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]

Core Viewpoint - The article emphasizes the importance of accurate and complete information disclosure in the securities and futures market, highlighting the detrimental effects of controlling shareholders and actual controllers who exploit their positions to the detriment of listed companies. The regulatory framework is evolving to impose severe penalties on violators, thereby reinforcing legal protections for investors and the market [1][4]. Group 1: Regulatory Actions and Penalties - On October 24, Changjiang Runfa Health Industry Co., Ltd. (referred to as "Changjiang Health") received an administrative penalty notice for failing to disclose related party non-operating fund occupation and significant omissions in periodic reports [1]. - The China Securities Regulatory Commission (CSRC) initiated a case against Changjiang Health and Runfa Group for information disclosure violations, leading to the delisting of Changjiang Health due to its stock price falling below 1 yuan for twenty consecutive trading days [2]. - Following its delisting, Changjiang Health was subject to a proposed fine of 53.3 million yuan, with key executives facing lifetime bans from the securities market due to their roles in the violations [3]. Group 2: Strengthening Regulatory Framework - The implementation of the "Administrative Penalty Discretionary Basic Rules" in March 2025 aims to enhance the regulatory framework, allowing for heavier penalties in cases of significant subjective fault and ensuring that criminal behavior is promptly referred to judicial authorities [4]. - In 2024, the CSRC reported a 51% increase in the number of cases referred to public security for suspected criminal activities, indicating a stronger enforcement approach against securities violations [5]. - The joint guidelines issued by the Supreme Court and the CSRC in May 2025 focus on strictly punishing those involved in financial information disclosure fraud, ensuring that primary offenders bear the main compensation responsibilities [6].