2024年4月份，新一轮退市制度改革落地。2025年以来，退市新规威力显现，交易类、财务类、规 范类、重大违法强制退市等多元化退市指标落地见效，精准筛选出不符合上市条件的企业。 随着资本市场对财务造假打击力度加大，因财务造假触及重大违法强制退市指标的公司数量创新 高。今年摘牌退市的公司中，有11家公司触及重大违法强制退市指标，其中，有5家公司以重大违法强 制退市程序而退市，还有6家公司触及重大违法强制退市指标，但同时触及财务类退市指标（3家）、交 易类退市指标（2家）、规范类退市指标（1家），因其他退市程序效率更高，而以其他退市程序退市。 深圳大象投资控股集团总裁周力在接受《证券日报》记者采访时表示，今年以来，多指标叠加提高 了退市效率，压缩了"保壳"空间。 另外，在"应退尽退"的市场预期下，以及监管部门支持下，今年主动退市实质性起步。主动退市的 6家公司中，因被吸收合并退市的有3家，召开股东大会主动退市的有3家。 "主动退市增多，体现出市场主体认知的理性化，也是产业整合、战略调整的市场化选择。"周力表 示。 12月31日，江苏吴中医药发展股份有限公司终止上市暨摘牌。据同花顺iFinD数据统计，2025年， ...

近日，证监会对上市公司长江医药控股股份有限公司(简称"*ST长药")涉嫌定期报告等财务数据存在虚 假记载作出行政处罚事先告知。经查，*ST长药连续三年虚增收入和利润，违反证券法律法规。证监会 拟对上市公司罚款1000万元，对14名责任人合计罚款3100万元，对公司原总经理罗明采取终身证券市场 禁入措施。*ST长药涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。 据了解，*ST长药或是今年第15家因财务造假而涉嫌触及重大违法强制退市的公司，年内触及重大违法 强制退市的公司数量创历年新高。这一变化源于退市新规对财务造假退市标准的调整，也源于严监严管 下，监管部门对财务造假"零容忍"的立场，以及打破造假"生态圈"的决心。 南开大学金融发展研究院院长田利辉指出，"行政处罚+市场禁入+刑事移送+退市执行+中介追责"这一 组合拳堪称资本市场法治化的标杆之作，绝非简单叠加，而是系统性重塑监管生态的"组合重锤"，五环 相扣，形成"发现即罚、罚后即退、追责到人、刑民衔接"的全链条闭环，通过典型案例的发布，构建 了"不敢假、不能假、不易假"的制度生态。 证监会表示，对中介机构执业情况同步开展核查，一旦发现违法违规情形，将 ...

可转债风险重构与应对—基于风险案例 与退市新规视角 联合资信 工商评级二部 杨学慧 王阳 2024 年成为可转债市场的重要转折点，长期以来的零违约格局被打破；2024-2025 年，5 只转债相继发生实质 性违约，多行业评级下调事件频发，5 只转债随正股同步退市，信用风险集中凸显。可转债风险根植于"债性"与 "股性"的双重属性，核心源于主体资质短板与市场政策变化的叠加。经营端，受外部环境波动、周期行业错配、 并购商誉减值及公司治理缺陷等因素影响，经营承压；市场端，权益疲软削弱转股逻辑叠加退市新规收紧，弱资质 主体出清加速，信用风险与退市风险深度绑定。双重风险相互传导，需聚焦业绩亏损、小市值、财务瑕疵及治理缺 陷类主体，警惕违约与退市连锁反应。可转债风险处置呈现"常规化解-极端处置"的梯度路径体系，条款博弈为主 流常规路径，其成效取决于下修幅度、合规约束与市场信心维护的协同；提前赎回与引入战投依赖现金流储备或外 部资源注入；债务重组、破产清算及退市联动属极端情形，易引发显著损失或违约，路径选择本质是基本面、条款 设计与外部支持的综合权衡。展望未来，市场或将在 2027 年迎来转债集中到期高峰，转股比例下滑削弱转 ...

Core Viewpoint - The article emphasizes the heightened risk of delisting in 2025 due to stricter regulations, urging investors to check their holdings to avoid potential losses from stocks that may be delisted [1][2]. Group 1: 2025 Delisting Regulations - The new delisting rules effective from January 1, 2025, lower the thresholds and shorten the procedures for delisting, making it harder for companies to evade penalties [1]. - Four categories of delisting triggers have been identified: 1. Financial delisting for main board companies with two consecutive years of revenue below 300 million and losses, leading to ST designation, and potential delisting if standards are not met in the third year [1]. 2. Regulatory delisting for companies with significant issues such as fund occupation exceeding 30% of net assets or 200 million, and failure to rectify within four months [2]. 3. Major violations leading to immediate delisting for fraudulent issuance or significant information disclosure violations [2]. Group 2: Risk Warning List - As of November 2025, multiple exchanges have published lists of stocks under delisting risk warnings, with a significant number of companies from various sectors including computer, biomedicine, and construction [4]. - Investors are advised to check their holdings against these official lists to identify any stocks that may be at risk of delisting [4]. Group 3: Self-Check Methods - Three reliable official channels for investors to check their holdings include: 1. The official websites of the Shanghai, Shenzhen, and Beijing stock exchanges, which have dedicated sections for delisting risk warnings [5]. 2. The National Equities Exchange and Quotations (NEEQ) website, which provides information on delisted stocks [5]. 3. The Giant Tide Information Network, which aggregates risk announcements from listed companies [5]. - Key self-check tips include avoiding low-priced small-cap stocks, focusing on revenue and net profit in financial reports, and being cautious of companies with fund occupation or financial fraud issues [5]. Group 4: Investor Rights and Remedies - In case investors hold stocks at risk of delisting, there are established channels for seeking compensation, such as applying for "advance compensation" if the company is found guilty of information disclosure violations [6]. - Investors can initiate collective lawsuits through registered law firms for cases involving financial fraud or deceptive issuance [6]. - It is crucial for investors to handle share rights confirmation promptly after delisting to recover some capital [6].

同时，证监会决定对本案所涉会计师事务所执业行为正式立案调查，涉嫌未能勤勉尽责的将依法严惩。 对于相关违法行为可能涉及的证券犯罪问题线索，证监会将坚持应移尽移的工作原则，依法依规移送公 安机关。 ● 本报记者 昝秀丽 此案是首例上市公司领罚单，中介机构被同步立案的典型，体现了监管部门打击财务造假"追首 恶"与"打帮凶"并重的导向，标志着全方位、立体式的综合惩防体系进一步走向深入。 证监会11月28日消息，近日，证监会对立方数科涉嫌定期报告财务数据存在虚假记载作出行政处罚及市 场禁入事先告知。 据悉，立方数科或是今年第14家因财务造假而涉嫌触及重大违法强制退市的公司，年内触及重大违法强 制退市的公司数量创历年新高。这一变化源于退市新规对财务造假退市标准的调整，也源于严监严管 下，监管部门对财务造假"零容忍"的立场，以及打破造假"生态圈"的决心。 经查，2021年至2023年，立方数科通过开展代理业务、融资性贸易、虚假贸易等方式，累计虚增收入 6.38亿元、成本6.28亿元。立方数科连续三年虚增收入和成本，严重违反证券法律法规，安徽证监局拟 对立方数科处以1000万元罚款，对汪逸等10名责任人合计罚款3000万元。 ...

证监会11月28日消息， 近日，证监会对上市公司立方数科股份有限公司（简称立方数科）涉嫌定期报 告财务数据存在虚假记载作出行政处罚及市场禁入事先告知。 经查，2021年至2023年，立方数科通过开展代理业务、融资性贸易、虚假贸易等方式，累计虚增收入 6.38亿元、成本6.28亿元。立方数科连续三年虚增收入和成本，严重违反证券法律法规，安徽证监局拟 对立方数科处以1000万元罚款，对汪逸等10名责任人合计罚款3000万元。立方数科涉嫌触及重大违法强 制退市情形，深交所将依法启动退市程序。 同时，证监会决定对本案所涉会计师事务所执业行为正式立案调查，涉嫌未能勤勉尽责的将依法严惩。 对于相关违法行为可能涉及的证券犯罪问题线索，证监会将坚持应移尽移的工作原则，依法依规移送公 安机关。 此案是首例上市公司领罚单，中介机构被同步立案的典型，体现了监管部门打击财务造假"追首 恶"与"打帮凶"并重的导向，标志着全方位、立体式的综合惩防体系进一步走向深入。 立方数科或是今年第14家因财务造假而涉嫌触及重大违法强制退市的公司，年内触及重大违法强制退市 的公司数量创历年新高。这一变化源于退市新规对财务造假退市标准的调整，也源于严监 ...

Core Viewpoint - The A-share market is demonstrating a "zero tolerance" attitude towards major illegal delisting behaviors, as evidenced by the recent forced delisting of *ST Dongtong and *ST Suwu due to severe violations of regulations [1][2] Summary by Sections Major Violations and Delisting - *ST Dongtong and *ST Suwu have been forced to delist due to serious violations, marking a significant shift in regulatory enforcement [1][6] - Since 2025, the number of companies facing major illegal delisting has reached 13, a historical high [1][6] Specific Violations - *ST Dongtong engaged in financial fraud through its subsidiary for four consecutive years and used false data in a 2022 private placement, constituting fraudulent issuance [2][3] - The fraudulent profits reported by *ST Dongtong were substantial, with inflated profits of 52.23 million in 2019, 58.77 million in 2020, 79.48 million in 2021, and 124 million in 2022, indicating a reliance on fabricated financials [2][3] - *ST Suwu concealed its actual controlling party and inflated revenues, with related party non-operating fund occupation reaching 1.693 billion, accounting for 96.09% of its net assets by the end of 2023 [4][5] Regulatory Changes and Enforcement - The new delisting regulations specify that companies with continuous fraud for three years or more will be decisively delisted, lowering the thresholds for identifying fraudulent activities [6][7] - The regulatory framework now includes a three-tiered system for recognizing financial fraud, with specific monetary thresholds and proportions that trigger delisting [7] - The regulatory approach has shifted to a comprehensive punishment system, integrating administrative, civil, and criminal penalties for financial fraud [7][8] Investor Protection and Technological Integration - The regulatory body is enhancing investor protection mechanisms, urging companies at risk of delisting to compensate affected investors [9] - Technological advancements such as AI and big data are being utilized to improve regulatory oversight, creating a "penetrating" monitoring system to detect hidden illegal activities [9][10] Market Implications - The recent actions against *ST Dongtong and *ST Suwu indicate a strengthening of the A-share market's survival of the fittest mechanism [10] - The ongoing high-pressure regulatory environment is expected to reduce the number of companies engaging in systematic financial fraud, leading to a cleaner capital market ecosystem [11]

2012年，中国证监会推动沪深交易所出台了被称为"退市新规"的系列改革措施，这次改革在退市标准、 退市程序和监管力度等方面均实现了质的飞跃：不仅新增了"净资产为负"、"营业收入低于1000万 元"、"审计意见为否定或无法表示意见"等实质性退市标准，还取消了创业板的退市风险警示阶段，同 时统一了三大板块的退市规则，使得退市监管更加严格、透明和可预期。这一制度变迁为我们研究退市 监管的经济后果提供了难得的准自然实验机会。 部分数据截图： | Stker | | | year BreakEquit BreakSal BreakProfi BreakAudi I | | | BreakNew | Break = | | time BreakEquity#tim BreakSale#time BreakProfit@time | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 000001 | 2000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | 000001 | ...

Core Viewpoint - Dream洁股份' financial report raises concerns over potential financial fraud due to long-term revenue recognition issues and the possibility of triggering new delisting regulations. The company currently lacks a controlling shareholder, with a dispersed ownership structure, leading to questions about its future stability [2][10]. Financial Performance - Dream洁股份 reported a revenue of 1.099 billion yuan, a year-on-year decrease of 7.97%, while the net profit attributable to shareholders was 26.5176 million yuan, an increase of 28.69%. In Q3, revenue was 366 million yuan, up 9.76%, and net profit was 1.1026 million yuan, up 131.11% [2][3]. Board Dispute - Director Chen Jie opposed the authenticity of the Q3 report, citing issues with long-term revenue recognition and related fund lending that were not adjusted in the financial statements. This led to a lack of credibility in the reported financial data [3][4]. Financial Management Issues - The company has faced issues with cross-period revenue recognition and fund lending, particularly involving its subsidiary, Fujian Dafa Sleep Technology Co., which had outstanding loans to an individual totaling 66.0273 million yuan as of December 31, 2021, and 63.3763 million yuan as of September 30, 2025. Chen Jie criticized the company's failure to pursue repayment of these loans [3][4]. Ownership Structure and Control - The change in actual control in August 2022, where the founder transferred voting rights to Jin Sen New Energy, has led to internal conflicts within the board. The new controlling shareholder's unclear ownership structure raises concerns about future control disputes [6][7][8]. Regulatory Scrutiny - The company is under scrutiny from the Hunan Securities Regulatory Bureau due to issues related to the actual controller's shareholding and potential illegal fundraising activities linked to the new controlling shareholder [8][9]. Delisting Risk - The company has been involved in cross-period revenue recognition for over three years, which could trigger delisting risks under new regulations targeting long-term financial fraud. The potential for criminal liability exists if the financial misconduct is confirmed [13][14]. Shareholder Dynamics - The current ownership structure is fragmented, with the top three shareholders holding similar stakes, leading to uncertainty regarding the company's governance and strategic direction. Notably, prominent investor Wu Shichun has recently acquired a significant stake, raising questions about the stability of control [10][12].

Core Viewpoint - Recently, Ru Yi Group is under regulatory investigation for suspected information disclosure violations, marking the second such investigation in a short period, raising concerns about potential delisting risks as new regulations are implemented [2][12]. Group 1: Background of Ru Yi Group - Ru Yi Group's controlling shareholder, Shandong Ru Yi Technology Group Co., Ltd., has a history of aggressive acquisitions, spending over 40 billion USD on overseas mergers from 2015 to early 2019, leading to a debt surge exceeding 40 billion CNY [3][4]. - The liquidity crisis for Ru Yi Technology began to surface between 2019 and 2020, with significant debt repayment pressures and defaults on various bonds starting in 2021 [4][5]. Group 2: Previous Regulatory Actions - In January 2024, a penalty decision revealed that Ru Yi Group had engaged in fund transfers to its controlling shareholder through fictitious transactions, with amounts constituting over 21% of the company's audited net assets [7][8]. - The company also faced scrutiny for misrepresenting investment transactions, which were essentially financial support to its controlling shareholder, leading to audit reservations [10][11]. Group 3: Current Financial Situation - As of the first half of 2025, Ru Yi Group reported a revenue of 154 million CNY, a year-on-year decline of 32.25%, and a net loss of approximately 95.73 million CNY, representing a 105% increase in losses compared to the previous year [15]. - The company has received audit opinions with reservations for three consecutive years, indicating ongoing financial and operational issues [16]. Group 4: Potential Delisting Risks - With the implementation of stricter delisting regulations, Ru Yi Group's financial performance and repeated regulatory violations raise significant concerns about its ability to avoid delisting [12][15].