两家已退市公司收超千万元罚单 2024年7月25日，华铁股份股票连续20个交易日收盘价低于1元，触发《股票上市规则》的终止上市 条件。2024年8月27日，深交所正式终止华铁股份股票上市。 华铁股份在退市一年后收到超2400万元罚单，多名责任人被精准追责；泰禾集团在退市两年后，公 司以及相关责任人被罚款合计超1700万元——这些案例清晰地传递出一个信号：资本市场的"退市不免 责"是刚性约束，"带病"退市的公司别想"赖账"。 退市只是公司生命周期的终点，却不是法律责任的终点。在"长牙带刺""有棱有角"的监管执法背景 下，退市不是违法者的"避风港"，而是全链条追责的新起点。 公告显示，2020年至2022年，泰禾集团先后卷入23起重大诉讼，其中，21起单笔金额超5000万元。 对此，泰禾集团选择了隐瞒。2023年5月才披露1起，剩余22起直到2025年2月才陆续披露完毕。 行政、民事、刑事"三罚联动" 在退市前，华铁股份已被广东证监局行政处罚。2024年5月份，广东证监局对华铁股份及相关责任 人员下发行政处罚及市场禁入决定书。华铁股份及高管因2019年至2022年度报告存在虚假记载或重大遗 漏，被广东证监局合计罚 ...

本报记者 吴晓璐 9月5日晚间，退市公司上海龙宇数据股份有限公司（以下简称"龙宇股份"）收到上海证监局行政处 罚事先告知书，因公司存在财务造假等信息披露违法违规行为，上海证监局拟对公司以及相关责任人罚 款合计3810万元。 据统计，2024年以来，证监会查处了60多家退市公司违法行为，对40多家作出最终行政处罚决定， 对实际控制人、董事长、财务总监等"关键少数"处罚全覆盖。 郑登津表示，今年对退市公司追责呈现两大特点：一方面，"一案双查"深化，既处罚公司也严惩责 任人；另一方面，跨部门协作强化，监管部门联合地方政府督促资金追回，并通过行政监管措施（如责 令改正、冻结账户）提高追责效率。此外，监管更注重全链条穿透，追溯历史账目与关联方交易，确保 违法主体"无处遁形"。 南开大学金融学教授田利辉在接受《证券日报》记者采访时表示，对退市公司处罚常态化是资本市 场迈向质变的关键一步。对上市公司而言，将倒逼其规范运作，杜绝"带病上市"；对投资者而言，强化 了"买者自负"下的公平保障；对市场而言，净化了市场生态，推动"能进能出、优胜劣汰"的良性循环。 监管层秉持"退市不免责"，对退市公司及责任人的违法违规问题一追到底。今 ...

今年7月从沪市摘牌，退市龙宇依然要为其持续多年的财务造假和资金占用行为付出代价。 9月5日，上海证监局对退市龙宇作出行政处罚事先告知，因虚增收入利润，以及未按规定披露非经营性 资金占用相关关联交易等事项，退市龙宇及相关负责人被合计罚款3810万元。此前于2024年12月16日， 公司因涉嫌信息披露违法违规，被上海证监局立案调查。 因财务造假遭行政处罚 《行政处罚事先告知书》显示，退市龙宇在2019年至2022年虚增营业收入、利润，通过虚构贸易链条、 人为增加业务环节等方式，开展金属、油品、乙二醇等虚假贸易，公司2019年至2022年年度报告存在虚 假记载。 此外，2022年至2024年，退市龙宇实际控制人徐增增安排人员陆续成立并控制多家公司，且安排前述关 联公司充当供应商、客户等角色。公司对作为供应商的关联公司提前大比例或?额付款、对作为客户的 关联公司给予较长回款账期，由此构成非经营性资金占用相关关联交易。退市龙宇未及时披露上述非经 营性资金占用相关关联交易。 新"国九条"发布以来，监管机构严格执行退市制度，明确传达了"退市不免责"的监管导向。 对于公司相关问题，上海证监局于2024年4月29日对公司及责任 ...

9月5日，退市龙宇（退市板块证券简称为"龙宇3"）公告，公司收到上海证监局出具的《行政处罚事先 告知书》，对公司以及相关责任人拟合计罚款3810万元。 早在2024年4月，上海证监局就已对退市龙宇采取行政监管措施，并于同年12月对其相关问题进行立案 调查。即便公司在2025年7月因审计意见问题触及财务类退市标准黯然离场，调查也并未停止。 公司退市后，上海证监局一方面持续推进案件调查，对公司退市前的违法违规行为坚持一查到底，查实 公司财务造假；另一方面积极督促控股股东偿还占用资金。最终，上海证监局通过层层穿透公司架构、 细致追溯历史账目，锁定其自2019年至2022年通过虚假贸易业务虚增收入、隐瞒关联方资金占用等一系 列违法违规事实。 "退市只是资本市场身份的终结，绝不是法律与监管责任的终点。"某律师事务所资深律师告诉中国证券 报记者，监管部门对财务造假、资金占用等恶性行为的事后追责，正在变得更快、更严、更彻底。 财报存在虚假记载 根据上海证监局的调查，退市龙宇出于做大收入规模或赚取资金收益等目的，通过虚构贸易链条、人为 增加业务环节等方式，开展金属、油品、乙二醇等虚假贸易，导致2019年、2020年、2021 ...

Group 1 - Recent administrative penalties have been imposed on three delisted companies, highlighting that regulatory authorities will continue to pursue accountability regardless of a company's delisting status [1] - 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][2] - The number of delisted companies has significantly increased due to regulatory reforms, with more efficient delisting indicators being implemented [1] Group 2 - The legal framework for holding delisted companies accountable has become more comprehensive, with the China Securities Regulatory Commission (CSRC) having investigated 64 delisted companies for violations in 2024 alone [2] - Various channels for investor protection and compensation have been established, including representative litigation and administrative enforcement commitments [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] Group 3 - A robust delisting mechanism and a strict accountability system are essential for the long-term healthy development of the capital market, ensuring market vitality and fairness [3]

Group 1 - The core viewpoint is that regulatory bodies are intensifying their crackdown on companies that violate laws, regardless of their delisting status, emphasizing that accountability will be pursued relentlessly [2][3] - China Railway Group received a fine of 24.15 million yuan, bringing its total penalties to 55.65 million yuan, with its actual controller facing a fine of 9.5 million yuan and a lifetime market ban [2] - Taihe Group, which was delisted in 2023, was fined 6 million yuan for concealing 13 major lawsuits [2] Group 2 - Since the beginning of 2024, the China Securities Regulatory Commission (CSRC) has issued fines totaling 1.2 billion yuan against 44 delisted companies, with 63 executives facing lifetime market bans [2] - The regulatory "three-punishment linkage" mechanism includes administrative penalties, criminal accountability, and civil compensation, targeting companies involved in financial fraud and fund misappropriation [2] - In a notable case, the Taiantang incident saw the Investor Protection Center successfully recover 572 million yuan through a zero-cost subrogation lawsuit, marking a significant achievement in investor rights protection [2]

Core Viewpoint - The recent administrative penalties imposed on two delisted companies, Huatie Co. and Taihe Group, emphasize that delisting does not equate to immunity from legal responsibilities, as regulatory bodies continue to enforce strict accountability measures [2][4]. Summary by Relevant Sections Administrative Penalties - Huatie Co. has faced cumulative penalties amounting to 55.65 million yuan, with its actual controller, Xuan Ruiguo, receiving a fine of 9.5 million yuan and a lifetime market ban [4][5]. - Taihe Group was fined 6 million yuan for failing to disclose significant litigation issues, which involved 13 lawsuits [6][8]. Regulatory Mechanisms - The regulatory framework is characterized by a "three-punishment linkage" mechanism, combining administrative, civil, and criminal penalties to ensure comprehensive accountability for delisted companies [8][9]. - As of August 22, 2024, the China Securities Regulatory Commission (CSRC) has investigated 64 cases of illegal activities by delisted companies, with 44 cases resulting in penalties totaling 1.2 billion yuan [8][9]. Investor Protection - The ongoing enforcement actions reflect a commitment to protecting investor rights, with civil compensation mechanisms being actively pursued, including successful recovery of funds in certain cases [9][10]. - The CSRC has also referred cases to law enforcement when criminal activities are suspected, indicating a robust approach to tackling financial misconduct [9].

Core Viewpoint - The article emphasizes that delisting does not equate to escaping legal responsibilities, as regulatory actions continue to target companies that have been delisted, reinforcing the principle of "no exemption from penalties" for such firms [1][8]. Summary by Sections Regulatory Actions - Two delisted companies, Huatie Co. and Taihe Group, received significant administrative penalties, highlighting the ongoing regulatory scrutiny even after delisting [1][2]. - Huatie Co. faced cumulative fines of 55.65 million yuan, with its actual controller, Xuan Ruiguo, receiving a fine of 9.5 million yuan and a lifetime market ban [3][5]. - Taihe Group was fined 6 million yuan for failing to disclose major litigation issues, which affected its annual reports from 2020 to 2022 [6]. Violations and Penalties - Huatie Co. was penalized for multiple violations, including failing to disclose related party transactions, which involved 1.134 billion yuan in non-operating fund transfers [5][6]. - The company also inflated inventory and cash figures in its financial reports, leading to further penalties [6]. - The regulatory framework includes a "three-punishment linkage" mechanism, combining administrative, civil, and criminal penalties for serious violations [8][9]. Enforcement Statistics - As of August 22, 2024, the China Securities Regulatory Commission (CSRC) has investigated 64 cases of delisted companies, with 44 cases resulting in penalties totaling 1.2 billion yuan [8][9]. - Among the penalized companies, 28 faced consequences for financial fraud, while others were penalized for fund misappropriation and failure to disclose important matters [9]. Investor Protection - The article highlights the ongoing efforts to protect investor rights, including civil compensation mechanisms and the involvement of the China Securities Investor Services Center in supporting litigation [9]. - Successful cases of civil compensation have emerged, such as the recovery of 572 million yuan in a case involving a delisted company [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has reinforced its stance that companies are not exempt from penalties after delisting, as evidenced by the recent heavy fines imposed on Taihe Group and Huatie Co., Ltd. for their violations [1][7]. Regulatory Actions - Taihe Group received a total fine of 17.4 million yuan for failing to disclose significant lawsuits and for major omissions in its annual reports from 2020 to 2022 [5][6]. - The company was involved in 13 lawsuits from July 2020 to May 2021, with a total amount of 9.674 billion yuan, representing 48.21% of its audited net assets for 2020 [5][6]. - Huatie Co., Ltd. was also penalized with a proposed fine of 24.15 million yuan for new violations, including failure to disclose related party transactions and inflating inventory figures [7][8]. Enforcement Statistics - Since 2024, the CSRC has investigated 64 delisted companies for violations, with 44 companies receiving final administrative penalties totaling 1.2 billion yuan, averaging 27.31 million yuan per case [8]. - Among the penalized companies, 28 faced consequences for financial fraud, while 7 were penalized for fund misappropriation [8]. Criminal and Civil Accountability - The CSRC has referred 33 delisted companies to law enforcement for suspected information disclosure crimes, leading to criminal charges against key personnel in several cases [8][9]. - Civil actions have been initiated for cases of false statements, with efforts to assist investors in recovering losses through various legal means [9]. Market Implications - The recent penalties against Taihe Group and Huatie Co., Ltd. illustrate the CSRC's commitment to maintaining market integrity and protecting investors' rights, emphasizing that illegal activities will be met with serious consequences regardless of a company's listing status [8][9].

Core Viewpoint - The recent penalties imposed on Taihe Group and Huatie Co. highlight the China Securities Regulatory Commission's (CSRC) firm stance that "delisting does not exempt from liability," reinforcing that companies are accountable for illegal activities regardless of their listing status [2][9][10]. Regulatory Actions - Taihe Group received an administrative penalty from the Fujian Securities Regulatory Bureau, amounting to a total fine of 17.4 million yuan due to failure to disclose significant lawsuits and major omissions in annual reports from 2020 to 2022 [5][6]. - The company faced 13 lawsuits from July 2020 to May 2021, with a total claim amount of 9.674 billion yuan, representing 48.21% of its audited net assets for 2020 [6]. - Huatie Co. also announced receiving a notice of administrative penalty, with a proposed fine of 24.15 million yuan for new violations, including failure to disclose related party transactions and inflating inventory [8][10]. Enforcement Statistics - In 2024, the CSRC has investigated 64 delisted companies for illegal activities, with 44 companies receiving final administrative penalties totaling 1.2 billion yuan, averaging 27.31 million yuan per case [10]. - Among the penalized companies, 28 faced consequences for financial fraud, while 7 were penalized for fund occupation, and 9 for failing to disclose key matters on time [10]. Criminal and Civil Accountability - The CSRC has referred 33 delisted companies to public security for suspected information disclosure crimes, leading to criminal charges against responsible personnel in several cases [10]. - Civil compensation cases related to false statements have been accepted, with efforts to assist investors in recovering funds through various legal means [11]. Market Implications - The penalties against Taihe Group and Huatie Co. serve as a clear indication of the CSRC's rigorous regulatory approach, emphasizing that the capital market is not a lawless zone and that all illegal actions will face serious consequences [11].