Legal analysis: the most severe punishment: forced delisting. The most severe punishment besides delisting: top penalty plus market ban. No penalty: a fine of less than 300,000. Lightest punishment: the case will be closed if the illegal facts are not established. .

Legal Basis: Measures for the Implementation of Case Investigation of China Securities Regulatory Commission Article 2 The investigation of illegal cases of securities and futures shall be undertaken by the investigation department of China Securities Regulatory Commission and its dispatched offices. The First Inspection Bureau is responsible for organizing, coordinating, supervising and inspecting the case investigation work of the dispatched agencies, systematically arranging cases, uniformly allocating resources, guiding the investigation implementation and reviewing the investigation results.