（原标题：震慑力再升级 证监会严查立方数科财务造假） 证券时报记者 程丹 近日，中国证监会对上市公司立方数科股份有限公司（以下简称"立方数科"）涉嫌定期报告财务数据存 在虚假记载作出行政处罚及市场禁入事先告知。因立方数科连续三年虚增收入和成本，严重违反证券法 律法规，安徽证监局拟对上市公司处以1000万元罚款，对10名责任人合计罚款3000万元。立方数科涉嫌 触及重大违法强制退市情形，深交所将依法启动退市程序。 值得注意的是，证监会对该案所涉的中兴财光华会计师事务所同步立案调查，未能勤勉尽责的将依法严 惩。 南开大学金融发展研究院院长田利辉认为，监管部门对于财务造假的打击，已经形成了"行政处罚+市 场禁入+刑事移送+退市执行+中介追责"的资本市场法治化的标杆组合，该机制通过预处罚释放威慑、 退市预警直击命脉、市场禁入锁定"关键少数"、刑事移送提升违法成本、同步追责强化责任意识，五环 相扣，标志着监管从"事后救火"全面转向"源头治理"。 财务造假震慑力再升级 证监会出具的行政处罚事先告知书显示，立方数科连续三年虚增收入和成本，严重违反证券法律法规。 经证监会调查，2021年至2023年，立方数科通过开展代理业务 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued administrative penalties and market bans against Lifan Shuke Co., Ltd. for falsifying financial data in its periodic reports, marking a significant step in the crackdown on financial fraud in the capital market [1][3][6]. Summary by Sections Administrative Penalties - Lifan Shuke has been found to have inflated its revenue and costs for three consecutive years, violating securities laws. The CSRC plans to impose a fine of 10 million yuan on the company and a total of 30 million yuan on 10 responsible individuals [1][3]. Financial Data Manipulation - From 2021 to 2023, Lifan Shuke inflated its revenue by a total of 638 million yuan and costs by 628 million yuan through various fraudulent activities. The breakdown includes 280 million yuan in revenue and 277 million yuan in costs for 2021, 312 million yuan in revenue and 305 million yuan in costs for 2022, and 46 million yuan in revenue and 45 million yuan in costs for 2023 [3][4]. Regulatory Response - The CSRC has initiated an investigation into Zhongxing Caiguanghua Accounting Firm for failing to perform due diligence, indicating a shift towards holding intermediary institutions accountable alongside companies committing fraud [2][4]. Broader Implications - This case represents a growing trend in the capital market, with Lifan Shuke being the 14th company this year facing potential delisting due to serious violations. The increase in such cases is attributed to stricter regulations and a zero-tolerance policy towards financial fraud [6][7]. Systematic Approach to Fraud - The regulatory framework now includes a combination of administrative penalties, market bans, criminal referrals, delisting procedures, and accountability for intermediaries, creating a comprehensive deterrent against financial fraud [2][7]. Recommendations for Improvement - Experts suggest enhancing the accountability of intermediary institutions and establishing a more robust mechanism for investor compensation, as well as improving the connection between administrative enforcement and criminal justice to strengthen deterrence against financial fraud [5][7].

Core Viewpoint - The article discusses the administrative penalties and market bans imposed by the China Securities Regulatory Commission (CSRC) on Lifan Shuke Co., Ltd. for falsifying financial data over three consecutive years, highlighting a shift towards stricter regulatory measures against financial fraud in the capital market [1][4]. Group 1: Company Specifics - Lifan Shuke has been found to have inflated its revenue and costs by a total of 638 million yuan (approximately 6.38 billion) from 2021 to 2023, with specific annual figures of 280 million yuan (2.80 billion) in 2021, 312 million yuan (3.12 billion) in 2022, and 46 million yuan (0.46 billion) in 2023 [4]. - The CSRC plans to impose a fine of 10 million yuan (1 million) on Lifan Shuke and an aggregate fine of 30 million yuan (3 million) on 10 responsible individuals [1][4]. Group 2: Regulatory Actions - The CSRC has initiated a comprehensive approach to combat financial fraud, which includes administrative penalties, market bans, criminal referrals, delisting procedures, and accountability for intermediaries [2][9]. - The case against Lifan Shuke marks a significant instance where both the company and the involved accounting firm, Zhongxing Caiguanghua, are being held accountable, reflecting a dual focus on punishing the primary offenders and their accomplices [5][9]. Group 3: Market Implications - Lifan Shuke is potentially the 14th company this year facing mandatory delisting due to financial fraud, indicating a record high for such cases in a single year [8]. - The regulatory environment has shifted towards a "zero tolerance" stance on financial fraud, with enhanced collaboration between the CSRC and the Supreme People's Procuratorate to ensure comprehensive accountability [8][9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued administrative penalties and pre-notification of market bans against Lifan Shuke Co., Ltd. for falsifying financial data in periodic reports, marking a significant step in the crackdown on financial fraud in the capital market [1][2]. Summary by Sections Company Actions - Lifan Shuke has inflated its revenue and costs for three consecutive years, violating securities laws. The total inflated revenue amounts to 638 million yuan and inflated costs to 628 million yuan from 2021 to 2023 [2]. - The breakdown of inflated figures includes 280 million yuan in revenue and 277 million yuan in costs for 2021, 312 million yuan in revenue and 305 million yuan in costs for 2022, and 46 million yuan in revenue and 45 million yuan in costs for 2023 [2]. Regulatory Response - The CSRC plans to impose a fine of 10 million yuan on Lifan Shuke and a total of 30 million yuan in fines on 10 responsible individuals [1][2]. - The Shenzhen Stock Exchange will initiate delisting procedures for Lifan Shuke due to serious violations [1][2]. - The CSRC is also investigating Zhongxing Caiguanghua Accounting Firm for failing to perform due diligence, which may lead to severe penalties [1][2][3]. Broader Implications - Lifan Shuke is the 14th company this year to face potential mandatory delisting due to financial fraud, reflecting a record high in such cases [5]. - The regulatory environment has shifted towards a "zero tolerance" approach to financial fraud, with a comprehensive system for punishing both the perpetrators and the accomplices [5][6]. - The collaboration between the CSRC and the Supreme People's Procuratorate emphasizes a full-chain approach to punishment, enhancing the deterrent effect against financial misconduct [6]. Industry Insights - Experts highlight the importance of intermediary institutions, such as accounting firms and law firms, in maintaining market order and the need to hold them accountable for their roles in financial fraud [4][7]. - Recommendations for improving the financial fraud prevention mechanism include enhancing the deterrent effect of administrative penalties and establishing a more efficient investor compensation mechanism [7].