【导读】因多年违规买卖股票，展翔被罚没1.59亿元、证券市场禁入5年 今年9月，证监会披露的一份行政处罚决定书引发市场关注。证券从业人员展翔因通过他人违规买卖多只股票，被罚没1.59亿元，同时被采取5年证券市场 禁入措施。 | 索 引 号 | bm56000001/2025-00011303 | से | 类 | 行政处罚;行政处罚决定 | | --- | --- | --- | --- | --- | | 发布机构 | | 发文日期 | | 2025年09月09日 | | হ্ন 称 | 中国证券监督管理委员会行政处罚决定书 | | | | | 文 号 | | 主题词 | | | 经查明，展翔存在以下违法事实：案涉期间，展翔为证券公司从业人员，其在从业期间通过他人违规投资交易多个公司股票。2018年2月至2024年10月， 展翔控制使用多个他人证券账户持有、买卖多只股票。 证监会认为，展翔的上述行为违反了2005年修订的《中华人民共和国证券法》（以下简称2005年《证券法》）第四十三条第一款、第四十条第一款的规 定，构成2005年《证券法》第一百九十九条、第一百八十七条所述的违法行为。 对此，展翔提出相关账 ...

Core Viewpoint - The increasing number of individuals banned from the securities market in China reflects a tightening regulatory environment, with a notable rise in enforcement actions against market manipulation and financial fraud [1][7]. Group 1: Market Bans and Statistics - As of May 30, 2021, a total of 24 individuals have been banned from the securities market in China this year, a significant increase of over 40% compared to 17 individuals banned during the same period last year [2][7]. - Notable cases include Chen Jianming, the actual controller of ST Zhongchang, who was banned for manipulating the company's stock through 101 accounts, resulting in illegal profits of 11.47 million yuan [2][5]. Group 2: Types of Violations - The violations leading to market bans primarily fall into three categories: failure to disclose significant company matters, false or misleading information disclosures, and market manipulation [4][5]. - Specific cases include *ST Jinzheng and other companies where executives were banned for failing to disclose major issues and engaging in fraudulent activities [3][4]. Group 3: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has emphasized a stricter approach to combating fraudulent activities, including financial fraud and market manipulation, with plans to enhance regulatory measures [6][7]. - The CSRC is also in the process of revising the Securities Market Ban Regulations to include new categories of bans and expand the scope of individuals subject to these bans [7][8].

Group 1 - The company Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Wuzhong, stock code: 600200) is facing mandatory delisting due to significant violations, including financial fraud for four consecutive years [1] - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) detailing three major violations: concealing the actual controller, inflating performance, and hiding fund occupation [1] - The actual controller of *ST Wuzhong was misrepresented in annual reports from 2018 to 2023, with the real controller being Qian Qunshan, who was not disclosed [1] Group 2 - Starting from July 14, the company's stock will be subject to additional delisting risk warnings by the Shanghai Stock Exchange due to multiple risk alerts [2] - The company also faces other risk warnings as its 2024 annual financial report received an "unable to express an opinion" from the auditing firm, indicating issues with internal controls [2] Group 3 - Qian Qunshan, the company's chairman, has been fined 15 million yuan and banned from the securities market for 10 years for concealing the actual controller's identity and signing false annual reports [3] - The severe penalties reflect the regulatory authority's commitment to combating financial fraud and maintaining market order, serving as a warning for compliance in information disclosure [3]

Core Viewpoint - The "Dongxu System," led by Li Zhaoting, has faced severe penalties for multiple violations, including fraudulent issuance of stocks and bonds, resulting in a total fine exceeding 1.66 billion yuan, marking a record in A-share market regulatory penalties [2][3][5]. Summary by Relevant Sections Regulatory Actions - On June 6, the Hebei Securities Regulatory Bureau issued an administrative penalty decision against Dongxu Group and Li Zhaoting, imposing fines totaling over 1.24 billion yuan for various violations, including fraudulent bond issuance and misleading disclosures [3][5]. - Li Zhaoting and several executives received lifetime bans from the securities market, while Dongxu Group's total penalties reached 1.66 billion yuan [5][6]. Financial Misconduct - From 2015 to 2019, Dongxu Group inflated revenues by 645.85 billion yuan and profits by 207.83 billion yuan, leading to the delisting of Dongxu Optoelectronics and Dongxu Lantian [2][5]. - Dongxu Group's financial misconduct included the misappropriation of funds, with a total of 169.59 billion yuan still occupied by Dongxu Optoelectronics and Dongxu Lantian as of the end of 2023 [5][6]. Impact on Affiliates - Dongxu Group is the largest shareholder of Jinying Fund, holding a 66.2% stake, but the shares are frozen, affecting over 340 million yuan for a duration of four years [2][8]. - Li Zhaoting's lifetime ban raises questions about his continued role at Jinying Fund, where he serves as a director [8][11]. Historical Context - Li Zhaoting, once a prominent figure in the photovoltaic industry, saw his wealth peak at 23.5 billion yuan in 2019 before the financial crisis of Dongxu Group began [6][7]. - The crisis escalated in late 2019 when Dongxu Optoelectronics failed to meet bond payment obligations, leading to a series of financial troubles [7][8]. Current Status - As of June 6, 2023, the only remaining listed company under Dongxu Group is Jialinjie, which has seen a significant drop in net profit from 93.16 million yuan in 2022 to 19.11 million yuan in 2024 [7][8]. - Jinying Fund has faced challenges, with its asset management scale declining and a significant number of its funds underperforming against benchmarks [12][20].

Core Viewpoint - Regulatory authorities are intensifying efforts to combat significant violations in the capital market, particularly focusing on financial fraud and misconduct during the delisting process of companies [1][5]. Group 1: Regulatory Actions - The Hebei Securities Regulatory Bureau has issued administrative penalty notices against Dongxu Guangdian Technology Co., Ltd. (Dongxu Guangdian) and its controlling shareholder Dongxu Group for securities violations [1][3]. - The Shenzhen Securities Regulatory Bureau has also taken similar actions against Dongxu Lantian New Energy Co., Ltd. and related parties [1][3]. - A total fine of 1.7 billion yuan is proposed against Dongxu Group and 43 responsible individuals, with 19 key personnel facing market bans of five years to lifetime [3][4]. Group 2: Financial Misconduct Details - Dongxu Guangdian fraudulently raised 7.565 billion yuan in 2017 and Dongxu Group raised 3.5 billion yuan in 2018 by deceiving authorities regarding their eligibility for stock and bond issuance [3]. - From 2015 to 2019, Dongxu Group inflated its revenue by a total of 47.825 billion yuan and profits by 13.001 billion yuan, while Dongxu Guangdian inflated its revenue by 16.76 billion yuan and profits by 5.627 billion yuan [3]. - Non-operational occupation of funds by Dongxu Group from Dongxu Guangdian and Dongxu Lantian amounts to 16.959 billion yuan, with the companies failing to disclose their 2023 annual reports on time [3]. Group 3: Investor Protection Measures - The China Securities Regulatory Commission (CSRC) emphasizes that delisting does not exempt companies from penalties, and investor protection remains a priority [5][6]. - The CSRC is enhancing investor compensation mechanisms, utilizing various methods such as representative lawsuits and advance compensation to safeguard investor rights [7]. - In 2023, four intermediary institutions related to the delisted Zijing Storage compensated 10.86 billion yuan to 17,000 investors through advance compensation procedures [7].