◎记者 夏子航 退市不是"免罚牌" 。监管"长牙带刺"，持续对退市公司及相关责任人的违法违规问题一追到底。 《行政处罚事先告知书》指出，恒立实业上述行为涉嫌违反《中华人民共和国证券法》（以下简称"证 券法"）第七十八条第二款，构成《证券法》第一百九十七条第二款所述违法行为。 根据证券法，信息披露义务人报送的报告或者披露的信息有虚假记载、误导性陈述或者重大遗漏的，责 令改正，给予警告，并处以一百万元以上一千万元以下的罚款；对直接负责的主管人员和其他直接责任 人员给予警告，并处以五十万元以上五百万元以下的罚款。 "关键少数"难辞其咎，遭重罚3140万元 调查认为，恒立实业时任董事长全面管理公司各项业务，组织决策开展乙二醇贸易，参与贸易事项审 批。 11月21日，湖南证监局向恒立实业发展集团股份有限公司（以下简称"恒立实业"，退市后简称"R恒立 1"，代码：400277）及相关责任人下发《行政处罚事先告知书》称，恒立实业年报等信息披露文件财务 数据涉嫌虚假披露一案已调查完毕，拟对恒立实业及19名相关责任人合计罚款3940万元。 这一处罚决定体现了监管部门对资本市场违法违规行为"零容忍"的坚决态度。监管部门持续高度关 ...

Core Viewpoint - The regulatory authority demonstrates a "zero tolerance" approach towards violations in the capital market, as evidenced by the administrative penalties imposed on Hengli Industrial Development Group Co., Ltd. for false financial disclosures [3][10][14]. Summary by Sections Regulatory Actions - On November 21, the Hunan Securities Regulatory Bureau issued an administrative penalty notice to Hengli Industrial and 19 related individuals, proposing a total fine of 39.4 million yuan [3][9]. - The penalties reflect the regulatory body's commitment to addressing illegal activities in the capital market, with ongoing investigations into Hengli Industrial's irregularities [3][10]. Financial Misconduct - Hengli Industrial was found to have inflated its revenue and costs through fictitious transactions in its glycol trading business, leading to significant discrepancies in its financial reports from 2020 to the first half of 2023 [4][5]. - The company reported inflated revenues of approximately 227 million yuan, 181 million yuan, 135 million yuan, and 51.19 million yuan for the respective years, constituting 74.24%, 52.27%, 55.08%, and 47.77% of the reported revenues [5]. Accountability of Executives - Key executives, including the chairman and president, were identified as directly responsible for the violations, with penalties totaling 31.4 million yuan for these individuals [6][9]. - Additional executives and board members were also implicated for failing to exercise due diligence regarding the company's trading activities and financial disclosures [7][8]. Consequences of Delisting - Hengli Industrial's stock was delisted on July 16 due to failure to disclose its 2024 annual report within the legal timeframe, marking a significant decline in its operational status [10][14]. - The company faced two separate investigations within a month, highlighting the regulatory body's swift action against non-compliance [13][14]. Investor Protection - Despite the company's delisting, the protection of investor rights remains a priority, with ongoing legal actions against companies for false disclosures, reinforcing the message that delisting does not equate to immunity from accountability [14].

退市不是"免罚牌"。监管"长牙带刺"，持续对退市公司及相关责任人的违法违规问题一追到底。 11月21日，湖南证监局向恒立实业发展集团股份有限公司（以下简称"恒立实业"，退市后简称"R恒立1"，代码：400277）及相关责任人下发《行政处罚事 先告知书》称，恒立实业年报等信息披露文件财务数据涉嫌虚假披露一案已调查完毕，拟对恒立实业及19名相关责任人合计罚款3940万元。 经调查，恒立实业为了扩大收入规模，以全资子公司湖南恒胜互通国际贸易有限公司（以下简称"恒胜互通"）为平台，协调供应商及客户，通过虚构交易 开展无商业实质的乙二醇贸易业务。 2020年至2023上半年，恒立实业分别虚增营业收入约2.27亿元、1.81亿元、1.35亿元、5119万元，占当期披露营业收入的比例分别为74.24%、52.27%、 55.08%、47.77%；分别虚增营业成本约2.20亿元、1.75亿元、1.32亿元、4941万元，占当期披露营业成本的比例分别为77.53%、53.9%、55.45%、 50.43%。 上述行为导致恒立实业2020年至2022年的年度报告、2023年半年度报告存在虚假记载。此前，恒立实业时任董事、监事、高 ...

Core Viewpoint - The regulatory authority has imposed significant penalties on Delisted Longyu for financial fraud, emphasizing a zero-tolerance policy towards such violations even after delisting [1][4][8]. Group 1: Regulatory Actions - Delisted Longyu received a total fine of 38.1 million yuan for financial misconduct from 2019 to 2022, including inflated revenues and profits through fictitious trade activities [1][4]. - The actual controller of Delisted Longyu has been banned from the securities market for ten years, alongside substantial fines imposed on other responsible individuals [5][6]. - The Shanghai Securities Regulatory Commission (SSRC) has initiated a thorough investigation into the company's illegal activities, demonstrating a commitment to accountability [4][8]. Group 2: Financial Misconduct Details - From 2019 to 2022, Delisted Longyu inflated its revenues by 2.242 billion yuan, 3.986 billion yuan, 4.024 billion yuan, and 4.288 billion yuan, representing 16.61%, 44.57%, 50.46%, and 42.95% of the reported revenues for those years, respectively [4]. - The company also reported inflated profits totaling 5.73 million yuan, 11.1369 million yuan, 9.5195 million yuan, and 10.9332 million yuan, which accounted for 60.48%, 10.36%, 7.48%, and 23.92% of the disclosed profits during the same period [4]. Group 3: Investor Protection and Market Integrity - The SSRC is actively working to recover losses for affected investors and has already facilitated the return of over 400 million yuan to Delisted Longyu [6]. - The regulatory body is committed to enhancing investor protection and maintaining a healthy market environment, reinforcing the importance of strict enforcement of delisting regulations [9].

Core Viewpoint - The regulatory environment for listed companies in the capital market remains stringent, with numerous companies facing investigations for information disclosure violations, even after delisting [2][12]. Group 1: Regulatory Actions - Nearly 40 listed companies and over 20 responsible individuals have been investigated in the first half of the year, with a focus on information disclosure violations [2]. - Companies such as Yangmei Chemical and Qing Shui Yuan, along with individuals like Su Tong and Yan Chunyu, have been subjected to investigations by the China Securities Regulatory Commission (CSRC) for issues including false annual report disclosures [2][4]. - More than 10 of the investigated companies are ST (Special Treatment) companies, indicating a higher risk profile [2]. Group 2: Recurring Violations - A significant portion of the companies under investigation, over 80%, have been found to have information disclosure violations [4]. - Recent cases include companies like Jiaao Environmental Protection and Jincheng New Materials, which are suspected of information disclosure violations [5]. - Some companies have faced multiple investigations; for instance, Jiaao Environmental Protection was previously penalized for similar violations in 2020 [9]. Group 3: Financial Health of Investigated Companies - Many companies facing investigations have reported consecutive years of losses and are entangled in legal disputes. Jiaao Environmental Protection reported losses exceeding 400 million yuan over three years [11]. - Huayang United has also shown significant losses, totaling over 1.8 billion yuan from 2022 to 2024 [11]. - The financial instability of these companies raises concerns about their ability to comply with regulatory requirements and maintain operations [11]. Group 4: Implications for Investors - The increasing number of investigations and the severity of penalties suggest a tightening regulatory environment, particularly for companies at risk of delisting [12]. - Investors are advised to be cautious with stocks that have delisting risks, as regulatory actions may lead to significant financial repercussions [12][13]. - Legal challenges in recovering losses from delisted companies are prevalent, complicating the investor compensation process [13].