判了！4.3万余名投资者，获赔超7.7亿元

Core Viewpoint - The Nanjing Intermediate People's Court ruled in favor of over 43,000 investors in the Jin Tong Ling (300091) securities fraud case, awarding them over 770 million yuan in compensation, marking a significant step in the enforcement of collective litigation in China's capital markets [1][2] Group 1: Legal Proceedings and Outcomes - The court's ruling is a preliminary judgment that establishes the company's liability for compensation, while the responsibilities of the company's former executives and related intermediaries will be determined in a separate ruling [1] - Jin Tong Ling has been found to have engaged 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 reorganization [2] - The ruling highlights the effectiveness of the special representative litigation system in increasing the costs of illegal activities in the capital market and protecting the rights of small and medium investors [2] Group 2: Investor Protection and Institutional Role - Investor protection agencies have actively fulfilled their responsibilities in the representative litigation, including assessing eligible plaintiffs and preparing legal arguments [3][4] - The China Securities Investor Services Center has increased its support for ordinary representative litigation, with five cases being accepted by various courts, enhancing the collaborative effect of different types of representative litigation [5] Group 3: Company Financial Impact and Future Actions - Jin Tong Ling announced that it will recognize estimated liabilities based on the court's ruling, which will significantly impact the company's current and future profits [6] - The company plans to implement a debt repayment scheme through cash and debt-equity swaps as part of its reorganization process, aiming to improve compensation capabilities for small investors [7][8] Group 4: Regulatory and Market Context - The case is part of a broader trend of increasing regulatory scrutiny and enforcement against fraudulent activities in the capital markets, following similar cases like Kangmei Pharmaceutical and Zeda Yisheng [9] - The China Securities Regulatory Commission supports the implementation of the special representative litigation system as a means to effectively protect investor rights and maintain market integrity [9][12]