【导读】"严监管零容忍"信号持续释放，聚石化学及鼎信通讯高管被罚 中国基金报记者 忆山 开年以来，资本市场"严监管零容忍"信号持续释放。 2月3日，聚石化学收到广东证监局下发的《行政处罚决定书》，鼎信通讯董事、副总经理袁志双收到青岛证监局下发的《行政处罚事先告知书》。 聚石化学因信披违法违规被罚 聚石化学发布的公告显示，经查明，聚石化学及其子公司通过开展虚假贸易业务虚增收入、成本和利润，具体包括： 广东证监局决定： 一是聚石化学原子公司广东冠臻科技有限公司（以下简称冠臻科技）实际控制佛山市亨诺德贸易有限公司、佛山市富倍奇贸易有限公司、佛山市汉科达贸易 有限公司、佛山市君利道贸易有限公司等4家公司，与上述公司开展无实际货物存在的虚假贸易业务，对应虚增收入8655.09万元，虚增成本8823.81万元，虚 减利润168.72万元。 二是聚石化学介入到第三方公司已开展的聚丙烯等贸易链条中，对应的采购和销售金额基本一致，货物仅以自行制作的货权转让单流转，相关交易不具有商 业实质，虚增收入和成本金额均为5223.64万元，未虚增利润。 三是聚石化学子公司安徽聚润贸易有限公司向福建某石油化工有限公司、湖北某石化有限公司销 ...

Group 1 - The core point of the article is that Derun Electronics has been found guilty of financial fraud, with over 500 million yuan in fictitious receivables over a period of two and a half years, leading to multiple financial reports containing false records [2][4] - Derun Electronics will be subject to risk warnings starting January 6, with its stock name changed to ST Derun, and related parties have been fined over 20 million yuan [2][3] - In 2025, more than 80 A-share companies and over 200 related individuals were investigated for violations, with around 40% being ST companies, indicating a trend of stricter regulatory oversight in the capital market [2][3] Group 2 - The article highlights that several A-share companies have been investigated for financial fraud, with significant penalties imposed, including ST Dongtong and ST Tiansheng, which were found to have inflated revenues and profits over multiple years [4][5] - A total of 29 A-share companies were delisted in 2025, with some facing mandatory delisting due to serious violations, such as ST Suwu, which was found to have inflated revenues by 1.772 billion yuan and profits by 75.9975 million yuan [6][7] - The regulatory environment is described as having a "zero tolerance" approach, with ongoing efforts to enhance market supervision and improve the delisting system to maintain a balanced and healthy capital market [8][9] Group 3 - The article discusses the need for improved governance and the use of technology to more accurately target illegal activities, emphasizing the importance of intermediary institutions in preventing misconduct during the listing process [10][11] - It is suggested that a reputation mechanism for intermediary institutions should be established to increase the costs associated with collusion with listed companies [11]

Group 1 - A significant wave of accounting firm changes is occurring among A-share listed companies, with 50 companies terminating contracts with Zhongxing Caiguanghua and Yongtuo accounting firms due to regulatory penalties for financial misconduct [2] - The wave of terminations is driven by the China Securities Regulatory Commission's (CSRC) strict enforcement actions, including the investigation of Zhongxing Caiguanghua for failing to perform due diligence in the case of *ST Lifang, which inflated revenue by 638 million yuan from 2021 to 2023 [2] - More than 30 companies, including ST Changfang and Tongniu Information, have announced contract terminations with Zhongxing Caiguanghua, opting for other firms like Unitai Zhenqing and Zhongxinghua [2] Group 2 - Yongtuo accounting firm faces severe consequences, having been penalized 65.283 million yuan for issuing false audit reports for companies like Hongda Xingye, which inflated profits by over 4 billion yuan [3] - Following the penalties, over 10 companies, including *ST Jingang and *ST Shengxun, have hastily severed ties with Yongtuo [3] - The implementation of the new Securities Law and the collective litigation system has intensified the responsibilities of intermediary institutions, leading to a "zero tolerance" approach in the capital market since 2025 [3]

Regulatory Environment - The regulatory environment in the capital market has shifted towards a "zero tolerance" approach, with a significant increase in administrative penalties for financial fraud and market manipulation during the "14th Five-Year Plan" period, with penalties rising by 58% and amounts by 30% compared to the "13th Five-Year Plan" [2][3] - A comprehensive punishment mechanism involving administrative, civil, and criminal penalties is being established, with substantial fines becoming common, such as the 1.7 billion yuan fine imposed on Dongxu Group for fraudulent issuance [3][4] Delisting Regulations - The new delisting regulations have led to a notable increase in companies facing mandatory delisting due to major violations, with 12 companies reaching delisting indicators since 2025, of which 8 have completed the delisting process [5] - The emphasis on "delisting does not exempt from liability" is being reinforced, with 67 delisted companies facing investigations for illegal activities as of August 2025 [5] Enforcement Efficiency - The efficiency of law enforcement has improved significantly due to collaborative law enforcement and technological empowerment, with a 33% increase in the transfer of financial fraud clues in 2023 compared to the previous three years [6][7] - The use of AI and big data technologies has enhanced the regulatory framework, allowing for comprehensive monitoring and analysis of potential fraudulent activities, ensuring that violations are detected and addressed promptly [7] Investor Protection - Investor protection mechanisms are being strengthened, with improvements in the legal framework and the establishment of clearer channels for investor rights protection, including the optimization of the 12386 platform, which has achieved a 99% connection rate [9][10] - The development of a diversified dispute resolution mechanism is underway, enhancing the role of mediation and arbitration in resolving securities and futures disputes [10]