上海金融法院共受理证券虚假陈述案件1.8万件 涉案标的总额为76.46亿元 涉及2.7万投资者

Core Viewpoint - The Shanghai Financial Court released a report on legal risk prevention related to securities false statements, highlighting the increase in related lawsuits and the need for improved governance and compliance among market participants [1][2][4]. Group 1: Case Statistics and Trends - From 2018 to 2024, the Shanghai Financial Court accepted 18,040 first-instance cases of securities false statement liability disputes, with a total amount in dispute of 7.646 billion yuan and 26,956 investors involved, of which institutional investors accounted for only 0.26% [1]. - The number of companies sued for false statements has risen, with a total of 77 companies involved, reflecting a broader range of capital market segments including the Shanghai and Shenzhen main boards, STAR Market, ChiNext, New Third Board, and interbank market [2]. - Financial fraud is a prominent issue, with over one-third of the false statements related to financial information, including revenue fraud, cost and expense fraud, cash flow fraud, and misuse of accounting estimates [2]. Group 2: Legal Framework and Recommendations - The report emphasizes the need for a balanced approach to protect investor rights while allowing for the development of listed companies, with a focus on holding primary offenders accountable and addressing complicity [2][3]. - Recommendations for market participants include improving corporate governance, enhancing financial regulations, and ensuring timely disclosure of significant events to mitigate risks associated with fraudulent activities [4][5]. - The report suggests that controlling shareholders and actual controllers should exercise their control rights responsibly, while directors and supervisors should fulfill their duties diligently and report issues promptly [5]. Group 3: Judicial and Regulatory Innovations - The report outlines the need for a comprehensive accountability system and improved collaboration in fact-finding among administrative, civil, and criminal proceedings related to securities false statements [3]. - The Shanghai Financial Court is innovating in creating a model for resolving collective disputes in the securities market and enhancing mechanisms for protecting the rights of small and medium investors [3]. - The release of ten selected cases aims to clarify common disputes and new legal issues in false statement cases, reinforcing market rules and expectations to purify the capital market ecosystem [5].