（原标题：终审裁决！康得新犯欺诈发行证券罪，董事长获刑15年） 12月15日晚间，康得新公告了重大诉讼进展情况。 公告表示，公司于2025年12月11日收到江苏省高级人民法院的（2025）苏刑终17号《刑事裁定书》。江 苏省高级人民法院驳回上诉，维持原判。本裁定为终审裁定。 一审判决显示，康得新犯欺诈发行证券罪、骗购外汇罪，判处罚金人民币四亿一千万元。康得新董事长 钟玉犯欺诈发行证券罪等，被决定执行有期徒刑十五年，并处罚金人民币二千零二十万元。 犯欺诈发行证券罪 判决书显示，本案中，被告人钟玉作为康得新公司的董事长、实际控制人，与被告人徐曙、王瑜等人共 谋，安排公司相关人员分层部署、全链条配合的系统化财务造假行为，长达七年之久，造假金额巨大， 严重扰乱证券市场秩序，依法应当从严惩处。 综上，对被告单位康得新公司、被告人钟玉、徐曙、王瑜、张丽雄及其他非公司相关人员依照1997年修 订的《中华人民共和国刑法》第一百六十条、第二百七十二条第一款、经2006年《中华人民共和国刑法 修正案(六)》修订的《中华人民共和国刑法》第一百六十一条、《中华人民共和国刑法》第十二条、第 一百六十九条之一第一款、第二款、第六十七条、 ...

12月15日晚间，康得新公告了重大诉讼进展情况。 公告表示，公司于2025年12月11日收到江苏省高级人民法院的（2025）苏刑终17号《刑事裁定书》。江苏省高 级人民法院驳回上诉，维持原判。本裁定为终审裁定。 一审判决显示，康得新犯欺诈发行证券罪、骗购外汇罪，判处罚金人民币四亿一千万元。康得新董事长钟玉犯 欺诈发行证券罪等，被决定执行有期徒刑十五年，并处罚金人民币二千零二十万元。 犯欺诈发行证券罪 判决书显示，本案中，被告人钟玉作为康得新公司的董事长、实际控制人，与被告人徐曙、王瑜等人共谋，安 排公司相关人员分层部署、全链条配合的系统化财务造假行为，长达七年之久，造假金额巨大，严重扰乱证券 市场秩序，依法应当从严惩处。 综上，对被告单位康得新公司、被告人钟玉、徐曙、王瑜、张丽雄及其他非公司相关人员依照1997年修订的 《中华人民共和国刑法》第一百六十条、第二百七十二条第一款、经2006年《中华人民共和国刑法修正案 (六)》修订的《中华人民共和国刑法》第一百六十一条、《中华人民共和国刑法》第十二条、第一百六十九条 之一第一款、第二款、第六十七条、第二十六条第一款、第四款、第二十七条、第七十二条第一款、第三款、 ...

Core Viewpoint - The article discusses the unusual circumstances surrounding the delisting of Longyu Co., Ltd. due to significant non-operating fund occupation by its major shareholder, amounting to 868 million yuan, and the subsequent repayment of 337 million yuan shortly after delisting, raising questions about the underlying capital maneuvers [1][3][13]. Group 1: Delisting and Financial Background - Longyu Co., Ltd. was delisted on July 3, 2025, primarily due to the major shareholder's 868 million yuan non-operating fund occupation and consecutive "unable to express opinion" audit reports for 2023 and 2024 [3][13]. - The company reported a net asset of 3.693 billion yuan and cash reserves of 1.1 billion yuan at the end of 2023, indicating a strong financial position prior to delisting [3][4]. - Despite external offers for high-priced acquisitions to help maintain its listing status, the major shareholder rejected these proposals [4]. Group 2: Post-Delisting Actions - Within 20 days post-delisting, Longyu's major shareholder and related companies repaid 337 million yuan, suggesting some repayment capability despite previous refusals to settle before delisting [5][13]. - The repayment raised suspicions as it contradicted typical market behavior where companies strive to protect their listing status [5]. Group 3: Acquisition and Corporate Governance - During the "information disclosure gap" between delisting and re-listing on the National Equities Exchange and Quotations, Longyu acquired 100% of Shanghai Yunman Yisuan Information Technology Co., Ltd. without public disclosure [6][8]. - The acquisition was linked to the repayment of the 337 million yuan, with allegations that funds were cycled through related parties, potentially harming minority shareholders [8][10]. - The new executive appointed during this period had significant ties to the acquired company, raising further questions about governance and transparency [7][8]. Group 4: Regulatory and Legal Implications - Regulatory scrutiny intensified following the discovery of significant undisclosed related-party transactions, leading to administrative penalties and investigations into financial misconduct [13][14]. - The remaining 500 million yuan in fund occupation remains a concern for minority shareholders, with potential plans to use company funds for further acquisitions to settle these debts [13][14]. - Legal actions have been initiated by affected investors, resulting in favorable judgments against Longyu for losses incurred due to misleading statements [14].

Core Viewpoint - The article discusses the legal proceedings and sentencing of Adam Tan (谭向东), the former CEO of HNA Group, who was convicted of multiple financial crimes, including breach of trust and loan fraud, resulting in a six-year prison sentence [2][17]. Group 1: Legal Proceedings - Adam Tan was sentenced to six years in prison for three crimes: breach of trust damaging the interests of a listed company, loan fraud, and embezzlement [2][17]. - The Haikou Intermediate People's Court separated the cases of Tan and other executives due to Tan's U.S. citizenship, leading to different trial proceedings [10][4]. - The court's decision on Tan's case was announced on July 17, 2025, following the earlier sentencing of other executives, including Chen Feng, who received a total of 12 years in prison [13][16]. Group 2: Background of Adam Tan - Adam Tan, born in March 1967 in Jiangsu, China, became a U.S. citizen and joined HNA Group in its early days in the 1990s [5]. - He held various positions within HNA Group, including Vice Chairman and CEO, before the company was taken over by the Hainan provincial government in 2020 [5][6]. - Tan, along with other executives, was taken into custody by Hainan police in September 2021 due to criminal allegations [6][8]. Group 3: Regulatory Actions - The China Securities Regulatory Commission (CSRC) previously penalized Tan and Chen Feng for serious violations related to massive related-party transactions and fund misappropriation from 2018 to 2020 [17][18]. - The CSRC imposed a ten-year market ban on Tan, citing his role as a key executive and the severity of his violations [18][19]. - The legal charges against Tan are closely related to the CSRC's findings, which indicated significant breaches of fiduciary duty that led to substantial losses for the company [19][17].

Core Viewpoint - Adam Tan, the former CEO of HNA Group, was sentenced to 6 years in prison for multiple crimes including breach of trust, loan fraud, and embezzlement [1][4]. Group 1: Background of Adam Tan - Adam Tan, born in March 1967 in Jiangsu, China, later became a U.S. citizen and joined HNA Group in its early days during the 1990s [2]. - He served in various leadership roles within HNA Group, including Vice Chairman and CEO from 2016 to 2020, before being replaced after the group was taken over by the Hainan provincial government [2]. - In September 2021, he was taken into custody by Hainan police due to criminal allegations, alongside other key figures in the company [2]. Group 2: Legal Proceedings - The Haikou Intermediate People's Court sentenced Tan on July 17, 2025, for three crimes, resulting in a total of 6 years imprisonment and corresponding fines [4]. - The court's decision followed a series of criminal charges against Tan and other executives, including Chen Feng, who faced similar accusations [2][3]. - The court proceedings were split into two cases due to Tan's U.S. citizenship, which affected the legal process [2]. Group 3: Regulatory Actions - The China Securities Regulatory Commission (CSRC) previously penalized Tan and Chen Feng for serious violations related to HNA Group's financial practices between 2018 and 2020, including undisclosed related-party transactions [4][5]. - The CSRC imposed a 10-year market ban on Tan, citing his significant role in the company's illegal activities [5]. - The breach of trust crime is defined under Chinese law as actions by company executives that result in substantial losses to the company, with penalties ranging from imprisonment to fines [5][6].

Core Viewpoint - *ST Longyu is facing imminent delisting due to financial issues, including significant fund occupation by its controlling shareholders, leading to a lack of effective action to resolve the situation [3][4][10]. Group 1: Company Financial Status - *ST Longyu has a net asset value of 3.32 billion yuan as of the end of Q1 2025, with cash holdings amounting to 703 million yuan [5]. - The company has been reported to have a total of 917 million yuan in funds occupied by its controlling shareholders, with 867 million yuan remaining [4][10]. - The 2023 financial report received a non-standard opinion from the auditor due to uncertainties regarding the nature and recoverability of transactions with related parties [4][10]. Group 2: Shareholder Actions - A group of minority shareholders, holding a combined 10.73% of shares, has proposed a temporary shareholders' meeting to replace current board members and to initiate a stock buyback [6][7]. - The proposal includes the removal of current chairman Xu Zengzeng and director Liu Ce due to alleged misuse of company funds and poor strategic management [7]. - The shareholders are advocating for a stock buyback at a price not exceeding the net asset value of 8.87 yuan per share, with a minimum buyback amount of 500 million yuan [8][9]. Group 3: Legal and Regulatory Actions - Minority shareholders have filed criminal complaints against the controlling shareholders for breach of trust, alleging that their actions have harmed the company's interests [10][11]. - The company has not submitted a hearing request to the Shanghai Stock Exchange within the stipulated timeframe, which could further complicate its situation [3][9]. - Regulatory bodies have emphasized the need for strict enforcement against fund occupation and related violations, indicating potential criminal liability for controlling shareholders [11].