Core Viewpoint - The establishment of a special fund for advance compensation by Wenkang Securities marks the fifth practice of the advance compensation system in China's securities market, aimed at compensating investors for losses due to false statements by Guangdao Digital [1][2]. Group 1: Advance Compensation Fund - Wenkang Securities has set up a special fund of 210 million yuan to compensate eligible investors for losses incurred due to Guangdao Digital's false statements [1][2]. - The fund will cover the actual losses of eligible investors, deducting losses caused by market risks [2]. - If the compensation claims exceed the fund amount, Wenkang Securities will provide additional funds before the compensation is completed [2]. Group 2: Regulatory Support and Mechanism - The China Securities Regulatory Commission (CSRC) supports the advance compensation as a mechanism for resolving securities disputes, encouraging market institutions to voluntarily engage in this practice [3]. - The advance compensation system is recognized as a "multi-win" approach that enhances the efficiency of investor compensation and reduces reputational risks for responsible parties [1][4]. Group 3: Historical Context and Previous Cases - Prior to this case, there were four instances of advance compensation in the Chinese securities market, including the cases of Wanfushengke, Hailianxun, Xintai Electric, and Zijing Storage [4][6]. - The first case was initiated by Ping An Securities in 2013, which established a compensation fund of 300 million yuan for Wanfushengke, resulting in a high compensation rate for eligible investors [6]. Group 4: Expert Opinions and Recommendations - Experts advocate for the promotion of the advance compensation system, highlighting its benefits in stabilizing market confidence and reducing systemic risks [6][7]. - Suggestions include enhancing external incentives for responsible parties to engage in advance compensation, potentially linking it to leniency in administrative and criminal penalties [7].
证券市场第五例 五矿证券出资2.1亿先行赔付广道数字投资者