China Securities Regulatory Commission: By 2025, we will strictly crack down on 32 cases of "key few" abusing their dominant position and "emptying out" or misappropriating over 100 million yuan from listed companies. We will impose strict "dual punishments" and "combined penalties" in accordance with the law.

The summary of enforcement situation of the China Securities Regulatory Commission in 2025 was released, pointing out the need to "punish the ringleader". The controlling shareholder and actual controller are the "key minorities" of listed companies, and shall not exceed the shareholder rights to intervene in the decision-making of listed companies. However, some entities ignore the public nature of listed companies, abuse their control position for personal gain, or manipulate the company to commit illegal acts. In 2025, the Commission will strictly investigate and handle 32 cases of "key minorities" abusing their dominant positions, "emptying" and misappropriating over one billion yuan from listed companies, and impose strict penalties and fines according to law. The controlling shareholders and actual controllers of Dongxu Optoelectronics and Dongxu Lantian were fined 1.7 billion yuan, 19 people were prohibited from entering the market, and were handed over to the public security organs for investigation; the controlling shareholders and actual controllers of Guangdao Digital were fined 30.2 million yuan, far exceeding the fines imposed on the listed companies, with the controlling shareholders and financial executives being banned from the market for life.