5·15 Guangdong Investor Education | CSRC Releases Top Ten Model Investor-Protection Cases of the Year
Jin Tongling's special representative lawsuit
Jin Tongling has made financial fraud for many years in a row, and has committed bad illegal activities and harmed the legitimate rights and interests of investors.2024years12months30on，China Securities Small and Medium-sized Investor Service Center (hereinafter referred to as the Investment Service Center）accept60An investor authorized to apply to the Nanjing Intermediate People's Court to participate in the lawsuit as a representative。2024years12months31on，The Nanjing Intermediate People's Court issued an announcement on the registration of litigation rights of special representatives. After application by the Investment Service Center, the Jin Tongling case was converted into a special representative lawsuit. The investment and service center is the litigation representative of this case, and the defendants are listed companies, directors, supervisors, intermediaries and relevant responsible personnel24First name. So far, the Nanjing Intermediate People's Court has issued an announcement on the notice of the list of plaintiffs in the case of special representatives, opening the port for investors to inquire whether they are qualified plaintiffs in this case; Jintongling Company has issued an announcement on the declaration of pre-reorganization creditor's rights. The Investment and Service Center has obtained the list of rights holders within the rights range from the securities registration and clearing institution.2025years1months27Apply to Nanjing Intermediate People's Court for registration. The case involves approximately5Ten thousand names. The case is proceeding in an orderly manner. (Submitted by the Investment and Service Center)
Litigation of Meishang Ecology Special Representative
Meishang Ecology has made financial fraud for many years in a row，The illegal act is abominable and damages the legitimate rights and interests of investors.2024years12months30On the day, the Investment Service Center accepted60With the special authorization of the named obligee, apply to the Shenzhen Intermediate People's Court to participate in the litigation as a representative.2024years12months31On the 20th, Shenzhen Intermediate People's Court issued an announcement on the registration of litigation rights of special representatives，Application by the Investment Service Center，Special representative litigation procedures shall be applied to the dispute over liability for misrepresentation of Meishang Ecological Securities. The investment and service center is the litigation representative, and the defendants are the actual controllers Wang Yingyan, Xu Jing, relevant directors, supervisors, intermediaries and relevant responsible persons.20First name. The Investment and Service Center has obtained the list of rights holders from the securities registration and clearing institution.2025years1months20Submit registration to Shenzhen Intermediate People's Court，Investors involved in the case33000Yu Ming.4months28on，The Shenzhen Intermediate People's Court held a hearing on the scope of rights holders in the Meishang Ecology case. The case is proceeding in an orderly manner. (Submitted by the Investment and Service Center)
Evergrande Real Estate Bond Fraud Issue and Illegal Information Disclosure Case
2019to2020During the year, Evergrande Real Estate inflated its revenue and profits by recognizing revenue in advance,As a result, the public issuance of bonds in the exchange market was fraudulent, and the relevant annual reports disclosed contained false records. same time，Evergrande Real Estate also failed to disclose regular reports on schedule, failed to disclose major litigation and arbitration as required, and failed to disclose failure to pay off due debts as required.2024years5At the end of the month, an administrative penalty decision was made for the fraudulent issuance of bonds and illegal information disclosure cases of Evergrande Real Estate, and Evergrande Real Estate was ordered to make corrections, given warnings and fined.41.75100 million yuan, to the then chairman of Evergrande Real Estate、The actual controller Xu Jiayin was fined 4700Ten thousand yuan and adopt the lifelong securities marketProhibition measures.2024years9In August, the China Securities Regulatory Commission and the Ministry of Finance imposed a total fine on Evergrande Real Estate Audit Firm PricewaterhouseCoopers.4.41100 million yuan.
“Tai 'an Tui ”Funds appropriation case
the investment Center“zero cost ”Subrogation litigation to fully recover large amounts of shareholders 'funds
Investment and Service Center recently mentioned Tai 'an Tui (400221，Guangdong Tai 'antang Pharmaceutical Co., Ltd.) Subrogation litigation settled by mediation，Becoming the first order is achieved through judicial collaboration“zero cost ”Subrogation litigation to recover the full amount of shareholder funds. Tai 'an retired from2018to2022Non-operating appropriation of funds by controlling shareholders occurred in the first half of 20004.6100 million yuan.2024years9In September, the Investment and Service Center filed a shareholder subrogation lawsuit with the Second Intermediate People's Court of Shanghai City, subrogating Tai 'an to withdraw the lawsuit against its controlling shareholder、actual controller、directors、Executives harm company interests. After many court sessions, the Investment Service Center, together with the court, urged the occupier Tai 'antang to gathermission2025years4Monthly full repayment of the principal and interest of the occupied funds in the form of equity transfer and compensation5.72100 million yuan.2025years5In June, the court closed the case through mediation in litigation. Taking into account the public welfare characteristics of subrogation litigation by insurance institutions, the court returned all the pre-payment fees to the investment and service center.239The litigation fee is 10,000 yuan, and the relevant company bears the public interest lawyer fees. This case provides an innovative model for insurance institutions to effectively safeguard their rights, and makes useful explorations for further exerting the effectiveness of subrogation litigation by insurance institutions. (Submitted by the Investment and Service Center)
Wang Moumou manipulated the market to support the lawsuit
The country's first insurance institution mentions market manipulation“support litigation+loss calculation”case
Wang Moumou controls and uses145Securities accounts, manipulated8Only stocks, the amount of administrative forfeiture is as high as5.7100 million yuan.2023years9months18date，The Investment and Service Center supported investors in batches to file a lawsuit with the Fuzhou City Intermediate People's Court, demanding that Wang Moumou bear civil liability for compensation. The court entrusted the China Securities Capital Market Legal Service Center (referred to as the China Securities Legal Service Center) to conduct loss calculations.2024years5months21onThe case was won in the first instance. The judgment fully adopted the loss calculation opinions issued by the China Securities Legal Service Center. All investors won the case and awarded compensation. 66Ten thousand yuan. This case marks the country's first order to manipulate the market field“support litigation+loss calculation”The implementation of the case is also the first market manipulation case in which the court has made a judgment based on the loss calculation opinions of the insurance institution. It plays a leading role in promoting the implementation of civil liability for market manipulation, enriching judicial practice of market manipulation, and promoting the issuance of relevant judicial interpretations. (Submitted by the Investment and Service Center)
First Medicine Case
The country's first case of public nomination of independent directors by an investor protection agency
2024years6months21on, the independent director candidate nominated by the Investment and Service Center was awarded the title of Shanghai First Pharmaceutical Co., Ltd.(referred to as First Pharmaceutical)2024The second extraordinary shareholders 'meeting in 2001 was reviewed and approved, and relevant proposals were approved99.99%Valid voting rights share consent, of which the number of shares publicly solicited by the Investment Service Center accounts for the number of shares agreed by minority shareholders 99.98%。This is the first case of public nomination of independent directors in my country's capital market and created an investor protection agency.A pioneer in nominating independent directors of listed companies，In order to broaden the sources of independent directors and improve independenceUseful exploration has been carried out in the director selection mechanism, accumulating useful experience in promoting the reform of the independent director system, and helping to better safeguard the legitimate rights and interests of small and medium investors. (Submitted by the Investment and Service Center)
*STCase of major shareholders of ICT liquidating the appropriation of funds
the investment Center、Heilongjiang Securities Regulatory Bureau, Shanghai Stock Exchange and other parties worked together to urge
2024years5months10on，Heilongjiang Securities Regulatory Bureau ordered Yiyang Xintong Co., Ltd.(referred to as*STICT) in6Collection within months as of 2023Occupied funds on the disclosure date of the annual report53,386.92million Yuan，And clear the balance of funds occupied. The company failed to complete the rectification on schedule, triggering a normative delisting risk warning.2025years1months11On the 20th, the Investment and Service Center sent a letter of inquiry to the company, urging the board of directors and the board of supervisors to recover compensation from relevant responsible persons as soon as possible. 5.68 100 million yuan occupied funds and expressed its reserve of the right to pursue responsibility through shareholder subrogation litigation. With the coordination of the Shanghai Stock Exchange, Heilongjiang Securities Regulatory Bureau and other parties, the company promptly disclosed shareholder inquiry letters, and Securities Daily, Securities Times and other media simultaneously followed up and reported. Under the supervision and promotion of various parties, the company2025years1months18Day,2months21Day,3months6Announcement of receipt of reimbursement from the controlling shareholder2100 million yuan,0.5100 million yuan,1100 million yuan occupies funds, and2025years3months8Daily announcement received the balance of occupied funds2.18Hundreds of millions, so far，All the occupied funds have been repaid. The funds of a listed company are occupied by major shareholders, seriously infringing on the interests of the listed company and the legitimate rights and interests of all shareholders. Continuously urging listed companies to promptly recover the funds from the capital occupier through legal means through questioning and other methods is another powerful measure to improve the quality of listed companies.。(Submitted separately by the Investment and Service Center and Heilongjiang Bureau)
Mediation case of a listed company's securities misrepresentation liability dispute
relying on“total total”Exploration of online litigation and mediation docking mechanism“Judicial model mediation+Parallel case industry mediation”
A GEM listed company2019-2020There were false records in many regular reports in 2000 and were administratively punished by the Zhejiang Securities Regulatory Bureau，A large number of investors filed claims for securities misrepresentation with the court. in view“model judgment+Centralized mediation”Regarding the long cycle and the difficulty of pre-litigation mediation of securities misrepresentation disputes, the Zhejiang Securities Regulatory Bureau has guided the Zhejiang Securities Industry Association to coordinate with the judicial authorities to conduct investigations.“model judgment+Multiple dispute resolution in parallel cases”Carry out further innovative exploration of the litigation and mediation docking mechanism and explore“Judicial model mediation+Centralized mediation by parallel case associations”mechanism. After the Hangzhou Intermediate People's Court selected and accepted the model mediation case, it reached an out-of-court settlement on the model case under the auspices of the judge, and established the ideas and direction for mediation of similar cases. During the subsequent mediation process of batch cases, Zhejiang Securities Industry Association organized mediators to proactively establish contact with investors, explain the content of relevant laws, regulations and mediation plans to investors, and cooperate with the court to approve them in the form of online appointment“total total”Systematically conduct mediation to reduce rights protection costs and improve convenience of rights protection，At the same time, maintain close contact with the company and promote it to actively perform its compensation liability. In the end, the case was successfully mediated386plays，Mediation amount reached3073.23Ten thousand yuan. (Submitted by Zhejiang Bureau)
Dispute case of a private equity fund product sales agency
the country's first“Model mediation+Arbitration confirmation”Mechanism to resolve group disputes involving private equity funds
2024In 2000, the China Securities Legal Service Center successively accepted disputes between multiple investors and an institution regarding the commission of a private equity fund product.。Considering that the circumstances of the relevant disputes and investors 'demands are basically the same，China Securities Legal Service Center innovates working methods，Drawing on the court's model judgment working mechanism, on the premise of doing a good job in investor interpretation and communication,，design、use“Model mediation+Arbitration confirmation”Mechanism, select among them10Each dispute will be mediated first as a model case, guiding the parties to reach a mediation agreement, and giving the mediation agreement enforcement force in the form of arbitration confirmation through the mediation docking mechanism. After the mediation of the demonstration case was successful, the mediation and confirmation of the parallel cases in this dispute were quickly completed using the same standards. Currently, there are97Several investors received nearly compensation through this mechanism3100 million yuan. This is the first time that the capital market has“Model mediation+Arbitration confirmation”The working mechanism resolves group disputes among private equity funds. This working mechanism is a key to the new era.“maple bridge experience ”The persistence and development of the company provide a model for reference for resolving group disputes，It is conducive to further improving the quality and efficiency of mediation work, better protecting the legitimate rights and interests of small and medium investors, and jointly building a harmonious ecology in the capital market。(Submitted by the Investment and Service Center)
“Yuangao Debt”false statement liability dispute case
Apply court demonstration mediation to efficiently resolve bond misrepresentation liability disputes
Ningxia Yuangao Industrial Group Co., Ltd. was publicly condemned by the exchange for disciplinary sanctions such as illegal information disclosure. The issuer was later punished for false records in the annual report.2024years，56Several investors successively sued the issuer, lead underwriter and other securities service institutions to the People's Court for infringement liability disputes over securities misrepresentation. people's court through“total total”Online mediation platform points4Batch among them27The cases that agree to mediation will be delegated to the Securities and Futures Mediation Organization for mediation. Based on the demonstration cases of successful mediation and settlement in pre-litigation cases in the early stage of the People's Court, the mediation organization communicated with the court to understand the case, found out the bond holders and lead underwriters about their willingness to mediate, formed a mediation agreement, and passed“ total total ”Online mediation platform invites peopleThe court conducts judicial confirmation of the mediation agreement and effectively promotes mediation work. After mediation, investors received compensation600More than 10,000 yuan, mediation success rate100%。This case gives full play to the professional and public welfare advantages of securities and futures mediation organizations, effectively solves the problems of difficult trial, long cycle, and high cost of investor rights protection in bond misstatement cases. At the same time, the case was passed.“total total”Efficient mediation and judicial confirmation mechanisms have truly achieved“Data runs more, investors run less”，Effectively reduce the cost of rights protection and improve the execution rate of mediation agreements。(Submitted by Ningxia Bureau)
Source: official website of China Securities Regulatory Commission——“investor protection”special columns
