登录新浪财经APP 搜索【信披】查看更多考评等级 转自：证券日报 本报记者 吴晓璐 8月26日晚间，又有2家上市公司因资金占用被监管处罚。 聆达集团股份有限公司（以下简称"*ST聆达（维权）"）关联方在归还全部占用资金、解除了违规 担保后，依旧收到大连证监局的行政处罚告知书，大连证监局拟对公司和相关责任人罚款500万元；山 东新华锦（维权）国际股份有限公司（以下简称"新华锦"）当晚披露的2025年半年报显示，公司存在资 金占用余额4.06亿元，被青岛证监局责令限期6个月整改。如公司未能在责令改正期限内完成整改，将 被依规启动规范类退市程序。 去年4月份发布的退市新规将大额资金占用未整改纳入规范类退市情形，"以退促改"推动上市公司 解决资金占用问题，截至目前，已经有8家公司通过多元方式解决了资金占用问题，清收金额合计超过 80亿元。 在市场人士看来，近年来，监管层对资金占用、违规担保始终坚持"零容忍"高压态势，前期8家公 司在规范类退市的"利剑高悬"下，"一司一策"解决了资金占用问题。此外，监管部门持续推动完善行、 民、刑立体追责体系，充分彰显了监管"长牙带刺"，有棱有角和"两强两严"的监管理念，将更加有效保 ...

8月26日晚间，又有2家上市公司因资金占用被监管处罚。 聆达集团股份有限公司（简称"*ST聆达（300125）"）关联方在归还全部占用资金、解除了违规担保 后，依旧收到大连证监局的行政处罚告知书，大连证监局拟对公司和相关责任人罚款500万元；山东新 华锦（600735）国际股份有限公司（简称"新华锦"）当晚披露的2025年半年报显示，公司存在资金占用 余额4.06亿元，被青岛证监局责令限期6个月整改。如公司未能在责令改正期限内完成整改，将被依规 启动规范类退市程序。 去年4月份发布的退市新规将大额资金占用未整改纳入规范类退市情形，"以退促改"推动上市公司解决 资金占用问题，截至目前，已经有8家公司通过多元方式解决了资金占用问题，清收金额合计超过80亿 元。 8月26日，因涉嫌资金占用、违规担保事项，大连证监局对*ST聆达作出《行政处罚事先告知书》，拟 对公司及时任董事长王明圣、副董事长林志煌合计罚款500万元。 *ST聆达通过采购预付款、在建工程、借款合同、银行承兑汇票贴现等方式向关联方转移资金，累计占 用金额6560万元，违规担保金额1.26亿元，严重侵害上市公司及中小股东合法权益。 大连证监局在日常监管中 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes enhancing regulatory enforcement effectiveness to strengthen market governance and purify the market ecology [1][2]. Group 1: Regulatory Focus - The CSRC's meeting outlines a focus on "cracking down on major cases, serious violations, and key targets," aiming to improve regulatory collaboration and enhance technological regulatory capabilities [1][3]. - The meeting stresses the importance of precise and targeted measures to avoid one-size-fits-all approaches, ensuring that enforcement is strict yet reasonable and effective [1][5]. Group 2: Legal Framework and Accountability - Significant progress has been made in establishing a comprehensive accountability system, integrating administrative enforcement, criminal justice, and civil compensation [2][3]. - The increase in administrative penalties, the introduction of harsher criminal penalties, and the establishment of a collective lawsuit system have all contributed to a more robust deterrent effect against market violations [2][3]. Group 3: Technological Integration - The need for enhanced regulatory collaboration, particularly between judicial and administrative bodies, is highlighted as essential for high-quality capital market development [3][4]. - The use of big data and artificial intelligence is being implemented to create a comprehensive monitoring network that can automatically identify abnormal trading patterns and improve the efficiency of case detection and resolution [4]. Group 4: Balancing Regulation and Market Vitality - The challenge remains to enforce strict regulations while preserving the vitality and innovation of the market, suggesting the introduction of a "regulatory sandbox" to allow for some flexibility [4]. - The notion that strict regulation does not contradict market activation is emphasized, as it helps to recognize and favor quality market participants, fostering a shift towards innovation and long-term investment [4][5]. Group 5: Future Outlook - Future regulatory enforcement will focus on balancing stability, strictness, functionality, and the competency of regulatory teams, with an emphasis on targeted and effective measures to maintain a stable and active capital market [5].

Core Viewpoint - The regulatory environment in China's capital market is shifting towards a more comprehensive accountability system, emphasizing the need for both companies and third-party collaborators to be held responsible for financial fraud [1][2]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued administrative penalties against Nanjing Yuebo Power System Co., Ltd. for financial fraud, marking a significant shift in enforcement practices [1]. - The total amount of inflated revenue identified across multiple delisted companies since 2025 has reached 26 billion yuan, with cumulative penalties amounting to 160 million yuan [2]. - The CSRC has begun to penalize auditing firms that fail to detect fraud, with six firms facing repercussions in the current year [2]. Group 2: Company Governance Issues - The case of Yuebo Power highlights severe governance failures, including undisclosed reasons for delisting and the concealment of the chairman's "dishonest" status [2]. - The new regulatory framework, referred to as the "New National Nine Articles," aims to establish a multi-faceted accountability system that includes civil compensation, criminal connections, and reward mechanisms for whistleblowers [2]. Group 3: Future Regulatory Framework - The 2024 guidelines from six ministries provide a policy foundation for the "double penalty" approach, which will be implemented by the CSRC moving forward [2]. - The CSRC plans to continue targeting both primary offenders and accomplices, utilizing a combination of administrative penalties and criminal referrals [2].

Core Viewpoint - The article emphasizes the importance of strengthening capital market regulation and investor protection, highlighting the need for a robust legal framework to address financial misconduct and enhance market integrity [1][2][10]. Group 1: Regulatory Focus - The proposal to explore a "three-in-one" trial mechanism for financial cases in Beijing and Shanghai aims to streamline the handling of criminal, administrative, and civil cases related to financial misconduct [2][4]. - The current practice in Shenzhen's financial court serves as a model for this reform, which is expected to improve judicial efficiency and provide better services for investors [5]. - The article stresses the necessity of expediting the judicial interpretation of the crime of breaching trust that harms the interests of listed companies, as existing regulations are seen as too vague [5][6]. Group 2: Investor-Centric Regulation - The regulatory approach should prioritize the interests of investors, ensuring that enforcement actions reflect fairness and justice [7][8]. - The article outlines four key aspects of investor-focused regulation: strict enforcement to deter violations, enhancing public confidence through transparent actions, precise enforcement to avoid collateral damage, and collaborative enforcement to ensure comprehensive accountability [7][8][9]. Group 3: Market Integrity and Development - The relationship between regulatory enforcement and market vitality is discussed, asserting that a well-regulated market fosters both order and dynamism [11][12]. - The article argues that effective regulation is essential for restoring market integrity and investor confidence, which in turn supports long-term investment [12][13]. - Future regulatory efforts will focus on distinguishing the severity of violations, improving legal standards, and enhancing collaborative mechanisms among regulatory bodies to ensure comprehensive accountability [13][14].