Core Viewpoint - The Beijing High People's Court upheld the second-instance ruling in the Lanshan Technology securities false statement case, marking the first instance in China where a sponsor representative is held liable for civil compensation to securities investors, signaling a significant shift in accountability for securities professionals [1][2]. Group 1 - The ruling emphasizes that the quality of practice not only determines compliance with regulatory standards but also the potential for substantial civil liability in the future [1]. - The 2019 revision of the Securities Law includes "sponsors and underwriters' directly responsible personnel" as joint liability subjects for false statements, unless they can prove no fault [1]. - The case serves as a reference for the industry, indicating that professionals need to restructure their practice strategies to manage responsibilities effectively [1][2]. Group 2 - Professionals must develop a keen "risk sense" and professional judgment, as risk assessment capabilities have become essential in a "zero tolerance" environment [2]. - There is a need to strengthen substantive verification processes, ensuring compliance and avoiding procedural defects while establishing the ability to identify significant issues [2]. - Over-reliance on other intermediary institutions is cautioned against; professionals should maintain independent judgment and cross-verify critical risk points [2]. Group 3 - The Lanshan Technology case serves as a warning for professionals to internalize "diligence and responsibility" as an inherent part of their practice, fulfilling their role as gatekeepers in the capital market [2].