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 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced administrative penalties against *ST Yuancheng for financial fraud, including fines and a 10-year market ban for the actual controller [1][3][4]. Group 1: Administrative Penalties - *ST Yuancheng is facing a fine of 37.45 million yuan for inflating revenue and profits over three consecutive years [1][3]. - Five responsible individuals will collectively face fines totaling 42 million yuan [1][3]. - The actual controller of *ST Yuancheng will be banned from the securities market for 10 years [1][3]. Group 2: Legal Proceedings - The Shanghai Stock Exchange will initiate delisting procedures due to serious violations [2][4]. - The CSRC will transfer any criminal evidence related to the case to law enforcement agencies, adhering to strict legal standards [2][4][6]. Group 3: Financial Misconduct Details - From 2020 to 2022, *ST Yuancheng inflated its revenue by 209 million yuan and total profits by 50 million yuan through fraudulent accounting practices [4]. - The company failed to adjust its financial records based on verified project settlement documents, leading to an inflated revenue of 14 million yuan and total profits of 13 million yuan in its 2022 annual report [4]. Group 4: Regulatory Environment - The CSRC has emphasized a comprehensive approach to tackling financial fraud, including administrative, civil, and criminal penalties [6][7][8]. - In 2024, the CSRC referred 178 cases to law enforcement, marking a 51% increase from the previous year [7].

证监会官网10月10日公布，近日对*ST元成（603388.SH）涉嫌财务造假作出行政处罚事先告知。因*ST 元成连续三年虚增收入和利润，证监会拟对上市公司罚款3745.46万元，对5名责任人员合计罚款4200万 元，对实际控制人采取10年证券市场禁入的处罚。 此外，*ST元成涉嫌触及重大违法强制退市情形，上交所将依法启动退市程序。 *ST元成10月10日披露的浙江证监局下发的《行政处罚事先告知书》显示，2025年7 月1 日，因公司涉 嫌年报等定期报告财务数据虚假披露，证监会决定对公司及公司控股股东、实际控制人立案调查。 经查，2020—2022年，在实际控制人祝昌人组织、指使下，*ST元成通过虚增越龙山国际旅游度假区相 关项目（以下简称"越龙山项目"）劳务和机械成本、虚增相应项目产值等方式，累计虚增营业收入2.09 亿元、利润总额0.50亿元。 2022年9月前后，*ST元成先后收到淮阴区张棉、徐溜、三凌、南陈集、渔沟工业园区道路基础设施工 程项目的结算审定单并加盖公司公章确认，但未及时根据审定结果调整财务记账金额，导致公司2022年 年报虚增营业收入0.14亿元、利润总额0.13亿元。 此外，由于引用了 ...

Group 1 - Regulatory bodies have intensified scrutiny on financial fraud, fund misappropriation, and information disclosure violations, with 20 companies receiving penalties since September, including one under investigation and five receiving advance notice of administrative penalties [1][2] - Over half of the penalties issued in September are related to financial fraud, with two penalties exceeding 100 million yuan, highlighting a zero-tolerance approach from regulators [2] - The principle of "delisting does not exempt from liability" is being enforced, with three delisted companies receiving penalties for financial fraud and failure to disclose reports on time, emphasizing that all market participants must adhere to compliance [3] Group 2 - Regulatory efforts aim to create a "survival of the fittest" market ecosystem, protecting investors' rights by punishing fraudulent companies and reallocating resources to well-governed firms [4] - The current administrative penalties serve as a basis for civil and criminal accountability, with a comprehensive accountability system expected to increase the cost of violations and uphold fairness in the capital market [4] - There is a need for improved preemptive regulation to prevent issues before they arise, with calls for better institutional design and enhanced responsibilities for intermediary organizations [4] Group 3 - The recent surge in penalties sends a clear message that regulatory bodies are committed to creating a more standardized, transparent, and vibrant capital market, thereby boosting investor confidence and enhancing the market's role in supporting the real economy [5]

Core Viewpoint - The recent cases of Huatie Co. and Taihe Group illustrate that delisting does not exempt companies from legal responsibilities, emphasizing a stringent regulatory environment where accountability is enforced even after a company exits the market [1][5]. Group 1: Huatie Co. Case - Huatie Co. was delisted on August 27, 2024, after its stock price fell below 1 yuan for 20 consecutive trading days [2]. - Prior to delisting, Huatie Co. faced administrative penalties totaling 2,620 million yuan for false reporting and significant omissions in its financial statements from 2019 to 2022 [2]. - After delisting, the company and its executives were fined an additional 530 million yuan for failing to disclose the 2023 annual report on time [2]. - The Guangdong Securities Regulatory Bureau identified three violations of information disclosure post-delisting, leading to a total penalty exceeding 24 million yuan for Huatie Co. and 13 involved parties [2][4]. Group 2: Accountability of Executives - Among the 13 individuals penalized, the actual controller, Xuan Ruiguo, faced a fine of 9.5 million yuan, bringing his total penalties to over 11 million yuan, along with a lifetime ban from the securities market [3]. - The cumulative penalties for Huatie Co. before and after delisting reached 55.65 million yuan by August 2025 [4]. Group 3: Taihe Group Case - Taihe Group was delisted in August 2023 due to a similar price drop, and in November 2024, it was investigated for information disclosure violations [5]. - The company and its executives were fined a total of 17.4 million yuan for failing to disclose significant lawsuits and major omissions in annual reports from 2020 to 2022 [5]. - Taihe Group was involved in 23 major lawsuits during this period, with 21 cases exceeding 50 million yuan each, which were concealed until May 2023 and February 2025 [5]. Group 4: Regulatory Environment - The regulatory framework has established a comprehensive accountability system involving administrative, civil, and criminal penalties for delisted companies [6]. - In 2024, the China Securities Regulatory Commission (CSRC) penalized 64 delisted companies, with total fines amounting to 1.2 billion yuan, averaging 27.31 million yuan per case [6]. - The regulatory approach includes strict enforcement against key individuals, ensuring that penalties cover actual controllers, board chairs, and financial directors [6]. Group 5: Legal and Investor Protection - The new "National Nine Articles" aims to enhance investor compensation mechanisms during the delisting process, allowing for civil lawsuits against companies for losses due to false statements [7]. - Various channels for investor protection, including representative lawsuits and administrative commitments, are now fully operational [7]. - The CSRC has indicated a commitment to criminally prosecute those involved in fraudulent activities, reinforcing a high-pressure deterrent against misconduct [8].

Group 1 - The capital market plays a crucial role in financial operations, and financial fraud severely disrupts market order and undermines investor confidence [1] - Since the implementation of the Opinions on Combating Financial Fraud, regulatory authorities have issued 165 administrative penalties with a total fine of 3.7 billion yuan [1] - A comprehensive and multi-faceted accountability mechanism for financial fraud has been established, significantly increasing the costs for primary offenders and accomplices [2] Group 2 - The government has intensified the crackdown on financial fraud, with new regulations aimed at ensuring intermediary institutions fulfill their responsibilities [2] - The Supreme People's Court and the China Securities Regulatory Commission (CSRC) have issued guidelines to enhance the accountability for financial fraud and improve the judicial process [2] - The establishment of a third-party mechanism for reporting fraud clues has been implemented to strengthen the connection between administrative enforcement and criminal justice [2][3]