2025年12月31日，南京中院对金通灵公司出具《民事判决书》〔（2024）苏01民初2864号〕，具体判决 如下： （一）被告金通灵公司于本判决发生法律效力之日起十日内赔偿原告叶小明等43,269名投资者投资损失 共计774,785,993.38元； （二）被告金通灵公司于本判决发生法律效力之日起十日内向原告代表人中证中小投资者服务中心有限 责任公司给付律师费25万元； （三）驳回原告叶小明等50,835名投资者对被告金通灵公司的其他诉讼请求。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 华西证券股份有限公司（以下简称公司、华西证券）作为金通灵科技集团股份有限公司（以下简称金通 灵公司）证券虚假陈述责任纠纷案（以下简称本案）的共同被告之一,此前披露了本案的相关诉讼情况 （详见公告编号：2024-047、2024-048、2024-050、2025-001）。2025年12月31日，公司获悉江苏省南 京市中级人民法院（以下简称南京中院 ...

1月5日，中国证监会召开资本市场财务造假综合惩防体系跨部门工作推进座谈会。 2024年以来，证监会累计查办财务造假案件159起，做出行政处罚111起，罚没金额81亿元。会同相关部 门坚持惩首恶和打帮凶并重，对43起案件大股东和实控人严肃追究责任，对配合造假的第三方坚决以行 政违法共犯方式严惩。持续强化立体化追责，向公安机关移送涉嫌财务造假犯罪线索112件，支持金通 灵（300091）、美尚生态、锦州港等案件受损投资者提起特别代表人诉讼。强化对中介机构的责任追 究。18家严重造假公司实质触及重大违法强制退市，先后对91家已退市公司立案调查，坚决防止"一退 了之"。在各方共同努力下，上市公司财务造假综合惩防体系逐步落地，监管合力不断增强，市场生态 明显好转。 会上，各部门围绕《综合惩防意见》落实情况和下一步重点工作进行了深入探讨。 会议认为，资本市场财务造假综合惩防体系建设已进入深化落实的关键阶段，必须坚持问题导向和系统 思维打好综合惩防"组合拳"。继续完善制度保障，推动相关法律、法规出台。进一步增强行政、刑事、 民事协同，深化重大案件行刑衔接，完善民事追责支持机制，对财务造假和第三方配合造假一体打击。 强化公司 ...

在该民事诉讼中，3家券商、1家会计师事务所作为联席被告，是否对赔偿承担连带责任还不确定。而华 西证券则是在金通灵财务造假案中，唯一一家被暂停保荐资格6个月、两名保荐代表人被禁业2年的券 商。 暂停保荐资格，对于券商投行业务的影响是直接且具有连锁效应的。叠加A股IPO与再融资节奏阶段性 放缓、监管审核趋严的影响，近几年华西证券投行业务收入持续缩水，2025年前三季度为0.56亿元，同 比下降近4成。金通灵案仍未完结，后续将会对华西证券造成什么影响？ 1 金通灵被判赔偿7.75亿元，券商将承担多少连带责任？根据2025年12月31日南京中院出具的判决结果， 金通灵需要向原告4.3万名投资者赔偿7.75亿元投资损失，驳回5万多名原告其他诉讼请求，律师费25万 元、案件受理费391.57万元由金通灵公司负担。金通灵需要在发生法律效力的10日内赔偿。 专题：涉金通灵财务造假案，光大、国海、华西三券商同被告，中介机构"连带责任"风险持续加码 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者 | 刘银平编辑 | 付影来源 | 独角金融 2025年最后一天，华西证券（002926.SZ）披露了一 ...

Group 1 - The core viewpoint of the article is that HuTongDa Network (9878.HK) is making significant progress in the restructuring of JinTongLing (300091), a high-end manufacturing company, which is crucial for HuTongDa's planned acquisition of a 25% stake in JinTongLing [1] - JinTongLing's restructuring application was accepted by the Nantong Intermediate People's Court on December 31, 2025, marking the transition of the restructuring process into a judicial phase [1] - Following the court's acceptance of the restructuring, JinTongLing's stock will resume trading on January 6 under the new name "*ST TongLing," indicating its entry into a special governance phase [1] Group 2 - The market anticipates that the completion of the restructuring process will significantly improve JinTongLing's fundamentals, potentially allowing it to return to a sustainable operating and profitable trajectory [1]

据悉，汇通达于去年9月公告宣布拟收购金通灵25%股权，收购完成后将成为金通灵最大股东。此次重 整申请获得法院受理，是该项收购顺利推进的核心环节。 随着法院受理重整，金通灵股票于1月6日复牌后股票简称将变更为"*ST通灵"。这是A股市场对于进入 重整程序上市公司的标准流程和常规监管措施，旨在提示投资者相关公司正处于特殊治理阶段。 市场预期，重整程序完成后，金通灵的基本面将得到显著改善，有望重回持续经营和盈利轨道。 格隆汇1月5日｜近日消息，港股上市公司、国内头部的产业互联网平台——汇通达网络(9878.HK)拟收 购的高端制造业上市公司——金通灵（维权）(300091.SZ)重整工作取得关键进展。金通灵于2025年12 月31日收到南通市中级人民法院裁定受理重整申请，标志着金通灵的重整工作步入司法程序，进入实质 推进阶段。 MACD金叉信号形成，这些股涨势不错！ ...

Core Viewpoint - The restructuring of Jintongling (300091.SZ) has made significant progress, which is crucial for the acquisition by Huitongda Network (9878.HK) to proceed smoothly [1] Group 1: Acquisition Details - Huitongda announced in September last year its intention to acquire a 25% stake in Jintongling, which would make it the largest shareholder post-acquisition [1] - The acceptance of Jintongling's restructuring application by the Nantong Intermediate People's Court marks a key step in the acquisition process [1] Group 2: Restructuring Process - Jintongling's restructuring application was accepted on December 31, 2025, indicating that the restructuring has entered a judicial phase and is advancing substantively [1] - Following the court's acceptance, Jintongling's stock will resume trading on January 6 under the new name "*ST Tongling," reflecting its status as a company undergoing special governance [1] Group 3: Market Expectations - The market anticipates that upon completion of the restructuring process, Jintongling's fundamentals will significantly improve, potentially allowing it to return to a path of sustainable operations and profitability [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 Nanjing Intermediate People's Court has ruled that Jintongling Company must compensate 43,269 investors a total of 775 million yuan due to investment losses, marking the third case of a special representative lawsuit in China [1][2][3]. Group 1: Special Representative Lawsuit Overview - The special representative lawsuit allows the Investor Protection Center to represent over 50 investors in civil litigation, significantly lowering the cost and barriers for small investors to seek compensation [4][5]. - The system has already seen successful outcomes in previous cases, such as the Kangmei Pharmaceutical case, where 52,037 investors received 2.459 billion yuan, and the Zeda Yisheng case, which compensated 7,195 investors over 280 million yuan [6][7]. Group 2: Legal and Regulatory Context - The China Securities Regulatory Commission (CSRC) has been actively promoting the normalization of special representative lawsuits since their introduction in 2020, aiming to enhance investor protection and deter securities violations [10][11]. - Experts suggest improvements in case selection, cost assurance, and simplification of procedures to facilitate the regular use of this legal mechanism [8][9]. Group 3: Future Directions - There is a consensus among experts that the special representative lawsuit system needs to be more widely adopted, with recommendations for establishing data platforms for case evaluation and enhancing collaboration between judicial and administrative bodies [10][11].

【#2026开年2家公司实施ST# ，#去年超80只A股被立案调查# 】 刚刚进入2026年，就有上市公司要被实施ST。 根据安排，得润电子将自1月6日开市起实施其他风险警示，股票简称变更为ST得润。另据披露，同 日，金通灵（300091.SZ）将"披星戴帽"，变更为*ST金灵。 在此之前，2025年年尾，多家A股公司密集披露被立案消息，多因涉嫌信披违法违规，如铂力特 （688333.SH）、启迪设计（300500.SZ）等。刚刚过去的2025年是上市公司监管大年，第一财经记者根 据Wind数据梳理，去年全年共有超80家A股公司、200余名相关责任人被立案调查，其中约四成是ST公 司。 随着立案调查结束，多家公司被查明长期财务造假，并因此吃下大额罚单，部分公司因此走向了退市。 中国政法大学商学院副教授胡历芳告诉第一财经记者，2025年，资本市场监管更趋严格，体现了自去 年"新国九条"以来，证监会所秉承的、一以贯之的严监管思路。 据得润电子（002055.SZ）最新公告，该公司被查明财务造假，两年半时间里虚构回款累计超5亿元，导 致其多份财报存在虚假记载。最终，公司及相关责任人被罚没逾2000万。 ...

Group 1 - The core point of the article is that Derun Electronics has been found guilty of financial fraud, with over 500 million yuan in fictitious receivables over a period of two and a half years, leading to multiple financial reports containing false records [2][4] - Derun Electronics will be subject to risk warnings starting January 6, with its stock name changed to ST Derun, and related parties have been fined over 20 million yuan [2][3] - In 2025, more than 80 A-share companies and over 200 related individuals were investigated for violations, with around 40% being ST companies, indicating a trend of stricter regulatory oversight in the capital market [2][3] Group 2 - The article highlights that several A-share companies have been investigated for financial fraud, with significant penalties imposed, including ST Dongtong and ST Tiansheng, which were found to have inflated revenues and profits over multiple years [4][5] - A total of 29 A-share companies were delisted in 2025, with some facing mandatory delisting due to serious violations, such as ST Suwu, which was found to have inflated revenues by 1.772 billion yuan and profits by 75.9975 million yuan [6][7] - The regulatory environment is described as having a "zero tolerance" approach, with ongoing efforts to enhance market supervision and improve the delisting system to maintain a balanced and healthy capital market [8][9] Group 3 - The article discusses the need for improved governance and the use of technology to more accurately target illegal activities, emphasizing the importance of intermediary institutions in preventing misconduct during the listing process [10][11] - It is suggested that a reputation mechanism for intermediary institutions should be established to increase the costs associated with collusion with listed companies [11]