一系列案例显示，退市不是追责的终点。中央财经大学教授、资本市场监管与改革研究中心主任陈运森 表示，部分问题公司将退市视为一种软着陆的方式，试图通过摘牌来逃避公众监督和监管追责。退市不 免责，能有效防止劣币驱逐良币，维护广大中小投资者的合法权益，体现了我国资本市场公开、公平、 公正的重要原则。 退市绝非把公司的弊病一笔勾销，责任无休的背后是长牙带刺、全面从严的监管趋势。新"国九条"明确 提出加大退市监管力度，要求进一步强化退市监管，严格退市执行，严厉打击财务造假、操纵市场等恶 意规避退市的违法行为；健全退市过程中的投资者赔偿救济机制，对重大违法退市负有责任的控股股 东、实际控制人、董事、高管等要依法赔偿投资者损失。《关于进一步做好资本市场财务造假综合惩防 工作的意见》提出，优化证券监管执法体制机制，加大全方位立体化追责力度，加强部际协调和央地协 同。 中国社会科学院金融研究所副研究员李俊成表示，目前，追责的目光正从是否上市的身份转向是否违法 的行为，这将延长追责链条、提高违法违规成本，也能引导投资者更加关注企业基本面和合规记录，减 少投机行为，对资本市场健康发展有着深远影响。 注册制改革提升了入口关的包容度，也 ...

近日，此前因重大违法被强制退市的广东紫晶信息存储技术股份有限公司发布重大诉讼进展公告，根据 广东省梅州市中级人民法院出具的一审刑事判决书，该公司因欺诈发行证券罪被判处罚金3700万元，实 际控制人等10名高管全部获刑，最高刑期达7年6个月。这是"带病"退市不免责的又一典型案例，也因首 次适用行政执法当事人承诺制度、中介机构先行赔付、刑事追责公司高管等备受关注，释放了立体化、 全链条监管的强烈信号。 近年来，监管部门持续加大对退市公司的监管力度，对于公司退市前的违法违规行为坚持"一追到底"， 决不允许"一退了之"。仅在2025年10月13日至16日的4天内，中国中期、江苏阳光、富通信息这3家已退 市公司先后公告被立案或处罚。此前在2025年9月份，因长期财务造假、欺诈发行债券等行为，已于 2024年退市的亿利洁能股份有限公司、控股股东及相关当事人被证监会内蒙古监管局开出3.75亿元罚 单。 □ 退市绝非把公司的弊病一笔勾销，责任无休的背后是长牙带刺、全面从严的监管趋势。近年来，监管 部门持续加大对退市公司监管力度，对于公司退市前的违法违规行为坚持"一追到底"，决不允许"一退 了之"。 □ 上市公司的行为涉及多方 ...

Core Viewpoint - The article discusses the evolving landscape of delisting in China's capital market, highlighting the increasing efficiency and regulatory rigor in the delisting process, with a focus on the "no exemption from liability" principle for delisted companies [1][2][4]. Group 1: Delisting Trends - In 2025, a total of 32 companies are expected to be delisted, categorized into trading (11), financial (9), voluntary (6), major violations (5), and regulatory (1) [1]. - The delisting process has shown three main characteristics: diversified channels for delisting, normalization of "no exemption from liability," and continuous improvement of investor protection mechanisms [1][2]. Group 2: Regulatory Changes - The new delisting regulations implemented in April 2024 have effectively identified companies that do not meet listing conditions, with a record number of companies facing major violations leading to forced delisting [2][3]. - The principle of "no exemption from liability" is emphasized, with 41 delisted companies receiving 49 administrative penalties in 2025, indicating a robust enforcement environment [4][5]. Group 3: Investor Protection - The regulatory authorities are enhancing investor protection mechanisms, including the establishment of a compensation system and the facilitation of investor rights [6][7]. - Recent measures include the initiation of special representative lawsuits and advance compensation funds to protect investors affected by delisted companies [7][8]. Group 4: Market Dynamics - The increase in voluntary delistings reflects a rational recognition by market participants and is seen as a market-driven choice for strategic adjustments [2][3]. - The article notes that companies opting for voluntary delisting are required to provide cash options to protect minority shareholders, with specific premiums over pre-suspension prices [8][9].

Group 1 - The core viewpoint of the articles highlights the increasing trend of delistings in the Chinese capital market, with 32 companies expected to delist in 2025, driven by various factors including stricter regulations and enhanced investor protection mechanisms [1][2][4] - The delisting process has diversified, with 11 companies delisting due to trading issues, 9 due to financial problems, and 5 due to major legal violations, indicating a more structured approach to maintaining market integrity [1][2] - The concept of "delisting without exemption" has become a norm, with regulatory bodies emphasizing accountability for delisted companies, leading to an increase in administrative penalties and legal actions against them [4][5] Group 2 - The new delisting regulations implemented in April 2024 have shown effectiveness, particularly in identifying companies that do not meet listing criteria, with a notable rise in companies facing delisting due to financial fraud [2][3] - The rise in voluntary delistings reflects a rational recognition among market participants, indicating a shift towards market-driven decisions such as mergers and acquisitions [3] - Regulatory bodies are focusing on creating a robust investor protection framework, ensuring that investors have access to compensation mechanisms and legal recourse in the event of delistings [6][7] Group 3 - The regulatory framework has been strengthened to ensure that companies cannot evade accountability post-delistings, with a focus on linking administrative penalties to civil compensation for investors [4][5] - Recent statistics show that 41 delisted companies have received a total of 49 administrative penalties, highlighting the increased scrutiny and enforcement actions taken against non-compliant firms [4] - The introduction of cash options for shareholders in voluntarily delisting companies aims to protect minority shareholders and ensure fair compensation during the delisting process [8][9]

Core Viewpoint - The article discusses the evolving landscape of delisting in the A-share market for 2025, highlighting the emergence of various delisting types and the ongoing reforms aimed at enhancing investor protection and market efficiency [1][3]. Delisting Types - The delisting structure has become increasingly diverse, with 11 companies delisted for trading issues, 9 for financial issues, 6 for voluntary delisting, 5 for major legal violations, and 1 for regulatory compliance [1]. - A record 15 companies have faced major legal delisting this year, indicating a significant increase in enforcement actions [1]. Voluntary Delisting - Voluntary delisting has emerged as a notable trend, with 6 companies opting for this route through shareholder resolutions and mergers [2]. - The rise of voluntary delisting is attributed to market-driven tools such as mergers and acquisitions, which help companies improve quality and provide a buffer for underperforming firms [2]. Regulatory Environment - The regulatory framework emphasizes that delisting does not exempt companies from accountability, with a multi-faceted approach to civil, administrative, and criminal liabilities being established [3][4]. - Companies that engage in financial fraud or information disclosure violations will still face repercussions even after delisting, as evidenced by recent penalties imposed on delisted firms [3][4]. Investor Protection - Investor rights remain intact post-delisting, with ongoing legal actions and representative lawsuits providing avenues for compensation [5][6]. - The establishment of a robust investor protection mechanism is crucial for maintaining confidence in the capital market, with recent regulatory proposals aimed at enhancing protections during the delisting process [6][7]. Market Reforms - Continuous reforms in the delisting system are aimed at creating a more market-oriented and normalized exit mechanism, promoting healthy capital market operations [6]. - Suggestions include optimizing delisting functions and improving re-listing mechanisms to encourage better governance and operational efficiency among delisted companies [6].

Core Viewpoint - The announcement from Jiuyou Investment reveals severe financial misconduct leading to its delisting, emphasizing that delisting does not exempt companies from accountability [1][5]. Group 1: Regulatory Actions - On December 10, Jiuyou Investment received an administrative penalty from the China Securities Regulatory Commission (CSRC) after being delisted for seven months [1][5]. - The Shanghai Stock Exchange publicly reprimanded Jiuyou's former chairman, Li Ming, barring him from serving as a director or senior executive in any listed company for ten years [1][5]. - The case highlights the regulatory stance that "delisting does not exempt" companies from penalties, serving as a warning for financial compliance among listed firms [6]. Group 2: Specific Violations - Jiuyou Investment was found to have committed two main violations: failure to disclose related party transactions and significant omissions in its 2020 annual report, along with false records in reports from 2021 to 2023 [6][8]. - The company concealed related party transactions, including a transaction involving the acquisition of 90% of Bohu Zongxiang Information Technology Co., Ltd. for 63.9732 million yuan, which represented 142.30% of its disclosed net assets [6][7]. - From 2021 to 2023, Jiuyou used its subsidiary Beijing Zhongguangyang Enterprise Management Co., Ltd. to fabricate internet information service business to inflate revenue and profits [7].

Core Viewpoint - The case of Hubei Jiuyou Investment Co., Ltd. highlights the ongoing regulatory pressure in the capital market, emphasizing that companies that are delisted are not exempt from penalties for violations [1] Group 1: Regulatory Actions - Hubei Jiuyou Investment was fined a total of 23.5 million yuan for failing to disclose related party transactions and for false records in three years of financial reports [1] - The original chairman, Li Ming, received a 10-year market ban due to his significant role in the violations [6] Group 2: Violations and Financial Misreporting - The company failed to disclose related party transactions, including a significant omission in the 2020 annual report, which falsely recorded a non-compensatory acquisition of 90% equity in Bozhou Zongxiang Information Technology Co., Ltd. for 63.9732 million yuan, representing 142.30% of the disclosed net assets [3][4] - The 2020 annual report inflated non-operating income by 63.9732 million yuan, which accounted for 471.03% of the reported total profit [4] - From 2021 to 2023, the company continued to report false financials, with the 2021 report inflating revenue by 43.712 million yuan (16.29% of reported revenue) and total profit by 4.53 million yuan (5.07% of reported profit) [5] - The 2022 report showed inflated revenue of 150 million yuan (49.44% of reported revenue) and total profit inflated by 11.993 million yuan (13.49% of reported profit) [5] - The 2023 report indicated inflated revenue of 160 million yuan (40.64% of reported revenue) and total profit inflated by 17.837 million yuan (27.61% of reported profit) [5] Group 3: Market Response - The regulatory environment has intensified, with a record number of companies facing mandatory delisting due to serious violations, and a total of 73 delisted companies fined 2 billion yuan since the beginning of 2024 [1]

Core Viewpoint - Hubei Jiuyou Investment Co., Ltd. (Jiuyou Investment) has been penalized for failing to disclose related party transactions and for false financial reporting over three years, resulting in a total fine of 23.5 million yuan. The former chairman, Li Ming, has been banned from the market for 10 years [2][8]. Group 1: Violations and Penalties - Jiuyou Investment failed to disclose related party transactions, specifically a significant omission in the 2020 annual report regarding the acquisition of 90% of Bohu Zongxiang Information Technology Co., Ltd. for 63.9732 million yuan, which constituted 142.30% of the disclosed net assets [5]. - The 2020 annual report falsely inflated non-operating income by 63.9732 million yuan, which accounted for 471.03% of the total disclosed profit [5]. - From 2021 to 2023, Jiuyou Investment's annual reports contained false records, with subsidiaries inflating revenue and profits through fictitious service and marketing activities [6]. Group 2: Financial Misstatements - The 2021 annual report inflated operating income by 43.712 million yuan, representing 16.29% of the disclosed operating income, and inflated total profit by 4.53 million yuan, accounting for 5.07% of the total profit [7]. - The 2022 annual report inflated operating income by 150 million yuan, which was 49.44% of the disclosed operating income, and inflated total profit by 11.993 million yuan, representing 13.49% of the total profit [7]. - The 2023 annual report inflated operating income by 160 million yuan, constituting 40.64% of the disclosed operating income, and inflated total profit by 17.837 million yuan, which was 27.61% of the total profit [7]. Group 3: Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a fine of 8.5 million yuan on Jiuyou Investment and a fine of 15 million yuan on Li Ming, with 5 million yuan as a direct responsible person and 10 million yuan as the actual controller [8]. - Li Ming's actions in the information disclosure violations were deemed severe, leading to a 10-year ban from the securities market [8]. - The Shanghai Stock Exchange also issued a public reprimand against Jiuyou Investment and Li Ming, declaring that Li Ming is unfit to serve as a director, supervisor, or senior management personnel of a listed company for 10 years [8].

Core Viewpoint - The case of Hubei Jiuyou Investment Co., Ltd. highlights the ongoing regulatory pressure in China's capital markets, emphasizing that companies cannot evade accountability even after delisting due to significant violations [9]. Group 1: Regulatory Actions - Jiuyou Investment and its former chairman Li Ming were fined a total of 23.5 million yuan for failing to disclose related party transactions and for three years of false financial reporting [9]. - The China Securities Regulatory Commission (CSRC) imposed a 10-year market ban on Li Ming due to his significant role in the violations [7][15]. Group 2: Violations and Financial Misreporting - Jiuyou Investment failed to disclose related party transactions, notably a 2020 transaction involving the acquisition of 90% of Bohu Zongxiang Information Technology Co., Ltd. for 63.9732 million yuan, which constituted 142.30% of the reported net assets [5][12]. - The 2020 annual report falsely inflated non-operating income by 63.9732 million yuan, which accounted for 471.03% of the reported total profit [5][12]. - From 2021 to 2023, Jiuyou Investment's subsidiaries engaged in fictitious service and marketing activities, leading to inflated revenues and profits in their annual reports [6][13]. - The 2021 report overstated revenue by 43.712 million yuan (16.29% of reported revenue) and profit by 4.53 million yuan (5.07% of reported profit) [14]. - The 2022 report inflated revenue by 150 million yuan (49.44% of reported revenue) and profit by 11.993 million yuan (13.49% of reported profit) [14]. - The 2023 report showed inflated revenue of 160 million yuan (40.64% of reported revenue) and profit by 17.837 million yuan (27.61% of reported profit) [14].

Core Viewpoint - The article discusses the administrative penalties imposed on Hubei Jiuyou Investment Co., Ltd. (Jiuyou Investment) and its former chairman Li Ming, highlighting the ongoing regulatory pressure in China's capital markets regarding delisted companies and the principle of "delisting does not exempt from liability" [2][3]. Summary by Sections - Jiuyou Investment and Li Ming were fined a total of 23.5 million yuan for failing to disclose related party transactions and for false records in financial reports over three years [3]. - The regulatory environment has intensified, with a record number of companies being forcibly delisted for major violations, and 73 delisted companies facing fines totaling 2 billion yuan as of November [3]. Violations Identified - Jiuyou Investment failed to disclose related party transactions, specifically a significant omission in the 2020 annual report regarding the acquisition of 90% of Bohu Zongxiang Information Technology Co., Ltd. for 63.9732 million yuan, which constituted 142.30% of the disclosed net assets [7]. - The 2020 annual report falsely inflated non-operating income by 63.9732 million yuan, which accounted for 471.03% of the reported total profit [7]. - From 2021 to 2023, the company reported false records in its annual reports, with inflated revenues and profits due to fictitious service and marketing activities by subsidiaries [8][9]. - The 2021 annual report inflated revenue by 43.712 million yuan (16.29% of reported revenue) and profit by 4.53 million yuan (5.07% of reported profit) [8]. - The 2022 annual report inflated revenue by 150 million yuan (49.44% of reported revenue) and profit by 11.993 million yuan (13.49% of reported profit) [8]. - The 2023 annual report inflated revenue by 160 million yuan (40.64% of reported revenue) and profit by 17.837 million yuan (27.61% of reported profit) [9]. Penalties Imposed - The China Securities Regulatory Commission (CSRC) ordered Jiuyou Investment to rectify its violations, issued a warning, and imposed an 8.5 million yuan fine [11]. - Li Ming received a warning and a total fine of 15 million yuan, with 5 million yuan for direct responsibility and 10 million yuan as the actual controller [11]. - Due to the severity of his involvement in the violations, Li Ming was banned from the securities market for 10 years [12].