特别代表人诉讼落地再添一单 金通灵证券虚假陈述案作出先行判决

Group 1 - The Nanjing Intermediate People's Court ruled on December 31, 2025, that over 43,000 investors in Jintongling (300091) will receive compensation exceeding 770 million yuan due to securities fraud [1][2] - This ruling is a preliminary judgment focusing on the company's liability, with further judgments pending regarding the responsibilities of the company's former executives and related intermediaries [1][2] - The case highlights the increasing application of representative litigation in China, moving from pilot exploration to a more standardized approach [1][2] Group 2 - The new "National Nine Articles" emphasizes the establishment of a comprehensive system to combat financial fraud and strengthen accountability in the capital market [2] - The China Securities Regulatory Commission (CSRC) has adopted a "zero tolerance" policy towards financial fraud, increasing regulatory enforcement and civil accountability mechanisms [2] - Jintongling has been involved in financial fraud for six consecutive years, inflating revenue by over 1.3 billion yuan and profits by 500 million yuan, and is currently undergoing bankruptcy restructuring [2] Group 3 - The special representative litigation system is seen as a significant tool for increasing the costs of illegal activities in the capital market and protecting the rights of small and medium investors [3] - Investor protection agencies play a crucial role in the representative litigation process, leveraging their public interest functions and professional advantages [4] - The China Securities Investor Services Center has been actively involved in representative litigation, ensuring fair compensation for affected investors [5] Group 4 - The Supreme Court and the CSRC have issued guidelines to support investor protection agencies in fulfilling their roles in representative litigation [6] - There is a growing emphasis on the effectiveness of ordinary representative litigation in resolving collective securities disputes and protecting investor rights [6] - The China Securities Investor Services Center has increased its involvement in ordinary representative litigation, enhancing the collaborative effect of both types of litigation [6] Group 5 - The Supreme Court's 2020 judicial interpretation of representative litigation has played a significant role in enforcing securities laws and facilitating investor rights protection [7] - There is a need to refine the judicial interpretation to better define the conditions for initiating special representative litigation and improve the coordination between different types of representative litigation [7] - The China Securities Investor Services Center plans to modify relevant business rules to enhance the selection criteria and mechanisms for representative litigation cases [8]