56 tickets! Tens of millions of fines for illegal cost dismantling of listed companies

category:Finance
 56 tickets! Tens of millions of fines for illegal cost dismantling of listed companies


In addition, on October 13, Kerong environment (300152. SZ) also received the advance notice of administrative punishment issued by the CSRC, which mentioned that by changing the commissioning report date of 21 projects from the previous year to 2017, Kerong environment was suspected of falsely increasing the profit of 2017 by 7.1788 million yuan. The CSRC made corresponding punishment to the company, its controlling shareholder and actual controller, such as Mao Fengli.

These two cases are just the tip of the iceberg that listed companies have been punished by the CSRC for violating laws and regulations since this year. According to wind data statistics, as of October 15, this year, 49 listed companies have received 56 administrative punishment decisions or advance notices issued by the CSRC or the local securities regulatory bureau. Among them, 25 cases involved the punishment of forbidding the parties to enter the market.

The total amount of fines and confiscations of 49 listed companies was 28.96 million yuan. In addition, hundreds of directors, supervisors and senior executives of listed companies have been punished. Among the 25 companies involved in the market ban, nearly 80 directors, supervisors or actual controllers who have been banned from the market have been fined and confiscated for about 55.29 million yuan.

Listed companies are the cornerstone of the capital market. In recent years, the regulatory authorities have attached great importance to improving the quality of listed companies and promoting the healthy and stable development of the capital market.

By combing the existing data, it can be seen that the cost of violation of laws and regulations of listed companies and related subjects, as well as the main reasons for listed companies and related subjects to be punished by the CSRC, can be seen.

Behind 56 tickets

According to wind data statistics, the reporter of Economic Observer found that 30 of the 49 listed companies were ST shares, accounting for 61.22%. There was a risk of delisting. *St Conde (002450. SZ) and St Conway (600518. SH), two companies that once shocked the market, are among them.

In addition, * ST Kangde did not disclose in time or in the annual report the situation of providing related guarantee for the controlling shareholders; it did not disclose the use of raised funds in the annual report. In view of these three illegal facts, the SFC * ST Kangde ordered correction, given a warning, and imposed a fine of 600000 yuan, and imposed corresponding penalties on the actual controller Zhong Yu and others.

According to Article 193 of the securities law of 2005, the top penalty of an issuer, listed company or other information disclosure obligors who fail to fulfill the obligation of information disclosure is a warning and a fine of 600000 yuan. The top penalty of the directly responsible person in charge and other directly responsible personnel is a warning and a fine of 300000 yuan.

Among the 49 listed companies fined, a ceiling fine of $600000, such as * ST Conde, is not an individual case. According to the above statistics, the total amount of fines and confiscations of 49 listed companies was 28.96 million yuan, with an average of 591000 yuan for each company.

Among the 49 listed companies, including * ST Conde, 27 companies received a ceiling fine of RMB 600000, accounting for 55.10%.

It is worth mentioning that many listed companies have been punished for violating laws and regulations for many times since this year. According to wind data, there are 165 companies that have been punished more than 2 times (including 2 times) in a year, of which 46 companies have been punished more than 3 times (including 3 times). During the year, Guiyang Bank (601997. SH) had the largest number of violations, with 7 times, and the penalty amount was 2.6 million yuan.

25 companies involved in market ban

According to wind data statistics, among the 49 listed companies punished by the CSRC in the above-mentioned year, 25 companies were involved in the market ban punishment, and 76 directors, supervisors and senior executives or actual controllers who were banned from the market were fined and confiscated with a total amount of 55.29 million yuan.

In terms of the time of prohibition, 18 directors, supervisors and senior executives (or actual controllers) of 13 companies have been banned from the securities market for life by the CSRC. Among them, Yan Jinggang, the head of the China Technology Department who was once famous in the capital market, was also banned from the securities market for life.

According to the notice on administrative punishment and market ban issued by the CSRC to st youf (002427. SZ), Yan Jinggang increased the amount of illegal occupation of funds of listed companies by 124 million yuan in 2017, and 383 million yuan in the first half of 2018. In terms of illegal guarantee, in 2017, the amount of undisclosed guarantee provided by St yof and its subsidiaries to Yan Jinggang and its subsidiaries was 630 million yuan.

As far as a single company is concerned, St Kangmei has the largest number of executives banned from the securities market for life. On May 14, it received the decision on administrative punishment and decision on market prohibition issued by the CSRC. At the same time, Ma Xingtian, chairman and general manager of Kangmei Pharmaceutical Co., Ltd., Xu Dongjin, then vice chairman and deputy general manager, Qiu Xiwei, then director, deputy general manager and Secretary of the board of directors, Zhuang Yiqing, then chief financial officer, Wen Shaosheng, then employee supervisor, general manager assistant and deputy general manager, as well as Ma Huanzhou, supervisor and independent director, were also banned from the securities market. Among them, Ma Xingtian, Xu Dongjin and Qiu Xiwei were banned from entering the securities market for life.

According to the relevant provisions of the securities law of 2005 and the provisions on the prohibition of entry into the securities market, from the date of the announcement of the decision by the CSRC, during the period of the prohibition, it is not allowed to continue to engage in the securities business in the original institution or to serve as the director, supervisor or senior manager of the original listed company or non listed public company, or engage in the securities business in any other institution Directors, supervisors and senior managers of municipal companies and non listed public companies.

Increase the cost of violation of laws and regulations

Improving the quality of listed companies has always been one of the tasks for the healthy development of the capital market. The national nine articles in 2004, the new nine articles in 2014, the central economic work conference at the end of 2018, and the deep reform 12 articles of the CSRC in 2019 are all involved. However, Huatai Securities believes that the release of the special top-level design document reflects the strategic height and also means the change of policy focus: in the early stage, a series of reforms mainly put the asset pricing to the market, while the follow-up series of mechanism improvement took asset quality as an important regulatory goal.

The Information Office of the State Council held a regular briefing on the policies of the State Council on the afternoon of October 12. Yan Qingmin, vice chairman of the CSRC, and others further interpreted the opinions.

Yan Qingmin said that the opinions put forward 17 key measures in six aspects. These six parts are an organic whole. Improving the level of corporate governance is the basis of improving the quality of listed companies, which emphasizes the two core points of corporate governance and information disclosure. Promoting the listed companies to be better and stronger and improving the exit mechanism of listed companies covers the whole life cycle of Listed Companies in the capital market. It emphasizes to open the entrance, smooth the export, and improve the benign market ecology of survival of the fittest. At present, we should make great efforts to solve the pain points of stock pledge risk, capital occupation, illegal guarantee and so on. The last two parts are the key and weak points to improve the quality of listed companies. In order to improve the governance level of listed companies, what specific measures does the CSRC take next? Yan Qingmin said that the CSRC will conscientiously implement the State Councils No. 14 document, regard strengthening corporate governance as an important work to improve the quality of listed companies, and further improve the governance level of listed companies by carrying out special actions on corporate governance. Source: Guo Chenqi, editor in charge of the Economic Observer_ NBJ9931

Yan Qingmin put forward 17 key measures. These six parts are an organic whole. Improving the level of corporate governance is the basis of improving the quality of listed companies, which emphasizes the two core points of corporate governance and information disclosure. Promoting the listed companies to be better and stronger and improving the exit mechanism of listed companies covers the whole life cycle of Listed Companies in the capital market. It emphasizes to open the entrance, smooth the export, and improve the benign market ecology of survival of the fittest. At present, we should make great efforts to solve the pain points of stock pledge risk, capital occupation, illegal guarantee and so on. The last two parts are the key and weak points to improve the quality of listed companies.

In order to improve the governance level of listed companies, what specific measures does the CSRC take next? Yan Qingmin said that the CSRC will conscientiously implement the State Councils No. 14 document, regard strengthening corporate governance as an important work to improve the quality of listed companies, and further improve the governance level of listed companies by carrying out special actions on corporate governance.