本报记者 吴晓璐 2026年1月5日，中国证监会召开资本市场财务造假综合惩防体系跨部门工作推进座谈会，11个部门负责同志出席会议并发 言，共同研究推进进一步加强财务造假综合惩防重点工作。 清华大学法学院教授汤欣在接受《证券日报》记者采访时表示，2025年，监管部门对于资本市场财务造假保持"零容忍"高 压，处罚力度持续明显升级，针对重大违法行为施以重罚。 自2024年7月份，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》以来， 资本市场对财务造假保持"零容忍"高压态势，并逐步实现对策划者、组织者、实施者、配合者的"全链条"惩治和立体化追责， 净化资本市场生态。 尤其是去年，随着财务造假打击力度加大，15家公司因财务造假触及重大违法强制退市指标，数量创历史新高。 同时，监管部门坚持"追首恶"与"打帮凶"并举，力破造假"利益链"和"生态圈"。除了上市公司，监管部门对中介机构、第 三方配合造假行为重拳出击，强化对造假全链条打击。 2025年，会计师事务所、律师事务所、资产评估机构和保荐机构均有被处罚案例，其中，会计师事务所被处罚45家次，罚 没金额合计4.28亿元。与此同时，监管 ...

Core Viewpoint - The regulatory environment for delisted companies in China's capital market is becoming increasingly stringent, emphasizing that delisting does not exempt companies from accountability for past violations [1][4][5]. Group 1: Regulatory Actions and Penalties - Two delisted companies, Zhejiang Aikang New Energy Technology Co., Ltd. and Hainan Puli Pharmaceutical Co., Ltd., received significant fines totaling 34.3 million yuan and 500,000 yuan respectively for information disclosure violations [1]. - As of November 2023, a total of 91 delisted companies have been investigated, with 73 facing penalties amounting to 2 billion yuan [2]. - The China Securities Regulatory Commission (CSRC) has initiated a delisting process for companies involved in severe financial fraud, with 14 companies facing potential mandatory delisting this year, marking a historical high [3]. Group 2: Enforcement of Accountability - The principle of "delisting does not exempt" has led to 38 delisted companies facing administrative penalties this year, surpassing the total for the previous year [4]. - Companies like Jiangsu Sunshine Co., Ltd. and Hengli Industrial Development Group Co., Ltd. have received multiple administrative penalties for various violations post-delisting [4]. - The CSRC is also investigating the accounting firms involved in financial fraud cases, indicating a comprehensive approach to accountability [5]. Group 3: Investor Protection Mechanisms - The regulatory framework has been enhanced to protect investors, with 12 delisted companies disclosing civil litigation progress against them this year [6]. - Recent court rulings have favored investors in several cases, reinforcing the legal recourse available to them [6]. - The CSRC has issued new guidelines aimed at strengthening investor protection during the delisting process, focusing on continuous monitoring and transparency [8]. Group 4: Systematic Approach to Deterrence - The combination of administrative, civil, and criminal accountability creates a robust deterrent against corporate misconduct, aiming to ensure that the costs of violations outweigh any potential benefits [7]. - Experts emphasize the need for a comprehensive understanding of the legal relationships among different parties involved in delisted companies to facilitate effective accountability [7].

Core Viewpoint - The recent court ruling against Xu Mouqun in the financial fraud case related to the acquisition of Beitai Health by Yitong Century Technology Co., Ltd. highlights the increasing judicial efforts to combat financial fraud in China, emphasizing both the principal offenders and accomplices in such schemes [1][4]. Group 1: Case Background - Yitong Century initiated a major asset restructuring in 2016, acquiring 100% of Beitai Health for a total consideration of 1 billion yuan, with a commitment from the sellers to achieve a cumulative net profit of no less than 311 million yuan from 2016 to 2019 [2]. - In 2017, Beitai Health, under the direction of its original controllers, fabricated orders leading to financial misstatements in Yitong Century's 2017 annual report, resulting in administrative penalties from the China Securities Regulatory Commission [2][3]. Group 2: Judicial Outcomes - Xu Mouqun was sentenced to five years in prison and fined 500,000 yuan for his role in the fraud, which included providing funds and assisting in the financial deception that caused significant economic losses to Yitong Century [1][3]. - The court ordered the recovery of 40 million yuan from Xu's illegal gains to be returned to Yitong Century, with additional compensation required if the recovered amount was insufficient [1]. Group 3: Regulatory Environment - The case reflects a broader trend in China's regulatory environment, where the China Securities Regulatory Commission has begun to hold accomplices accountable alongside primary offenders in financial fraud cases, reinforcing a multi-faceted accountability system [4][6]. - Recent cases indicate a shift towards more stringent penalties for both the main perpetrators and those who assist in financial fraud, aiming to dismantle the ecosystem that supports such illegal activities [7][8].

Core Viewpoint - Yitong Century Technology Co., Ltd. has received a criminal judgment from the Guangzhou Intermediate People's Court regarding a long-standing merger and acquisition financial fraud case, marking a significant step in judicial accountability against financial fraud in China [1][2]. Group 1: Case Background - In 2016, Yitong Century initiated a major asset restructuring, acquiring 100% of Shenzhen Beitai Health Measurement Analysis Technology Co., Ltd. for a total consideration of 1 billion yuan, with a commitment from the sellers to achieve a cumulative net profit of no less than 311 million yuan from 2016 to 2019 [2]. - The fraud involved the fabrication of orders by Beitai Health, leading to financial misstatements in Yitong Century's 2017 annual report, resulting in administrative penalties from the China Securities Regulatory Commission [2]. Group 2: Judicial Outcomes - The court sentenced Xu Mouqun to five years in prison and imposed a fine of 500,000 yuan for his role in the fraud, which included providing funds and assisting in financial deception, causing significant economic losses to Yitong Century [1][3]. - The court also ordered the recovery of 40 million yuan in illegal gains from Xu, with provisions for further compensation if the recovery was insufficient [1]. Group 3: Regulatory Environment - The case reflects a broader trend in China's regulatory environment, emphasizing a dual approach of targeting both the principal offenders and accomplices in financial fraud cases, thereby enhancing market integrity and protecting investors' rights [1][4]. - The China Securities Regulatory Commission has reinforced its stance on punishing accomplices in financial fraud, indicating a shift towards a more comprehensive accountability framework [4][6]. Group 4: Industry Implications - The increasing severity of penalties for financial fraud, including criminal charges against accomplices, aims to deter potential fraudsters and purify the market environment [8][9]. - The establishment of a multi-dimensional accountability system is intended to create clear behavioral boundaries for market participants, thereby safeguarding investors' legitimate rights and interests [8][9].

Core Viewpoint - The regulatory authorities are firmly enforcing the principle of "delisting does not exempt from responsibility," indicating a zero-tolerance approach towards illegal activities by delisted companies [1][3][5]. Regulatory Actions - In October, the China Securities Regulatory Commission (CSRC) and local securities regulatory bureaus took action against seven delisted companies, with four receiving administrative penalties or prior notices, two shareholders being investigated, and one company facing regulatory measures [1][2]. - Pan Hai Holdings and Qingdao Zhongzi Zhongcheng Group received fines of 8.4 million yuan and 20.6 million yuan respectively for violations related to financial disclosures and contract defaults [2]. Enforcement of Accountability - The regulatory bodies are implementing a "double penalty" approach, holding both the companies and key individuals accountable for violations, which enhances the deterrent effect against misconduct [4][5]. - For instance, the controlling shareholder of Changjiang Health was fined 15 million yuan, and the former and current chairpersons faced fines of 1.2 million yuan each, along with lifetime bans from the securities market [4]. Strengthening Investor Protection - The CSRC is enhancing investor protection measures, particularly for small and medium investors, by promoting proactive compensation from controlling shareholders in cases of significant violations leading to forced delisting [7][8]. - Recent judicial actions have also favored investors, as seen in the case of Shanghai Longyu Data, where investors won a civil lawsuit against the delisted company [7]. Overall Market Impact - The ongoing strict regulatory environment is expected to improve compliance among companies, reduce the occurrence of illegal activities, and ultimately foster a healthier capital market ecosystem [5][6].

Core Viewpoint - The concept of "delisting does not exempt from liability" has become a regulatory norm in the capital market, indicating that companies and related parties will still face accountability for illegal activities even after delisting [1][4]. Group 1: Regulatory Actions - Three delisted companies and their related parties have recently faced regulatory actions, including investigations and penalties, due to violations during their listing period [1][2]. - China Zhongqi Investment Co., Ltd. announced that its controlling shareholder received a notice of investigation from the CSRC for suspected information disclosure violations [2]. - Jiangsu Sunshine, a delisted company, received a notice of administrative penalty for failing to disclose significant events related to related party transactions, with a proposed fine of 3.3 million yuan [3]. Group 2: Trends in Delisting Accountability - There has been a notable increase in regulatory actions against delisted companies, with over 70 companies investigated for illegal activities and 33 cases referred for suspected criminal information disclosure [4]. - The regulatory framework aims to enhance compliance awareness among market participants and boost investor confidence, contributing to the high-quality development of the capital market [4]. Group 3: Legal Mechanisms and Enforcement - The introduction of representative litigation for delisted companies marks a significant advancement in civil compensation mechanisms, reducing the cost of investor rights protection and increasing litigation efficiency [5]. - The CSRC has intensified its crackdown on financial fraud, with 13 companies facing mandatory delisting this year due to severe violations, particularly financial misconduct [6]. - Regulatory authorities are focusing on key stakeholders, including actual controllers and major shareholders, to ensure accountability and maintain market stability [6].

Core Points - Jintongling (300091.SZ) has been sentenced for securities fraud, with a fine of 8 million yuan and its chairman, Ji Wei, receiving a 6-year prison term and a fine of 3 million yuan [2][4] - The company has faced administrative penalties from the Jiangsu Securities Regulatory Bureau for financial fraud from 2017 to 2022, with ongoing civil litigation initiated by a representative [2][5][7] Summary by Category Criminal Sentences - Jintongling was found guilty of securities fraud and fined 8 million yuan, which is 1.17% of its latest audited net assets [4] - Ji Wei was sentenced to 6 years in prison for securities fraud and information disclosure violations, while other executives received varying prison terms and fines [4][6] Administrative Penalties - The Jiangsu Securities Regulatory Bureau imposed a fine of 1.5 million yuan on Jintongling for financial misconduct, including inflating revenue and profits through falsified documents from 2017 to 2022 [5][6] - Specific fines were also levied against Ji Wei and other executives for their roles in the fraudulent activities [6] Civil Litigation - A special representative lawsuit has been initiated against Jintongling for securities fraud, with the Nanjing Intermediate Court announcing the commencement of this process [7] - Legal experts emphasize the importance of a comprehensive regulatory approach to deter financial fraud in the capital market [7]

Core Viewpoint - *ST Zitian's stock will be delisted due to financial misconduct, including false accounting reports and failure to rectify issues as mandated by regulatory authorities [2][6][9] Group 1: Financial Misconduct - *ST Zitian has inflated revenue by a total of 2.499 billion yuan over two years [5][6] - In the 2022 annual report, the company falsely reported internet advertising fees and other services, inflating revenue by 778 million yuan, which constituted 44.59% of annual revenue, and profit by 85 million yuan, accounting for 35.99% of total profit [6][7] - The 2023 semi-annual report showed an inflated revenue of 207 million yuan and profit of 79 million yuan, representing 14.56% of that period's revenue and 51.64% of profit [7] - The 2023 annual report indicated an inflated revenue of 1.721 billion yuan, which was 78.63% of that year's revenue, due to incorrect revenue recognition practices [7] Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a total penalty of 38.4 million yuan on *ST Zitian and its management for the fraudulent activities [7][9] - The former chairman and financial director face lifetime bans from the securities market due to their roles in the misconduct [7] - Regulatory authorities are pursuing comprehensive accountability for financial fraud, indicating that penalties will extend beyond administrative actions to potential criminal charges [9] Group 3: Market Impact - *ST Zitian's stock has experienced a cumulative decline of 87.01% this year [9]

Group 1 - The core viewpoint of the articles highlights the severe penalties imposed on *ST Gaohong for financial fraud, including a proposed fine of 1.6 billion yuan and additional penalties for involved third parties [1][2] - The regulatory body has adopted a zero-tolerance approach towards financial fraud, establishing a comprehensive accountability system that includes administrative penalties, criminal referrals, and civil compensation lawsuits to protect investors [1][3] - *ST Gaohong's financial fraud lasted for nine years from 2015 to 2021, resulting in inflated revenue of nearly 19.9 billion yuan and total profits exceeding 76.2 million yuan [1] Group 2 - The penalties for *ST Gaohong are characterized by their severity, with the company facing potential delisting due to significant violations, reflecting a strong stance against malpractices in the market [2] - The crackdown on accomplices involved in financial fraud has intensified, with significant fines imposed on individuals and companies that facilitated the fraudulent activities, indicating a shift towards stricter enforcement [2] - There has been an increase in cases where listed companies and responsible individuals face criminal charges for financial fraud, demonstrating a growing trend in the regulatory environment [3]

Core Viewpoint - *ST Gaohong has been found guilty of serious financial fraud, resulting in a total revenue inflation of 19.876 billion yuan and profit inflation of 76.2259 million yuan from 2015 to 2023, leading to severe penalties and potential delisting from the stock exchange [1][3][4]. Group 1: Financial Fraud Details - The company engaged in fictitious trade activities, significantly inflating its revenue and profits through non-substantive transactions involving laptops and IT products [3][4]. - The inflated revenue accounted for 49.38% of the reported figures in 2019, while the inflated profit represented 64.88% of the total profit for that year [3]. - The total penalties proposed by the China Securities Regulatory Commission (CSRC) include a fine of 1.6 billion yuan for the company and 7 million yuan for third parties involved in the fraud [1][3]. Group 2: Regulatory Actions - The CSRC has initiated a delisting process for *ST Gaohong due to serious violations of securities laws, marking a "zero tolerance" approach towards financial fraud in the market [1][6]. - Key individuals involved, including the chairman and other executives, face significant penalties and market bans, with the chairman facing a 10-year ban [5][6]. - The regulatory framework is evolving to include a comprehensive accountability system that targets both the primary offenders and those who facilitate fraudulent activities [6][7]. Group 3: Company Financial Health - *ST Gaohong has reported continuous losses since 2021, with an expected loss of 130 to 180 million yuan in the first half of 2025 due to overdue loans and other financial strains [5]. - The company has faced multiple lawsuits and has had its bank accounts frozen, further impacting its operational capabilities and revenue generation [5].