Recently, the Shanghai Securities Regulatory Bureau and the Liaoning Securities Regulatory Bureau have successively announced the phased investigation status of the two cases of Zhuoran Shares and Cuihua Jewelry, reminding the market that the two companies are at risk of being involved in a major illegal and forced delisting situation. This is the first time in the capital market that the investigation process warned of the risk of a company being delisted, reflecting a further upgrade in the quality and efficiency of capital market supervision. According to convention, the supervisory authorities generally only make it clear that the company involved is suspected of having involved a major illegal and forced delisting situation at the stage of prior notification of the administrative penalty. During the investigation of the case prior to that, the supervisory authorities will not voluntarily disclose the phased investigation of the case if the circumstances were unnecessary. From filing an investigation to issuing an administrative penalty notice in advance, most of them require several months or more of investigation and evidence collection. However, the issuance time of the delisting warning for the above two cases was at the stage where the investigation had not yet been completed and the prior notice of administrative punishment had not yet been issued, and the time point had clearly moved forward. Industry insiders pointed out that the regulatory authorities promptly disclose the phased investigation results, especially the investigation of suspected financial fraud cases, to release delisting risk signals to the market earlier, facilitate investors to adjust investment strategies in a timely manner, reduce the space for market speculation, avoid interference with the market by false information, and push market pricing back to fundamentals.
Zhitongcaijing · 1d ago
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Recently, the Shanghai Securities Regulatory Bureau and the Liaoning Securities Regulatory Bureau have successively announced the phased investigation status of the two cases of Zhuoran Shares and Cuihua Jewelry, reminding the market that the two companies are at risk of being involved in a major illegal and forced delisting situation. This is the first time in the capital market that the investigation process warned of the risk of a company being delisted, reflecting a further upgrade in the quality and efficiency of capital market supervision. According to convention, the supervisory authorities generally only make it clear that the company involved is suspected of having involved a major illegal and forced delisting situation at the stage of prior notification of the administrative penalty. During the investigation of the case prior to that, the supervisory authorities will not voluntarily disclose the phased investigation of the case if the circumstances were unnecessary. From filing an investigation to issuing an administrative penalty notice in advance, most of them require several months or more of investigation and evidence collection. However, the issuance time of the delisting warning for the above two cases was at the stage where the investigation had not yet been completed and the prior notice of administrative punishment had not yet been issued, and the time point had clearly moved forward. Industry insiders pointed out that the regulatory authorities promptly disclose the phased investigation results, especially the investigation of suspected financial fraud cases, to release delisting risk signals to the market earlier, facilitate investors to adjust investment strategies in a timely manner, reduce the space for market speculation, avoid interference with the market by false information, and push market pricing back to fundamentals.
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