终审裁决！康得新犯欺诈发行证券罪，董事长获刑15年

Core Viewpoint - The article discusses the significant legal developments regarding Kangde Xin, including a final ruling by the Jiangsu Provincial High People's Court, which upheld the original judgment against the company and its executives for serious financial crimes, including fraud and foreign exchange violations [1][6]. Summary by Sections Legal Proceedings - On December 11, 2025, Kangde Xin received a criminal ruling from the Jiangsu Provincial High People's Court, which rejected the appeal and upheld the original verdict [1]. - The first-instance judgment indicated that Kangde Xin was guilty of fraudulently issuing securities and illegally obtaining foreign exchange, resulting in a fine of RMB 410 million [2]. Sentences for Executives - Chairman Zhong Yu was sentenced to 15 years in prison and fined RMB 20.2 million for multiple offenses, including fraud and foreign exchange violations [3]. - Other executives, including Xu Shu and Wang Yu, received varying sentences ranging from 2.5 years to 6.5 years, along with fines for their roles in the fraudulent activities [4]. Financial Impact - The total fine of RMB 410 million represents 3.29% of Kangde Xin's most recent audited net assets, and the company has already accounted for this penalty in its financial statements, indicating no impact on current or future profits [6]. Case Timeline - The case has spanned over four years, beginning with the initial indictment in September 2021, leading to various legal proceedings and the final ruling in December 2025 [7].