Core Viewpoint - The article highlights the accelerated enforcement efficiency of capital market regulation in China, exemplified by the swift punishment of ST Dongni for information disclosure violations, reflecting a new norm of "early detection, quick punishment, and strict correction" in regulatory practices [1][3][7]. Summary by Sections Regulatory Efficiency - The time taken from investigation to punishment for ST Dongni was less than 7 months, showcasing the rapid response of regulatory authorities [3][5]. - Other cases, such as Baiyin Nonferrous and Fuhuang Steel Structure, also demonstrated significantly shortened processing times, indicating a broader trend of enhanced regulatory efficiency [7][8]. Specific Case of ST Dongni - ST Dongni was fined a total of 15.7 million yuan for failing to timely disclose significant contract progress and for falsifying financial reports [3][4]. - The company signed a major contract worth 675 million yuan in January 2023 but failed to disclose the slow progress of contract fulfillment until January 2024, misleading investors for nearly a year [3][4]. Financial Manipulation - ST Dongni engaged in financial manipulation by misclassifying R&D expenses, failing to account for related party transactions, and underreporting inventory impairment provisions, leading to inflated profits in their financial statements [4][8]. - The penalties included 7 million yuan for the company and 8.7 million yuan for six responsible individuals, emphasizing the regulatory focus on holding key individuals accountable [4][5]. Broader Regulatory Trends - The regulatory approach has shifted from post-event punishment to proactive prevention and real-time correction, indicating a more mature regulatory framework [8][9]. - Enhanced classification and differentiated handling of violations have improved the allocation of enforcement resources and increased deterrence against market misconduct [9]. Conclusion - The overall improvement in regulatory efficiency and transparency is expected to provide a solid institutional guarantee for the high-quality development of the capital market, ensuring a more orderly market ecosystem [9].

资本市场监管执法正跑出"加速度"。近日，ST东尼（东尼电子，603595）因信披违法被处以1570万元 罚款，而从立案调查到最终处罚落地，全程用时不到7个月，充分展现了监管部门"早发现、快惩处、严 纠正"的执法新效率。 这张罚单只是监管提速的一个缩影。近期多个行政处罚案例的处理周期显著缩短，其中白银有色从披露 立案信息到收决定书仅用43天，富煌钢构从立案告知到收事先告知书书仅间隔1个月零12天，*ST金 泰、ST美晨等案件处理周期也大幅压缩，"监管快车道"正在全面贯通。 更值得关注的是，监管部门通过优化执法流程、创新监管手段，实现了执法效能的整体提升。在保持处 罚力度的同时，大幅缩短案件处理周期，既及时震慑了违法违规行为，也为投资者维权争取了宝贵时 间，推动资本市场朝着更加规范、透明的方向发展。 该公司因重大合同进展披露不及时、定期报告虚假记载等行为，被处以合计1570万元罚款，成为2025年 信披违法案件中又一典型速裁案例。 根据决定书，ST东尼的违法事实主要集中在两个方面。一方面，其在重大合同进展披露上"慢半拍"。 2023年1月，ST东尼子公司签下一笔价值6.75亿元、占比最近一期营收过半的重大订单，然 ...