中山证券涉私募债欺诈案终审落槌：30%连带责任定音，八年诉讼纠葛终落幕

Core Viewpoint - The final ruling by the Jiangsu High Court significantly reduces Zhongshan Securities' liability in a long-standing legal dispute regarding a private bond issue, shifting from a 100% joint liability to 30% for a debt of 27 million yuan owed by Beiji Haotian Technology [1][2][3] Summary by Sections Legal Proceedings - The case began in July 2017 when Zhongjin Innovation filed a lawsuit against Zhongshan Securities and Beiji Haotian over a fraudulent bond issuance dating back to 2013 [2][5] - The initial ruling in March 2021 by the Nanjing Intermediate Court imposed a full joint liability on Zhongshan Securities for the debt, which was a significant financial blow [2][3] - In May 2022, the Jiangsu High Court overturned the previous ruling and dismissed Zhongjin Innovation's claims, temporarily relieving Zhongshan Securities from liability [3][4] - The Supreme People's Court intervened in June 2023, ordering a retrial, which led to the recent final judgment by the Jiangsu High Court [3][4] Financial Implications - The final judgment requires Zhongshan Securities to bear 30% of the 27 million yuan debt, significantly less than the initial full liability [1][2] - The case highlights the financial risks associated with underwriting and the importance of due diligence in bond issuance [5][6] Background of the Case - The dispute originated from a private bond issuance by Beiji Haotian in 2013, where serious misrepresentations were made in the offering documents [4][5] - The bond, which was supposed to raise up to 100 million yuan, only managed to collect 27 million yuan due to these misstatements [4][5] - The bond defaulted in September 2016, leading to the legal actions initiated by Zhongjin Innovation, who acquired the debt shortly before the default [5][6]