证券法出台，企业上市注册制，对散户来说虽然二级市场会越来越好，风险会越来越大，今天聊聊退市 问题，你就能感觉到变化有多大，A股市场之前退市的股票非常之少，退市率不到1%的，而美国大概 是5%的退市率，为什么我们退市率这么低，之前大家买股票最多跌个百分之七八十也不用担心，只要 过几年这个企业重组了有企业装进来了，连续几十个涨停也是可能的，幸运的话还有利润，这种情况的 发生就是核准制的要求下，上市的壳值钱，上市难，壳值钱，正常的公司壳值一千万，公司五千万，注 册制推行出来，会发生完全的变化，上市的门槛容易了，就不用买一个壳把自己打包装进去了，泥沙俱 下，退市率升高，保不齐踩上去的就有你我，退市后可是什么都没有了。 新的注册制下，IPO不再是企业简单圈钱。国际惯例，上市是一把双刃剑，能融资多少，不再是管理层 规定的22.98倍的市盈率，而是由市场决定的。因为上市资源不再是稀缺资源，所以投资者对于没有发 展前景或前景一般的企业，肯定不会给予好的估值。 ...

Core Viewpoint - The article discusses the administrative penalties imposed by the Hebei Securities Regulatory Bureau on Dongxu Optoelectronics for fraudulent stock issuance, highlighting the total amount raised and the penalties applied to the company and its controlling shareholders [1][3][11]. Group 1: Fraudulent Stock Issuance - Dongxu Optoelectronics raised a total of 7.565 billion yuan through fraudulent stock issuance in 2017 [2][11]. - The penalties imposed on Dongxu Optoelectronics, its actual controller, and its controlling shareholder amount to 378 million yuan each, which is 5% of the total raised amount, representing the maximum penalty under the old securities law [1][4][11]. Group 2: Legal Framework and Penalties - The investigation was conducted based on the provisions of the 2005 and 2019 revised Securities Law of the People's Republic of China, which outlines the penalties for fraudulent issuance [3][10]. - The new Securities Law significantly increases the penalties for fraudulent stock issuance, allowing for fines of 10% to up to 1 times the illegal fundraising amount for already issued securities [12][13][14]. Group 3: Involvement of Key Individuals - The actual controller, Li Mouting, and the controlling shareholder, Dongxu Group, were found to have organized and directed Dongxu Optoelectronics in committing the fraudulent acts, leading to separate legal actions against them [7][8].

Core Viewpoint - The article discusses the administrative penalties imposed by the Hebei Securities Regulatory Bureau on Dongxu Optoelectronics for fraudulent stock issuance, highlighting the total amount raised and the penalties applied to the company and its controlling shareholders [1][5][12]. Summary by Sections Penalty Details - Dongxu Optoelectronics raised a total of 7.565 billion yuan through fraudulent stock issuance, with penalties amounting to 378 million yuan imposed on the company, its actual controller, and its controlling shareholder [1][12]. - The penalty of 378 million yuan represents 5% of the total raised amount, which is the maximum penalty under the old Securities Law [13]. Legal Framework - The investigation was conducted based on the provisions of the Securities Law revised in 2005 and 2019, which outline the penalties for fraudulent issuance of stocks [3][4]. - The new Securities Law significantly increases the penalties for fraudulent stock issuance, allowing for fines of 10% to 100% of the illegally raised funds [15][16]. Fraudulent Activities - Dongxu Optoelectronics was found to have engaged in fraudulent activities by using false records and significant omissions in its annual reports from 2015 to 2016, which were cited in its stock issuance application [7][8]. - The actual controller, Li Mouting, and the controlling shareholder, Dongxu Group, were found to have organized and directed these fraudulent activities [9][10].

Core Viewpoint - The article discusses the severe penalties imposed on Dongxu Optoelectronics for fraudulent stock issuance, highlighting the regulatory actions taken by the Hebei Securities Regulatory Bureau and the implications of the new securities law on such violations [2][3][4]. Summary by Sections Penalty Details - Dongxu Optoelectronics was fined 378 million yuan, which is 5% of the total fundraising amount of 7.565 billion yuan, representing the maximum penalty under the old securities law [3][12][13]. - The penalties also extend to the actual controller of Dongxu Optoelectronics, Li Mouting, and the controlling shareholder, Dongxu Group, who were similarly fined 378 million yuan each for their roles in the fraudulent activities [10][12]. Regulatory Background - The Hebei Securities Regulatory Bureau conducted an investigation into Dongxu Optoelectronics for fraudulent stock issuance, which involved misrepresentations in their financial reports from 2015 to 2016 [4][7]. - The fraudulent activities included fabricating business operations and misleading disclosures, which led to significant inaccuracies in the company's annual reports from 2015 to 2022 [7][8]. Legal Framework - The penalties were based on the provisions of the 2005 Securities Law, which stipulates fines for fraudulent issuance of securities, with the maximum penalty being 5% of the illegally raised funds [11][14]. - The revised 2019 Securities Law has increased the penalties for fraudulent issuance, allowing for fines of up to 10% to 100% of the illegally raised funds, significantly enhancing the regulatory framework for such violations [15].