登录新浪财经APP 搜索【信披】查看更多考评等级 2025年12月31日，金通灵证券虚假陈述特别代表人诉讼案件一审判决赔偿投资者7.75亿元。金通灵 （300091.SZ）曾发布公告投保1亿元董事、监事及高级管理人员责任保险（下称"董责险"），最终能否 获赔引发市场对董责险的高度关注。 2026年1月4日，上海市建纬律师事务所、险律科技与明亚保险经纪联合发布了《中国上市公司董责险市 场报告（2026）》（下称《报告》）。《报告》统计显示，2025年累计投保董责险的上市公司数量达 1753家，市场渗透率从2024年的28%提升至32%。 作为报告的主要撰写者之一，上海市建纬律师事务所高级顾问律师王民对此深有感触：从2020年新《证 券法》实施，到康美药业被判赔偿投资者24.6亿元，再到证券市场民事侵权赔偿案增多，以及新《公司 法》的实施，董监高履职的风险敞口变得越来越大，董责险开始越来越多地进入A股上市公司管理层的 视野。上市公司投保率从2020年的12%增长至2025年的32%。 董责险是以董事、监事及高级管理人员对公司及第三人承担民事赔偿责任为保险标的的一种职业责任保 险，也是上市公司治理的一个重要组成部分 ...

Core Insights - Beijing Financial Court held a press conference on March 23 to report on its first anniversary and released ten typical cases, highlighting its role in handling new types of financial disputes and complex cases [1][2] Group 1: Case Statistics - As of March 18, the court received a total of 6,275 cases, including 4,476 civil cases, 411 administrative cases, 986 enforcement cases, and 402 other cases, with a cumulative amount in dispute of 219.3 billion yuan [1] - The court's cases include a significant proportion of major and complex cases, some of which are "first-instance" cases with broad social impact [1] Group 2: Innovations and Mechanisms - The court has established a trial system that aligns with financial adjudication rules, implementing 26 specific tasks to enhance its operations [1] - Innovations include the representative litigation mechanism and a demonstration judgment mechanism for securities disputes, which aim to strengthen the civil compensation function for securities violations and support the healthy development of the capital market [1] Group 3: Typical Cases - The ten typical cases were selected from nearly 4,000 cases adjudicated by the court, reflecting the court's judicial and enforcement work in its inaugural year [2] - These cases exhibit three main characteristics: supporting lawful administration, promoting a good financial legal environment, and guiding the behavior of financial market participants [2]

Core Viewpoint - The introduction of judicial guarantees for the ChiNext board reform and pilot registration system aims to create a favorable legal environment for the smooth implementation of these reforms, emphasizing the importance of protecting investors' rights and increasing the costs of illegal activities in the capital market [1][2]. Group 1: Judicial Guarantees - The Supreme People's Court and Guangdong High People's Court have issued opinions that align with the new securities law and the "zero tolerance" policy towards capital market crimes, clarifying the rights and obligations of market participants [2]. - The judicial opinions include ten measures to ensure the smooth progress of the ChiNext reform and pilot registration system, focusing on safeguarding the issuance system and protecting investors' rights [1][2]. Group 2: Investor Protection - The opinions emphasize the need to protect investors, particularly small and medium-sized investors, by facilitating their rights protection and reducing the costs associated with it [2][3]. - The implementation of a collective litigation system for securities is highlighted as a crucial step in effectively safeguarding investors' rights, addressing the challenges faced by small investors who often refrain from seeking legal recourse [3]. Group 3: Market Environment - The judicial guarantees are expected to foster a market environment where all participants fulfill their responsibilities and protect their legal rights, thereby promoting a healthy market ecosystem [3]. - The focus on investor protection and the establishment of a multi-faceted dispute resolution mechanism are seen as essential for the comprehensive reform of the capital market, particularly the ChiNext registration system [2][3].

Core Viewpoint - The Supreme People's Court has issued opinions to support the reform of the ChiNext board and the pilot registration system, emphasizing investor protection and the establishment of a sound legal environment for capital markets [1][5]. Investor Protection Measures - The opinions introduce several new measures for investor protection, including the strict implementation of the "priority principle of civil compensation" and the establishment of a collective litigation system for securities [1][2]. - The opinions encourage the courts to streamline the procedures for representative litigation and enhance communication with regulatory bodies and investor protection organizations [2][3]. Key Highlights of the Opinions - The establishment of the "priority principle of civil compensation" is highlighted as a significant advancement in investor protection [4]. - The opinions aim to activate the collective litigation system, making it more cost-effective and efficient for investors [4]. - There is an emphasis on a multi-faceted dispute resolution mechanism, promoting seamless integration between self-regulation, administrative regulation, and judicial relief [4]. - The opinions detail the responsibilities of different parties regarding information disclosure, including the conditions under which issuers are liable for fraudulent issuance [4]. Broader Implications - The measures reflect a judicial philosophy centered on investor interests, which is expected to boost confidence in the ChiNext market and enhance the regulatory environment of the securities market [5]. - A favorable legal environment is anticipated to lower financing costs for issuers and improve the overall governance and internal control of listed companies [5].

Core Viewpoint - The demand for Directors and Officers (D&O) insurance among listed companies in China's A-share market is rapidly increasing due to enhanced regulatory scrutiny and the implementation of new securities and company laws, which have heightened the responsibilities and liabilities of corporate governance [2][3][8]. Group 1: Regulatory Impact - The implementation of the new Company Law on July 1, 2024, sets specific standards for the duties of directors and encourages companies to purchase D&O insurance, requiring boards to report on insurance matters to shareholders [3][8]. - The new Securities Law introduces a "Chinese-style" collective litigation system, significantly increasing the litigation risks faced by listed companies and their directors [3][8]. - In 2024, the China Securities Regulatory Commission handled 739 cases of securities and futures violations, with 592 penalties issued, indicating a substantial increase in regulatory actions [3]. Group 2: Market Trends - The number of listed companies purchasing D&O insurance has grown from 184 in 2020 to 419 in 2024, with 258 companies announcing purchases since 2025 [2][3]. - The most common D&O insurance policy limits for A-share companies are RMB 50 million and RMB 100 million, with the lowest limit this year being RMB 8 million and the highest RMB 200 million [5]. - The overall rate for D&O insurance has decreased to between 0.3% and 0.4%, driven by economic slowdown and competitive market conditions [7]. Group 3: Case Studies and Examples - The case of Luckin Coffee, which purchased a D&O insurance policy worth $25 million before its U.S. listing, highlights the importance of such insurance, as it successfully claimed $7 million after a fraud scandal [4]. - Companies like Qibin Group have cited the rising legal risks for independent directors as a reason for purchasing D&O insurance to protect their governance roles and enhance risk management [4]. Group 4: Comparison with International Markets - Despite the growing interest in D&O insurance, the penetration rate in the A-share market remains low at 24%, compared to over 80% in Hong Kong and being a standard practice in Western markets [8].