终审裁决！康得新犯欺诈发行证券罪，董事长获刑15年

Core Viewpoint - The company, Kangde Xin, has faced significant legal repercussions due to fraudulent activities, including securities fraud and foreign exchange fraud, resulting in substantial fines and prison sentences for key executives [1][2][3]. Group 1: Legal Proceedings - On December 11, 2025, the Jiangsu Provincial High People's Court issued a final ruling, rejecting appeals and upholding the original judgment against Kangde Xin [1]. - The first-instance judgment revealed that Kangde Xin was guilty of securities fraud and foreign exchange fraud, leading to a fine of 410 million RMB [2]. - The chairman, Zhong Yu, received a 15-year prison sentence and a fine of 20.2 million RMB for his role in the fraud [1][3]. Group 2: Details of the Fraud - The fraudulent activities spanned over seven years, involving a systematic approach to financial deception orchestrated by Zhong Yu and other executives [2]. - The total amount involved in the fraud was substantial, severely disrupting the securities market [2]. Group 3: Sentences for Other Executives - Other executives, including Xu Shu and Wang Yu, received varying prison sentences ranging from 2.5 years to 13 years, along with fines for their involvement in the fraudulent activities [3][4]. - Zhang Lixiong was sentenced to 2 years with a suspended sentence for his role in the fraud [4]. Group 4: Financial Impact on the Company - The total fine of 410 million RMB represents 3.29% of the company's most recent audited net assets, and the company has already accounted for this fine in its current profits, indicating no impact on future profits [6]. Group 5: Timeline of the Case - The case has been ongoing for over four years, with the initial indictment received in September 2021 and the final ruling made in December 2025 [7]. - The prosecution involved multiple charges against the company and its executives, highlighting the severity of the offenses committed [7].