Di Yi Cai Jing·2025-10-28 12:35Core Viewpoint - The Shanghai Financial Court ruled on a case involving false statements in bond issuance documents by Shanghai Huaxin International Group, marking the first securities false statement liability dispute in the interbank bond market [1][4]. Group 1: Case Background - The case originated from a rural commercial bank suing various intermediary institutions, including underwriters and rating agencies, for compensation due to false statements in bond issuance [1]. - The total amount of bonds issued by Shanghai Huaxin from 2014 to 2017 exceeded 40 billion yuan [1]. - The plaintiff, a rural commercial bank, invested over 200 million yuan, and multiple investment institutions have sued Shanghai Huaxin due to bond defaults [1]. Group 2: Court Ruling - The court determined that five intermediary institutions must bear joint liability for the losses incurred by the plaintiff, amounting to approximately 128 million yuan [4]. - Postal Savings Bank and China International Capital Corporation are each responsible for 5% of the losses, equating to about 6.39 million yuan [2]. - Other intermediaries, including accounting firms and credit rating agencies, are liable for smaller percentages of the losses, totaling approximately 2.1 million yuan [2]. Group 3: Loss Assessment - The court acknowledged the complexity of factors leading to investment losses, including macroeconomic conditions and the investigation of the actual controller of the issuing company [3]. - A third-party professional institution was commissioned to assess the losses, employing methods aligned with bond pricing principles and market characteristics [3]. - The assessment distinguished losses across three phases: from issuance to disclosure, from disclosure to default, and from default to bankruptcy ruling [3].