记者丨崔文静 编辑丨包芳鸣 近日，沪市两家上市公司——*ST华微与ST东时，在面临因大股东资金占用可能引发退市的紧要关头， 通过实质性整改，成功化解风险。两家企业合计清收占用资金近20亿元，不仅化解了退市风险，更成为 监管"以退促改"新思路下的典型案例。 *ST华微此前被控股股东占用资金高达14.91亿元，因未在责令期限内完成整改，自2025年8月13日起被 停牌。在地方和监管协调下，公司迅速行动，通过控股股东转让所持股份，以所得款项抵偿占用资金及 利息合计15.56亿元，于8月18日前完成清偿。 ST东时则通过预重整引入投资人代偿的路径解决了3.87亿元占用问题。其控股股东多数股份已被冻结， 缺乏偿债能力，但在监管督促和地方支持下，由重整投资人出资代偿，使公司重回正轨。 综合受访人士观点，这些案例清晰传递出当前监管的核心逻辑：退市是手段，而不是目的。2024年以 来，监管强调"以退促治"，不只依赖处罚，更通过ST警示、限期整改、分类处置等组合措施，推动公 司主动解决问题，实现经营修复。 在这一背景下，投资者也应调整策略：关注那些认真整改、基本面改善企业的价值修复机会；同时对多 次违规、整改不力的公司保持警惕 ...

Core Viewpoint - The article highlights the successful risk mitigation efforts of two listed companies, *ST Huamei and ST Dongshi, which collectively recovered nearly 2 billion yuan in misappropriated funds, thus avoiding delisting risks. This serves as a typical case under the regulatory approach of "promoting reform through delisting" [1][3][10]. Group 1: Company Actions - *ST Huamei faced a significant issue with 1.491 billion yuan of funds misappropriated by its controlling shareholder. After failing to rectify the situation within the mandated timeframe, the company was suspended from trading starting August 13, 2025. In response, the controlling shareholder transferred all shares, using the proceeds of 1.556 billion yuan to repay the misappropriated funds and interest by August 18 [3][4]. - ST Dongshi, on the other hand, initiated a pre-restructuring process to introduce investors who would compensate for the 387 million yuan misappropriated funds. Despite the controlling shareholder's shares being frozen and lacking repayment capability, the company managed to recover the funds with the help of local government support and investor involvement [5][6]. Group 2: Regulatory Environment - The regulatory framework has evolved significantly since 2003, with the China Securities Regulatory Commission (CSRC) implementing stricter measures against the non-operational appropriation of funds by major shareholders. The introduction of new rules in 2024 emphasized that failure to rectify fund misappropriation would lead to delisting, reinforcing the message that delisting is a means to ensure compliance rather than an end goal [7][9]. - The current regulatory approach combines various measures, including warnings, deadlines for rectification, and categorized handling of issues, to encourage companies to proactively resolve problems and restore operational integrity [1][2][10]. Group 3: Broader Market Implications - The successful cases of *ST Huamei and ST Dongshi reflect a broader trend in the market where companies that actively rectify issues are seen as potential investment opportunities. Conversely, companies that repeatedly violate regulations and fail to improve should be approached with caution [2][8]. - Other companies, such as ST Xintong and *ST Moden, have also managed to escape delisting risks through active rectification efforts, indicating a shift towards a more regulated and transparent market environment [8][10].

近日，沪市两家上市公司——*ST华微与ST东时，在面临因大股东资金占用可能引发退市的紧要关头， 通过实质性整改，成功化解风险。两家企业合计清收占用资金近20亿元，不仅化解了退市风险，更成为 监管"以退促改"新思路下的典型案例。 *ST华微此前被控股股东占用资金高达14.91亿元，因未在责令期限内完成整改，自2025年8月13日起被 停牌。在地方和监管协调下，公司迅速行动，通过控股股东转让所持股份，以所得款项抵偿占用资金及 利息合计15.56亿元，于8月18日前完成清偿。 ST东时则通过预重整引入投资人代偿的路径解决了3.87亿元占用问题。其控股股东多数股份已被冻结， 缺乏偿债能力，但在监管督促和地方支持下，由重整投资人出资代偿，使公司重回正轨。 在地方政府的支持下，ST东时计划通过预重整程序引入投资人代为清偿。7月10日，ST东时宣布启动预 重整，并公开招募重整投资人，明确要求投资人需协助解决资金占用问题、维护股东权益。 资金占用引发的退市警报频频拉响，监管重压之下，企业如何"自救"？沪市*ST华微、ST东时两家公司 在关键时刻完成近20亿元清收，惊险摆脱退市危机——这不仅是一场企业自救的胜利，更是"以退促 ...