智云股份投资者索赔案已有胜诉先例

Core Viewpoint - The recent developments in the investor compensation case against Zhiyun Co., Ltd. (智云股份) indicate that investors have begun to win lawsuits due to false statements made by the company, with a court ruling requiring Zhiyun to compensate investors a certain percentage of their losses following the judgment [1] Group 1: Legal Proceedings - The investor compensation case against Zhiyun Co., Ltd. has been initiated in Dalian Intermediate Court, with the legal team continuing to accept claims from other investors [1] - A precedent has been set with investors winning in the first instance, leading to potential further claims [1] Group 2: Regulatory Findings - The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision on March 17, 2025, confirming that Zhiyun Co. engaged in illegal activities [1] - In 2020, Zhiyun acquired an 81.3181% stake in Shenzhen Jiutian Zhongchuang Automation Equipment Co., which became a subsidiary included in Zhiyun's consolidated financial statements [1] - In 2022, Jiutian Zhongchuang falsely recognized sales revenue of 59.7345 million yuan and profit of 24.1123 million yuan from Jiangxi Mizhan Technology Co., accounting for 13.27% and 7.09% of Zhiyun's reported revenue and profit, respectively [1] Group 3: Financial Manipulation - Between April and October 2022, Jiutian Zhongchuang transferred a total of 68.2 million yuan to three suppliers, who then transferred 67.7 million yuan back to Jiutian Zhongchuang, creating a circular flow of funds without any real sales transactions [1] - This manipulation resulted in false sales revenue being reported in Zhiyun's 2022 annual report [1]