatory measures and penalties imposed by securities regulatory authorities over the past five years, along with the corresponding rectification measures taken by the company. Group 1: Regulatory Penalties - The company received a warning and a fine of 300,000 yuan for exceeding the reporting threshold for shareholding changes and a fine of 15 million yuan for trading during the restriction period [1] - The Shanghai Stock Exchange issued a public reprimand to the shareholder, Pankin Equity Investment Fund Management (Shanghai) Co., Ltd., for failing to stop trading after reaching a 5% shareholding and for incomplete disclosure of information [2][3] - The company faced a warning from the Shanghai Stock Exchange for failing to timely and prudently handle information disclosure matters, violating relevant regulations [4][6] Group 2: Rectification Measures - The company has emphasized the importance of information disclosure and is continuously improving its management practices to ensure the accuracy and completeness of disclosures [4][6] - The company has taken steps to enhance communication with regulatory authorities and improve the quality of information disclosure [9][11] - The involved parties, including former executives, have ceased to hold any positions within the company since March 6, 2023, following the penalties [1][3][11]

Group 1 - During the period from July 11 to July 17, 2025, the securities exchange issued regulatory letters for two violations related to information disclosure and operational compliance [1] - Additionally, one attention letter, 109 inquiry letters, and 18 other letters were sent out by the regulatory authorities [1] - From July 14 to July 18, regulatory bodies took self-regulatory measures against 76 cases of abnormal securities trading, which included market manipulation and false declarations [1] Group 2 - The regulatory authorities conducted investigations into 15 significant matters related to listed companies [1] - Four cases suspected of illegal activities were reported to the China Securities Regulatory Commission [1]

Core Viewpoint - The company, Shida Shenghua (603026), has received a regulatory decision from the Shandong Securities Regulatory Bureau regarding deficiencies in insider information management and has been ordered to rectify these issues [1] Summary by Relevant Sections - **Regulatory Action** - The Shandong Securities Regulatory Bureau has issued a decision to impose corrective measures on the company and warning letters to its chairman, Guo Tianming, and board secretary, Lü Junqi [1] - **Compliance Issues** - The company failed to timely revise and improve its insider information management system, did not properly fill out insider information registrant files, and did not create significant event progress memos as required [1] - **Responsibility** - The chairman and board secretary are held primarily responsible for the company's actions due to their failure to fulfill their diligence obligations [1] - **Future Actions** - The company will strictly adhere to the requirements for rectification, submit a written report on the corrective actions taken, and enhance its understanding of securities laws and regulations to improve compliance and risk awareness [1]

Regulatory Actions - The Shenzhen Stock Exchange (SZSE) issued disciplinary actions for 2 violations related to information disclosure and regulatory operations from June 13 to June 19 [1] - A regulatory letter was sent for 1 violation also concerning information disclosure and regulatory operations during the same period [1] Inquiry and Monitoring - A total of 233 inquiry letters and 10 other letters were issued by the SZSE during the week [1] - From June 16 to June 20, the SZSE took self-regulatory measures against 129 instances of abnormal trading behavior, including market manipulation and false declarations [1] Major Company Events - The SZSE conducted investigations into 23 significant matters related to listed companies and reported 2 cases suspected of legal violations to the China Securities Regulatory Commission [1]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has actively engaged in regulatory oversight from June 9 to June 13, addressing various compliance issues among listed companies [1] Regulatory Actions - A total of 15 regulatory work letters were sent by the SSE's company supervision department during the specified period [1] - The SSE required listed companies to disclose supplementary or corrective announcements in 6 instances through ongoing supervision [1] - There were 13 cases initiated for insider trading and abnormal trading investigations due to sensitive information disclosures or significant stock price anomalies [1] Monitoring and Enforcement - The SSE took written warning measures against 155 instances of abnormal trading behaviors, including price manipulation and false declarations [1] - Special monitoring was conducted on stocks undergoing delisting procedures, with 14 major corporate events subjected to special investigations [1] - The SSE reported 5 suspected illegal activities to the China Securities Regulatory Commission (CSRC) for further action [1]

Core Viewpoint - The Shanghai Stock Exchange has taken regulatory measures against 44 cases of abnormal trading behaviors, including price manipulation and false declarations, and has initiated special investigations into 7 major corporate events, reporting 2 suspected illegal cases to the China Securities Regulatory Commission [1] Group 1 - The Shanghai Stock Exchange issued written warnings and other regulatory actions for 44 cases of abnormal trading activities [1] - There were 7 major corporate events that underwent special investigations by the exchange [1] - The exchange reported 2 suspected illegal activities to the China Securities Regulatory Commission [1]

Core Viewpoint - The U.S. Securities and Exchange Commission (SEC) has reached an agreement with Elon Musk, allowing him until July 18 to respond to the civil lawsuit regarding his delayed disclosure of Twitter stock holdings, extending the original deadline of June 6 [1] Group 1 - The SEC's civil lawsuit pertains to Musk's failure to timely disclose his ownership stake in Twitter [1] - The new deadline for Musk's response is set for July 18, providing him additional time to address the allegations [1] - This agreement indicates ongoing regulatory scrutiny of Musk's financial disclosures and compliance with securities laws [1]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has secured a court order for the public shareholders of the delisted company, 康佰控股 (Kangbai Holdings), to receive the highest compensation in the form of a special dividend, following a settlement with key individuals involved in misconduct [1][2]. Group 1: Legal Proceedings and Compensation - The court ruling allows independent public shareholders to receive a special dividend of HKD 0.066 per share, which is 2.75 times higher than the last closing price before trading was suspended [2]. - A total of approximately HKD 192 million will be paid by the individuals involved to an independent manager appointed by the SFC and 康佰, to be redistributed to the shareholders [1][5]. - The SFC's actions are framed under the Securities and Futures Ordinance, emphasizing accountability for misconduct by company controllers [1][2]. Group 2: Misconduct and Investigation Findings - The SFC's investigation revealed that the individuals involved conspired to inflate the company's financials by acquiring fictitious businesses, leading to a loss of over HKD 293 million for 康佰 [3][4]. - The individuals, including a behind-the-scenes director and two former executive directors, were found to have engaged in serious misconduct, resulting in their disqualification from holding directorships for varying periods [2][4]. Group 3: Future Implications and Enforcement - The ruling sets a precedent for direct compensation to affected shareholders in the Hong Kong stock market, showcasing the SFC's commitment to protecting investor interests [2]. - The SFC has established measures to ensure that the compensation is paid, including the potential auction of assets if the individuals fail to comply with the payment order [6].

上交所公告，本周对166起拉抬打压、虚假申报等证券异常交易行为采取了书面警示等监管措施，对 *ST锦港等退市风险警示股票进行重点监控，对15起上市公司重大事项等进行专项核查，向证监会上报 涉嫌违法违规案件线索2起。 ...

Core Viewpoint - The case represents the first instance in which an individual faced administrative penalties for obstructing and refusing to cooperate with securities regulatory authorities during an investigation [2] Group 1: Case Background - In November 2023, two investigators from the Guangdong Securities Regulatory Bureau were assaulted by the appellant, Feng, while attempting to conduct an investigation at his residence, resulting in physical injuries to the investigators [1][3] - The Guangdong Securities Regulatory Bureau imposed a fine of 300,000 yuan on Feng for his actions, which he contested through an administrative review and subsequent legal proceedings [1][3] Group 2: Legal Proceedings - The Beijing Financial Court conducted a thorough investigation into the legality of the administrative penalty and the validity of the review decision, focusing on whether Feng's actions constituted obstruction of the regulatory authority's duties [4] - The court emphasized the importance of regulatory officials participating in legal proceedings to enhance the rule of law in financial regulation and to ensure compliance with national financial strategies [4] Group 3: Defense and Ruling - During the hearings, Feng argued that his violent reaction was an overreaction and claimed he was unaware of the obligation to cooperate with the investigation [5][6] - The Guangdong Securities Regulatory Bureau acknowledged Feng's claims but maintained that the evidence clearly demonstrated his refusal to cooperate, leading to the decision to impose the fine [6]