Core Insights - The China Securities Regulatory Commission (CSRC) has significantly increased its enforcement actions against financial fraud, market manipulation, and insider trading, with 2,214 administrative penalties and fines totaling 41.4 billion yuan during the 14th Five-Year Plan period, marking increases of 58% and 30% respectively compared to the previous five-year period [2][3]. Regulatory Environment - The regulatory focus has shifted towards stricter enforcement against financial misconduct, which is seen as essential for purifying the market ecosystem and restoring investor confidence [2][4]. - The number of companies facing mandatory delisting due to serious violations has reached a record high, with 12 companies meeting the criteria for substantial violations in 2025 alone [4]. Enforcement Actions - The CSRC has intensified its crackdown on listed companies' illegal activities, with a notable rise in the number of companies facing severe penalties and delisting due to major violations [3][4]. - As of August 2025, the CSRC has investigated 67 delisted companies for illegal activities and referred 33 for potential criminal information disclosure violations [4]. Legal Framework - The CSRC has established a comprehensive punitive system to combat financial fraud, emphasizing the importance of both administrative and criminal accountability [5][6]. - Recent guidelines issued in collaboration with the Supreme Court aim to enhance the legal framework for enforcing capital market regulations, ensuring that penalties are effectively applied to both companies and individuals involved in fraudulent activities [5][6]. Investor Protection - The increased enforcement actions are expected to positively impact investor confidence and serve as a robust method for protecting investor interests [6]. - The CSRC plans to improve the precision and effectiveness of its regulatory measures, focusing on significant violations while maintaining a balanced approach to enforcement [6].

建制度、加力度、强合作，监管部门通过常态化严监严管，精准打击"关键少数"，对违法行为予以行政执法、民事追责、 刑事打击的全方位立体化追责，就是要让说假话、做假账、藏真话的违法者"倾家荡产、牢底坐穿"，让任何试图以"财务魔 术"透支市场信任的行为付出沉重代价，以震慑潜在违规者。 ■朱宝琛 9月12日，证监会发布消息称，近日对深交所创业板上市公司北京东方通科技股份有限公司涉嫌定期报告等财务数据存在 虚假记载作出行政处罚事先告知。证监会拟对上市公司罚款2.29亿元，对7名责任人合计罚款4400万元，对实际控制人采取10年 证券市场禁入。 这再次向市场传递出监管部门严惩财务造假，把好信息披露"质量关"的坚决态度。这种常态化的严监严管，是资本市场实 现长期稳定健康向上发展的重要基础。 一方面，常态化严监严管，形成有效的执法威慑，进而形成不敢造假、不能造假、不想造假的严的市场秩序。 财务造假是侵蚀市场根基的"毒瘤"，打击资本市场财务造假是证券监管执法一以贯之的重点。监管部门敢于亮剑，查办重 大恶性违法行为，加强执法前后端衔接协调，一批重大典型案件得到及时惩处，形成监管震慑。证监会今年5月份公布的数据 显示，2024年，证 ...

Core Viewpoint - The Ministry of Finance emphasizes the importance of combating financial fraud to maintain a healthy, fair, and orderly market economy [1] Group 1: Regulatory Actions - The Ministry of Finance has strengthened supervision over accounting and asset evaluation industries [1] - Over the past two years, quality inspections have been conducted on more than 4,600 accounting firms and nearly 1,500 asset evaluation institutions [1] - Serious actions have been taken against financial fraud and accounting falsification [1]

Core Viewpoint - The training session aims to enhance the governance and risk prevention capabilities of listed companies in Hebei, aligning with national policies for high-quality capital market development [1][4][10] Group 1: Achievements of Hebei Listed Companies - The number of listed companies in Hebei has increased from over 60 to 82 in three years, with a total market capitalization of 1.2 trillion yuan, representing a 27% year-on-year growth [4] - There are 25 specialized and innovative enterprises among the listed companies, with R&D investment exceeding 29 billion yuan in 2024, marking three consecutive years of growth [4] - Cumulative cash dividends over the past three years have surpassed 60 billion yuan, with five companies maintaining dividends over 1 billion yuan for three consecutive years [4] Group 2: Challenges Faced by Hebei Listed Companies - The overall quality of Hebei listed companies does not match the economic scale, with 35 companies having a market value below 5 billion yuan, indicating weak risk resistance [5] - Nearly half of the listed companies have not engaged in strategic financing since their IPOs, highlighting insufficient capital operation activity [5] - Issues such as governance chaos and violations in information disclosure are prevalent, with the Hebei Securities Regulatory Bureau investigating six companies and imposing fines totaling nearly 1.7 billion yuan, a historical high [5] Group 3: Regulatory Focus and Policies - The regulatory framework emphasizes "risk prevention, strong regulation, and promoting high-quality development," with a focus on strict enforcement against financial fraud and insider trading [6][7] - The "five musts" for information disclosure are highlighted: truthful, accurate, complete, timely, and fair [6] - The regulatory body aims to enhance the quality of listed companies through improved mechanisms and strict enforcement of laws against financial misconduct [7] Group 4: Experience Sharing and Future Directions - Two listed companies shared their compliance practices and development insights, providing valuable references for others in the region [8] - The Hebei Securities Regulatory Bureau plans to maintain a dual focus on strong regulation and development, implementing special actions to purify the market environment [9] - Continuous efforts will be made to promote policy implementation, support excellent companies in utilizing capital markets, and enhance the overall development environment for listed companies [9]