Core Viewpoint - The recent penalties imposed on companies that have been delisted highlight the regulatory body's commitment to enforcing accountability and ensuring that delisting does not exempt companies from legal repercussions [1][2]. Group 1: Regulatory Actions - The Guangdong Securities Regulatory Bureau has fined Huatie Co. 24.15 million yuan after its delisting, part of a broader trend where 44 delisted companies have faced a total of 1.2 billion yuan in fines since 2024 [1]. - A total of 63 executives have been permanently banned from the market, with around 20 more delisted companies still undergoing penalties [1][2]. - The regulatory framework has established a "three-punishment linkage" system, which includes administrative penalties, criminal accountability, and civil compensation [2]. Group 2: Corporate Governance Issues - Many companies that have faced delisting suffer from poor corporate governance and operational irregularities, often involving financial fraud, information concealment, and misuse of funds [1]. - The lack of diligence from executives and board members has led to significant failures in compliance, resulting in delisting [1][2]. Group 3: Recommendations for Improvement - There is a need to strengthen accountability for executives, particularly in cases of financial fraud, and to clarify the standards for their responsibilities [2][3]. - Companies should implement internal mechanisms to reclaim performance bonuses from executives if their actions lead to financial losses [3]. - The responsibility of controlling shareholders and actual controllers should also be enforced, ensuring they return any illegally obtained benefits [3]. - A robust mechanism for collaboration between regulatory bodies and law enforcement is essential to enhance the efficiency of criminal prosecutions related to securities violations [3][4]. - Prioritizing civil compensation for investors is crucial, allowing them to pursue legal actions against responsible parties effectively [4].

Core Viewpoint - The recent penalties imposed on delisted companies and their executives indicate that delisting does not exempt them from accountability, highlighting the need for stricter enforcement of regulations in the capital market [1][2]. Group 1: Regulatory Actions - The Guangdong Securities Regulatory Bureau has fined Huatie Co. 24.15 million yuan after its delisting, part of a broader trend where 44 delisted companies have faced a total of 1.2 billion yuan in fines since 2024 [1]. - A total of 63 executives have been permanently banned from the market, with around 20 more delisted companies still undergoing punishment procedures [1][2]. Group 2: Causes of Delisting - Many companies face delisting due to poor corporate governance and non-compliance, including financial fraud, failure to disclose significant information, and misuse of funds [1]. - Some executives neglect their duties, leading to the failure to submit periodic reports within legal deadlines, contributing to the delisting process [1]. Group 3: Accountability Mechanisms - A "three-punishment linkage" system has been established, involving administrative penalties, criminal accountability, and civil compensation for delisted companies [2]. - There is a call for enhanced accountability for directors and executives, particularly those involved in financial fraud, to ensure they face consequences for their actions [2][3]. Group 4: Recommendations for Improvement - It is suggested to implement a performance compensation clawback mechanism for executives whose misconduct harms the company, allowing the company to reclaim their performance bonuses [3]. - Strengthening the accountability of controlling shareholders and actual controllers is essential, with proposals for them to return illegally obtained benefits and compensate for losses incurred by the company [3]. - Improving the coordination between criminal and civil proceedings is necessary to ensure timely action against violators and protect investor rights [3][4]. Group 5: Investor Protection - Emphasizing the priority of civil compensation for investors, it is recommended that relevant authorities ensure that administrative fines are used to cover civil compensation claims [4]. - Strengthening the accountability of delisted companies is crucial for enhancing the capital market ecosystem and protecting the legitimate rights of small and medium investors [4].