Core Viewpoint - The Shanghai Financial Court released a report on legal risk prevention related to securities false statements, highlighting the increase in related lawsuits and the need for improved governance and compliance among market participants [1][2][4]. Group 1: Case Statistics and Trends - From 2018 to 2024, the Shanghai Financial Court accepted 18,040 first-instance cases of securities false statement liability disputes, with a total amount in dispute of 7.646 billion yuan and 26,956 investors involved, of which institutional investors accounted for only 0.26% [1]. - The number of companies sued for false statements has risen, with a total of 77 companies involved, reflecting a broader range of capital market segments including the Shanghai and Shenzhen main boards, STAR Market, ChiNext, New Third Board, and interbank market [2]. - Financial fraud is a prominent issue, with over one-third of the false statements related to financial information, including revenue fraud, cost and expense fraud, cash flow fraud, and misuse of accounting estimates [2]. Group 2: Legal Framework and Recommendations - The report emphasizes the need for a balanced approach to protect investor rights while allowing for the development of listed companies, with a focus on holding primary offenders accountable and addressing complicity [2][3]. - Recommendations for market participants include improving corporate governance, enhancing financial regulations, and ensuring timely disclosure of significant events to mitigate risks associated with fraudulent activities [4][5]. - The report suggests that controlling shareholders and actual controllers should exercise their control rights responsibly, while directors and supervisors should fulfill their duties diligently and report issues promptly [5]. Group 3: Judicial and Regulatory Innovations - The report outlines the need for a comprehensive accountability system and improved collaboration in fact-finding among administrative, civil, and criminal proceedings related to securities false statements [3]. - The Shanghai Financial Court is innovating in creating a model for resolving collective disputes in the securities market and enhancing mechanisms for protecting the rights of small and medium investors [3]. - The release of ten selected cases aims to clarify common disputes and new legal issues in false statement cases, reinforcing market rules and expectations to purify the capital market ecosystem [5].

Core Viewpoint - The Shanghai Financial Court released a report on legal risk prevention related to securities false statements, highlighting the increase in related lawsuits and the need for improved accountability mechanisms in the financial market [1][2]. Group 1: Case Statistics and Trends - From 2018 to 2024, the Shanghai Financial Court accepted 18,040 first-instance cases of securities false statement liability disputes, with a total amount in dispute of 7.646 billion yuan and 26,956 investors involved, of which institutional investors accounted for only 0.26% [1]. - The number of companies being sued has increased, covering various capital market segments, with a total of 77 companies involved in lawsuits since the introduction of regulations in 2022 [2]. - Financial fraud is a prominent issue, with over one-third of false statements related to financial information, including revenue, cost, cash flow manipulation, and misuse of accounting estimates [2]. Group 2: Legal Framework and Recommendations - The report emphasizes the need for a balanced approach to protect investor rights while allowing for the development of listed companies, with a focus on holding primary offenders accountable and addressing complicity [2]. - Recommendations for securities issuers include eliminating fraudulent issuance, improving corporate governance, and ensuring timely disclosure of significant events [4]. - Suggestions for controlling shareholders and actual controllers include exercising control rights responsibly and ensuring transparency in related transactions [4]. Group 3: Role of Intermediaries and Case Studies - Intermediaries are advised to strengthen due diligence obligations and ensure compliance and independence in their professional opinions [5]. - The report includes ten selected cases, five related to judicial disputes over false statements and five concerning administrative enforcement of information disclosure violations, aimed at clarifying judicial principles and enhancing market expectations [5]. - The publication of these cases is expected to protect investor rights further, promote better corporate governance, and ensure that intermediaries and executives fulfill their legal responsibilities [5].

《报告》显示，上海金融法院2018—2024年受理的证券虚假陈述案件共涉及26956名投资者。从投资者 构成来看，原告以自然人为主，占比高达99.74%，公司、有限合伙等机构投资者仅为69家，占比为 0.26%。 案件标的总额76.46亿元，投资者人均起诉标的额为28.36万元，呈现个案标的金额小、案件分散的特 点。 从虚假陈述类型来看，被诉发行人往往多种虚假陈述行为交织，其中涉财务信息类虚假陈述行为数量占 比达1/3以上，具体包括收入造假、成本费用造假、现金流造假、滥用会计估计调节损益等。其次为隐 瞒关联交易，包括隐瞒关联方身份、关联担保、关联资金占用等。此外，不当披露预测性信息在被诉虚 假陈述行为中也占据一定比重。 从诉讼类型来看，多数投资者的诉请集中于赔偿投资差额、佣金及印花税损失等。与此同时，近年来， 司法实践中还出现若干新类型争点，包括多层次资本市场不同板块的法律适用和损失核算问题；预测性 信息的识别与"安全港"规则适用；帮助造假者的"明知"标准认定；上市公司董监高公开承诺的法律责任 认定等。 8月20日，在建院七周年之际，上海金融法院召开新闻发布会。证券时报记者从发布会现场获悉，上海 金融法院建院 ...

8月20日，在建院七周年之际，上海金融法院召开新闻发布会。证券时报记者从发布会现场获悉，上海 金融法院建院以来共受理证券虚假陈述责任纠纷案件2.3万余件。 发布会现场，上海金融法院发布《证券虚假陈述责任纠纷法律风险防范报告》（以下简称《报告》）， 对2018—2024年受理的证券虚假陈述责任纠纷案件进行统计分析。根据《报告》，截至2024年12月，上 海金融法院共受理证券虚假陈述责任纠纷18040件，标的总额为76.46亿元，原告以自然人为主。 从虚假陈述类型来看，被诉发行人往往多种虚假陈述行为交织，其中涉财务信息类虚假陈述行为数量占 比达1/3以上，具体包括收入造假、成本费用造假、现金流造假、滥用会计估计调节损益等。其次为隐 瞒关联交易，包括隐瞒关联方身份、关联担保、关联资金占用等。此外，不当披露预测性信息在被诉虚 假陈述行为中也占据一定比重。 从诉讼类型来看，多数投资者的诉请集中于赔偿投资差额、佣金及印花税损失等。与此同时，近年来， 司法实践中还出现若干新类型争点，包括多层次资本市场不同板块的法律适用和损失核算问题；预测性 信息的识别与"安全港"规则适用；帮助造假者的"明知"标准认定；上市公司董监高公开承 ...

Core Viewpoint - Guangxi Energy (600310.SH) inflated its revenue by a total of 6.8 billion yuan over two years, leading to administrative penalties and a lawsuit from 10 investors who sought compensation of 142,300 yuan but lost in the first instance [2][4][5]. Group 1: Financial Misconduct - Guangxi Energy inflated its revenue by 3.542 billion yuan in 2019 and 3.286 billion yuan in 2020, violating information disclosure regulations [2][5]. - The inflated figures represented 13.39% and 14.07% of the reported revenue and costs for 2019, respectively [5]. - The 2020 semi-annual report also showed significant overstatements, with 3.286 billion yuan in inflated revenue and costs, accounting for 28.95% and 30.16% of the reported figures [6]. Group 2: Legal Proceedings - The court dismissed the lawsuit from the 10 investors, stating that the alleged false statements did not significantly impact stock prices or trading volumes [8][9]. - The investors purchased shares between April 15, 2020, and January 5, 2022, and claimed losses after selling or holding the stock [7][8]. - Other individual investors also attempted to claim damages through civil lawsuits but faced similar outcomes, with courts ruling that the false statements did not have a substantial effect on market performance [8][9]. Group 3: Regulatory Actions - The Guangxi Securities Regulatory Bureau issued a warning and imposed fines totaling 1.2 million yuan on Guangxi Energy and its executives for the violations [6]. - Key executives, including the chairman and financial director, received individual fines ranging from 600,000 to 800,000 yuan for their roles in the misconduct [6]. Group 4: Investor Sentiment - Legal experts suggest that the severity of the violations may justify investor claims, and they recommend considering appeals against the first-instance rulings [3][10]. - The negative outcomes of these lawsuits could undermine investor confidence in Guangxi Energy and raise concerns about the risks associated with similar legal actions in the future [10].

Core Viewpoint - Guangxi Energy (600310.SH) inflated its revenue by a total of 6.8 billion yuan over two years, leading to administrative penalties and a lawsuit from 10 investors seeking compensation of 142,300 yuan, which was dismissed in the first instance [1][3][4]. Group 1: Financial Misconduct - Guangxi Energy reported inflated revenues of 3.542 billion yuan in 2019 and 3.286 billion yuan in 2020, violating information disclosure regulations [1][4]. - The company was penalized by the China Securities Regulatory Commission (CSRC) for these violations, receiving a warning and a fine of 1.2 million yuan [6]. - The inflated figures represented 13.39% and 14.07% of the reported revenue and costs for 2019, and 28.95% and 30.16% for the first half of 2020 [4][6]. Group 2: Legal Proceedings - The court dismissed the lawsuit from the 10 investors, stating that the inflated revenue did not significantly impact stock prices or trading volumes [1][8]. - The investors purchased shares between April 15, 2020, and January 5, 2022, and claimed losses after selling or holding the stock [5][6]. - Other individual investors also attempted to claim damages through civil lawsuits but faced similar outcomes, with courts ruling that the false statements did not lead to significant market changes [7][8]. Group 3: Investor Reactions and Future Actions - Legal experts suggest that the nature of the violations warrants investor claims, and they may consider appealing the court's decision [2][9]. - The first-instance ruling has raised concerns about investor confidence, as it may deter future claims against similar misconduct [9].

Core Viewpoint - Jiangsu Lanfeng Biological Chemical Co., Ltd. is currently involved in a legal dispute regarding securities false statements, with a total claim amount of RMB 19.18 million from 163 investors [2][3][4]. Group 1: Lawsuit Basic Information - The company has previously disclosed information regarding the investor lawsuit related to securities false statements [3]. - The final judgment and civil rulings from the Nanjing Intermediate People's Court have been received concerning the claims from 45 investors [3]. Group 2: Lawsuit Progress - The Nanjing Intermediate People's Court has issued an execution ruling to freeze RMB 19.18 million of the company's bank deposits due to non-compliance with a prior civil judgment [4]. - A total of 8 bank accounts of the company have been frozen, with only RMB 77,400 actually frozen [4]. - The company's overall business operations remain normal and unaffected by the bank account freeze [4]. Group 3: Company Response - The company plans to raise funds to comply with the court ruling and compensate the investors, aiming to lift the freezing measures promptly [5]. - The company will pursue accountability against its former directors and senior management as per the administrative penalty decision issued by the China Securities Regulatory Commission [5]. Group 4: Financial Impact - The total amount related to the investor lawsuit and associated costs is approximately RMB 19.18 million, which will be accounted for as liabilities and losses according to accounting standards [7]. - The company will continue to monitor the lawsuit's progress and fulfill its information disclosure obligations [7].

7月28日，康尼机电（603111.SH）公告称，收到南京市中级人民法院送达的1名机构投资者诉公司证券 虚假陈述责任纠纷案件的一审《民事判决书》【（2022）苏01民初928号】，其中，判决赔偿损失 3290.79万元。《民事判决书》显示，被告除康尼机电外，还有国泰海通、苏亚金诚、东洲评估、嘉源 律所、陈某、高某等，被判分别在50%、40%、15%、2%、2%、2%范围内承担连带责任。 康尼机电称，上述判决书为待生效的一审判决，公司拟提起上诉。 不过，截至上述公告日，共有17名投资者对康尼机电提起了索赔诉讼，累计诉请金额为38263.29万元， 均已下达一审判决，一审判决康尼机电负担的赔偿损失和案件受理费合计金额为8314.65万元。其中， 在一审民事判决书【（2022）苏01民初3953号】中，判决国泰海通对康尼机电负担的赔偿损失和案件受 理费合计金额为54.77万元，在50%范围内承担连带责任。目前康尼机电已对9名普通投资者履行完毕赔 偿义务，合计赔偿金额为139.48万元。 中经记者 罗辑 北京报道 针对上述公告涉及的证券虚假陈述责任纠纷案件，除上述17件案件外，康尼机电对法院已受理但尚未立 案的其他4 ...

Core Viewpoint - The article discusses the ongoing legal issues faced by Nanjing Kanni Electromechanical Co., Ltd. related to securities false statement liability disputes, stemming from financial fraud by Guangdong Longxin Technology Co., Ltd. during the asset restructuring process [2][4]. Group 1: Background of the Case - In 2014, Guangdong Longxin Technology Co., Ltd. planned an IPO but terminated it by the end of 2015. In 2016, it engaged in asset restructuring discussions with Kanni Electromechanical [2]. - Kanni Electromechanical proposed to acquire 100% of Longxin Technology for 3.4 billion yuan, which constituted a significant asset restructuring [2]. - From 2015 to 2017, Longxin Technology was found to have inflated revenue and profits, leading to false records in Kanni Electromechanical's restructuring reports [2][4]. Group 2: Legal Proceedings - Kanni Electromechanical has faced lawsuits from 17 investors claiming damages due to the false statements, with a total claim amounting to approximately 382.63 million yuan [7]. - The Nanjing Intermediate People's Court issued a civil judgment requiring Kanni Electromechanical to pay a total of 33,093,050.08 yuan in damages and court fees for one of the cases [3][6]. - The court also assigned joint liability to other defendants, including Guotai Junan Securities and Suya Jincheng Accounting Firm, with varying percentages of responsibility [3][6]. Group 3: Financial Impact - Kanni Electromechanical has provisioned for investor compensation, totaling approximately 216.03 million yuan, to cover potential losses from ongoing and future lawsuits [8]. - The company has already compensated nine ordinary investors a total of 1,394,839.17 yuan and is in the process of appealing certain cases [7][8]. Group 4: Future Actions - The company plans to actively monitor the progress of the lawsuits and handle investor claims in accordance with legal regulations [9]. - Kanni Electromechanical will continue to fulfill its information disclosure obligations as required by law [9].

Core Viewpoint - Nanjing Kanni Electromechanical Co., Ltd. is currently facing multiple lawsuits from investors regarding securities false statement liability, stemming from a previous administrative penalty by the China Securities Regulatory Commission for financial misconduct by a related company [1][2]. Summary by Sections Basic Situation of the Lawsuit - The company received an administrative penalty from the China Securities Regulatory Commission on July 30, 2021, due to financial fraud by Guangdong Longxin Technology Co., Ltd. from 2015 to 2017, which led to false disclosures in the company's restructuring reports [1]. - A total of 17 investors have filed lawsuits against the company for securities false statement liability [1]. First Instance Civil Judgment Situation - The company has received first-instance civil judgments for 16 investor lawsuits, with the total compensation amounting to 50,053,463.01 yuan [3]. - Among these, one judgment also holds Guotai Junan Securities Co., Ltd. liable for 547,746.32 yuan in compensation, sharing 50% of the responsibility [3]. Compensation and Appeals - The company has completed compensation payments totaling 1,394,839.17 yuan to nine investors from the first-instance judgments [4]. - The company has appealed one judgment and is seeking to overturn it, requesting that the plaintiff bear all litigation costs [4]. - Another judgment is pending appeal, and the company plans to appeal it as well [5]. Impact on Financials - The company has provisioned for potential losses related to these lawsuits, totaling 216,031,343.66 yuan, which is expected not to significantly impact current or future profits [5][6]. - The company will continue to monitor the lawsuits and handle investor claims in accordance with legal requirements [6].