“空壳公司”发行1亿元私募债案，终审判决落地！

Core Viewpoint - The final judgment regarding the securities fraud liability dispute involving Zhongshan Securities and Beiji Haotian has been reached, with Zhongshan Securities bearing joint compensation responsibility within a 30% range [2][6]. Group 1: Case Background - The dispute originated from a private bond issuance in March 2013, where Beiji Haotian, a shell company with no actual operations, fraudulently obtained approval to issue a private bond of 100 million yuan, with Zhongshan Securities as the underwriter [6]. - In 2018, Zhongjin Innovation, an investor affected by the bond default, sued Beiji Haotian and Zhongshan Securities for securities fraud, leading to a complex legal process [6][7]. Group 2: Legal Proceedings - The first-instance judgment in 2021 ordered Beiji Haotian to compensate Zhongjin Innovation 32.94 million yuan for default losses, with Zhongshan Securities held jointly liable [6][7]. - The second-instance court reversed the decision, dismissing Zhongjin Innovation's claims and allowing Zhongshan Securities to reverse a provision of 52.3755 million yuan, effectively relieving it of joint liability [6][7]. Group 3: Final Judgment - The Supreme People's Court's final ruling included five key points: cancellation of the previous judgment, confirmation of Zhongjin Innovation's 27 million yuan claim against Beiji Haotian, joint liability of specific individuals for the debt, and Zhongshan Securities' 30% joint liability with Beiji Haotian [7]. - The total amount involved in ongoing litigation and arbitration for Zhongshan Securities and its subsidiaries over the past 12 months is approximately 53.2184 million yuan [7]. Group 4: Implications for Intermediaries - The case raises questions about the liability of underwriting firms in fraudulent bond issuances, similar to the notable "Wuyang Bond Case," where intermediaries were also held liable [8][9]. - Legal experts emphasize the importance of due diligence by intermediaries, as failure to provide accurate reports can mislead investors and result in direct losses [10].