Core Viewpoint - China Zhongqi Holdings' controlling shareholder, Zhongqi Group, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, despite the company being delisted for over a year [1][3]. Group 1: Investigation and Regulatory Actions - Zhongqi Group received a notice from the CSRC on October 11, indicating that it is under investigation for failing to timely disclose financial reports as a bond issuer [1]. - On December 20, 2024, the Beijing Regulatory Bureau of the CSRC issued a warning letter to Zhongqi Group and its information disclosure officer, Mou Shuyun, for not disclosing the annual and interim reports as required [2]. - The company failed to disclose its 2023 annual report within four months after the year-end and the 2024 interim report within two months after the first half of the year [2]. Group 2: Financial Performance and Delisting - In 2022, China Zhongqi reported revenue of approximately 31.78 million, a year-on-year decrease of 35.77%, and a net loss attributable to shareholders of about 3.4 million [3]. - Due to negative net profit and revenue below 100 million after excluding non-core business income, the company's stock was placed under delisting risk warning starting May 5, 2023 [3]. - In 2024, the company faced delisting as its 2023 annual report received an audit report with no opinion, leading to the termination of its listing on June 8, 2024 [3]. Group 3: Regulatory Environment and Market Impact - The regulatory environment is increasingly stringent, with a "full-chain accountability" model being implemented, which is expected to deter market violations [4]. - The CSRC's enforcement of the "delisting does not exempt from liability" principle is anticipated to strengthen, ensuring that violators face consequences and maintaining market order and investor rights [4].

Core Viewpoint - The article discusses the investigation of China Zhongqi's controlling shareholder by the China Securities Regulatory Commission (CSRC) for violations related to information disclosure, emphasizing that delisting does not exempt companies from accountability [3][6]. Group 1: Investigation Details - China Zhongqi's controlling shareholder, Zhongqi Group Co., Ltd., received a notice of investigation from the CSRC on October 11, 2023, for suspected violations of information disclosure laws [3][6]. - The investigation is linked to Zhongqi Group's failure to timely disclose financial reports as a bond issuer, violating the relevant regulations [6][7]. - The CSRC previously issued a warning to Zhongqi Group and its responsible person for not disclosing the annual report and interim report within the required timeframes [6][7]. Group 2: Company Background and Financial Performance - China Zhongqi was established in August 1994 and listed on the Shenzhen Stock Exchange in July 2000, primarily engaged in automotive services [7]. - In 2022, the company reported revenue of approximately 31.78 million, a year-on-year decrease of 35.77%, and a net loss attributable to shareholders of about 3.4 million [7]. - Due to negative net profits and insufficient revenue, the company's stock was placed under delisting risk warning on May 5, 2023, and subsequently delisted on June 8, 2024, following an audit report that could not express an opinion [7]. Group 3: Regulatory Environment and Implications - The article highlights a growing trend of regulatory accountability for companies that have been delisted, with several companies facing penalties since August 2023 [7][8]. - Market experts believe that the "full-chain accountability" model will effectively deter illegal activities in the market, with expectations for strengthened enforcement of the "delisting does not exempt" principle [8].

2025.09. 23 本文字数：1901，阅读时长大约3分钟 作者 | 第一财经 周楠 "执法震慑进一步增强，透明度进一步提高，市场生态进一步净化。"在9月22日的国新办新闻发布会 上，证监会主席吴清表示，"十四五"期间，证监会对财务造假、操纵市场、内幕交易等案件作出行政 处罚2214份，罚没414亿元，较"十三五"分别增长58%和30%。 若将视线聚焦，除了近年来不断增长的罚单规模，资本市场的投资生态自去年"924"行情以来，还发 生了一些新的变化。 回看过去一年，一系列政策"组合拳"及配套措施在资本市场渐次落地。其中，从严打击财务造假等违 法违规行为成为净化市场生态、重塑投资者信心的关键着力点之一，触及重大违法强制退市数量明显 增加，"退市不免责"的信号得以强化。 第一财经记者获得的最新数据显示，2025年实质触及重大违法退市指标的公司已达12家，为历年之 最。 中国政法大学商学院副教授胡历芳对第一财经表示，近一年来监管从严打击证券违法违规行为，为稳 定投资人预期起到了关键作用，从而能够更好地为长期投资、价值投资、理性投资保驾护航，为资本 市场发挥财富效应奠定法治化基础。 重大违法强制退市明显增加 回到 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a fine of 11.5 million yuan on Hengli Industrial Development Group Co., Ltd. for failing to disclose its 2024 annual report on time, highlighting a "zero tolerance" approach towards violations in the capital market [1][3]. Group 1: Regulatory Actions - The CSRC's Hunan Regulatory Bureau issued an administrative penalty decision against Hengli Industrial, which includes fines for the company and seven responsible individuals [1][3]. - The penalties include 3.5 million yuan for the company and individual fines of 1.8 million yuan for the chairman, 1.4 million yuan for the president and financial director, and varying amounts for other responsible personnel [3]. Group 2: Audit Disputes - An audit agreement was signed with Shenzhen Xutai Accounting Firm, which reported a significant revenue adjustment to 196 million yuan, leading to a dispute with the company [2]. - The chairman indicated that if the audit report showed revenue below 300 million yuan, the company would face delisting, prompting discussions about changing auditors and delaying the annual report [2]. Group 3: Ongoing Investigations - The Hunan Regulatory Bureau has initiated an investigation into potential false financial disclosures by Hengli Industrial, indicating a deepening inquiry into the company's financial practices [3]. - The regulatory body emphasizes that delisting does not exempt companies from accountability, reinforcing its commitment to strict enforcement against financial misconduct [3].

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]

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 ...

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]

Core Viewpoint - The article highlights the administrative penalties imposed on *ST Jinli (Jinlitai) by the China Securities Regulatory Commission (CSRC) for failing to disclose its annual report on time, indicating a trend of strict regulatory oversight in the capital market [2][4][6]. Summary by Sections Administrative Penalties - Jinlitai received a notice of administrative penalties from the CSRC for not disclosing its 2024 annual report within the legal timeframe, resulting in fines ranging from 800,000 to 2 million yuan for the company and its executives [2][4][7]. - The CSRC's actions reflect a broader trend of stringent regulation, with recent penalties against other companies, including a 210 million yuan fine for Yili Clean Energy, emphasizing that even delisted companies are not exempt from accountability [6][9]. Company Actions and Timeline - On April 23, 2025, Jinlitai's management decided not to accept an audit report from Zhongxinghua Accounting Firm, which indicated an inability to express an opinion on the company's financial statements [4][5]. - Jinlitai issued multiple announcements regarding its inability to disclose the annual report on time, with the final report being released on July 1, 2025, after a significant delay [5][6]. Regulatory Environment - The CSRC's recent actions demonstrate a commitment to pursuing accountability for major violations in the capital market, with a notable increase in the number of companies being delisted due to serious infractions [9][10]. - The trend of "no exemption after delisting" is becoming a common understanding in the market, which is expected to enhance the regulatory framework and promote high-quality development in the Chinese stock market [10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a prior notice of administrative punishment to *ST Jintai (Jinlitai) for failing to disclose its annual report on time, resulting in fines for the company and its executives [2][4]. Summary by Sections Company Penalties - Jinlitai received a warning and a fine of 200,000 yuan for failing to disclose its annual report within the legal timeframe [7]. - The company's former chairman and president, Luo Dian, was fined 1 million yuan, while the executive president and board secretary, Wu Chunchao, and the financial director, Sui Jingyuan, were each fined 800,000 yuan [7]. Regulatory Environment - The CSRC has intensified its regulatory actions, issuing multiple fines to companies, including a significant penalty of over 210 million yuan to Yili Clean Energy for serious violations such as financial fraud and market manipulation [6][9]. - The regulatory body emphasizes that even companies that have been delisted will not escape accountability for their actions, reinforcing a "zero tolerance" policy towards major violations in the capital market [9]. Market Implications - The increase in delistings in the A-share market, with 25 companies delisted this year, indicates a stricter enforcement of regulations, particularly against companies involved in significant legal and financial misconduct [9]. - Analysts suggest that as the concept of "delisting does not exempt from responsibility" becomes widely accepted, capital will be directed towards value-creating sectors, contributing to the high-quality development of the Chinese stock market [9].

近日，利能5（原"亿利洁能""ST亿利"）发布公告，亿利洁能、亿利集团涉嫌信息披露违法违规、 欺诈发行一案已调查完毕，现收到内蒙古证监局行政处罚事先告知书。 业内人士认为，此次处罚再次说明了"退市不免责"，彰显了监管部门对上市公司重大违法违规行 为"一追到底"的坚定态度，彻底打破了部分市场主体"退市即免责"的幻想。 据行政处罚事先告知书，亿利洁能存在两类违法事实：一是在2016年至2023年期间存在财务造假、 关联担保、资金占用等导致的信息披露违法行为；二是欺诈发行公司债券。此外，亿利洁能控股股东亿 利资源集团有限公司（简称"亿利集团"）存在组织、指使亿利洁能从事上述行为。 内蒙古自治区证监局拟对亿利洁能、亿利集团及29名责任人员合计处以3.75亿元罚款，其中，拟对 亿利洁能处以2.1亿元罚款，对亿利集团处以3000万元罚款。除董事长、总经理、财务总监、董事会秘 书等外，相关独立董事、监事亦未能免责。此外，部分人员虽未担任亿利洁能董监高，也因组织、参与 相关行为被纳入拟处罚范围；拟对7名直接责任人员同时采取5年至终身不等的市场禁入措施，在"金额 罚"基础上增加"资格罚"，加大追责力度。 此外，9月12日，亿利 ...