4.3万余名投资者获赔7.7亿余元！金通灵特别代表人诉讼案作出先行判决

Core Viewpoint - The Nanjing Intermediate Court's ruling on the Jin Tong Ling Securities false statement liability case marks a significant step in the application of representative litigation, with over 43,000 investors receiving compensation exceeding 770 million yuan [2][4]. Group 1: Legal Developments - The ruling is a preliminary judgment that establishes the liability of the listed company, with further determinations on the responsibilities of its directors, supervisors, and related intermediaries to follow [4]. - The case highlights the increasing application of the representative litigation system in China, transitioning from pilot exploration to regular use [4][5]. - The Jin Tong Ling case involved financial fraud over six years, inflating revenue by over 1.3 billion yuan and profits by 500 million yuan, and is currently undergoing bankruptcy restructuring [7]. Group 2: Investor Protection - The majority of the affected investors in the Jin Tong Ling case are individual investors, emphasizing the importance of protecting small and medium investors' rights [6]. - The China Securities Investor Service Center has actively participated in the representative litigation, ensuring proper representation and communication with affected investors [9][10]. - The center has also been involved in enhancing the efficiency of ordinary representative litigation to protect investors' rights [10]. Group 3: Regulatory Framework - The recent "National Nine Articles" emphasizes the need for a comprehensive system to combat financial fraud and strengthen civil liability accountability in the capital market [6][7]. - The Supreme Court and the China Securities Regulatory Commission have issued guidelines to support investor protection institutions in fulfilling their representative roles in litigation [10]. - There is a call for timely modifications to the judicial interpretations governing representative litigation to improve the efficiency and effectiveness of the system [12][13].