上海金融法院披露十大案例：不要心存侥幸，上市公司的哪些“尾巴”易被抓？

Core Viewpoint - The Shanghai Financial Court and the Shanghai Securities Regulatory Bureau have released ten typical cases of securities false statements, providing clear regulatory guidance for market participants regarding disclosure violations and responsibilities [1][2]. Group 1: Securities False Statements Cases - The cases include notable companies such as *ST Jintai, Zhong An Ke, Shanghai Electric, and Feikai Materials, as well as delisted companies like Delisted Fuxin and *ST Ba'an [1][2]. - The five judicial cases focus on issues like "deceptive" share buybacks, the identification of predictive information, and the application of "safe harbor" rules [2][3]. - In the *ST Jintai case, executives were found liable for failing to fulfill share buyback commitments, resulting in a compensation of approximately 780,000 yuan to investors [2][3]. Group 2: Regulatory Enforcement Cases - The regulatory cases highlight frequent violations such as "shell protection" financial fraud, performance-related financial manipulation, and misuse of control rights by actual controllers [3][4]. - Specific cases include *ST Jintai's executives violating buyback commitments, financial fraud by subsidiaries of Shanghai Shihua, and illegal share reductions by Feikai Materials' controlling shareholders [4][6]. - The Shanghai Securities Regulatory Bureau emphasizes strict enforcement and increased penalties for key individuals involved in financial fraud [6][7]. Group 3: Legal and Regulatory Framework - The report indicates that as of December 2024, the Shanghai Financial Court has accepted 18,040 securities false statement liability disputes, with a total amount in dispute of 7.646 billion yuan [7]. - The complexity of civil compensation cases in the securities market is highlighted, with challenges in evidence collection and fact determination due to ongoing administrative or criminal investigations [7]. - The report calls for improved integration of civil, administrative, and criminal accountability mechanisms in handling false statement cases [7].