The State Council has made a heavy-handed effort to clean up the capital market! Crack down on violations of laws and regulations!

Medical Network September 25 - Improving the quality of listed companies is essential to promote the healthy development of the capital market and promote the transformation and upgrading of the real industry.
September 23rd, an executive meeting of the State Council was held to deploy efforts to further improve the quality of listed companies, with the aim of protecting the rights and interests of investors and promoting the sustained, stable and healthy development of the capital market.
In recent years, some pharmaceutical enterprises suspected of financial fraud, insider trading and other illegal violations are frequently reported, high marketing costs have caused a lot of controversy, the national level and pharmaceutical regulatory departments at all levels around the industry enterprises compliance, legal operation requirements, no doubt released a new regulatory signal.
Strengthen the bottom line of governance of listed companies to fully implement the State Council Financial Commission on the capital market violations of the "zero tolerance" of the work requirements, focus on the construction of administrative penalties, criminal accountability, civil compensation and other comprehensive, three-dimensional accountability system, and continue to increase the intensity of insider trading, financial fraud and other illegal acts, which is an important measure to implement the Fourth Plenary Session of the 19th Central Committee, but also to the Central Economic Work Conference "to improve the quality of listed companies" requirements.
state council executive meeting, focusing on the capital market compliance behavior to make the following key decisions: 1, to further improve the quality of listed companies, conducive to promoting the sustained, stable and healthy development of the capital market, increase support for the real economy.
2. Improve the rules of the governance system of listed companies, implement the statutory duties and responsibilities of controlling shareholders, actual controllers, directors, supervisors and senior managers, improve the mechanism for institutional investors to participate in corporate governance, and implement a system of internal control norms.
3, improve the transparency of information and the quality of disclosure.
4, promote listed companies to do better and stronger.
supports high-quality companies to go public.
improve the asset restructuring, acquisition and spin-off of listed companies and other systems.
improve the listed companies refinancing, debt issuance and other systems.
allow more qualified foreign investors to invest strategically in listed companies.
6, improve standards, simplify procedures, open channels, improve the diversification of listed companies exit mechanism.
crack down on circumvention of de-marketing.
7, to play the joint efforts of the departments to strengthen supervision.
to solve the stock pledge risk, illegal occupation of funds, illegal guarantee and other issues.
8, increase penalties for market manipulation, insider trading and other illegal violations, and substantially increase the cost of illegal violations.
generally believes that building a standardized, transparent, open, dynamic and resilient capital market, improving the quality of listed companies, is conducive to promoting the sustained, stable and healthy development of the capital market, thereby helping to increase support for the real economy.
In June this year, yi Huiman, party secretary and chairman of the CSRC, presided over a meeting of the Party Committee (expansion), stressing the implementation of the spirit of the new securities law, the protection of the legitimate rights and interests of investors throughout the reform and stability of the capital market, crack down on financial fraud and other illegal and illegal activities of listed companies, and continue to purify the market ecology.
It is learned that the next step of the CSRC will strengthen corporate governance as an important work, including improving the rules of the governance system of listed companies, strengthening the bottom line requirements of listed companies, advocating best practices in governance of listed companies and strengthening the disclosure of corporate governance status information.
Serious compliance enterprise business behavior from the reform achievements of listed companies overall, after years of development, listed companies have become China's establishment of modern enterprise system the most standardized group, generally set up a more perfect governance structure and organizational system.
However, under the policy background of "two-vote system" and medical insurance fee control, the national volume procurement has been gradually deepened, the tax verification of the pharmaceutical industry has been fully implemented, drug rebates have been strictly investigated, medical corruption has been severely combated, and the entire pharmaceutical industry is facing increasing compliance pressure.
Last June, the Ministry of Finance issued a notice to carry out the 2019 pharmaceutical industry accounting information quality inspection work, in strict accordance with the "double random, one open" requirements, the Ministry of Finance Supervision and Evaluation Bureau, together with the State Health Security Administration Fund Supervision Department, jointly randomly selected 77 pharmaceutical enterprises, a total of 24 listed pharmaceutical companies A shares, sub-sectors covering chemical pharmaceuticals, biological products, medical services, medical equipment, pharmaceutical business, Chinese medicine and other fields.
fact, this seemingly sudden "penetrating" inspection of financial compliance is not without its traces.
industry pointed out that as early as mid-2018, the audit department selected more than 40 pharmaceutical manufacturers from across the country to audit their implementation of the "two-vote system", and in the inspection found a number of financial compliance issues.
Recently, the financial fraud of a number of pharmaceutical companies listed companies, including Kangmei Pharmaceuticals, has opened a "black hole" in the financial ledgers of pharmaceutical companies, including insider trading, financial fraud and other illegal and illegal activities, which have also received high attention from the CSRC: In June 2019, Fang Sheng Pharmaceutical announced that Zhang Qinghua, the controlling shareholder and de facto controller and chairman of the company, received the NOTICE of Investigation from the CSRC: In accordance with the relevant provisions of the Securities Law of the People's Republic of China, the CSRC decided to open an investigation into Zhang Qinghua because of His alleged insider trading in the company's stock.
In December 2019, the CSRC's website updated and published the decision on administrative punishment of the Zhejiang Securities Regulatory Commission of the China Securities Regulatory Commission," which showed that, in accordance with the relevant provisions of the Securities Law of the People's Republic of China (hereinafter referred to as the Securities Law), the Zhejiang Securities Regulatory Commission has opened a case against "Wu Aijun" account suspected of insider trading in the shares of Zhejiang Staili Pharmaceutical Co., Ltd., and the case has now been investigated and concluded.
In May 2020, the CSRC, in accordance with the law, made administrative penalties and market ban decisions on the cases of violations and violations of the law of Comey Pharmaceuticals, and decided to order Kangmei Pharmaceuticals to correct, give a warning, and impose a fine of 600,000 yuan, 21 responsible persons with fines ranging from 900,000 to 100,000 yuan, and take 10 to life-long stock market prohibition measures against six principal responsible persons.
In August 2020, the CSRC's website updated and issued a decision on the market ban, and the CSRC decided to take lifetime market ban measures against Liu Xianghua, then chairman of Qianshan Pharmaceutical Machine, and Liu Huashan, brother-in-law of Qianshan Pharmaceutical Machine.
In August 2020, Yan'an Bikang received the "Notice of Administrative Penalties" issued by the Shaanxi Regulatory Bureau of the CSRC, in which the company was suspected of violating the law by making significant omissions in the relevant annual report and not disclosing the non-operational occupation of funds by the controlling shareholders and their related parties;
analysts pointed out that China's pharmaceutical industry is in the key node of transformation, forcing the industry to purify and upgrade is an important industrial development goal, in the scientific approval, medical insurance control fees, volume procurement, compliance supervision, capital consolidation and other policies hit the combination of fists, the relevant departments of the regulatory measures are in the ring, the traditional simple and brutal management, operation and sales model will be difficult to survive.
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