别让“忽悠式”承诺透支宝贵信用

Core Viewpoint - The recent ruling in a securities infringement case highlights the consequences for executives who fail to fulfill public commitments to increase shareholdings, emphasizing the importance of accountability in the capital market [1][2][3] Group 1: Case Overview - The first case under the revised Securities Law since 2019 resulted in two investors winning a compensation of 783,500 yuan due to executives' failure to fulfill their commitment to increase shareholdings by at least 300 million yuan within six months [1] - The executives did not purchase any shares and provided false deposit certificates in response to inquiries from the stock exchange, which was deemed a significant act of false representation by the Shanghai Financial Court [1] Group 2: Implications for Market Integrity - Public commitments such as share buybacks, dividends, and increases in shareholdings are seen as signals of long-term investment value and effective market value management [2] - Misusing these commitments undermines not only the company's image but also the overall market trust, potentially harming the development of the real economy [2] Group 3: Legal Framework and Future Outlook - The new Securities Law stipulates that failure to fulfill public commitments resulting in investor losses will lead to legal liability, aiming to protect honest companies and penalize dishonest ones [2][3] - The recent compensation case provides a practical reference for determining the nature of false representation and the causal relationship between such actions and investor losses, thereby facilitating investor claims [3] - A transparent and trustworthy capital market can only be achieved through strict accountability for violations and robust protection of investors' rights [3]