多家券商涉证券虚假陈述诉讼 中介机构风控短板亟待补齐

Core Viewpoint - Multiple securities firms have disclosed significant litigation matters in their 2024 annual reports, highlighting risks in areas such as securities misrepresentation, stock pledge repurchase, and margin financing disputes, which reflect the risk points in the development of brokerage businesses [1] Group 1: Securities Misrepresentation - Securities misrepresentation has emerged as a major risk point leading to lawsuits against brokerage firms, where investors seek compensation from brokers for losses incurred due to the fraudulent actions of listed companies [1] - In December 2024, individual investors filed lawsuits against Meishang Ecological Landscape Co., Ltd. and Jintongling Technology Group Co., Ltd., along with five brokerage firms, demanding joint compensation for securities misrepresentation [1] - Jintongling has reported inflated or deflated profit figures from 2017 to 2022, with discrepancies reaching as high as 5774.38% in one year, leading to false disclosures in annual reports [3] Group 2: Brokerage Responses - Brokerages such as Everbright Securities and GF Securities have indicated uncertainty regarding the final amount involved in the lawsuits due to the special representative litigation procedure, making it difficult to assess the impact on current or future profits [2] Group 3: Stock Pledge Repurchase Disputes - In addition to securities misrepresentation, several brokerages are embroiled in disputes related to stock pledge repurchase transactions, with Oriental Securities reporting a default involving a principal repayment of 653 million yuan [7] - Guohai Securities has also disclosed multiple stock pledge repurchase disputes, with asset impairment provisions impacting their net profits significantly, including a reduction of 55.08 million yuan in one instance [7][8] Group 4: Legal Responsibilities of Intermediaries - The legal framework imposes joint liability on brokers when securities misrepresentation occurs, allowing investors to sue both the issuer and the broker, which has led to an increase in such cases since the 2022 judicial interpretation [5] - Legal experts emphasize that investors rely on brokers for due diligence, and if brokers fail to fulfill their duties, they may be liable for investor losses [6]