另一方面，有利于投资者合法权益的保护。监管及时介入让上市公司"悬崖勒马"，没有让错误的财务数 据继续误导投资者，影响投资决策；同时，监管部门的定性处罚，也为权益受损的投资者提供了索赔依 据。构建起投资者权益保护与企业纠错机制并重的双重防护体系。 第三，整改可期，ST制度给企业重塑信任的机会。 ST制度也是给上市公司重塑信任的"考卷"。根据相关规定，在证监会作出行政处罚决定书满12个月 后，公司完成对涉事年报的追溯重述，就可以向交易所申请撤销ST。能否顺利通过这场"大考"，直接 决定了企业能否重获投资者信任，挽回声誉。 实践中，已有不少公司通过整改成功"摘帽"。据Wind数据统计，截至11月13日，今年以来，已经有27 家ST公司实现"摘帽"，19家*ST公司完成"摘星摘帽"。希望未来一年，ST东尼切实整改，完善内控体 11月12日晚间，浙江东尼电子股份有限公司（以下简称"ST东尼"）发布公告称，公司收到浙江证监局 行政处罚决定书，公司因重大合同进展披露不及时，2022年年度报告、2023年半年度报告存在虚假记 载，公司及相关责任人被罚款金额合计1570万元。而在收到行政处罚事先告知书时，公司股票简称已 经"戴 ...

此次专题研讨会由中国人民大学法学院等机构联合主办。来自最高人民法院、北京大学、清华大学、中国人民大学、中国政法大学、中国社会科学院等 司法部门和高校的法律、财经专家参与研讨。 "'新公司法司法解释征求意见稿'向社会各界公开征求意见后，共收回1100多封社会意见。我们整理了40万字，逐条梳理，吸取了诸多合理化建议，优 化完善了部分条款内容。"在11月5日举行的"新公司法司法解释对赌协议条款专题研讨会"上，来自最高法院民事审判第二庭的相关负责人表示，该司法解释 在完成最后调整后将尽快提交审委会审理，指导各级法院准确理解和适用《中华人民共和国公司法》，统一裁判尺度。 中国法学会商法学研究会会长、中国政法大学民商经济法学院赵旭东教授认为，"对赌协议"的投资方式在我国存在多年，是一种比较复杂的特殊形式， 此次司法解释是一次重大的进步，特别是对上市公司的市值对赌不予支持，受到一致认可，将有利于更好的保护广大投资者利益，促进资本市场和实体经济 的共同良性发展。 中国社会科学院学部委员、法学研究所研究员陈甦教授同样支持该条款应尽快出台。他认为，一份合同是否具备履行可能性，是判断其效力的关键依 据。股价挂钩型对赌协议能否达成合 ...

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality listed companies, and a vibrant market ecosystem [1][2][3] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bond markets, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key drivers [1] - There is a push to improve the service capabilities for real enterprises throughout their lifecycle and enhance the identification and pricing mechanisms for innovative companies [1] - The development of private equity and venture capital funds is encouraged, alongside a robust multi-tiered bond market system [1] Group 2: High-Quality Listed Companies - The article stresses the need to optimize the structure of listed companies and enhance their investment value, supporting mergers and acquisitions and flexible refinancing mechanisms [2] - It highlights the importance of fostering world-class enterprises and improving incentive mechanisms to stimulate entrepreneurial spirit and innovation [2] - There is a call for listed companies to strengthen their awareness of returning value to investors through cash dividends and share buybacks [2] Group 3: Long-Term Investment Environment - The creation of a market environment conducive to long-term capital is emphasized, with mechanisms to assess long-term funds and promote public fund reforms [2] - The development of equity public funds and high-quality index investments is prioritized to enhance the scale and proportion of investments in A-shares [2] Group 4: Regulatory Enhancements - The article advocates for a comprehensive and multi-dimensional regulatory system to adapt to rapid market changes, enhancing monitoring and risk response mechanisms [2] - The use of modern technologies like big data and AI for identifying illegal activities and risks is encouraged [2] - Strict enforcement against financial fraud and market manipulation is highlighted to maintain a fair market order [2] Group 5: Capital Market Openness - The article discusses the gradual expansion of high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets [3] - It supports the improvement of the Qualified Foreign Institutional Investor system and the facilitation of foreign investment participation [3] - The construction of world-class exchanges and investment institutions is a priority, along with enhancing the status of international financial centers [3] Group 6: Market Ecosystem - The article calls for strengthening the legal framework of the capital market and revising relevant laws to create a fair market environment [3] - Investor protection mechanisms and education are emphasized to promote rational, value, and long-term investment [3] - The establishment of high-end think tanks and talent development in the capital market is encouraged to address strategic and foundational issues [3]

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality listed companies, and a robust regulatory environment [1][2][3] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bond markets, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key drivers [1] - There is a commitment to improve the service capabilities for real enterprises throughout their lifecycle and enhance the identification and pricing mechanisms for innovative companies [1] - The development of private equity and venture capital funds, as well as a multi-tiered bond market system, is prioritized, including the promotion of green bonds and real estate investment trusts [1] Group 2: High-Quality Listed Companies - The article highlights the need to optimize the structure of listed companies and enhance their investment value, with a focus on mergers and acquisitions and flexible refinancing mechanisms [2] - There is an emphasis on encouraging companies to return value to investors through cash dividends and share buybacks, while also reinforcing a regular delisting mechanism [2] - The goal is to foster world-class enterprises and stimulate entrepreneurial spirit and innovation through improved incentive mechanisms [2] Group 3: Long-Term Investment Environment - The creation of a market environment that attracts long-term capital is essential, with measures to enhance the assessment mechanisms for long-term funds [2] - The article advocates for the reform of public funds and the development of equity public funds, promoting high-quality index investment [2] - It also emphasizes the importance of a smooth cycle for private equity and venture capital funds [2] Group 4: Regulatory Enhancements - The article calls for a comprehensive and multi-dimensional regulatory system for securities and futures, adapting to rapid market changes [3] - There is a focus on using modern technologies like big data and AI to identify illegal activities and risks effectively [3] - The commitment to strict enforcement against financial fraud and market manipulation is highlighted to maintain a fair market order [3] Group 5: Capital Market Openness - The article discusses the gradual expansion of high-level institutional openness in the capital market, promoting efficient capital flow and resource allocation [3] - It supports the development of both onshore and offshore markets, enhancing the participation of foreign investors [3] - The construction of world-class exchanges and investment institutions is a priority, along with strengthening the Shanghai and Hong Kong financial centers [3] Group 6: Market Ecology - The article emphasizes the need for a normative, inclusive, and vibrant capital market ecosystem, advocating for legal reforms and investor protection mechanisms [3] - It highlights the importance of investor education and promoting rational, value, and long-term investment [3] - The establishment of high-end think tanks and talent development in the capital market is also discussed [3]

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of China's capital market system, focusing on supporting technological innovation and improving the overall quality of capital market development [1][2]. Group 1: Key Tasks and Measures - Actively develop direct financing through equity and bonds, with a focus on deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [2]. - Improve mechanisms for identifying and pricing innovative enterprises, and support high-quality companies in their public offerings [2]. - Strengthen the capabilities of intermediary institutions and promote the development of private equity and venture capital funds [2]. Group 2: Market Environment and Investor Engagement - Create a market environment that attracts long-term capital, ensuring that various types of long-term funds are willing to invest and remain in the market [3]. - Promote public fund reforms and develop equity public funds while enhancing the binding mechanisms between investor interests and fund performance [3]. - Encourage the circulation of private equity and venture capital funds to foster patient, long-term, and strategic capital [3]. Group 3: Regulatory Enhancements - Enhance the scientific and effective nature of capital market regulation by establishing a comprehensive regulatory system for securities and futures [3]. - Utilize modern technologies like big data and artificial intelligence to identify illegal activities and risks efficiently [3]. - Maintain a fair market order by strictly regulating against financial fraud, market manipulation, and insider trading [3]. Group 4: International Cooperation and Market Openness - Gradually expand the high-level institutional opening of the capital market, promoting the coordinated development of onshore and offshore markets [4]. - Improve the Qualified Foreign Institutional Investor system and enhance the convenience for foreign capital participation in the Chinese capital market [4]. - Support the construction of world-class exchanges and investment institutions, while strengthening the international financial centers in Shanghai and Hong Kong [4]. Group 5: Legal and Investor Protection Framework - Strengthen the legal framework of the capital market by revising relevant laws and regulations to create a fair and transparent market environment [4]. - Enhance investor protection mechanisms and promote rational, value-based, and long-term investment practices [4]. - Build high-end think tanks and talent teams to address strategic and foundational issues in the capital market [4].

Core Points - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market during the 14th Five-Year Plan period [1] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bonds, with reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market as key drivers [1] - There is a call to improve the identification and pricing mechanisms for technology innovation enterprises to support high-quality companies in going public [1] - The article advocates for the development of private equity and venture capital funds, as well as a multi-tiered bond market system [1] Group 2: High-Quality Listed Companies - The article stresses the importance of cultivating more high-quality listed companies and optimizing their structure to enhance investment value [2] - It highlights the need for reforms in mergers and acquisitions to support the transformation and upgrading of listed companies [2] - There is a push for companies to increase cash dividends and share buybacks to enhance returns to investors [2] Group 3: Long-Term Investment Environment - The article calls for creating a more attractive environment for long-term capital, ensuring that various types of long-term funds are willing to invest and remain in the market [2] - It emphasizes the need for reforms in public funds and the development of equity public funds to bind investor interests [2] Group 4: Regulatory Effectiveness - The article discusses the need to enhance the scientific and effective regulation of the capital market, adapting to rapid market changes [3] - It advocates for the use of modern technologies like big data and AI to identify illegal activities and risks [3] - There is a strong emphasis on maintaining a fair market order by cracking down on fraudulent activities [3] Group 5: Market Openness - The article promotes the gradual expansion of high-level institutional openness in the capital market, enhancing international competitiveness [3] - It supports the development of a world-class exchange and investment institutions [3] Group 6: Market Ecology - The article highlights the importance of creating a regulated, inclusive, and vibrant capital market ecosystem [4] - It calls for the revision of relevant laws and regulations to foster a fair market environment [4] - There is a focus on strengthening investor education and promoting rational, value-based, and long-term investment [4]

Group 1: Capital and Industry Integration - The focus of industrial policy has shifted from emphasizing technological breakthroughs to stressing the application of mature technologies in industry, driven by the need to overcome the "bottleneck" issues in core technologies amid the backdrop of the first round of Sino-U.S. trade frictions [2] - The capital market's strategic deployment will focus on providing funding support for early-stage technological innovations in small and medium-sized enterprises (SMEs), as highlighted by the emphasis on "deepening sector reforms" and providing precise financial services for new industries and technologies [2][3] - There is a need to accelerate industrial innovation among listed companies to strengthen their existing advantages, which includes promoting refinancing frameworks and expanding channels for mergers and acquisitions to support industry consolidation [3] Group 2: Expanding Openness - The importance of high-level openness has been significantly elevated, with a focus on steadily expanding institutional openness in the capital market, which includes reducing institutional barriers for foreign investments [4] - Enhancing the domestic capital market's foundation is crucial to increase the willingness of foreign investors, which involves improving the quality of listed companies and protecting investor rights to restore market confidence [4] Group 3: Strengthening Regulation and Investor Protection - Protecting investor rights is essential for enhancing the attractiveness of the capital market, which includes proactive risk prevention, stabilizing market mechanisms, and strengthening regulatory enforcement against financial fraud and market manipulation [5]

香港证监会法规执行部执行董事魏弘福先生(Mr Christopher Wilson)表示："王非但没有坚守身为总监的 本分，甚至沦为共犯。今天的定罪判决突显了王虽作为公司财务总监但却严重地违背信任，及重申财务 总监的职责并不拘于交易监察，还扩及透过健全的内部监控措施来维护公司的财务稳健性和投资者的信 任。" 魏弘福先生又指："任何肩负把关职责的人无论是否董事会成员，一旦滥用其职位从事或助长犯罪行 为，不但违反了他们的受信责任，而且还损害到对高效及可持续的资本市场而言至关重要的透明度与稳 定性。把关者的职责是要保障股东，而非剥削他们。正如本案的情况，当信任遭破坏时，我们定会毫不 犹豫地运用一切可采取的执法工具，包括与警方合作，务求确保能伸张正义和维护市场的廉洁稳健。" 香港证监会在调查华瀚2013年至2015年财务报表涉嫌披露虚假或具误导性的资料一事期间，揭发华瀚集 资活动的所得款项在2015年曾被挪用。香港证监会遂将调查结果转介予警方。 10月22日，据香港证监会消息，香港高等法院今天就王名俊(男)涉及华瀚健康产业控股有限公司(华瀚) 的资金在2015年被挪用的两项洗钱罪作出定罪判决，香港证监会对此表示欢迎。 ...

近日，证监会发布消息，进一步规范上市公司董事、高级管理人员和控股股东、实际控制人行为，提升 上市公司治理水平，证监会修订了《上市公司治理准则》（以下简称《治理准则》），自2026年1月1日 起施行。 □ 大河财立方 记者徐兵 制度是笼头，监管是缰绳。要让资本市场的马车稳健前行，必须让"关键少数"感受到制度的约束与敬 畏。《治理准则》的修订，是一场笼子加密的改革，更是一场责任到人的革命。资本市场的信任，不能 靠口号堆砌，而要靠一个个真实的惩戒案例和规范行动来重建。 《治理准则》直指资本市场的管理"软肋"——上市公司的"关键少数"。董事、高管、控股股东、实际控 制人，这个群体握着公司命脉，却也是风险和丑闻的高发区。谁在用权力掏空公司，谁在用造假粉饰业 绩，市场并非不知，只是监管迟来与处罚偏轻，让一些人心存侥幸。 责编:陶纪燕 | 审核:李震 | 监审:古筝 从这个角度看，新规的真正价值，不只是规定董事、高管该怎么做，更在于让监管、司法、市场形成合 力。最高法与证监会明确"刑事移送优先"，意味着行刑衔接将更紧密。与此同时，财产性处罚必须真正 做到罚当其过，让违法成本远高于潜在收益，才能让那些心怀侥幸者望而却步。 更 ...

Core Viewpoint - The recent ruling in the Huahong Jitong Securities fraud case marks a significant step in holding accomplices of financial fraud accountable in China's capital market, indicating a shift towards stricter enforcement against those aiding in financial misconduct [2][3]. Summary by Relevant Sections Case Details - Huahong Jitong, which was delisted in 2023 due to severe financial fraud, had its auditing firm, Lixin Accounting Firm, fined over 1.55 million yuan. Three related parties—Shanghai Yidian, Zhongjing Fudian, and Shanghai Zhongka—were ordered to bear joint liability for investor losses, with compensation responsibilities ranging from 10% to 20% [2][5]. Legal Implications - The ruling sets a precedent with a higher liability percentage compared to previous cases, such as the Saiwei Intelligent case, where accomplices faced only 3% liability. This indicates a trend towards more stringent penalties for those involved in financial fraud [5][6]. Regulatory Environment - Regulatory bodies are enhancing their oversight through improved legal frameworks, inter-departmental collaboration, and information-sharing systems. The ongoing legislative process for the "Regulations on the Supervision of Listed Companies" aims to empower authorities to investigate and penalize third parties involved in financial fraud [11][12]. Broader Impact - The Huahong Jitong case, along with other significant cases, contributes to a comprehensive accountability system for accomplices in financial fraud, suggesting that third parties aiding in such activities will face increasing legal and financial repercussions [3][8].