Core Viewpoint - Shanghai Magical Pharmaceutical Co., Ltd. has been found to have violated information disclosure regulations, leading to administrative regulatory measures from the China Securities Regulatory Commission (CSRC) [1] Summary by Sections Company Violations - In 2023, the company misappropriated sales expenses amounting to 44,838,280 yuan through a halted "basic drug promotion plan" and created fictitious accounts receivable, which had already been fully impaired [1] - This led to incorrect information being disclosed in the company's 2023 annual report, violating Article 3, Paragraph 1 of the "Administrative Measures for Information Disclosure by Listed Companies" [1] Regulatory Actions - The CSRC's Shanghai Bureau has mandated corrective actions for the company and issued warning letters to individuals including Zhang Tao Tao, Feng Bin, and Chen Zhimian [1] Legal Implications for Investors - Investors who suffered losses due to the company's violations can seek civil compensation, which includes investment differences, commissions, and stamp duties [2] - A lawyer is actively recruiting affected investors for litigation against the company, specifically targeting those who purchased shares between April 29, 2024, and September 26, 2025 [2] Litigation Process - While investors can file lawsuits without prior administrative penalties, the lack of thorough investigation may increase the risk of losing the case [3] - The status of the company, including potential delisting or bankruptcy, may affect the litigation process but does not halt it [3] Required Documentation for Claims - Investors must provide specific documents for compensation claims, including a copy of their ID, securities account information, and transaction records [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 2.以行政处罚决定为特征的前置条件取消后，投资者虽然可以直接诉讼，但由于调查手段有限，以立案 调查通知或行政监管措施决定作为直接诉讼的依据起诉存在败诉的风险，所以，我作为专业律师提示投 资者：行政处罚决定仍然应当作为提起诉讼的必要前提之一。 3.在拟提起的民事侵权诉讼案件中，上市公司退市与否，都不影响民事索赔侵权诉讼的进程，但有可能 会影响诉讼的进度。而进入破产程序(包括重整、预重整或清算)，则影响诉讼进度的可能会较大。如发 生代表人诉讼，您可以选择参加或不参加、加入或退出。 4.投资者索赔登记或预登记应提供下列材料：（1）《身份证》复印件。（2）包括一码通在内各类证券 帐户的《证券账户开户信息确认单》原件(加盖证券公司营业部印章)。（3）从首次买入该股票/债券/权 证等至今的《证券交易记录流水》原件(加盖证券公司营业部印章)。 （本文由上海汉联律师事务所宋一欣律师供稿，不代表新浪财经的观点。宋一欣律师，1992年起律师执 业，现为上海汉联律师事务所合伙人。服务领域主要包括资本市场、证券市场、金融市场的法律服务及 投资者/金融消费者权益维护。执业至今，为100 ...

Core Viewpoint - Baiyin Nonferrous Group Co., Ltd. is facing administrative penalties from the China Securities Regulatory Commission (CSRC) for significant omissions in its financial disclosures related to 3 billion yuan in wealth management products purchased between August 2017 and March 2018, which were not recovered on time [2][3]. Summary by Sections Company Actions - Baiyin Nonferrous purchased wealth management products totaling 30 billion yuan from August 2017 to March 2018, which were not recovered by the end of 2019 and only returned by December 2024 [2]. - The company disclosed the initial and final balances of these products in its annual reports from 2019 to 2024 but failed to provide specific details as required by regulatory guidelines [2]. Regulatory Response - The CSRC's Gansu Regulatory Bureau has proposed to issue a warning and impose fines on Baiyin Nonferrous and responsible personnel for the violations in information disclosure [2]. - Prior to this, on September 11, 2025, Baiyin Nonferrous acknowledged receiving a notice of investigation from the CSRC [2]. Investor Implications - Investors who suffered losses due to Baiyin Nonferrous's alleged information disclosure violations can seek civil compensation, which includes investment differences, commissions, stamp duties, and interest losses [3]. - A lawyer from Shanghai Hanlian Law Firm is collecting claims from affected investors who purchased Baiyin Nonferrous securities between April 30, 2020, and September 10, 2025 [3][4]. - The conditions for claims may be adjusted based on the final conclusions of the CSRC's administrative penalties and court rulings [3][4].

Core Viewpoint - Starlight Agricultural Machinery Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following a prior announcement regarding accounting errors [1] Group 1: Company Investigation - The CSRC has decided to initiate an investigation into Starlight Agricultural Machinery due to alleged illegal information disclosure practices [1] - The company announced a correction of prior accounting errors on September 27, 2025, which triggered the investigation [1] Group 2: Investor Compensation - Investors who purchased Starlight Agricultural Machinery's stocks or bonds before September 27, 2025, and sold or held them afterward may be eligible for compensation [1] - A lawyer from Shanghai Hanlian Law Firm is collecting claims from affected investors to pursue compensation for losses incurred due to the company's alleged fraudulent activities [1] Group 3: Legal Process and Requirements - The conditions for compensation claims are subject to change based on the conclusions of the CSRC's administrative penalties and court rulings [2] - Investors must provide specific documentation, including identification and securities account information, to register for compensation claims [2]

Core Viewpoint - Beijing Orient Technology Co., Ltd. (referred to as Orient Technology or *ST Dongtong) has been found to have significant violations in information disclosure, leading to administrative penalties from the China Securities Regulatory Commission (CSRC) [1][2]. Summary by Sections Financial Misrepresentation - Orient Technology has been accused of fabricating financial data in its annual reports from 2019 to 2022, resulting in inflated revenues and profits. The company overstated revenues by 61.45 million yuan, 84.85 million yuan, 125.51 million yuan, and 160.53 million yuan for the years 2019 to 2022, respectively, which accounted for 12.29%, 13.25%, 14.54%, and 17.68% of the reported revenues for those years [1]. - The inflated profits for the same years were reported as 52.23 million yuan, 58.77 million yuan, 79.48 million yuan, and 123.69 million yuan, representing 34.11%, 22.72%, 30.35%, and 219.43% of the total profits disclosed [1]. Securities Issuance Misrepresentation - The company was found to have fabricated significant false content in its securities issuance documents. Between June and November 2022, Orient Technology disclosed misleading information in its fundraising prospectus, which included false financial data from its annual reports [2]. - The total amount raised from the issuance of 106,024,096 shares was reported to be approximately 2.2 billion yuan [2]. Legal and Compensation Implications - Due to the violations, the CSRC plans to impose penalties on Orient Technology, its actual controller, and the chairman, Huang Yongjun, including warnings and fines [2]. - Investors who suffered losses due to the company's fraudulent disclosures are eligible to file civil compensation claims, which may include investment differences, commissions, stamp duties, and interest losses [3]. - The conditions for filing claims include having purchased Orient Technology's securities between April 29, 2020, and April 14, 2025, and either selling or holding the securities after April 15, 2025 [3].

Core Viewpoint - Tian Sheng Pharmaceutical Group Co., Ltd. is facing administrative penalties from the China Securities Regulatory Commission (CSRC) for alleged violations related to profit inflation and failure to disclose related party transactions in its 2017 and 2018 annual reports [1][2]. Summary by Sections Allegations and Findings - Tian Sheng Pharmaceutical inflated total profits by CNY 174,783,429.59 in 2017 and CNY 47,908,869.95 in 2018 through improper financial practices [1]. - The company also inflated costs related to traditional Chinese medicine procurement, resulting in a net profit inflation of CNY 92,204,254.47 in 2017 and CNY 28,823,001.51 in 2018, which accounted for 30.21% and 20.61% of the reported profits for those years, respectively [1]. Regulatory Actions - The CSRC's Chongqing Regulatory Bureau has determined that Tian Sheng Pharmaceutical and its actual controller, Liu Qun, violated the Securities Law by failing to disclose related party transactions and inflating profits [2]. - The CSRC plans to impose corrective measures, issue warnings, and impose fines on the company and responsible individuals [2]. Investor Implications - Investors who purchased Tian Sheng Pharmaceutical's securities between April 23, 2018, and January 8, 2025, and sold or held them after January 9, 2025, may be eligible for compensation due to the alleged violations [3]. - Legal representatives are actively seeking to assist affected investors in filing claims for damages resulting from the company's actions [3][4].

Core Viewpoint - Shanxi Luan Chemical Technology Co., Ltd. (formerly Yangmei Chemical Co., Ltd.) and its former controlling shareholder, Huayang New Materials Technology Group Co., Ltd., have been penalized by the China Securities Regulatory Commission (CSRC) for illegal activities related to non-operating fund occupation and failure to disclose this information in financial reports [2][3]. Group 1: Regulatory Actions - The CSRC found that from April to June 2021, Huayang Group, holding 24.19% of Yangmei Chemical's shares, transferred funds amounting to 1,126,449,959.33 yuan (approximately 1.13 billion yuan) from Yangmei Chemical's account to its own without consent, constituting non-operating fund occupation [2]. - The funds occupied represented 17.74% of Yangmei Chemical's latest audited net assets and were fully returned by September 30, 2021 [2]. - The company failed to disclose this non-operating fund occupation in its 2021 semi-annual and annual reports, leading to significant omissions [2]. Group 2: Legal Implications - Following the administrative penalties, affected investors are encouraged to register for compensation claims through legal representation, as the company’s illegal activities have potentially harmed their rights [4][5]. - The conditions for claims include purchasing Yangmei Chemical's stocks or bonds between August 25, 2021, and June 24, 2025, and either selling or holding them after June 25, 2025 [4]. - Legal representatives have outlined the necessary documentation for investors to register their claims, including identification and transaction records [6].

Core Viewpoint - Zhejiang Pava New Energy Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure laws, which includes the involvement of a director in embezzlement [1][2]. Group 1: Regulatory Actions - On September 8, 2025, Pava announced it received a notice from the CSRC regarding the initiation of an investigation due to suspected information disclosure violations [1]. - On March 26, 2025, Pava received a warning letter from the Zhejiang Securities Regulatory Bureau, which identified issues such as inflated revenue and improper management of seals, leading to inaccurate financial disclosures [2]. Group 2: Legal Implications - The company and its controlling shareholders may face civil liability for damages caused to investors due to false statements, which could include compensation for investment losses, commissions, stamp duties, and interest losses [2]. - A lawyer is actively seeking to represent affected investors in lawsuits against Pava, specifically targeting those who purchased shares between April 26, 2024, and March 25, 2025 [3]. Group 3: Investor Compensation Process - Investors wishing to file claims must provide specific documentation, including a copy of their ID and securities transaction records [4]. - The progress of civil claims may be affected by the company's potential delisting or bankruptcy proceedings, which could complicate the legal process [4].

Core Viewpoint - Huayang Lianzhong Digital Technology Co., Ltd. has been penalized by the China Securities Regulatory Commission (CSRC) for failing to disclose significant non-operating fund occupation by its controlling shareholder and for underestimating bad debt provisions, leading to misleading financial reports [2][3][4]. Group 1: Regulatory Findings - Huayang Lianzhong failed to disclose non-operating fund occupation by its controlling shareholder, Su Tong, amounting to 181.53 million yuan, which constituted 10.02% and 7.84% of the net assets in the 2021 semi-annual and annual reports respectively [2]. - The company also underreported bad debt provisions for accounts receivable from Beijing Xinnuo Kejie Trading Co., Ltd., resulting in inflated profits of 17.33 million yuan and 69.39 million yuan in the 2021 and 2022 annual reports, representing 6.72% and 10.31% of the total profits for those periods [3]. Group 2: Penalties and Legal Implications - The CSRC has ordered Huayang Lianzhong, Su Tong, and another individual, Guo Jianjun, to correct their actions, issue warnings, and impose fines due to the violations [3][4]. - Affected investors who purchased Huayang Lianzhong's securities between August 18, 2021, and July 10, 2025, may seek compensation for losses incurred as a result of the company's misleading disclosures [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 2025年9月11日，白银有色（维权）集团股份有限公司(简称：白银有色，代码：601212)发布《关于收 到中国证券监督管理委员会立案告知书的公告》，称因公司涉嫌信息披露违法违规等行为，根据《中华 人民共和国证券法》的有关规定，中国证监会决定对公司立案调查。 根据《民法典》、《证券法》及最高人民法院的关于虚假陈述民事赔偿司法解释的规定，上市公司、控 股股东、实际控制人、董监高人员及其中介机构等因虚假陈述等的证券欺诈行为导致证券投资者权益受 损的，应承担民事赔偿责任，赔偿范围包括：投资差额、佣金、印花税和利息损失等。权益受损的证券 投资者可以向有管辖权的法院提起民事赔偿诉讼。 由于白银有色涉嫌信息披露违法违规，被中国证监会立案调查，为维护证券投资者合法权益，上海汉联 律师事务所宋一欣律师向曾经购买过白银有色的证券投资者展开诉讼代理征集，代理投资者索赔诉讼， 权益受损的证券投资者可以向前述律师进行索赔登记。（宋一欣律师专栏） 宋一欣律师认为，白银有色案的索赔条件为：2025年9月11日前买入白银有色股票或债券等证券市场公 开发行产品，并在2025年9月11日及之后 ...