但是，退市绝不意味着责任的"一笔勾销"，部分公司在退市前可能存在财务造假、信披不合规、资金占 用等违法违规行为，不仅损害市场的公平和信用，还严重侵害投资者合法权益，监管部门必须"一追到 底"。"退市不免责"已逐步成为资本市场的一项原则，并落实在执法司法过程中。 目前，法律之网越织越密，对退市公司的行、民、刑立体化追责，正在重塑市场生态。证券监管部门加 大行政处罚，2024年以来，证监会已经查处了64家退市公司的违法行为，其中对44家已作出最终行政处 罚决定，处罚覆盖负有责任的公司实际控制人、董事长、财务总监等"关键少数"。 退市后，公司因上市时存在虚假陈述等行为给投资者造成损失的，需要承担赔偿责任。目前，证券纠纷 代表人诉讼、先行赔付、支持诉讼、行政执法当事人承诺、示范判决、专业调解等多种维权渠道畅通， 且有泽达易盛、紫晶存储、太安堂等系列相关案例落地，为投资者获得赔偿救济提供有力支持。同时， 证监会加大对"首恶""帮凶"的刑事移送力度，2024年以来，证监会已向公安机关移送33家退市公司涉嫌 信息披露犯罪线索。构成犯罪的，司法部门依法追究刑事责任。如康得新原董事长钟玉被判处有期徒刑 15年，并处罚金；康得新 ...

二是泰禾集团2020年至2022年年度报告存在重大遗漏。泰禾集团作为上市公司及债券发行人，未在其 2020年、2021年、2022年年度报告中披露上述诉讼，不符合相关规定。 登录新浪财经APP 搜索【信披】查看更多考评等级 退市不免责。8月22日，已在A股退市的泰禾集团收到福建证监局下发的《行政处罚决定书》。因未按 规定披露重大诉讼，以及2020年至2022年年度报告存在重大遗漏，福建证监局决定对泰禾集团及相关人 员给予警告，并处以合计1740万元罚款。 一天前（8月21日），已退市的华铁股份公告称，公司、实际控制人及相关当事人收到广东证监局出具 的《行政处罚事先告知书》。华铁股份、公司时任董事长宣瑞国涉嫌信息披露违法违规一案，已由广东 证监局调查完毕。广东证监局依法拟对公司及13名当事人作出行政处罚，合计罚款金额超2400万元。 两天两家退市公司被罚，传递出监管部门"严格执法、敢于亮剑、一追到底"的监管态度，以及对退市公 司违法违规问题一追到底的决心。 未按规定披露重大诉讼 年报存在重大遗漏 根据《行政处罚决定书》，泰禾集团存在两大信息披露违法违规行为。一是泰禾集团未按规定披露重大 诉讼。 2020年7月6 ...

8月21日、22日，退市公司广东华铁通达高铁装备股份有限公司(以下简称"华铁股份")、泰禾集团股份 有限公司(以下简称"泰禾集团")先后发布公司收到行政处罚(或事先告知书)的公告。 华铁股份于去年8月份被实施面值退市，退市后至今，公司已经收到广东证监局两份行政处罚罚单；泰 禾集团因触及面值退市指标，于2023年8月份摘牌退市，此次因信披违法违规被福建证监局行政处罚。 接连两天两家退市公司收到监管罚单，传递出监管部门"严格执法、敢于亮剑、一追到底"的监管态度。 彰显"一追到底"决心 2024年7月25日，华铁股份因股票连续20个交易日收盘价低于1元，触及面值类退市指标。2024年8月27 日，公司股票摘牌。 在退市前，华铁股份涉及未披露大额资金占用、财务造假等严重信息披露违规问题，被广东证监局行政 处罚。2024年5月份，广东证监局对华铁股份及相关责任人员下发行政处罚及市场禁入决定书，对公司 及14名相关责任人员处以罚款合计2620万元，对公司实际控制人宣瑞国实施终身市场禁入。 退市后，监管部门依然紧追不放，华铁股份已收到两份罚单。2024年12月5日，华铁股份公告称，公司 收到广东证监局行政处罚决定书。针对华 ...

2024年7月25日，华铁股份因股票连续20个交易日收盘价低于1元，触及面值类退市指标。2024年8月27 日，公司股票摘牌。 在退市前，华铁股份涉及未披露大额资金占用、财务造假等严重信息披露违规问题，被广东证监局行政 处罚。2024年5月份，广东证监局对华铁股份及相关责任人员下发行政处罚及市场禁入决定书，对公司 及14名相关责任人员处以罚款合计2620万元，对公司实际控制人宣瑞国实施终身市场禁入。 本报记者 吴晓璐 8月21日、22日，退市公司广东华铁通达高铁装备股份有限公司（以下简称"华铁股份"）、泰禾集团股 份有限公司（以下简称"泰禾集团"）先后发布公司收到行政处罚（或事先告知书）的公告。 华铁股份于去年8月份被实施面值退市，退市后至今，公司已经收到广东证监局两份行政处罚罚单；泰 禾集团因触及面值退市指标，于2023年8月份摘牌退市，此次因信披违法违规被福建证监局行政处罚。 接连两天两家退市公司收到监管罚单，传递出监管部门"严格执法、敢于亮剑、一追到底"的监管态度。 彰显"一追到底"决心 法成本。这一持续追责的监管态度会对仍在市场中的"关键少数"形成持续威慑，有利于净化市场环境。 退市后，监管部门依然紧 ...

本报记者 吴晓璐 8月21日、22日，退市公司广东华铁通达高铁装备股份有限公司（以下简称"华铁股份"）、泰禾集团股份有限公司（以下 简称"泰禾集团"）先后发布公司收到行政处罚（或事先告知书）的公告。 华铁股份于去年8月份被实施面值退市，退市后至今，公司已经收到广东证监局两份行政处罚罚单；泰禾集团因触及面值 退市指标，于2023年8月份摘牌退市，此次因信披违法违规被福建证监局行政处罚。 接连两天两家退市公司收到监管罚单，传递出监管部门"严格执法、敢于亮剑、一追到底"的监管态度。 彰显"一追到底"决心 2024年7月25日，华铁股份因股票连续20个交易日收盘价低于1元，触及面值类退市指标。2024年8月27日，公司股票摘 牌。 在退市前，华铁股份涉及未披露大额资金占用、财务造假等严重信息披露违规问题，被广东证监局行政处罚。2024年5月 份，广东证监局对华铁股份及相关责任人员下发行政处罚及市场禁入决定书，对公司及14名相关责任人员处以罚款合计2620万 元，对公司实际控制人宣瑞国实施终身市场禁入。 退市后，监管部门依然紧追不放，华铁股份已收到两份罚单。2024年12月5日，华铁股份公告称，公司收到广东证监局行 政 ...

"十四五"规划收官之年，A股再次重返3700点，总市值首次突破百万亿元，创下近十年新高。 站在当前时点回望过去五年，资本市场经历了一场系统性的重塑。注册制从试点到全面推开，多层次资 本市场体系逐步完善，上市公司持续扩容，投资者保护机制进一步完善，资本市场的基础制度和监管逻 辑经历了全方位的重塑。 在此期间，资本市场向高质量发展转型过程中的短板也逐渐显现，融资面临结构性失衡，服务创新的制 度包容性不足；上市公司质量有待提升；市场资金不稳定、投资行为短期化，长期资金存在不足，投资 者结构仍需优化；对外开放水平程度不够等等。 展望"十五五"，全球经济格局正在经历深刻重塑，中国经济结构调整与科技创新发展面临新的挑战与机 遇，资本市场作为连接实体经济与金融资源的桥梁，新一轮深化改革的锚点又将在哪？ 系统性重塑基础制度与监管逻辑 "十四五"规划即将迎来收官。2021年发布的《中华人民共和国国民经济和社会发展第十四个五年规划和 2035年远景目标纲要》提出，完善资本市场基础制度，健全多层次资本市场体系，大力发展机构投资 者，提高直接融资特别是股权融资比重。全面实行股票发行注册制，建立常态化退市机制，提高上市公 司质量。深化 ...

Group 1 - The company,招商证券股份有限公司, commits to ensuring that the documents produced for the initial public offering (IPO) of 广东省建筑科学研究院集团股份有限公司 are free from false records, misleading statements, or significant omissions, and will compensate investors for any actual losses incurred due to negligence [2] - The law firm involved, 北京市金杜律师事务所, promises to compensate investors for losses resulting from false records, misleading statements, or significant omissions in the documents produced for the IPO, following a valid judicial ruling [3] - The accounting firm, 立信会计师事务所, confirms that the prospectus aligns with the audit reports and will bear legal responsibility for any inaccuracies that lead to investor losses due to reliance on the documents [4] Group 2 - 中联国际评估咨询有限公司 commits to ensuring the accuracy and validity of the documents for the IPO of 广东省建筑科学研究院集团股份有限公司, promising to compensate investors for losses caused by any errors [5] - 广东中广信资产评估有限公司 also pledges to ensure the documents are free from false records or misleading statements and will compensate investors for any losses resulting from their mistakes [5]

Core Viewpoint - The article discusses the significant progress made in investor protection in recent years, highlighting the challenges that still exist in ensuring robust safeguards for investors' rights in the capital market [1][2]. Group 1: Legal Framework and Mechanisms - The accumulation of successful legal cases serves a dual purpose: it builds investor confidence through visible justice and increases the cost of violations, compelling market participants to respect regulations [1][2]. - The establishment of the "Small Investor Protection Cabin" by the Shanghai Financial Court provides a convenient entry point for claims, streamlining the process of stockholding inquiries and compensation registration [2]. - The need for precise responsibility delineation in legal actions related to false statements is emphasized, as there is a lack of unified standards for the accountability of various parties involved, including intermediaries and executives [3]. Group 2: Challenges in Litigation - The complexity of securities litigation is highlighted, with disputes often revolving around key elements such as price fluctuations, materiality, and causal relationships, which can affect court efficiency [3]. - The improvement of collective litigation systems is necessary to balance the need for punishing violations while maintaining market vitality, indicating a need for ongoing exploration in institutional construction [3][4]. Group 3: Investor Behavior and Legal Representation - The rise of agency litigation models has been noted, where lawyers actively seek to represent investors in cases of significant false statements, utilizing a "win-fee" model to ensure effective representation [5]. - Investors are advised to be mindful of three key moments for initiating claims related to false statements, including the receipt of legal notifications and the nearing expiration of the three-year statute of limitations [6]. - Experts caution against emotional reactions to short-term losses, advocating for a balanced approach to legal action that combines professional judgment with restraint to avoid misuse of rights [6].

Core Viewpoint - The event "2025 Inner Mongolia Listed Companies Investor Online Reception Day" successfully facilitated communication between nearly 100 executives from 29 listed companies and investors, highlighting the commitment to investor protection and high-quality development in the capital market [1][2]. Group 1: Event Overview - The event was organized by the Inner Mongolia Securities Regulatory Bureau, with support from the Inner Mongolia Listed Companies Association, Securities Times, and Shenzhen Panorama Network Co., Ltd [1]. - The event featured speeches emphasizing the importance of investor protection and the implementation of new regulatory measures to enhance market confidence [1][3]. Group 2: Company Performance - In 2024, the 29 listed companies in Inner Mongolia achieved a total revenue of 4,611.02 billion and a net profit of 367.03 billion, with 26 companies reporting profits, significantly above the market average [2]. - A total of 23 companies distributed cash dividends amounting to 301.77 billion, with 3 companies conducting multiple dividends within a year and 8 companies engaging in share buybacks totaling 10.77 billion [2]. Group 3: Investor Relations and Protection - The Inner Mongolia Securities Regulatory Bureau is committed to enhancing investor protection and has implemented measures to improve the effectiveness of regulatory oversight [3][4]. - The Inner Mongolia Listed Companies Association is actively working on investor relations management, including training and educational activities to improve companies' engagement with investors [3][4]. Group 4: Communication and Interaction - The event provided a platform for real-time interaction between company executives and investors, with 884 questions posed by investors and a response rate of 92.53% from company representatives [7]. - The ongoing communication initiatives, such as collective reception days and performance briefings, are designed to enhance transparency and build trust between listed companies and investors [5][6].

Group 1 - The number of new A-share accounts reached 1.26 million in June, a 53% year-on-year increase, and 12.6 million in the first half of the year, a 33% increase compared to the previous year, indicating strong investor confidence in China's capital market [1] - The influx of investors reflects optimism about the continuous recovery of the economy and the high-quality development of the capital market, supported by coordinated policies to stabilize the market [1] - Protecting investors is essential for the growth of listed companies and the capital market, emphasizing that investor participation is crucial for building a strong financial nation and achieving high-quality market development [1] Group 2 - Regulatory authorities must adopt a "zero tolerance" approach to strengthen market integrity, addressing persistent issues like fraud and market manipulation while innovating regulatory methods for new challenges [2] - Listed companies are urged to focus on genuine operations and governance, resisting fraudulent practices and enhancing shareholder returns to maintain investor trust [2] - Intermediary institutions must recognize their significant responsibilities and enhance their professional capabilities to protect investors and ensure a more regulated market environment [3] Group 3 - Investor self-protection is vital, as successful securities investment relies on individual knowledge, investment philosophy, and habits, promoting value and rational long-term investment strategies [3] - The growing number of investors signifies the progress in investor protection efforts, highlighting the need for collective efforts to ensure the capital market thrives [3]