特别代表人诉讼落地再添一单！ 12月31日，南京中院对金通灵证券虚假陈述责任纠纷特别代表人诉讼案作出判决，4.3万余名投资者获赔7.7亿余元。 从严打击欺诈发行和财务造假，是近年来资本市场强监管、防风险、促高质量发展的一项重点任务。新"国九条"要求 构建资本市场防假打假综合惩防体系，严肃整治财务造假等重点领域违法违规行为，此后中国证监会会同公安部等部 委联合发布《关于进一步做好资本市场财务造假综合惩防工作的意见》，会同最高法院联合发布《关于严格执法司法 证券时报记者获悉，南京中院本次判决系先行判决，先判决上市公司的赔付责任，上市公司时任董监高及相关中介机 构等如何承担责任将另行判决。 据了解，另一单同步启动的美尚生态案特别代表人诉讼的审判工作，也在有序推进中。这标志着特别代表人诉讼适用 力度持续加大，并从试点探索逐步走向常态化运用。 已成为财务造假立体式追责重要方式 根据本次南京中院的先行判决，金通灵案涉及的4.3万余名投资者中的绝大部分属于个人投资者受损获赔。 中央财经大学法学院教授邢会强认为，这起判决进一步彰显了特别代表人诉讼制度作为中国特色的证券集体诉讼制 度，具有显著提高资本市场违法违规成本、强化民事 ...

特别代表人诉讼落地再添一单！ 12 月 31 日，南京中院对金通灵证券虚假陈述责任纠纷特别代表人诉讼案作出判决， 4.3 万余名投资者获赔 7.7 亿余元。 证券时报记者获悉，南京中院本次判决系先行判决，先判决上市公司的赔付责任，上市公司时任董监高及相关中介机构等如何承担责任将另 行判决。 投保机构在代表人诉讼中积极履职 据了解，另一单同步启动的美尚生态案特别代表人诉讼的审判工作，也在有序推进中。这标志着特别代表人诉讼适用力度持续加大，并从试 点探索逐步走向常态化运用。 已成为财务造假立体式追责重要方式 根据本次南京中院的先行判决，金通灵案涉及的4.3万余名投资者中的绝大部分属于个人投资者受损获赔。 中央财经大学法学院教授邢会强认为，这起判决进一步彰显了特别代表人诉讼制度作为中国特色的证券集体诉讼制度，具有显著提高资本市 场违法违规成本、强化民事责任追究、公平高效赔偿小额多数受害投资者、有效保护中小投资者合法权益等特有功能，也为持续完善代表人 诉讼机制提供了丰富实践。 从严打击欺诈发行和财务造假，是近年来资本市场强监管、防风险、促高质量发展的一项重点任务。新"国九条"要求构建资本市场防假打假 综合惩防体系，严 ...

应该说，"造假1年就判刑"在A股市场确实是较为少见的一件事情。毕竟国人强调的是"事不过三"。比 如，以造假退市为例，要求的是连续三年财务造假才会被退市。财务造假要达到一年退市、两年退市的 标准，那还需要对财务造假的金额有着严格的考核，只有财务造假的金额达标了，相关公司才能因为财 务造假而一年或两年退市，否则，不连续三年财务造假，相关公司是很难退市的。正因为有着"事不过 三"的说法，所以，"造假1年就判刑"的案例确实很少见。 当然，"造假1年就判刑"之所以较为少见，这其中也有一个很重要的原因，那就是上市公司财务造假， 很少有造假1年就停手的，少则2年、3年，多则4年、5年甚至更长时间。上市公司造假，仿佛需要一个 完整的造假周期似的。正因为很少见到只造假1年的公司，"造假1年就判刑"的事情自然也就很少出现 了。 力源科技2021年的这次财务造假，仅仅只持续了一年的时间。但这并不代表该公司的思想觉悟有多高， 仿佛从财务造假中醒悟过来了，因此不再造假了。而是因为其财务造假的问题被监管部门及时发现了。 从力源科技2022年4月第一次披露存在虚假记载的2021年年报到浙江证监局向其下发警示函，只有5个月 的时间。而202 ...

7月29日晚间，浙江海盐力源环保科技股份有限公司（下称"力源科技"）发布公告称，公司于7月28日收 到公司实际控制人沈万中送达的上海市第二中级人民法院《刑事判决书》，因犯违规披露重要信息罪， 上海市第二中级人民法院对沈万中判处有期徒刑一年，缓刑一年六个月，并处罚金330万元。 最终，浙江证监局对公司责令改正，给予警告，并处以300万元罚款；对沈万中给予警告，并处以300万 元罚款；另外，其他5名责任人被判处50万元至100万元不等的罚款。 对于此次实际控制人被刑事处罚，力源科技表示，公司实际控制人沈万中先生已辞去公司董事长、董事 职务，辞职后不再担任公司其他职务，上述判决不影响实际控制人的股东权利行使及公司管理层和治理 层的依法规范运作，不会对公司的生产经营产生重大不利影响。 财务造假被追究刑事责任案例增多 近期，上市公司以及相关责任人因财务造假被追究刑事责任案例增多。 7月4日晚间，锦州港股份有限公司（下称"锦州港"）发布公告称，公司收到辽宁省锦州市中级人民法院 通知，公司副总裁宁鸿鹏、副总裁曹成因有证据证明犯违规披露重要信息罪，已被锦州市中级人民法院 依法决定逮捕。公司因2020年至2023年连续4年财务 ...

Core Viewpoint - The regulatory environment regarding financial fraud is becoming increasingly stringent, with a focus on holding intermediary institutions accountable alongside the companies involved in fraudulent activities [1][3][7]. Summary by Sections Regulatory Actions - The China Securities Regulatory Commission (CSRC) has recently issued a series of administrative penalties targeting intermediary institutions, including several accounting firms such as Da Xin, Zhong Xi, and Zhong Shun [3][4]. - These penalties are primarily due to the failure of these firms to perform due diligence in their auditing processes, resulting in false records and significant omissions in their reports [3][4]. Penalty Statistics - As of June 30, 2025, the CSRC and stock exchanges have disclosed 118 penalty orders involving nearly 40 accounting firms, with 16 firms facing administrative penalties [6]. - The total amount of fines reached 197 million yuan, representing an approximate 94% increase compared to the same period last year [6][5]. Notable Cases - Da Xin was penalized for issuing false audit reports for companies like Xingxing Technology and Guanghui Logistics, with total fines amounting to 17.99 million yuan [3][4]. - Zhong Shun and Zhong Xi also faced penalties for their inadequate auditing practices, with fines of 3.51 million yuan and 500,000 yuan respectively [4]. Trends in Penalties - The number of penalties and the total amount of fines imposed on accounting firms have significantly increased compared to the previous year, with a 45% rise in the number of firms penalized [6]. - Since the implementation of the revised Accounting Law on July 1, 2024, the total fines against accounting firms for involvement in financial fraud cases have reached 775 million yuan, a 3.75-fold increase from the previous period [6]. Enforcement Strengthening - The average penalty multiplier for accounting firms has risen from 1.66 to 2.45, indicating a tougher stance on financial fraud [7]. - The regulatory authorities have emphasized a "zero tolerance" policy towards financial fraud, with a comprehensive approach to hold all parties involved accountable, including issuers, controlling shareholders, and intermediary institutions [7][8].

Domestic News - The 16th meeting of the 14th National People's Congress Standing Committee concluded, passing the newly revised Public Security Administration Punishment Law and the Anti-Unfair Competition Law [2] - The Ministry of Commerce spokesperson stated that China will approve export applications for controlled items that meet conditions, while the U.S. will correspondingly lift a series of restrictive measures against China [2] International News - Trump announced the cessation of all work related to lifting sanctions on Iran, indicating potential airstrikes if Iran continues its enrichment activities [3] - The U.S. Senate rejected a proposal to limit Trump's military action authority against Iran [3] - Trump has terminated all trade negotiations with Canada [3] - The EU and the U.S. are reportedly confident in reaching a tariff agreement before the end of July [3] - U.S. Treasury Secretary Mnuchin suggested that trade negotiations may conclude before September, hinting at a possible extension of the negotiation deadline [3] Economic Indicators - The central bank held its second-quarter meeting, recommending an increase in the intensity of monetary policy adjustments [4] - The China Securities Regulatory Commission is rigorously investigating financial fraud cases, holding accomplices accountable for the first time [4] - The Shanghai and Shenzhen stock exchanges plan to adjust the price fluctuation limit for risk-warning stocks on the main board to 10% [4] - From January to May, the total profit of large-scale industrial enterprises in China reached 27,204.3 billion yuan, a year-on-year decrease of 1.1% [4] - From January to May, the total operating revenue of state-owned and state-controlled enterprises fell by 0.1% year-on-year, with total profits down by 2.8% [4] Market Performance - The S&P 500 and Nasdaq indices both reached new highs [4] - OPEC+ is considering a significant increase in oil production [4] - Federal Reserve's Kashkari expects two rate cuts starting in September, with tariff impacts becoming evident [4] - Russia plans to reduce military spending and is preparing for new negotiations with Ukraine, remaining open to talks with the U.S. [4] - U.S. consumer spending unexpectedly declined in May, with moderate inflation rising, leading traders to increase bets on three rate cuts by the Federal Reserve in 2025 [4]

Group 1 - The People's Bank of China suggested increasing the intensity of monetary policy adjustments to support technological innovation and boost consumption, while focusing on stabilizing the real estate market [2] - The China Securities Regulatory Commission (CSRC) emphasized strict enforcement against financial fraud, aiming to dismantle the fraud ecosystem while offering leniency for those who cooperate with investigations [2] - The Shanghai and Shenzhen Stock Exchanges proposed to adjust the price fluctuation limit for risk warning stocks from 5% to 10%, aligning it with other main board stocks [3] Group 2 - From January to May, state-owned enterprises reported a slight decrease in total operating revenue by 0.1% year-on-year, totaling 3,280.625 billion yuan, and a profit decline of 2.8%, amounting to 165.145 billion yuan [3] - Shenzhen Dapu Microelectronics Co., Ltd. had its initial public offering application accepted by the Shenzhen Stock Exchange, marking it as the first unprofitable company to be accepted on the ChiNext board [3] Group 3 - Xiaomi's automotive division reported that the order volume for the Xiaomi YU7 exceeded 240,000 units within 18 hours of sale [5] - Qinan Co. is planning to acquire 99% of Yigao Company, leading to a stock suspension starting June 30 [5] - Vanke expressed confidence in its ability to address challenges and is committed to resolving due debts [5] - Tianfeng Securities confirmed that its business operations are normal and there are no undisclosed significant matters [5] - Zhongguang Fanglei reported no significant changes in its operational situation or external environment [5] - Defu Technology's subsidiary signed a designated agreement for lithium battery copper foil products [5] - Ouma Software's controlling shareholder is planning to transfer company shares, which may lead to a change in control [5] - Zhongrun Resources intends to change its stock name to "Zhaojin Gold" [5] - Shijia Photon is planning to acquire control of Fuke Xima, leading to a stock suspension starting June 30 [5] - Dongyue Silicon Material's affiliated company has had its application for listing on the Sci-Tech Innovation Board accepted [5]

Group 1 - The Supreme Court and the China Securities Regulatory Commission (CSRC) issued guidelines to strictly enforce fair law enforcement and judicial services to support the high-quality development of the capital market [1] - The guidelines emphasize the prevention and resolution of risks in the capital market, supporting the risk disposal work of securities, futures, and fund management institutions [1] - There is a focus on handling cases related to listed companies' risk resolution, private fund risk resolution, bond defaults, and illegal securities activities, with judicial safeguards provided under relevant laws [1] Group 2 - The guidelines call for increased accountability for financial fraud and strengthen the guidance and supervision of local people's courts, ensuring strict standards in the trial of financial fraud cases [1] - The aim is to improve trial efficiency and promptly punish illegal activities, with a focus on significant typical cases to enhance deterrent effects [1] - The guidelines also stress the importance of combating illegal financial activities in the securities issuance sector to protect public property [1] Group 3 - In the bankruptcy liquidation and reorganization processes of securities, futures, and fund management institutions, there will be enhanced communication and coordination with regulatory bodies and local governments [1] - The guidelines support regulatory authorities in taking necessary measures regarding the assets and operations of management institutions during risk disposal [1] - There is a unified approach to handling cross-regional economic crimes in the private fund sector, ensuring fair compensation for affected investors and consistent standards in case handling [1]