You always have to pay back when you come out. On September 11, the China Securities Regulatory Commission decided to transfer Zhangzidao and related personnel suspected of securities crimes to the public security organs for criminal responsibility. The Securities Regulatory Commission determined that Zhangzidao had an inflated profit of 130 million yuan in 2016, accounting for 158%of the total disclosed profit in the current period; The profit was reduced by 280 million yuan, accounting for 39%of the total profit disclosed in the current period.
In the previous period, the China Securities Regulatory Commission has imposed administrative actions on Zhangzidao and related personnel suspected of violating securities laws and regulations. On the basis of penalties and the decision to ban market entry, once again, Zhangzidao and its related personnel were once again criminally held accountable for suspected criminal acts. It illustrates the regulatory attitude of the regulatory authorities on the”zero tolerance” of securities crimes. At the same time, the suspected criminal problem of Zhangzidao and its related personnel shall be thoroughly investigated and strictly handled in accordance with the law, which will help to give full play to the warning and deterrent effect of typical cases , Let listed companies learn from the negative case of Zhangzidao, and keep a long memory.
The mention of a thousand miles is destroyed by the ant colony. Some major violations of the capital market that have a bad influence often have a huge destructive effect on the construction of market rule of law and the foundation of market integrity. Zhangzidao The problem of illegality and crime falls into this category. Since 2014, the listed company Zhangzidao has used its own deep-sea aquaculture characteristics such as the difficulty of checking inventory, etc., in less than six years , Staged a variety show capital show of”Scallops died three times and ran once”, involving hundreds of millions of dollars. The suspected securities crimes on Zhangzidao were transferred to the public security organs for criminal responsibility, and the regulatory authorities fully implemented the “zero tolerance” supervision to the market A clear attitude to work requirements has an important impact on severely cracking down on vicious and illegal activities such as capital market fraud, fraud, and violations of credit and disclosure regulations.
Transferring the suspected crimes of Zhangzidao to the public security organs for criminal responsibility is also to inform the advancement of the capital market Disclosure is the greatest support for the core registration system reform. Promoting the reform of the registration system is the top priority of the capital market reform, and it is a fundamental system reform for comprehensively improving the ecological construction of the capital market, realizing marketization and rule of law. One of the core elements of the registration system reform is to hand over the value judgment of listed companies to the market, allowing investors to judge the value of listed companies for investment. Regulators no longer”endorse” the value of listed companies, but return to supervision. Standard, promote the true, accurate, complete, and timely disclosure of information by listed companies, strengthen supervision during and after the event, and crack down on illegal and criminal activities. Therefore, the truthfulness, completeness, and comprehensibility of information disclosure have an extraordinary impact on the smooth progress of the registration system reform.
The China Securities Regulatory Commission transferred to the public security organ the crime of Zhangzidao suspected of constituting illegal disclosure and non-disclosure of important information. One of the deep meanings of this is to remind listed companies that the disclosure of information in accordance with laws and regulations under the registration system will be the focus of supervision work. Information disclosure must not be sloppy, otherwise it will face heavy penalties, including criminal responsibility. . According to data from the China Securities Regulatory Commission, since 2019, the China Securities Regulatory Commission has transferred a total of 24 suspected cases of illegal disclosure and non-disclosure of important information to the public security organs, including Kangmei Pharmaceuticals financial fraud, Tianxiang Environment actual controller breach trust and harm the interests of listed companies and other typical cases.
The supervisory authority transferred the issue of securities crimes on Zhangzidao to the public security organs for criminal responsibility.”System, non-intervention, zero tolerance” and non-intervention does not mean laissez-faire, zero tolerance is the most persuasive footnote to the regulatory requirements of purifying market ecology. The Securities Regulatory Commission stated that it will fully support the investigation of public security and judicial organs in the next step, resolutely implement the work requirements of”zero tolerance”, and strive to build an all-round and three-dimensional accountability system that organically connects administrative punishment with criminal punishment and civil compensation, and spares no effort to safeguard the capital market Stable and healthy development.
It can be seen that the supervisory authorities’ promotion of Zhangzidao to accept criminal penalties is part of the entire chain of accountability The link is”in progress”, not”complete”. We believe that as the China Securities Regulatory Commission and the public security organs continue to strengthen administrative and criminal enforcement cooperation,”Zhangzidao In terms of warning and deterrence, the combined effect of”long memory” is better.
□Muding (financial commentator) proofreading Wu Xingfa