证监会重拳：开年19家公司被立案或处罚 A股零容忍持续升级 21世纪经济报道 崔文静 近期，资本市场迎来了一轮密集且严厉的监管动作，清晰地勾勒出一条从立案到处罚的快速响应链条。 调查直指信披违规 2月4日晚间，资本市场接连响起两声监管警报。清越科技、元道通信相继发布公告，披露其部分证券及 银行账户被证监会依法冻结。这是当前严监管趋势的体现之一。 根据公告，清越科技被冻结的账户包括3个证券账户和7个银行账户，其中证券账户涉及公司此前回购的 163.13万股股份，7个被冻结的银行账户则全部为募集资金专户，合计被冻结资金约1.34亿元。与此同 时，元道通信公告其2个募集资金银行账户被冻结，实际冻结金额约为904.29万元。 截至2月5日，2026年以来已有倍轻松、宝馨科技、荃银高科等至少6家上市公司或其关键人物被立案调 查，平均每6天就有一例。收到行政处罚决定书或事先告知书的公司更是多达13家，平均不到3天就有一 家。 此次账户冻结并非孤立事件，而是证监会立案调查过程中的一项关键执法措施，直接导火索是两家公司 均涉嫌信息披露违法违规。清越科技因涉嫌定期报告等财务数据虚假记载，已于2025年11月1日被证监 会立案调 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期，资本市场迎来了一轮密集且严厉的监管动作，清晰地勾勒出一条从立案到处罚的快速响应链条。 截至2月5日，2026年以来已有倍轻松（维权）、宝馨科技（维权）、荃银高科（维权）等至少6家上市 公司或其关键人物被立案调查，平均每6天就有一例。收到行政处罚决定书或事先告知书的公司更是多 达13家，平均不到3天就有一家。 与此同时，处罚力度显著加大，*ST长药（维权）等因严重财务造假面临强制退市，大额罚单和针对实 控人的市场禁入措施已成常态。监管坚持"追首恶、打帮凶"，打击范围已从上市公司本身，延伸至整个 配合造假的"生态圈"。 业内人士指出，这一系列监管动作表明，以"零容忍"为基调、覆盖"事前事中事后"全链条的监管新常态 已全面确立。其核心目标不仅是惩治已发生的违法行为，更是通过强化退市机制、运用科技赋能穿透式 监管等手段，构建"不敢违、不能违、不想违"的长效机制，从根本上推动上市公司质量提升和市场生态 净化。 调查直指信披违规 2月4日晚间，资本市场接连响起两声监管警报。清越科技（维权）、元 ...

Core Viewpoint - ST Tian Sheng (002872) has received an administrative penalty notice from the Chongqing Securities Regulatory Bureau for information disclosure violations linked to the criminal activities of its actual controller, Liu Qun, highlighting the capital market's "zero tolerance" regulatory stance [1][2] Summary by Sections Case Background - ST Tian Sheng inflated its total profits by 92 million yuan and 28 million yuan in 2017 and 2018, respectively, through off-balance-sheet funding pools to pay sales expenses, corresponding to 30.21% and 20.61% of the disclosed profits for those periods [1] Regulatory Actions - The Chongqing Securities Regulatory Bureau imposed a total fine of 4.39 million yuan on ST Tian Sheng and 22 responsible individuals, with Liu Qun receiving a lifetime market ban and two other individuals facing market bans of 5 and 8 years [1] - The regulatory body emphasized accountability for both executive and non-executive personnel involved in the violations, reinforcing the principle that "leaving office does not exempt from responsibility" [1] Broader Implications - The case demonstrates a "multi-dimensional accountability" approach in regulation, with the Chongqing Securities Regulatory Bureau quickly initiating administrative investigations following Liu Qun's criminal conviction for misappropriating company funds, thereby establishing a closed loop of criminal and administrative accountability [2] - Following the penalty decision, regulatory authorities will coordinate with investor service centers and financial courts to facilitate civil compensation claims for eligible investors [2] - Market participants view this case as both a warning and a reassurance, emphasizing the importance of transparency in information disclosure and the ongoing enhancement of investor protection mechanisms [2]

Core Viewpoint - The arrest of Zhang Bao, former chairman of ST Pava, signals a strong "zero tolerance" regulatory stance in the capital market, highlighting the severe consequences of corporate misconduct [1][5]. Group 1: Incident Overview - Zhang Bao has been arrested for suspected embezzlement, with ST Pava disclosing that he misappropriated company funds totaling 191 million yuan (approximately 27.1 million USD) [1]. - The company’s market capitalization is reported at 1.727 billion yuan (approximately 245 million USD) with a stock price of 10.86 yuan [1]. Group 2: Governance and Internal Control - The incident underscores the importance of robust internal control systems, as Zhang's academic credentials and reputation may have led to excessive trust, weakening the company's oversight mechanisms [2]. - ST Pava's management has been criticized for poor operational practices, including unfair pricing with suppliers and overpayments totaling 1.8 billion yuan (approximately 254 million USD) [2]. Group 3: Legal Accountability - Zhang's resignation due to health reasons in May does not exempt him from legal accountability, as the law pursues actions taken during his tenure [3]. - The case serves as a warning to executives that attempts to evade responsibility through resignation will not shield them from legal repercussions [3]. Group 4: Regulatory Environment - The current regulatory environment in the capital market is characterized by a "zero tolerance" approach, where violations such as financial fraud and fund misappropriation can lead to severe penalties, including criminal charges [4]. - Companies must recognize that the legal framework is comprehensive, combining administrative regulations and criminal law to deter misconduct [4]. Group 5: Lessons for Corporate Governance - The trajectory of Zhang Bao's career serves as a cautionary tale for corporate executives, emphasizing that complacency and a lack of compliance can lead to significant personal and professional losses [5]. - Companies are urged to maintain compliance, strengthen internal controls, and respect legal authority to ensure sustainable development and protect their future [5].

Core Viewpoint - The case of Zhang Bao, former chairman of ST Pava, highlights the severe consequences of corporate misconduct and the importance of robust internal controls in preventing such incidents [1][2][5] Group 1: Incident Overview - Zhang Bao has been arrested for embezzlement, with allegations of misappropriating company funds totaling 191 million yuan, including 141 million yuan through suppliers and 49.91 million yuan in sales receivables [1] - The incident reflects a significant failure in ST Pava's internal control mechanisms, allowing Zhang to exploit his position and access company funds [2] Group 2: Governance and Accountability - The academic background of Zhang Bao, which initially provided a trust advantage, ultimately did not safeguard the company from governance failures [2] - Zhang's resignation due to health reasons was an attempt to evade responsibility, but legal accountability remains intact regardless of his position [3] Group 3: Regulatory Environment - The current regulatory landscape emphasizes a "zero tolerance" approach to corporate misconduct, indicating that violations can lead to criminal charges rather than mere administrative penalties [4] - Companies must recognize that the legal framework is comprehensive, combining administrative regulations and criminal law to deter illegal activities [4] Group 4: Lessons for Corporate Management - The downfall of Zhang Bao serves as a warning to all corporate executives about the dangers of complacency and the necessity of adhering to compliance and internal control standards [5] - Maintaining a strong ethical framework and respect for legal authority is essential for the sustainable development of companies and the protection of individual careers [5]