Core Viewpoint - Yili Clean Energy Co., Ltd. has been penalized with a fine of 375 million yuan due to financial fraud, related guarantees, and fund occupation from 2016 to 2023, highlighting the regulatory stance that "delisting does not exempt from liability" [1][4]. Group 1: Regulatory Actions - The Inner Mongolia Securities Regulatory Bureau plans to impose a total fine of 375 million yuan on Yili Clean Energy, its controlling shareholder Yili Resources Group, and 29 related responsible individuals [3][4]. - Yili Clean Energy is set to face a fine of 210 million yuan, while Yili Resources Group will incur a fine of 30 million yuan [3]. - The regulatory actions include market bans for seven directly responsible individuals, with penalties ranging from five years to lifetime bans [3][4]. Group 2: Context of Delisting - Yili Clean Energy was delisted in July 2024 after its stock price fell below 1 yuan for 20 consecutive trading days [2]. - The company was under investigation by the Securities Regulatory Commission prior to its delisting, indicating that the penalties were anticipated [2][3]. Group 3: Broader Implications - Since the beginning of 2024, the Securities Regulatory Commission has investigated 67 delisted companies for illegal activities, with 46 cases resulting in final administrative penalties totaling 1.246 billion yuan [4]. - The regulatory approach aims to deter companies from evading legal responsibilities through delisting, thereby promoting better governance among listed companies and protecting investors' rights [1][4][5].

事实上，类似亿利洁能这样在退市后仍被追究责任的案例并不少见，诸如华铁股份、泰禾集团、巴安水 务、世茂股份等多家企业，均已在退市后继续接受相应处罚。对这些公司来说，行政处罚往往只是开 端，后续还可能面临民事赔偿和刑事追责，形成行政、民事、刑事"三罚联动"的全链条追责体系。这种 多重惩戒联动的机制，正逐渐成为处置严重违法违规上市公司的新常态。 从行政责任层面看，据统计，自2024年初至2025年8月31日期间，证监会共对67家退市公司展开违法调 查，已对其中46家作出行政处罚决定，罚没款总计12.46亿元。处罚对象不仅涵盖企业本身，也包括实 际控制人、董事长、财务总监等所有"关键少数"，实现对责任主体的全面追责。 21世纪经济报道记者从相关渠道了解到，目前仍有约20家已退市公司处于调查处理程序中。 （原标题：退市不免责，又一退市公司领3.75亿罚单！） 21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 退市不免责，又一家退市公司遭重罚！ 9月12日，已于2024年7月因股价连续20个交易日低于1元而黯然退市的亿利洁能公告称，收到内蒙古证 监局《行政处罚事先告知书》（以下简称《告知书》）。 《告知书》显示， ...

Core Viewpoint - The recent cases of Huatie Co. and Taihe Group illustrate that delisting does not exempt companies from legal responsibilities, emphasizing a stringent regulatory environment where accountability is enforced even after a company exits the market [1][5]. Group 1: Huatie Co. Case - Huatie Co. was delisted on August 27, 2024, after its stock price fell below 1 yuan for 20 consecutive trading days [2]. - Prior to delisting, Huatie Co. faced administrative penalties totaling 2,620 million yuan for false reporting and significant omissions in its financial statements from 2019 to 2022 [2]. - After delisting, the company and its executives were fined an additional 530 million yuan for failing to disclose the 2023 annual report on time [2]. - The Guangdong Securities Regulatory Bureau identified three violations of information disclosure post-delisting, leading to a total penalty exceeding 24 million yuan for Huatie Co. and 13 involved parties [2][4]. Group 2: Accountability of Executives - Among the 13 individuals penalized, the actual controller, Xuan Ruiguo, faced a fine of 9.5 million yuan, bringing his total penalties to over 11 million yuan, along with a lifetime ban from the securities market [3]. - The cumulative penalties for Huatie Co. before and after delisting reached 55.65 million yuan by August 2025 [4]. Group 3: Taihe Group Case - Taihe Group was delisted in August 2023 due to a similar price drop, and in November 2024, it was investigated for information disclosure violations [5]. - The company and its executives were fined a total of 17.4 million yuan for failing to disclose significant lawsuits and major omissions in annual reports from 2020 to 2022 [5]. - Taihe Group was involved in 23 major lawsuits during this period, with 21 cases exceeding 50 million yuan each, which were concealed until May 2023 and February 2025 [5]. Group 4: Regulatory Environment - The regulatory framework has established a comprehensive accountability system involving administrative, civil, and criminal penalties for delisted companies [6]. - In 2024, the China Securities Regulatory Commission (CSRC) penalized 64 delisted companies, with total fines amounting to 1.2 billion yuan, averaging 27.31 million yuan per case [6]. - The regulatory approach includes strict enforcement against key individuals, ensuring that penalties cover actual controllers, board chairs, and financial directors [6]. Group 5: Legal and Investor Protection - The new "National Nine Articles" aims to enhance investor compensation mechanisms during the delisting process, allowing for civil lawsuits against companies for losses due to false statements [7]. - Various channels for investor protection, including representative lawsuits and administrative commitments, are now fully operational [7]. - The CSRC has indicated a commitment to criminally prosecute those involved in fraudulent activities, reinforcing a high-pressure deterrent against misconduct [8].

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].