登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 吴晓璐 近日，3家退市公司被行政处罚，引发市场关注。此前因触及交易类退市指标先后摘牌退市的泰禾集 团、华铁股份、美尚生态，由于在上市期间存在信披违法违规行为，退市约1年或2年后仍被地方证监局 行政处罚，3家公司及相关责任人均被重罚。 这充分说明，上市公司不管因何种原因退市，监管部门依旧会紧追不放，一查到底，决不允许"金蝉脱 壳""一退了之"。退市违法必究已成常态。 目前，法律之网越织越密，对退市公司的行、民、刑立体化追责，正在重塑市场生态。证券监管部门加 大行政处罚，2024年以来，证监会已经查处了64家退市公司的违法行为，其中对44家已作出最终行政处 罚决定，处罚覆盖负有责任的公司实际控制人、董事长、财务总监等"关键少数"。 退市后，公司因上市时存在虚假陈述等行为给投资者造成损失的，需要承担赔偿责任。目前，证券纠纷 代表人诉讼、先行赔付、支持诉讼、行政执法当事人承诺、示范判决、专业调解等多种维权渠道畅通， 且有泽达易盛、紫晶存储、太安堂等系列相关案例落地，为投资者获得赔偿救济提供有力支持。同时， 证监会加大对"首恶""帮凶"的刑事移送力度，2024年以来 ...

值得注意的是，监管"三罚联动"机制正全方位围剿违法者： ① 行政处罚： 财务造假、资金占用的退市公司遭大额罚款； ② 刑事追责： 2024年以来33家退市公司线索已移送公安机关，锦州港高管被批捕，康得新原董事长获刑15年； ③ 民事赔偿： 21世纪经济报道 记者 崔文静 北京报道 华铁股份退市一年后，近日再收2415万元罚单，累计罚款飙至5565万元。实控人宣瑞国被重罚950万元并终身市场禁入，财务总监张璇也被罚款250万元并禁 入5年。 已于2023年退市的泰禾集团同样难逃追责，其余8月22日因隐瞒13起重大诉讼被罚600万元。 这两起案件只是冰山一角——2024年以来，证监会已对44家退市公司开出12亿元罚单，63名高管被终身禁入市场。目前仍有大约20家退市公司的稽查处罚程 序正在推进中。 民事赔偿加速推进，投资者通过诉讼追回巨额损失。例如，太安堂案中投服中心提起代位诉讼后以调解结案，成功追缴5.72亿元，成为全国首例通过司法协 同实现"零成本"代位诉讼、全额追回大额股东占款的案例。 "退市不免责"绝非空话！监管层用行动宣告：只要侵害投资者权益，无论公司是否退市，一追到底，绝不手软！ ...

Core Viewpoint - The recent administrative penalties imposed on two delisted companies, Huatie Co. and Taihe Group, emphasize that delisting does not equate to immunity from legal responsibilities, as regulatory bodies continue to enforce strict accountability measures [2][4]. Summary by Relevant Sections Administrative Penalties - Huatie Co. has faced cumulative penalties amounting to 55.65 million yuan, with its actual controller, Xuan Ruiguo, receiving a fine of 9.5 million yuan and a lifetime market ban [4][5]. - Taihe Group was fined 6 million yuan for failing to disclose significant litigation issues, which involved 13 lawsuits [6][8]. Regulatory Mechanisms - The regulatory framework is characterized by a "three-punishment linkage" mechanism, combining administrative, civil, and criminal penalties to ensure comprehensive accountability for delisted companies [8][9]. - As of August 22, 2024, the China Securities Regulatory Commission (CSRC) has investigated 64 cases of illegal activities by delisted companies, with 44 cases resulting in penalties totaling 1.2 billion yuan [8][9]. Investor Protection - The ongoing enforcement actions reflect a commitment to protecting investor rights, with civil compensation mechanisms being actively pursued, including successful recovery of funds in certain cases [9][10]. - The CSRC has also referred cases to law enforcement when criminal activities are suspected, indicating a robust approach to tackling financial misconduct [9].

退市不等于"安全上岸"，监管利剑依然高悬！ "退市不免责"正在从监管宣言转化为制度现实，成为A股市场秩序重塑的重要一环。 两退市企业收超千万罚单 退市不免责，信号凸显。 8月21日至8月22日，两家退市公司接连被行政处罚。 其一为2024年8月27日退市的华铁股份。 退市当年的5月和12月，华铁股份曾被地方证监局两次处罚。5月，华铁股份及相关责任人员被 合计罚款2620万元，实控人、时任董事长宣瑞国被实施终身市场禁入。12月，因未按期披露 2023年年度报告，华铁股份又被罚款300万元，宣瑞国再次被罚150万元，财务总监张璇也被 罚款80万元。 近日，两家已退市企业——华铁股份与泰禾集团分别被给予行政处罚，再度向市场明确传递强 烈信号： "应罚尽罚、终身追责"。 华铁股份在正式退市前后多次受罚，累计金额已达 5565万元 。其实控人宣瑞国被重罚950万 元，并处 终身市场禁入 ，财务总监等多名高管也接连被追责。泰禾集团则因未依法披露重大 诉讼问题，被处以600万元罚款。 这些案例充分表明，退市并非违法责任的终点。目前，监管层正通过行政、民事、刑事相结合 的"三罚联动"机制，实现对退市公司违法违规行为的全方位追 ...

泰禾集团和华铁股份遭重罚背后，再次印证了证监会"退市不免责"的态度。无论公司处于何种状态，只要存在违法行为，都难逃行政、刑事、民事全方位 追责。 监管雷霆出击两家退市公司遭重罚 | | | 【导读】泰禾集团和华铁股份遭重罚，退市不免责 见习记者 夏天 继华铁股份后，退市已2年的泰禾集团日前也收到了证监会的"追罚单"。 8月22日晚间，已退至老三板交易的泰禾集团（原ST泰禾，现证券简称"泰禾3"）发布公告称，公司收到福建证监局下发的《行政处罚决定书》。因未按 规定披露重大诉讼，以及2020年至2022年年度报告存在重大遗漏，福建证监局决定对泰禾集团及相关人员给予警告，并处以合计1740万元罚款。 根据《行政处罚决定书》，泰禾集团违法事实如下： 2020年7月至2021年5月期间，公司发生13起诉讼，累计标的额96.74亿元，占2020年经审计净资产的48.21%，其中12起单笔金额超过5000万元；2021年12 月至2022年12月期间，再发生10起诉讼，标的额合计61.91亿元，占2021年经审计净资产的41.84%，其中9起超5000万元。 按规定，泰禾集团应及时披露这些诉讼，但公司迟至2023年5月才披 ...

【导读】泰禾集团和华铁股份遭重罚，退市不免责 见习记者 夏天 继华铁股份后，退市已 2 年的泰禾集团日前也 收到了证监会的 " 追罚单 " 。 泰禾集团和华铁股份遭重罚背后，再次印证了证监会 " 退市不免责 " 的态度。 无论公司处于 何种状态，只要存在违法行为，都难逃行政、刑事、民事全方位追责。 监管雷霆出击 两家退市公司遭重罚 8 月 22 日晚间，已退至老三板交易的 泰 禾 集团（原 ST 泰禾，现证券简称 " 泰禾 3" ） 发布公告称，公司收到福建证监局下发的 《 行政处罚决定书 》。因未按规定披露重大诉 讼，以及 2020 年至 2022 年年度报告存在重大遗漏，福建证监局决定对泰禾集团及相关人 员给予警告，并处以合计 1740 万元罚款。 根据《行政处罚决定书》，泰禾集团违法事实如下： 2020 年 7 月至 2021 年 5 月期间，公司发生 13 起诉讼，累计标的额 96.74 亿元，占 2020 年经审计净资产的 48.21% ，其中 12 起单笔金额超过 5000 万元； 2021 年 12 月 至 2022 年 12 月期间，再发生 10 起诉讼，标的额合计 61.91 亿元，占 20 ...

Core Viewpoint - *ST Suwu has been found guilty of serious financial fraud over multiple years, leading to potential delisting due to major violations of stock listing rules [1][3]. Group 1: Financial Misconduct - From 2020 to 2023, *ST Suwu inflated its operating income by approximately 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion respectively, accounting for 26.46%, 26.39%, 21.26%, and 16.82% of the reported operating income for those years [2]. - The company also inflated its total profit by 14.58 million, 20.27 million, 19.92 million, and 21.22 million, representing 2.89%, 51.65%, 26.42%, and 29.81% of the total profit for the respective years [2]. - Non-operational fund occupation by related parties was not disclosed in annual reports from 2020 to 2023, with balances of 127 million, 1.39 billion, 1.54 billion, and 1.69 billion at year-end, constituting 6.88%, 74.20%, 84.60%, and 96.09% of the net assets [2]. Group 2: Regulatory Actions - Starting July 14, *ST Suwu's stock will be subject to delisting risk warnings due to the serious violations identified [3]. - The company is required to disclose progress on related matters every five trading days during the delisting risk warning period and must provide special risk warnings regarding potential mandatory delisting [3]. - The company has issued over 20 risk warning announcements since being investigated, indicating the ongoing nature of the delisting risk [4]. Group 3: Investor Protection and Accountability - The regulatory authorities have adopted a "zero tolerance" approach towards financial fraud, emphasizing that companies facing delisting will still be held accountable for their fraudulent actions [5]. - Even after delisting, *ST Suwu will remain liable for civil compensation related to its fraudulent activities, ensuring that investors can seek redress for damages incurred [5]. - The Supreme People's Court and the China Securities Regulatory Commission have issued guidelines to strengthen legal protections for investors against fraudulent activities [6].

Core Viewpoint - The regulatory authorities have intensified oversight on delisted companies, with a significant increase in penalties issued this year compared to the previous year, aimed at protecting the rights of small and medium investors and enhancing market integrity [1][2][3]. Regulatory Actions - As of July 10, 2023, 19 delisted companies have received 20 penalties from the China Securities Regulatory Commission (CSRC) or local regulatory bodies, a substantial increase from 10 penalties in the same period last year [2]. - The penalties include 18 administrative punishment decisions and 2 advance notices of administrative punishment, reflecting a strict "delisting does not exempt from liability" policy [2]. Case Examples - Nanjing Yuebo Power System Co., Ltd. was fined a total of 3.8 million yuan for failing to disclose its annual report on time and for financial misconduct, highlighting the regulatory focus on financial integrity [2]. - Guangdong Haiyin Group Co., Ltd. was penalized 13 million yuan for failing to disclose significant transactions with related parties in its annual reports, demonstrating the zero-tolerance approach of regulators [3]. Investor Compensation - Efforts to support investor compensation are ongoing, with various lawsuits initiated against delisted companies for losses incurred due to fraudulent activities [4]. - The Supreme People's Court and the CSRC have issued guidelines allowing investors to file civil compensation lawsuits for losses caused by false statements [4]. Legal Framework and Enforcement - There is a call for improved legal frameworks to facilitate investor rights and lower the costs of legal actions, emphasizing the need for streamlined processes and enhanced collaboration among regulatory bodies [5]. - The regulatory framework includes a multi-faceted accountability system that combines administrative, civil, and criminal measures to deter fraudulent activities in the capital market [6][7].

Core Viewpoint - The article highlights the recent decision by the Shanghai Stock Exchange to terminate the listing of Hubei Jiuyou Investment Co., Ltd. (*ST Jiuyou) due to continuous financial fraud over four years, emphasizing that companies cannot evade accountability through delisting [1][4][8]. Group 1: Company Overview - *ST Jiuyou primarily engages in comprehensive marketing services and cosmetics sales, having been listed on the Shanghai Stock Exchange since 2003 [2]. - The company was placed under delisting risk warning starting May 6, 2024, due to negative net assets reported at the end of 2023 [2]. Group 2: Financial Misconduct - *ST Jiuyou has been found guilty of significant financial misconduct, including failing to disclose related party transactions and fabricating financial reports from 2021 to 2023 [3][2]. - The 2020 annual report was inflated by CNY 63.97 million (approximately USD 9.1 million), representing 471.03% of the reported profit for that year [3]. Group 3: Regulatory Actions - The company and its responsible parties face severe penalties from the China Securities Regulatory Commission (CSRC), including a fine of CNY 8.5 million (approximately USD 1.2 million) for the company and CNY 15 million (approximately USD 2.1 million) for the former actual controller, who is also banned from the market for ten years [3]. - The CSRC has adopted a "delisting does not exempt from liability" principle, ensuring that companies and responsible individuals are held accountable for their illegal activities even after delisting [8]. Group 4: Broader Industry Context - Another company, Shenzhen Guangdao Digital Technology Co., Ltd., is also facing potential delisting due to serious financial fraud, indicating a trend of increased scrutiny and regulatory action against financial misconduct in the industry [5][6]. - The regulatory environment is tightening, with the CSRC pursuing accountability for 35 delisted companies and their responsible parties, reinforcing the message that financial fraud will not be tolerated [8].

Core Viewpoint - *ST Longyu and *ST Pengbo have received delisting decisions due to non-standard audit opinions on their annual reports and internal controls, indicating financial delisting scenarios [1][3] Group 1: *ST Pengbo - *ST Pengbo has been found guilty of long-term financial fraud, with its stock price dropping below 1 yuan, closing at 0.62 yuan before suspension [2] - The company received an administrative penalty in August 2024, confirming that its financial data contained false records [2] - The 2024 audit report indicated significant uncertainties regarding the company's ability to continue as a going concern, unresolved issues from previous years, and limitations in audit procedures [2][3] Group 2: *ST Longyu - *ST Longyu has received non-standard audit opinions for two consecutive years, with the 2023 report indicating insufficient evidence to assess the nature and recoverability of certain receivables [3] - The 2024 annual report also received a non-standard opinion, highlighting unresolved issues from previous audits, including the recoverability of prepayments and potential impacts from ongoing investigations [3][4] - The company disclosed that its controlling shareholder has occupied 918 million yuan, with an outstanding balance of 868 million yuan yet to be repaid [4] Group 3: Regulatory Environment - The delisting of companies like *ST Longyu and *ST Pengbo is part of a broader regulatory framework that emphasizes accountability, with the principle of "delisting does not exempt from liability" being upheld by the China Securities Regulatory Commission [5] - Regulatory bodies are committed to pursuing legal actions against companies and responsible individuals for violations that occurred during their listing period, including civil compensation for investors affected by false statements [5]