Core Viewpoint - The regulatory authority is intensifying its crackdown on companies that have been delisted, emphasizing that delisting does not exempt them from accountability for past violations [1][2][3] Group 1: Regulatory Actions - Changjiang Health received an administrative penalty notice after being delisted for a year, with a total fine of 53.3 million yuan proposed against the company and its responsible personnel [1] - The penalties include maximum fines for direct responsible individuals, highlighting a "zero tolerance" regulatory attitude [1] - Since 2025, over 70 delisted companies have faced investigations for violations, with 33 cases referred for suspected criminal information disclosure [1] Group 2: Legal Framework and Enforcement - The core breakthrough in the accountability system is the strengthening of "criminal-administrative connection," allowing for precise targeting of actual controllers and key positions behind delisted companies [2] - The implementation of the "Basic Rules for Administrative Penalty Discretion" in March 2025 allows for heavier penalties for those with significant subjective faults [2] - Recent cases, such as the imprisonment of key individuals for fraud and market manipulation, demonstrate the clear direction of punishing the "principal offenders" [2] Group 3: Comprehensive Accountability System - The collaborative efforts between administrative and criminal authorities have led to a significant increase in the number of cases referred for criminal investigation, with a 51% year-on-year growth in 2024 [3] - The establishment of a comprehensive accountability system aims to ensure accurate and complete information disclosure, which is vital for the capital market [3] - The enforcement of the "punish the principal offenders and their accomplices" principle is expected to raise the cost of violations, promoting legal compliance and integrity in market operations [3]

2024年4月29日，因涉嫌信息披露违法违规，中国证监会决定对长江健康及润发集团立案。2024年8月15 日，因公司股票在2024年6月3日至2024年7月1日期间，通过深交所交易系统连续二十个交易日的每日股 票收盘价均低于1元，触及深交所《股票上市规则（2024年修订）》规定的股票终止上市情形，被深交 所正式摘牌。 然而，退市企业的违法劣迹未因摘牌而消除，监管部门执法追责更不会因退市而终止。2025年以来，上 海易连实业集团股份有限公司、北京腾信创新网络营销技术股份有限公司等多家退市公司先后领罚；北 京左江科技股份有限公司因虚增收入利润，公司及其董监高等被处以合计1475万元罚款；广东华铁通达 高铁装备股份有限公司因定期报告存在虚假记载，公司及相关人员被处以合计2415万元罚款。 因面值退市的长江健康，在退市一年后收到《行政处罚实现告知书》，监管部门拟对公司及相关人员处 以5330万元罚款。长江健康时任董事长郁霞秋、长江健康时任副董事长黄忠和在涉案期间同时担任长江 健康及控股股东润发集团的相关职务，2人决策实施对长江健康的资金占用，是长江健康定期报告存在 重大遗漏和控股股东润发集团组织、指使行为直接负责的主 ...