According to the statistics of East Money Information Co.Ltd(300059) choice terminal, as of December 21, listed companies and relevant persons have received 1445 penalties for violations since 2021, and violations of information disclosure are the main reason. Since December, Hy Energy Group Co.Ltd(600387) , Hna Infrastructure Investment Group Co.Ltd(600515) , Offcn Education Technology Co.Ltd(002607) , Hna Investment Group Co.Ltd(000616) , Beijing Shuzhi Technology Co.Ltd(300038) , Jiangxi Special Electric Motor Co.Ltd(002176) and other listed companies have received the investigation letter filed by the CSRC, which means that more investors will carry out rights protection actions.
Qi Chengjun of Beijing Yingke (Wuxi) law firm and Xing Xin, senior partner and senior lawyer of Hunan Jinzhou law firm, said in an interview with the reporter of Securities Daily that with the gradual improvement of China’s multi-level capital market, the governance system with information disclosure as the core must be respected and followed by the subjects of the capital market. At present, Investors should actively pay attention to the treatment progress of listed companies with illegal information disclosure, carry out rights protection actions as soon as possible, and safeguard their legitimate rights and interests with legal weapons.
Of the 1445 penalties received by listed companies, 617 came from the CSRC. Among them, 83.17% of the violations involving information disclosure, such as false information disclosure, seriously misleading statements, failure to disclose major events of the company in time, and suspected manipulation of the securities market.
According to Article 85 of the securities law of the people’s Republic of China, if the information disclosure obligor violates the relevant provisions on information disclosure, it shall be liable for compensation to the investor.
Qi Chengjun said, “at present, the illegal acts of information disclosure of listed companies show the characteristics of concealment and decentralization, which not only seriously destroys the integrity foundation of the capital market, but also infringes on the legitimate rights and interests of investors. Only by severely punishing all kinds of illegal acts of information disclosure can we ensure the sound development of the capital market and safeguard the legitimate rights and interests of small and medium-sized investors.”
He further said, “among the listed companies that have been filed by the CSRC, many cases are going through legal procedures. We provide solicitation and agency services for investors and try our best to help them recover their economic losses.”
The reporter learned that after a listed company is punished for information disclosure violations, investors still need to prepare a number of prosecution materials before claiming and safeguarding their rights. These include the case involving stock or securities trading bills, including investor name, ID number, transaction account, reconciliation period, date of transaction, transaction volume and unit price, and statistical interval. The account opening confirmation form shall be printed and stamped with the official seal of the securities business department; Copy of the plaintiff’s ID card; The attorney authorization document shall indicate the authority of attorney.
Xing Xin suggested to the reporter of Securities Daily, “the printing range of position shares is from the first position building to position clearing. If it is the stock that has not been cleared, it needs to be printed to the same day, and the current stock inventory should be printed. Each page should be stamped, and those with a large number of pages can be stamped with a cross stitch seal. In the process of safeguarding the rights of investors, the account opening securities companies have the obligation to cooperate with investors to provide the above materials.”
Xing Xin further said, “Investors should sue and claim as soon as possible to avoid delaying the statute of limitations. Early prosecution is conducive to grasping the opportunity to receive compensation. Due to the long trial cycle of the case, early prosecution is relatively more likely to be implemented after winning the case. The later the litigation, the number of claims will continue to increase, the less likely the listed company is willing to settle, and the cost of rights protection will increase greatly.”
Dai Xiaofeng, Professor of the school of Finance and statistics of Hunan University and director of the capital market research center, said, “Judging from the experience of overseas mature capital markets, sound legal proceedings are one of the basic conditions to ensure the healthy development of the capital market and attract overseas funds. There are not a few sky high compensation cases caused by the integrity, information disclosure and financial fraud of listed companies. At present, China’s legal system is becoming more and more complete, the legal awareness of market subjects is increasing, and the lawyers group for safeguarding rights The team is responsible, which constitutes a long-term good for investors and investment institutions at home and abroad. ”
(Securities Daily)
