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券商诉讼频发折射风控短板 虚假陈述与股票质押成“重灾区”
Huan Qiu Wang·2025-04-29 05:41

Core Viewpoint - The major lawsuits disclosed in the 2024 brokerage annual reports highlight significant risks in the areas of securities false statements, stock pledge repurchase, and margin financing disputes, revealing dual challenges in business risk management and intermediary service quality [1] Group 1: Securities False Statements - Securities false statement lawsuits have become a core risk point for brokerages, with cases like Meishang Ecology, which inflated net profits by 457 million yuan from 2012 to 2020, leading to investor accountability [3] - Dongxing Securities and GF Securities were named as joint defendants for failing to fulfill due diligence obligations [3] - Jin Tong Ling's financial fraud from 2017 to 2022 saw profit figures inflated or deflated by as much as 5774.38%, implicating Huaxi Securities, Everbright Securities, and Guohai Securities in related disputes [3] - The new Securities Law and judicial interpretations have increased the likelihood of brokerages facing lawsuits due to "presumed fault" for joint liability [3] Group 2: Stock Pledge Repurchase Disputes - Stock pledge repurchase disputes are on the rise, with cases like Dongfang Securities and Qingdao Yaxing Industrial facing litigation over a pledge transaction default involving 653 million yuan in principal and interest [4] - Guohai Securities reported multiple stock pledge disputes, with some cases already executing repayments while others are still in progress [4] - In 2024, Guohai Securities accumulated 219 million yuan in asset impairment provisions due to pledge business risks, reducing net profits by 164 million yuan [4] Group 3: Risk Management and Compliance - Industry insiders emphasize the need for brokerages to integrate diligence and compliance requirements throughout their business processes to mitigate joint liability risks arising from listed company violations [4] - As the registration system deepens, the "gatekeeper" role of intermediary institutions will be further strengthened, making risk management capabilities a key competitive indicator for brokerages [4]