Three stock exchanges have issued 116 fines during the year, and information disclosure violations have ranked first

Since the beginning of the year, the capital market has continued to be strictly regulated. On February 8, the Shanghai and Shenzhen Stock Exchange issued fines to four listed companies. Among them, the Shenzhen Stock Exchange issued regulatory letters to three listed companies, because their relatives constituted short-term transactions and failed to perform review procedures and information disclosure obligations in connection with related related party transactions; The SSE issued a regulatory warning on the occurrence of problems such as the non-operational occupation of the company's funds by the controlling shareholder in a company.

According to the "Securities Daily" reporter, as of the deadline of February 8, the Shanghai-Shenzhen-North Exchange has issued 116 fines this year, including 48 on the Shanghai Stock Exchange, 67 on the Shenzhen Stock Exchange, and 1 on the North Stock Exchange. From the perspective of regulatory types, the SSE issued 19 regulatory work letters, 16 regulatory warnings, 8 circular criticisms, 3 public reprimands, and 2 public identifications; The Shenzhen Stock Exchange issued 45 regulatory letters, 12 circular criticisms, 8 public reprimands, and 2 public identifications; The Beijing Stock Exchange issued a warning letter. From the perspective of the target of punishment, it involves listed companies and controlling shareholders, actual controllers, directors and supervisors.

The reporter combed the reasons for regulatory penalties and found that information disclosure violations ranked first, and financial violations, securities trading violations, as well as company operations and governance violations were also fouls for most listed companies and related personnel.

For example, on January 28, the Shanghai Stock Exchange issued 10 consecutive fines, two of which were listed companies and related personnel were fined for violations of information disclosure such as financial information and related party transactions.

On the same day, 3 listed companies in Shenzhen and related personnel were fined for information disclosure violations. Specific violations include: receiving government subsidies related to earnings, but failing to fulfill information disclosure obligations in a timely manner; Failure to disclose the reduction plan before the reduction of holdings occurred; The relevant guarantee has not fulfilled the obligation of information disclosure, etc.

On January 21, the Beijing Stock Exchange took self-regulatory measures against a company and relevant responsible entities, and the facts of the company's violations included failure to disclose relevant material matters in a timely and accurate manner.

In addition, in the two trading days after the Spring Festival of the Year of the Tiger, the Shanghai and Shenzhen Exchanges issued 8 fines in a row, and gave notices and criticisms and regulatory warnings to 7 listed companies and related personnel. Among them, 4 companies were fined for the non-operating capital occupation of related parties, illegal guarantees, etc., and the main violations included: the controlling shareholder and actual controller of the listed company violated the principle of good faith and directly occupied the listed company's funds by using their control position over the company; Provide related parties with fund lending, advance payment, etc.; Non-operational appropriation of listed company funds through advance payment, security deposit, judicial deduction, guarantee deduction, etc.

Li Rui, associate professor and doctoral supervisor of the Law School of Shanghai University of Finance and Economics, told reporters that for a long time, the major shareholders of some listed companies have used various means to occupy the funds of listed companies by virtue of their absolute control over listed companies, resulting in listed companies becoming empty shells, seriously affecting the company's operations, infringing on the legitimate rights and interests of small and medium-sized shareholders, and violating the principle of independence of listed companies and the fiduciary obligations of shareholders.

"The non-operational occupation of major shareholders is one of the situations in mainland corporate governance in which major shareholders abuse control, and it is always a regulatory red line that cannot be touched by the capital market." Li Rui believes that the centralized punishment of non-operating funds occupied by the Shanghai and Shenzhen exchanges this year reflects the high-pressure situation of supervision, aiming to guide listed companies to establish a constraint mechanism to prevent the abuse of power of major shareholders, improve corporate governance, increase protection for small and medium-sized investors, and build a sound and developed capital market.

In addition, corporate operation and governance violations are also one of the main reasons for listed companies and related personnel to be punished. For example, a number of listed companies have been issued regulatory letters by the Shanghai and Shenzhen Stock Exchanges due to irregularities in seal management, incomplete information of the Three Sessions, no written basis for the payment of directors' remuneration, and non-compliance with procedures for external guarantees.

Zhu Yiyi, a lawyer at Grandall Lawyers (Shanghai) Law Firm, told reporters that strong supervision is conducive to detering illegal and illegal actors in the capital market, supervising and implementing information disclosure obligations, preventing financial risks, protecting the legitimate rights and interests of investors, effectively improving the quality of listed entities in the capital market, maintaining market order, and promoting the healthy and stable development of the capital market. Listed companies and their relevant personnel should establish reverence for the "red line" of supervision, consciously abide by relevant laws and regulations, ensure that the disclosed information is true, complete, accurate and timely, standardize the company's operation and governance, fair trade, and words and deeds in line with the norms.

"With the steady advancement of the comprehensive registration system reform, how to disclose information legally and compliantly has become a compulsory course for listed companies." Chen Li, chief economist of Chuancai Securities and director of the research institute, said that the main purpose of heavy penalties is to protect the market and maintain fairness and justice, which is conducive to listed companies to strengthen their management level and achieve high-quality development. In the future, listed companies need to standardize their words and deeds, operate legally, continuously strengthen the market education and publicity of major business managers, and do a good job in investor protection.