Group 1 - The core viewpoint of the article highlights the increasing severity of regulatory actions against financial fraud in listed companies, exemplified by the case of Liyuan Technology [2][3][4] Group 2 - Characteristic One: Rapid resolution and precise targeting of financial fraud cases, as demonstrated by the swift actions taken against Liyuan Technology's actual controller, Shen Wanzhong, who was sentenced for financial fraud committed in 2021 [2] - Characteristic Two: Sentencing for fraud occurring just one year prior, indicating that the "primary offender" cannot escape punishment; Shen Wanzhong received a one-year prison sentence (with a suspended sentence of one year and six months) and a fine of 3.3 million yuan [3] - Characteristic Three: The close integration of criminal and administrative penalties has become standard practice, showcasing the effectiveness of regulatory "combined punches" and significantly increasing the proportion of criminal accountability for primary offenders in financial fraud cases [4]

Core Viewpoint - The article highlights the increasing trend of forced delisting of companies due to serious violations, particularly following the implementation of new regulations and stricter enforcement measures in the Chinese capital market [1][7][8]. Group 1: Forced Delisting Trends - Jinzhou Port has been forced to delist due to significant violations, marking it as another company subjected to this regulatory action [1]. - Since the beginning of 2025, nine companies have entered the delisting process due to serious violations, including Zhuolang Technology and Puli Pharmaceutical [8]. - The new "National Nine Articles" and subsequent regulations have laid a foundation for the strict enforcement of delisting policies, particularly targeting companies with severe misconduct [7][8]. Group 2: Criminal Penalties and Enforcement - The regulatory environment has shifted towards a "three penalties linkage" approach, combining administrative, civil, and criminal penalties for serious violations [3][4]. - Companies like Jintongling and Ruiskanda have faced criminal charges following administrative and civil penalties, illustrating the new enforcement trend [4][6]. - The number of companies facing criminal penalties has significantly increased, with over ten companies involved since early 2025 [2][6]. Group 3: Accountability of Third Parties - Regulatory bodies are intensifying penalties against third parties involved in financial fraud, as seen in the case of Yuebo Power, where accomplices were also penalized [2][11]. - The trend of holding third parties accountable reflects a broader strategy to dismantle the networks that facilitate financial misconduct in the capital market [11]. Group 4: Investor Protection Measures - There is a growing emphasis on protecting investors affected by corporate fraud, with measures such as civil compensation being initiated in cases of information disclosure violations [12][13]. - Recent guidelines have been established to support timely compensation for investors, enhancing the accountability of responsible parties [13].