Shang Hai Zheng Quan Bao·2025-08-16 07:33Core Viewpoint - The Anhui Provincial High People's Court issued a final judgment against Zhang Feng, a significant shareholder of Huitian New Materials, sentencing him to seven years and nine months in prison for manipulating the securities market, along with a fine of 150 million RMB. The company stated that this matter would not affect its daily operations [2][4]. Summary by Relevant Sections - Judicial Outcome - The court's decision reduced Zhang Feng's initial sentence from eight years to seven years and nine months while maintaining the fine of 150 million RMB for the crime of manipulating the securities market [4][6]. - Legal Analysis - Legal experts suggest that the reduction in sentence may be related to potential cooperation or contributions made by Zhang Feng during the legal process. The absence of "confiscation of illegal gains" in the second judgment may also indicate a difference in the legal interpretation between the two rulings [7][8]. - Company Impact - Huitian New Materials confirmed that Zhang Feng, who is the founder and former chairman, has not held any executive roles since January 2022 and that the legal issues surrounding him will not impact the company's operational activities. As of the end of 2024, Zhang Feng holds 7.49% of the company's shares [8].