Core Viewpoint - The Shanghai Financial Court has ruled that former executives of *ST Jintai (300225) are liable for damages due to false statements regarding share buyback commitments, marking a significant case in securities law since the revision of the Securities Law [1] Group 1: Legal Cases and Trends - The Shanghai Financial Court has accepted over 23,000 securities false statement liability disputes in seven years, averaging nine cases per day [1] - The number of administrative penalties by the China Securities Regulatory Commission (CSRC) has increased from 310 in 2018 to 592 in 2024, indicating a growing trend in enforcement [2] - By the end of 2024, the Shanghai Financial Court had accepted over 18,000 securities false statement liability disputes, with a total amount in dispute of 7.646 billion yuan [3] Group 2: Investor Demographics and Protection - Natural persons constitute 99.74% of the plaintiffs in these disputes, highlighting the vulnerability of small investors in the market [3] - The court has developed a "Smart Cabin" litigation service mechanism to assist small investors in calculating losses and filing claims efficiently [3] - From 2018 to 2024, the court successfully mediated 3,616 cases, resolving disputes for nearly 4,000 investors [3] Group 3: Types of False Statements - The report categorizes the types of false statements, with financial data fraud being the most common, accounting for over one-third of cases [4] - Other common issues include concealing related party transactions and significant contracts [4] - The report identifies five main types of disputes related to false statements, including those involving internal personnel and securities intermediaries [4] Group 4: Legal Challenges and Developments - Recent legal disputes have introduced new challenges, such as the application of laws across different capital market segments and the identification of predictive information [5] - The Shanghai Financial Court has clarified that companies cannot evade disclosure obligations under the guise of predictive information [5] - The court is working to establish a clear liability framework for various parties involved in false statement cases, including issuers and intermediaries [6] Group 5: Accountability and Outcomes - The court has seen a significant increase in lawsuits against controlling shareholders, executives, and intermediaries, emphasizing the need for accountability [6] - In cases where false statements were deemed not to exist, the court dismissed claims in 4 instances, while 8 cases were dismissed for lack of materiality [6] - Among the cases where investors won, 97.47% of the judgments supported the investors' claims, often in conjunction with administrative penalties against the issuers [6]
上市公司虚假陈述类型多样 立体追责力度不断加大
Jin Rong Shi Bao·2025-08-29 02:43