Core Viewpoint - The recent actions against three delisted companies signal a clear trend in regulatory enforcement, emphasizing that delisting does not equate to immunity from accountability [2][3]. Group 1: Regulatory Actions - Three delisted companies, China Zhongqi, Jiangsu Sunshine, and Futong Information, were recently named by regulatory authorities for ongoing issues despite their delisted status [1][3]. - Jiangsu Sunshine received an administrative penalty notice for non-operational fund occupation and information disclosure violations, resulting in a total fine of 3.3 million yuan [1][5]. - China Zhongqi and Futong Information are under investigation for suspected information disclosure violations, with investigations still ongoing [1][6]. Group 2: Specific Violations - Jiangsu Sunshine's violations include the occupation of funds related to land transfer payments and overdue receivables from its controlling shareholder's subsidiary, totaling 2.61 billion yuan [4][5]. - Futong Information faced issues such as delayed information disclosure regarding significant lawsuits and financial discrepancies in its reports, with a 98% variance in its profit forecast compared to audited results [6][8]. Group 3: Broader Implications - The trend of regulatory scrutiny post-delisting is not isolated, as several other companies have faced similar consequences, reinforcing the principle that delisting does not end regulatory oversight [7][8]. - Since the implementation of stricter delisting regulations, the number of companies forcibly delisted has reached 178, more than double the total before the reforms [7][8]. - The regulatory framework is evolving towards a comprehensive accountability system, integrating administrative, civil, and criminal penalties for serious violations, which will continue to apply even after a company is delisted [8][9].

Core Viewpoint - The recent actions against three delisted companies signal a new regulatory trend in China, emphasizing that delisting does not equate to immunity from accountability for past violations [1][3][6]. Group 1: Recent Regulatory Actions - Three delisted companies, China Zhongqi, Jiangsu Sunshine, and Futong Information, were recently named by regulatory authorities for ongoing issues despite their delisted status [1][3]. - Jiangsu Sunshine received an administrative penalty notice for non-operational fund occupation and information disclosure violations, resulting in a total fine of 3.3 million yuan [1][4]. - China Zhongqi and Futong Information are under investigation for suspected information disclosure violations, with investigations still ongoing [1][4]. Group 2: Background and Context - The number of companies forcibly delisted from 2021 to September 2025 has reached 178, more than double the total number of delisted companies before the reform [1][8]. - The regulatory framework is evolving to ensure that delisted companies remain accountable for their past actions, with a focus on a "three-punishment linkage" system combining administrative, civil, and criminal penalties [1][9]. Group 3: Specific Violations - Jiangsu Sunshine's violations included the occupation of funds related to land transfer payments and overdue receivables from its controlling shareholder's subsidiary, totaling 2.61 billion yuan [4][5]. - Futong Information faced issues such as delayed disclosures of significant lawsuits and financial discrepancies, with a 98% variance between its profit forecast and audited results [5][9]. Group 4: Broader Implications - The ongoing regulatory actions against delisted companies reflect a commitment to enhancing market integrity and accountability, with a notable increase in investigations and penalties since the implementation of stricter delisting policies [8][9]. - The establishment of a comprehensive accountability system aims to deter future violations and protect investors, with ongoing cases indicating that the regulatory scrutiny will continue [9].

Core Viewpoint - The recent penalties imposed on delisted companies and their executives indicate that delisting does not exempt them from accountability, highlighting the need for stricter enforcement of regulations in the capital market [1][2]. Group 1: Regulatory Actions - The Guangdong Securities Regulatory Bureau has fined Huatie Co. 24.15 million yuan after its delisting, part of a broader trend where 44 delisted companies have faced a total of 1.2 billion yuan in fines since 2024 [1]. - A total of 63 executives have been permanently banned from the market, with around 20 more delisted companies still undergoing punishment procedures [1][2]. Group 2: Causes of Delisting - Many companies face delisting due to poor corporate governance and non-compliance, including financial fraud, failure to disclose significant information, and misuse of funds [1]. - Some executives neglect their duties, leading to the failure to submit periodic reports within legal deadlines, contributing to the delisting process [1]. Group 3: Accountability Mechanisms - A "three-punishment linkage" system has been established, involving administrative penalties, criminal accountability, and civil compensation for delisted companies [2]. - There is a call for enhanced accountability for directors and executives, particularly those involved in financial fraud, to ensure they face consequences for their actions [2][3]. Group 4: Recommendations for Improvement - It is suggested to implement a performance compensation clawback mechanism for executives whose misconduct harms the company, allowing the company to reclaim their performance bonuses [3]. - Strengthening the accountability of controlling shareholders and actual controllers is essential, with proposals for them to return illegally obtained benefits and compensate for losses incurred by the company [3]. - Improving the coordination between criminal and civil proceedings is necessary to ensure timely action against violators and protect investor rights [3][4]. Group 5: Investor Protection - Emphasizing the priority of civil compensation for investors, it is recommended that relevant authorities ensure that administrative fines are used to cover civil compensation claims [4]. - Strengthening the accountability of delisted companies is crucial for enhancing the capital market ecosystem and protecting the legitimate rights of small and medium investors [4].

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 recent administrative penalties imposed on the delisted companies Huatie Co. and Taihe Group highlight that delisting does not equate to immunity from legal responsibilities, as regulatory actions continue to enforce accountability for past violations [1][2][3]. Summary by 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 [1][5][6]. - Taihe Group was fined 6 million yuan for failing to disclose significant litigation issues, which involved 13 lawsuits [9][10]. Regulatory Mechanisms - The regulatory body is implementing a "three-punishment linkage" mechanism, combining administrative, civil, and criminal penalties to ensure comprehensive accountability for delisted companies [1][11]. - 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 [11][12]. Violations and Issues - Huatie Co. was found to have significant issues in its 2023 annual report, including false records and major omissions related to related-party transactions, which involved 1.134 billion yuan in non-operating fund transfers [7][8]. - The company also inflated its inventory and cash holdings through improper accounting practices, leading to discrepancies in its financial reports [7][8]. Investor Protection - The regulatory framework aims to protect investors' rights, ensuring that delisted companies and their responsible individuals remain liable for past misconduct [1][11]. - Civil compensation mechanisms are being enhanced, with courts accepting cases related to false statements and successful recoveries of funds in certain instances [12].