On February 23rd, the China Securities Regulatory Commission held its first press conference after the Spring Festival. At the meeting, the heads of relevant departments of the China Securities Regulatory Commission stated: "Increase law enforcement efforts, further enrich disciplinary measures and methods", "Continuously strengthen full chain control, strictly review and punish financial fraud and fraudulent issuance"... It can be seen from this that while emphasizing the main tone of continuing to maintain strict supervision and law enforcement, the China Securities Regulatory Commission has also clarified the key direction for the next step of strict supervision. Firstly, increase efforts to crack down on illegal and irregular activities such as fraudulent issuance and financial fraud by listed companies, and take multiple measures to improve the quality of listed companies. Improving the quality of listed companies is an inherent requirement for promoting the healthy development of the capital market. If listed companies "lie" or "falsify accounts," it will interfere with the normal operation of the market and be detrimental to the healthy and stable development of the capital market. Therefore, zero tolerance for illegal and irregular behavior of listed companies is conducive to creating a good atmosphere for improving the quality of listed companies, and is fundamental to maintaining the healthy development of the capital market. Only with an increasing number of high-quality listed companies in the capital market can investors have more confidence in the development of the market, which is the foundation for boosting investor confidence and stabilizing market expectations. It can be expected that under the goal of improving the quality of listed companies, regulatory authorities will continue to intensify their crackdown on illegal and irregular behaviors such as financial fraud, thereby creating a clean and positive investment environment. Secondly, we need to ensure that the "entry point" is well controlled and the "exit point" is unobstructed, accelerating the construction of a virtuous market ecosystem of survival of the fittest. The flowing water does not rot, and the household hinge does not rot. The "entrance gate" and "exit end" of the capital market are two important ports for the high-quality development of the market. Only by allowing more high-quality enterprises to enter and clearing out those that do not meet the requirements can a virtuous market ecology of survival of the fittest be formed. In terms of ensuring strict entry barriers, regulatory authorities are paying more attention to full process supervision and law enforcement. For example, recently the China Securities Regulatory Commission imposed administrative penalties on Shanghai Sierxin Technology Co., Ltd. for fraudulent issuance during its application for initial public offering on the Science and Technology Innovation Board. This is the first fraudulent issuance case investigated by the China Securities Regulatory Commission (CSRC) since the implementation of the new Securities Law, where an issuer submits application materials but is not registered. There will also be new measures to smooth the "export end". It is understood that regulatory authorities are studying and optimizing delisting indicators, setting more precise and matching delisting standards, and focusing on increasing efforts to clear financial fraud companies. Thirdly, the law enforcement efforts continue to increase, further enriching the means and methods of punishment, and forming a joint force to crack down on violators. The punishment for securities violations has always been a focus of market attention. Therefore, in recent years, regulatory authorities have actively promoted the revision of the Securities Law, increased the scope of administrative penalties, and established a collective litigation system; Promote the promulgation of the Eleventh Amendment to the Criminal Law, increase the sentence for securities crimes, and increase the intensity of criminal penalties. By severely punishing illegal activities in the capital market, a strong deterrent will be formed. Not only that, on February 23rd, the China Securities Regulatory Commission stated that "comprehensive use of regulatory measures, administrative penalties, market bans, dishonesty penalties, major illegal forced delisting and other administrative measures, good use of collective litigation, support litigation, and criminal means, will form a superimposed strike effect on violators." This means that