Core Viewpoint - The article discusses issues related to compliance and internal control within investment institutions, highlighting incidents of misconduct and the consequences faced by individuals involved [1][4][7]. Group 1: Internal Control and Compliance Issues - A previous investment institution faced challenges with return requirements from local government investors, leading to frequent discussions on how to facilitate project completion and returns [1][2]. - An investment manager was dismissed after suggesting the fundraising of non-returnable funds, indicating a potential lack of alignment with institutional goals [3]. - A notable incident involved an employee inviting a company's founder to an online roadshow without prior notice, leading to the employee's termination after the event was exposed [4][5][6]. Group 2: Media and Market Reactions - A grassroots employee of a listed company inadvertently disclosed sensitive information during a media interview, resulting in exaggerated media coverage and significant stock price fluctuations [7][8]. - The stock exchange imposed a fine of 1 million on the company's secretary, while no actions were taken against the media or retail investors who contributed to the market reaction [9]. Group 3: Historical Context of Media and Compliance - In 2010, a journalist exposed insider trading at a listed company, leading to severe repercussions including a nationwide manhunt for the journalist, which was later retracted by authorities [10][11][12]. - Another incident involved a publication's retraction of a report on regulatory officials, leading to a collective resignation of the editorial team in protest against the decision [13][14][15][16].

Core Insights - The Shanghai Stock Exchange (SSE) emphasizes the importance of investor protection and aims to implement the "big investor protection" concept as a key feature of its development during the 14th Five-Year Plan [1] Regulatory Measures - SSE has introduced a new generation of company regulatory portrait systems to enhance supervision and combat fraudulent activities, financial fraud, and fund misappropriation [1] - The exchange has issued nearly 800 disciplinary actions, with over 30% being severe penalties such as public reprimands [1] - A "zero tolerance" policy has been adopted against financial fraud and fund misappropriation, resulting in over 170 cases being addressed [1] - More than 50 cases of illegal share reduction have been punished under a strong deterrent approach [1] Delisting Mechanism - SSE has successfully implemented two rounds of delisting system reforms, leading to a total of 93 companies being delisted, including 70 through mandatory delisting and 23 through voluntary delisting [1] - The exchange continues to strengthen monitoring of abnormal trading activities to ensure stable market operations [1]