Core Viewpoint - The A-share market is demonstrating a "zero tolerance" attitude towards major illegal delisting behaviors, as evidenced by the recent forced delisting of *ST Dongtong and *ST Suwu due to severe violations of regulations [1][5][9] Summary by Sections Major Violations and Delisting - On November 25, *ST Dongtong and *ST Suwu received administrative penalty decisions from the China Securities Regulatory Commission (CSRC), leading to their stocks being suspended from trading starting November 26 [1][5] - Since 2025, the number of companies facing major illegal delisting has reached 13, marking a historical high [1][6] - *ST Dongtong engaged in financial fraud through its subsidiary for four consecutive years and used false data in a 2022 private placement, constituting fraudulent issuance [3][4] - *ST Suwu concealed its actual controlling shareholder and systematically inflated revenue, with related party fund occupation reaching 1.693 billion yuan, accounting for 96.09% of the company's net assets [1][5] Regulatory Changes and Enforcement - The recent delistings reflect a significant change in regulatory attitudes, driven by the continuous improvement of delisting systems, which now clearly state that companies with three or more years of fraud will be decisively removed [1][6] - New regulations have lowered the thresholds for identifying fraudulent activities, allowing more companies with long-term fraudulent behaviors to be exposed [6][10] - The updated standards for financial fraud delisting include specific thresholds for fraudulent amounts and their proportions relative to financial indicators [6][10] Comprehensive Governance System - A comprehensive governance system is being established to combat financial fraud, including holding accomplices accountable and utilizing technology for "penetrating" regulatory networks [2][9] - The regulatory framework emphasizes a three-pronged punishment system (administrative, civil, and criminal) for financial fraud cases, showcasing a firm stance against illegal activities in the capital market [7][9] Investor Protection and Market Ecology - The increase in major illegal delisting cases reflects the regulatory body's commitment to a "zero tolerance" policy towards financial fraud and the determination to dismantle the fraud "ecosystem" [9][10] - The CSRC has issued guidelines to enhance investor protection, particularly in cases of major illegal delisting, encouraging companies to take proactive measures to compensate affected investors [9][10]

（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]

Core Viewpoint - Kangde Tai (002450) is set to delist from the A-share market due to a major financial fraud scandal, marking the end of its trading journey with a market value of only 744 million yuan as of May 27, 2023 [1][2]. Summary by Sections Company Background - Kangde Tai was established in 2001 and listed on the A-share market in 2010, focusing on high polymer composite materials and related technologies [4]. - The company was once regarded as a "billion-dollar white horse stock," reaching a peak market value of nearly 100 billion yuan in November 2017 [2][4]. Financial Fraud and Delisting - The company was found to have fabricated profits exceeding 11.53 billion yuan from 2015 to 2018, leading to significant financial misreporting [5]. - Kangde Tai's annual reports from 2015 to 2018 contained false records, resulting in a continuous negative net profit after restatement [3][5]. - The company faced two consecutive years of audit reports with disclaimers, leading to its suspension from trading on July 10, 2020, and ultimately to its delisting due to major violations [3][5]. Current Status and Legal Issues - As of April 21, 2023, Kangde Tai is entangled in nearly 500 lawsuits, with a total involved amount of 11.737 billion yuan [6][7]. - The company reported a revenue of 341 million yuan in the first quarter of 2023, with a net loss of 279 million yuan, a year-on-year decline of 30.54% [7]. - The ongoing legal disputes include various civil lawsuits related to bond trading and construction contracts, with 59 cases involving amounts over 5 million yuan [7].

Group 1: Market Overview - As of June 30, the total market capitalization of the Shanghai Stock Exchange is approximately 55 trillion RMB, and the Shenzhen Stock Exchange is about 45 trillion RMB, marking a historic milestone where the total market capitalization of A-share listed companies exceeds 100 trillion RMB with 5,420 companies listed [1] - By June 30, 2025, the total market capitalization of the Hong Kong securities market is projected to reach 42.7 trillion HKD, a significant increase of 33% from 32.1 trillion HKD in the same period last year [1] - The total number of listed companies in China has reached 7,500, surpassing the 7,000 listed companies in the United States, although there remains a notable gap in quality and market performance [1] Group 2: Hong Kong Stock Exchange Challenges - Investors have expressed concerns that the Hong Kong Stock Exchange (HKEX) is allowing companies with lower standards to list, which may negatively impact retail investors [2] - HKEX faces a dilemma as it competes with the A-share market; many mainland companies choose to list in Hong Kong due to less stringent requirements, which could lead to a potential influx of companies if the North Exchange's listing criteria were not so lenient [2] - If HKEX raises its listing standards too high, it risks losing companies to the A-share market or to more lenient markets like the U.S. [2] Group 3: Regulatory Environment - The ease of listing is not inherently problematic; the key is to establish a strict regulatory framework and an efficient delisting system to ensure that companies that fail to meet disclosure and financial integrity standards are removed from the market [3] - A healthy market requires the timely elimination of underperforming companies to maintain investor confidence and market vitality [3] Group 4: Impact of A+H Listings - Over 30 A-share companies are currently queued to list on HKEX, which can be beneficial for companies needing capital for growth and those looking to expand internationally [4] - For investors participating in IPOs, these companies often list at a discount compared to their A-share prices, providing an arbitrage opportunity [4] - However, the influx of A+H listings could lead to a significant capital outflow from the Hong Kong market, potentially harming its overall vitality in the long run [4] Group 5: Short-term Investor Perspective - For investors primarily focused on short-term gains from IPO opportunities, the long-term implications of increased A+H listings may not be a primary concern [5]