三是创新"示范判决+类案调解"机制。这是人民法院在处理涉众型证券纠纷中，选取1件典型案件作示范判决，并以此案为 参照，对其余平行案件集中调解或快速裁判。广西高院运用示范判决引导平行案件调解，成功化解403件证券虚假陈述责任纠 纷，真正实现了"办理一案、化解一片"效果。 四是落实"追首恶"与"打帮凶"并重原则。2025年，证券虚假陈述责任纠纷在证券纠纷中占比高达96.3%，表明上市公司财 务造假等虚假陈述行为仍然是资本市场的顽瘴痼疾，必须依法严厉打击。今年上海金融法院审结全国首例上市公司董监高未履 行公开增持承诺引发的证券纠纷，厘清了违反公开承诺与虚假陈述行为之间的关系，为准确适用资本市场公开承诺制度提供了 司法实践样本。 本报记者 吴晓璐 2月24日，最高人民法院举办"人民法院商事审判服务保障经济社会高质量发展情况"新闻发布会，介绍2025年人民法院民 商事审判工作的总体情况、主要举措成效。 谈及人民法院在资本市场的法治化建设，最高人民法院民二庭副庭长王朝辉表示，资本市场高质量发展是建设金融强国的 重要内容，在此人民法院承担着重要责任。2025年，全国法院审结涉证券、期货、基金等资本市场案件2.5万件，同比增 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) is intensifying its regulation of information disclosure and trading violations, with significant disciplinary actions taken in 2025 to combat financial fraud and other serious violations [1] Regulatory Actions - In 2025, the SSE issued over 270 disciplinary actions across various regulatory areas and implemented regulatory measures for more than 330 instances of trading violations [1] - The SSE publicly condemned 23 cases of severe financial fraud, with 6 companies facing delisting due to major violations [1] - 14 companies involved in financial fraud received other risk warnings as per regulations [1] Accountability Measures - The SSE initiated special representative lawsuits against companies like Jin Gang (600190) and pursued criminal responsibility [1] - Over 50 individuals, including controlling shareholders and actual controllers, were held accountable, with a 45% year-on-year increase in public recognition and cold treatment of 42 individuals [1] - More than 320 senior executives and board members faced accountability measures [1] Market Surveillance - The SSE is closely monitoring market irregularities, particularly focusing on behaviors such as speculative restructuring, false information disclosure regarding acquisitions, and unfulfilled performance commitments [1] - The total number of disciplinary actions and regulatory measures for information disclosure violations exceeded 400 in 2025 [1]

Core Viewpoint - The Chinese judicial system is intensifying its crackdown on financial fraud, with a significant increase in prosecutions for financial fraud crimes in 2025 compared to the previous year [1] Group 1: Prosecution Statistics - From 2024 to November 2025, a total of 191 individuals were prosecuted for financial fraud crimes, with 102 prosecutions occurring from January to November 2025, representing a 21% year-on-year increase [1] - The Supreme People's Procuratorate is closely monitoring and guiding local procuratorial agencies on 43 major financial fraud cases, which include high-profile cases that have attracted public attention [1] Group 2: Regulatory Measures - The Supreme People's Procuratorate, in collaboration with the Supreme Court, Ministry of Public Security, and China Securities Regulatory Commission, has issued opinions on handling securities and futures violations, aiming to standardize the handling of financial fraud cases [1] - A specific document addressing issues related to financial fraud cases has been published, which clarifies procedural norms and enhances the connection between enforcement and prosecution [1]

Core Viewpoint - In 2025, the Shanghai Stock Exchange (SSE) implemented strict measures against various violations related to information disclosure and trading, resulting in over 270 disciplinary actions and more than 330 regulatory measures against illegal trading activities [1] Group 1: Disciplinary Actions - The SSE took significant action against financial fraud, issuing public reprimands for 23 cases at the highest level [1] - Six companies faced major violations leading to their delisting, while 14 companies involved in financial fraud received other risk warnings [1] - The SSE initiated special representative lawsuits against Jin Gang (600190) and pursued criminal responsibility [1] Group 2: Accountability Measures - The SSE intensified accountability for key individuals, investigating over 50 controlling shareholders and actual controllers [1] - A total of 42 individuals were publicly identified and "treated coldly," marking a 45% increase year-on-year [1] - More than 320 directors and senior executives were held accountable for their actions [1] Group 3: Market Regulation - The SSE focused on swiftly addressing market irregularities, particularly concerning speculative activities related to restructuring, false disclosures in acquisitions, and unfulfilled performance commitments [1] - In 2025, the SSE issued over 400 disciplinary actions and regulatory measures for information disclosure violations [1]

Core Viewpoint - The year 2025 marks a significant shift in the A-share capital market towards enhanced regulatory logic and stronger enforcement, with a focus on investor protection and accountability for violations [2][3]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) emphasizes the importance of collaborative governance between regulation and judiciary to protect the rights of investors, particularly small and medium-sized investors [3][5]. - The CSRC's commitment to a "zero tolerance" approach will be closely linked to civil compensation, expediting the initiation of representative litigation following administrative penalties [12]. Investor Protection Mechanisms - Recent court rulings, such as the case against Jintongling, demonstrate the effectiveness of the representative litigation system in protecting investor rights and resolving disputes [4][5]. - The establishment of a special compensation fund for cases like Guangdao Digital's false statements indicates a proactive approach to resolving market conflicts and safeguarding investor interests [5]. Trends in Violations - In 2025, a total of 264 listed companies were investigated for information disclosure violations, reflecting a sustained high-pressure regulatory environment [6][7]. - Common violations include systematic financial fraud, undisclosed related-party transactions, and significant omissions in major event disclosures [8][9]. Legal Outcomes and Investor Rights - The year 2025 saw 31 stocks achieve favorable verdicts in investor compensation cases, indicating a clearer judicial standard for securities fraud liability [10]. - The connection between administrative penalties and civil liability is becoming more pronounced, with companies facing severe consequences for financial misconduct [9][12]. Future Outlook - The year 2026 is anticipated to further mature the investor protection framework, with potential reforms including lower thresholds for collective lawsuits and mandatory dividend policies for profitable companies [12][13]. - The introduction of a whistleblower reward system and a compensation fund for investors affected by fraudulent delistings is expected to enhance accountability and deter misconduct [13].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is actively supporting the implementation of representative litigation procedures to protect investors' rights, particularly in cases of securities fraud, as demonstrated by recent court rulings and the establishment of compensation funds [1][2][3]. Group 1: Representative Litigation Cases - The Jin Tong Ling case has resulted in a first-instance judgment ordering compensation of over 770 million yuan to more than 43,000 investors, primarily individual investors [1]. - The Jin Tong Ling case is the third instance of a representative litigation ruling following the Kangmei Pharmaceutical and Zeda Yisheng cases, showcasing the effectiveness of this legal mechanism in protecting investor rights [2]. - The Shenyang Intermediate Court has initiated the representative litigation process for the Jinzhou Port securities fraud case, marking the fifth instance of such litigation in the capital market [2]. Group 2: Support for Investor Protection - The CSRC will continue to support the Investor Service Center in its legal role to represent investors in civil litigation and to facilitate the judicial process [3]. - The establishment of a special compensation fund of 210 million yuan for the Guangdao Digital case demonstrates the proactive measures being taken to address investor losses and facilitate settlements [4]. - The CSRC encourages market institutions to voluntarily engage in advance compensation efforts as part of a diversified dispute resolution mechanism under the Securities Law [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has taken action against Jinzhou Port for securities fraud, emphasizing the importance of protecting investors' rights and implementing the special representative litigation system as part of the new regulatory framework [1][2] Group 1: Regulatory Actions - The CSRC has imposed administrative penalties on Jinzhou Port for its fraudulent statements and other violations, which have severely disrupted market order and harmed investors' rights [1] - The Shenyang Intermediate People's Court has accepted investor lawsuits and announced the conversion of the case to a special representative litigation process, following the authorization of over 50 investors by the China Securities Investor Service Center [1] Group 2: Future Directions - The CSRC will continue to support the China Securities Investor Service Center in fulfilling its legal public service role in representing investors in civil litigation, aiming to enhance the effectiveness of the representative litigation process [2] - There is a focus on collaborative governance between regulatory bodies and the judiciary to better protect the rights of investors, particularly small and medium-sized investors, and to promote a healthy market environment for high-quality development [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has commented on the first-instance judgment in the Jin Tong Ling Securities false statement representative litigation case, marking it as another significant case following Kangmei Pharmaceutical and Zeda Yisheng, which utilizes the special representative litigation procedure for securities false statement liability disputes [1] - The CSRC emphasized that the Jin Tong Ling case effectively demonstrates the function of the special representative litigation system in protecting investors' rights and resolving disputes through a collective and low-cost approach, thereby serving as a strong deterrent against potential violations in the securities market [1] Group 2 - The CSRC also addressed the announcement by the Shenyang Intermediate People's Court regarding the Jinzhou Port securities false statement liability dispute, highlighting the severe disruption to market order and harm to investors' rights caused by the false statements [2] - The CSRC confirmed that over 50 investors authorized the China Securities Investor Service Center to apply for the conversion of the case to a special representative litigation, effectively implementing the new "National Nine Articles" directive to enhance the application of the special representative litigation system [2] - The CSRC will continue to support the China Securities Investor Service Center in fulfilling its legal public service role in representing investors in civil litigation, promoting judicial cooperation to better protect the rights of investors, especially small and medium-sized investors [2] Group 3 - On December 30, Wenkang Securities announced the establishment of a special fund for advance compensation related to Guangdao Digital's false statements, with the China Securities Investor Protection Fund acting as the fund manager [3] - The advance compensation mechanism is recognized under the Securities Law as a means to diversify the resolution of securities disputes, where the controlling shareholders and relevant securities companies voluntarily commit to advance compensation for investors [3] - The CSRC supports market institutions in proactively engaging in advance compensation efforts to effectively resolve market disputes and maintain investors' rights [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of protecting investors' rights through the implementation of special representative litigation procedures in response to the securities fraud case involving Jinzhou Port [1] Group 1: Regulatory Actions - The CSRC has imposed administrative penalties on Jinzhou Port for its securities violations, which have severely disrupted market order and harmed investors' rights [1] - The Shenyang Intermediate People's Court has accepted investor lawsuits and announced the conversion of the trial procedure to a special representative litigation on December 19 [1] Group 2: Investor Protection Initiatives - The China Securities Investor Service Center has accepted authorization from over 50 investors to represent them in the lawsuit, demonstrating a commitment to investor protection [1] - The implementation of the special representative litigation system aligns with the new "National Nine Articles" directive aimed at enhancing the application of this legal framework to protect investors [1] Group 3: Future Directions - The CSRC will continue to support the China Securities Investor Service Center in fulfilling its legal public service role in representing investors in civil litigation [1] - There is a focus on judicial collaboration to better safeguard the rights of investors, particularly small and medium-sized investors, and to promote a healthy market ecosystem and high-quality market development [1]

Core Viewpoint - The recent court rulings on securities fraud cases, such as the Jin Tong Ling and Jinzhou Port cases, highlight the effectiveness of the special representative litigation system in protecting investors' rights and maintaining market order [2][3]. Group 1: Special Representative Litigation - The Jin Tong Ling case marks another significant ruling under the special representative litigation procedure, following the Kangmei Pharmaceutical and Zeda Yisheng cases, demonstrating the system's role in collective low-cost protection of investors' rights [2]. - The special representative litigation system serves as an important legal mechanism for deterring potential violations in the securities market through coordinated governance between regulatory and judicial bodies [2]. Group 2: Investor Protection Initiatives - The Jinzhou Port case involved serious securities violations that disrupted market order, leading to administrative penalties by the China Securities Regulatory Commission (CSRC) and the acceptance of investor lawsuits under the special representative litigation procedure [2]. - The CSRC supports the China Securities Investor Service Center in fulfilling its role in representing investors in civil litigation, thereby enhancing the protection of investors' rights and promoting a healthy market environment [3]. Group 3: Advance Compensation Mechanism - The establishment of a special fund for advance compensation by Wenkong Securities for the Guangdao Digital case is a part of the diversified resolution mechanism for securities disputes as stipulated by the Securities Law [4]. - The China Securities Investor Protection Fund plays a crucial role in managing the fund and facilitating the advance compensation process, which aims to resolve market disputes efficiently and protect investors' rights [4].