12月5日，中国证监会就《上市公司监督管理条例（公开征求意见稿）》（以下简称《条例》）向社会 公开征求意见。 《条例》紧扣防风险强监管促高质量发展工作主线，覆盖上市公司"全生命周期"，强化全链条监管。作 为一部规范上市公司及相关各方行为的基础性法规，《条例》既覆盖全面又突出重点，一方面，涉及公 司从上市后到退市前公司治理、信息披露、并购重组、分红回购、市值管理、破产重整、股票退市等各 项与资本市场有关的活动；另一方面，各部分规范坚持以问题为导向，努力夯实资本市场高质量发展的 基础。 在业内人士看来，《条例》公开征求意见，意味着严监严管的法治基础更加扎实有力。近年来，中国证 监会按照新"国九条"、资本市场"1+N"政策文件的要求，坚持严监严管，着力提升监管执法的有效性和 震慑力，依法严厉查处财务造假等违法违规案件，市场生态逐步得到净化。《条例》将近些年监管执法 的有益经验上升固化为法规，切实解决监管实践面临的难点痛点，为严监严管提供有力支撑贯彻落实 新"国九条"，出台《条例》十分必要。 健全上市公司监管体系 制定上市公司监督管理条例，是健全上市公司监管法规体系的重要举措。 "长期以来，上市公司监管领域缺少一部上 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed severe penalties on Dongxu Group for long-term financial fraud, with significant fines for its actual controller, Li Zhaoting [1][2][4] Group 1: Penalties and Regulatory Actions - Dongxu Group received a fine of approximately 580 million yuan from Hebei Securities Regulatory Bureau for false disclosures and fraudulent bond issuance [2] - Li Zhaoting was fined around 590 million yuan and banned for life from the securities market along with four other individuals [2] - Dongxu Blue Sky and Dongxu Optoelectronics, both of which have been delisted, also faced penalties for failing to disclose annual reports and for significant omissions in their disclosures [3][4] Group 2: Financial Misconduct Details - From 2015 to 2019, Dongxu Group inflated revenues by a total of 478.25 billion yuan and profits by 130.01 billion yuan [4] - Dongxu Optoelectronics alone inflated revenues by 167.6 billion yuan and profits by 56.27 billion yuan [4] - The fraudulent activities included deceptive practices to obtain approvals for stock and bond issuances, raising 75.65 billion yuan and 3.5 billion yuan respectively through these means [4] Group 3: Regulatory Environment and Trends - The CSRC has intensified its crackdown on financial fraud, with 128 cases investigated in 2024 alone, focusing on various fraudulent practices [7] - The regulatory approach emphasizes strict monitoring and enforcement, with over 600 penalties issued to more than 300 listed companies in 2023 [7] - Financial fraud is viewed as a significant threat to market integrity, prompting ongoing efforts to enhance legal accountability within the capital market [5][6]