8年纠纷终落定！这家券商连带责任，大幅下调

Core Viewpoint - The long-standing legal dispute involving Zhongshan Securities and the issuer of the "13 Beihai Tian" private bond has concluded, significantly reducing Zhongshan Securities' liability from 100% to 30% [2][8]. Summary by Sections Legal Proceedings - The Jiangsu Provincial High People's Court recently made a final ruling, reducing Zhongshan Securities' liability in a case that originated from the default of the "13 Beihai Tian" private bond, which was underwritten by Zhongshan Securities in 2013 [2][8]. - The case revealed that the bond issuer, Beihai Tian, had committed fraud by issuing bonds without having completed production or generating any taxable income, leading to criminal charges for fraudulent issuance [4][5]. Bond Issuance Details - The bond was intended to raise 100 million yuan but only managed to issue 94 million yuan, with a fixed interest rate of 11% and a repayment structure that included annual interest payments [4]. - The issuer only paid the first year's interest, leading to a default on subsequent payments, which prompted legal action from bondholders [5]. Court Rulings and Appeals - The lawsuit lasted for eight years and went through five levels of court, with the initial ruling holding Zhongshan Securities fully liable being overturned in subsequent appeals [7][8]. - The final judgment confirmed that Zhongshan Securities would bear 30% of the liability alongside the issuer, while the bondholder's other claims were dismissed [8][9].