26 cases of information disclosure violations received administrative penalties
Since the beginning of this year, the China Securities Regulatory Commission has continued to maintain a high pressure on illegal information disclosure cases and increased penalties. It has made administrative punishment decisions on 26 illegal information disclosure cases, and 15 cases are undergoing advance notification procedures.
China Securities Regulatory Commission spokesperson Zhang Xiaojun introduced the above situation yesterday. He also said that the SFC’s handling of information disclosure cases this year showed two characteristics: one is to directly attack the key points of illegal activities, and to accurately identify illegal activities; the other is to strictly delist the system and resolutely delist listed companies that have major violations of information disclosure. .
Zhang Xiaojun said that the China Securities Regulatory Commission continued to maintain a high pressure on illegal information disclosure cases this year and insisted on cracking down on them. Administrative penalty decisions have been quickly made on 26 information disclosure violation cases including Shanghai Chaori, Wanjiang Logistics, Jade Bird Huaguang, Dayuan Co., Ltd., Chengde Dalu, etc., and 18 listed companies have been imposed administrative penalties, with a total fine of 22,592,300 yuan. , And in accordance with the law to take measures to ban market access to seven related persons responsible for Shanghai Chaori and Jade Bird Huaguang, and two of them were banned for life. Boyuan Investment has been transferred to the public security organs and has been suspended from listing due to suspicion of illegal disclosure and non-disclosure of important information.
In addition, 15 cases are currently undergoing advance notification procedures.
"The truthful, accurate, and complete information disclosure of listed companies is the cornerstone of the capital market, and is also the prerequisite and foundation for the steady development of the capital market. The illegal information disclosure has seriously damaged the principle of openness, fairness and justice in the capital market, and caused serious infringements on the interests of investors. "He said that severely cracking down on illegal acts of information disclosure is an important duty of the China Securities Regulatory Commission and the top priority of the Securities Regulatory Commission's law enforcement.
Zhang Xiaojun introduced that the China Securities Regulatory Commission’s handling of information disclosure cases this year showed two characteristics: First, it directly hit the key points of illegal activities and accurately identified illegal activities. The second is to strictly delist the system, and resolutely delist listed companies that have major violations of information disclosure.
In recent years, cases of illegal information disclosure have shown the characteristics of long illegal time, concealed and complicated methods, large amount of money involved, and wide impact. Taking Jade Bird Huaguang, Shanghai Chaori and Wanjiang Logistics as examples, Jade Bird Huaguang’s illegal information disclosure activities continued from 2007 to 2012, involving failure to disclose actual controllers and related transactions in accordance with regulations. Commercial purchases and sales transactions, inflated annual operating income and other illegal activities.
The illegal methods in the Shanghai Chaori case are concealed and complicated in various forms, involving failure to disclose the acquisition of photovoltaic power plant projects overseas, agreements signed with overseas partners, and related equity pledges during the process of bank loans, as well as false confirmations and advance confirmations Huge income, failure to promptly announce the price reduction of sold solar modules and other illegal activities.
The Wanjiang Logistics case involved a huge amount of money and a wide range of influence. In 2012 and 2013, the inflated revenue reached billions, and the inflated profit reached hundreds of millions. At the same time, it also involves undisclosed huge guarantees and other illegal issues.
"In the face of various current violations of information disclosure that infringe on the legitimate rights and interests of investors, the China Securities Regulatory Commission quickly organized a trial force to hear the case, accurately determine the facts, and impose penalties in accordance with the law." Zhang Xiaojun said that the above-mentioned information disclosure violations are efficient and rapid punishments. It has played an important role in strengthening the information disclosure obligations of listed companies, enhancing the compliance awareness of listed companies, and improving the quality of information disclosure of listed companies.
At the same time, this year the China Securities Regulatory Commission has also stepped up the implementation of the delisting system. For major information disclosure violations, it will be severely punished or resolutely transferred. For listed companies that constitute major information disclosure violations, the stock exchange will decide to suspend listing. "Boyuan Investment's suspension of listing shows that the China Securities Regulatory Commission has strengthened its supervision during and after the event, and demonstrated its determination to purify the capital market."
Zhang Xiaojun said that in the future, the China Securities Regulatory Commission will continue to increase penalties for illegal cases of information disclosure, continuously improve the delisting system, promote the truthfulness, accuracy, and completeness of information disclosure, build a firm foundation for the capital market, and return a clear and clear market Free listed companies safeguard the legitimate rights and interests of investors, especially small and medium investors.