KNT(SZ:300225) Mei Ri Jing Ji Xin Wen·2025-06-20 11:49Core Viewpoint - The case of Jinlitai represents a significant milestone in the protection of small and medium investors, marking the first securities infringement case since the revision of the Securities Law in 2019, where the company's executives failed to fulfill their public commitment to increase shareholding [1][4]. Group 1: Case Background - The Shanghai Financial Court ruled in favor of two investors against Jinlitai and its executives, resulting in a total compensation of 783,500 yuan [1]. - The case was characterized by its complexity, involving multiple court hearings and extensive communication between the court and investors prior to the trial [2]. Group 2: Legal Framework and Challenges - The case is notable for being the first application of Article 84, Paragraph 2 of the new Securities Law, which mandates that issuers and their executives must disclose commitments and bear liability for losses caused by non-fulfillment [5][6]. - The lack of precedent posed a challenge, as there were no prior cases of securities infringement due to unfulfilled shareholding commitments by executives [4]. Group 3: Key Disputes and Legal Arguments - The court identified four main points of contention: whether the public commitment constituted a false statement, the materiality of the false statement, the causal relationship between the false statement and investor losses, and the determination of liability among the defendants [4][6]. - The complexity of establishing the causal relationship between the non-fulfillment of the commitment and stock price fluctuations required sophisticated mathematical modeling [9][10]. Group 4: Compensation and Investor Protection - The compensation amounts claimed by the investors were significantly reduced during the litigation process, with one investor's claim dropping by approximately 90.6% and the other's by about 92.43% [8]. - The case is expected to serve as a reference for future investor claims, simplifying the litigation process and enhancing investor protection mechanisms in the capital market [10][11].