本报记者 吴晓璐 自去年7月5日国务院办公厅转发中国证监会等部门《关于进一步做好资本市场财务造假综合惩防工作的意见》（简称《意 见》）以来，监管部门加强部际协同和央地协同，推动建立常态化、长效化的财务造假防治机制。据《证券日报》记者不完全 统计，自去年7月5日以来截至今年7月4日，证监会和地方证监局对财务造假开出165张罚单（行政处罚），罚没金额合计37亿 元。 与此同时，民事追偿体系进一步完善，行政刑事衔接配合机制深化。多部门坚持"追首恶""打帮凶"并重，全链条依法严厉 打击财务造假犯罪，行政执法、民事追责、刑事打击"三位一体"的立体化追责体系走向深化。 随着对财务造假全方位、立体化追责机制的持续完善，防治财务造假长效机制进一步健全，显著提高"首恶""帮凶"的违法 成本，有力打击了造假利益链和生态圈，推动资本市场形成守法诚信的良好生态。 全链条严打财务造假 从上述165张罚单来看，涉及72家上市公司及相关负责人，28家中介机构。其中，东旭集团有限公司及其子公司财务造假 案的罚单金额最高，北京和深圳两地证监局合计开出17亿元罚款。 6月27日，证监会披露南京越博动力系统股份有限公司财务造假案，除拟对上市公司及 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released its annual top ten investor protection cases, highlighting various legal actions and mechanisms aimed at safeguarding investor rights in the capital market [1][2]. Group 1: Investor Protection Cases - The top ten cases include significant legal actions such as representative lawsuits and mediation of securities fraud, market manipulation, and private fund disputes [1]. - Notable cases include the first-ever representative lawsuits for market manipulation and the first case of public nomination of independent directors by an investor protection agency [1][9]. Group 2: Specific Cases - The representative lawsuits for Jin Tong Ling and Mei Shang Ecological involve collective actions against financial fraud, with both companies accused of inflating profits and failing to disclose related party transactions [2][3]. - The Jin Tong Ling case involves approximately 50,000 investors, while the Mei Shang Ecological case involves over 33,000 investors [3]. Group 3: Regulatory Actions - The CSRC has taken strict actions against fraudulent issuance and market manipulation, with a notable case involving Evergrande Group, which faced a fine of 4.175 billion yuan for fraudulent bond issuance [4][5]. - The case against Wang, who manipulated the market using 145 accounts, resulted in a civil lawsuit with a total penalty of 5.7 billion yuan [5][6]. Group 4: Innovative Mediation Mechanisms - The "Tai An Tui" case marked the first successful zero-cost representative lawsuit through judicial collaboration, recovering 572 million yuan for investors [7]. - The introduction of a "demonstration mediation + arbitration confirmation" mechanism has successfully resolved private fund disputes, with 97 investors receiving nearly 300 million yuan in compensation [8][9]. Group 5: Independent Director Nomination - The first public nomination of an independent director by an investor protection agency occurred in the case of First Medical, which is seen as a significant step towards improving the independent director selection mechanism [9].

Group 1 - The core theme of the recent investor education course is "Special Representative Litigation Practice and Protection of Small and Medium Investors" [3] - The new securities law implemented in 2020 established a unique collective litigation system in China, allowing investor protection agencies to act as representatives for individual investors in cases of financial fraud and other severe violations [3][4] - The China Securities Investor Service Center has successfully initiated special representative litigation cases, including a notable case against Kangmei Pharmaceutical, resulting in a compensation of 2.459 billion yuan for 52,037 investors [4] Group 2 - The "Investor Education Navigation" online course series aims to help investors understand regulations, identify risks, and promote rational, value-based, and long-term investment philosophies [4] - The course is part of a public welfare initiative organized by the Shaanxi Investor Education Navigation Alliance, marking its fifth year of operation [4][7]

2025.05. 16 本文字数：2786，阅读时长大约5分钟 作者 | 第一财经 黄思瑜 金通灵和美尚生态财务造假、恒大地产欺诈发行债券、"牛散"使用145个证券账户操纵8只股票等遭 严惩和追偿情况，被证监会评选为年度十大投资者保护典型案例，在"5·15全国投资者保护宣传 日"披露。 其中，金通灵、美尚生态均因连续多年财务造假，被投资者索赔，最终遭集体诉讼，目前两起案件均 在推进过程中。其中，今年4月28日，深圳中院就美尚生态案权利人范围召开听证会。 除了财务造假、欺诈发行、操纵市场等违法行为外，上市公司资金占用等违法行为也遭到监管合力督 促清偿，涉及"太安退"资金占用案、*ST信通（600289.SH）大股东清偿占用资金案等。 此外，目前创新出了多种调解机制。比如：资本市场首次以"示范调解+仲裁确认"工作机制化解私募 基金群体性纠纷；某上市公司证券虚假陈述责任纠纷调解案依托"总对总"在线诉调对接机制，探 索"司法示范调解+平行案件行业调解"。 两单集体诉讼推进中 金通灵、美尚生态均连续多年财务造假，损害投资者合法权益，遭集体诉讼。 其中，金通灵连续5年财务造假。2017年、2018年、2021年、2022 ...

Core Viewpoint - The article highlights the severe penalties and recovery efforts against companies involved in financial fraud and market manipulation, emphasizing the importance of investor protection in the capital market [1][4][5]. Group 1: Financial Fraud Cases - Jintongling and Meishang Ecological have been involved in financial fraud for several years, leading to collective lawsuits from investors [2][3]. - Jintongling inflated its operating income by a total of 1.135 billion yuan and profits by 411 million yuan from 2017 to 2022, with inflated or deflated profits exceeding 5774.38% in 2022 [2]. - Meishang Ecological committed financial fraud for nine consecutive years, inflating net profits by a total of 457 million yuan from 2012 to 2020 [2]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has taken strict actions against companies like Evergrande for fraudulent bond issuance and market manipulation, imposing fines and penalties [4][5]. - Evergrande inflated its revenue by 213.99 billion yuan in 2019 and 350.16 billion yuan in 2020, leading to significant penalties including a fine of 4.175 billion yuan [5][6]. - The CSRC has also penalized individuals involved in market manipulation, such as Wang Baoyuan, who used 145 accounts to manipulate eight stocks, resulting in a fine of 570 million yuan [4][6]. Group 3: Innovative Mediation Mechanisms - New mediation mechanisms have been introduced to resolve disputes, such as "demonstration mediation + arbitration confirmation" to address private fund group disputes [7][8]. - The case of Tai'an Tui involved a successful mediation that recovered 572 million yuan in misappropriated funds through judicial collaboration [7]. - The "total-to-total" online mediation platform has successfully resolved multiple cases, achieving a 100% success rate in investor compensation [8].