Before thatShanghai Putian、Zhong YidaThe two listed companies registered in Shanghai were fined by the Shanghai Regulatory Administration of the China Securities Regulatory Commission for financial fraud.
"the stock investors of the two companies have filed stock claims through the courts since the fines were set down in 2018." According to Zang Xiaoli, a securities rights lawyer and Beijing law firm, the first batch of investors in the claims of Putian and Zhongyida in Shanghai have recently received a verdict in favour of the case, and the judgment has come into effect.
Shanghai Putian and Zhongyida have both A-share and B-share investors, which means that investors in these four stocks will benefit, including Putian A-share (600680), Hupu B-share (900930), Zhongyida A (600610) and Zhongyida B (900906).
The successful investors in Shanghai Putian are those who bought 600680 or 900930 shares between March 21, 2015 and January 18, 2017, and sold or continued to hold the shares after January 19, 2017.
The scope of investors who have won the case is to buy 600610, 900906 shares from October 28, 2015 to April 15, 2016, and sell or continue to hold the shares on or after April 16, 2016.
As of the announcement date of August 6, 2020, a total of 820 cases have been sued by investors against Shanghai Putian Securities for misrepresentation liability, with a total claim amount of RMB 143.3228 million, of which 181investors have withdrawn their lawsuits. The total amount of withdrawal is RMB 36.0356 million yuan. A total of 48 cases involving RMB 13.3308 million yuan have been adjudicated, and the amount of compensation to be compensated by Shanghai Putian is RMB 3.3899 million yuan, while the amount of compensation for Shanghai Putian is RMB 29.6558 million yuan, and the amount of compensation for Shanghai Putian is RMB 9.7906 million yuan. A total of 48 cases have been adjudicated, involving RMB 13.3308 million yuan for filing a case, and RMB 3.3899 million yuan for compensation for Shanghai Putian.
Lawyer Zang Xiaoli said that according to the effective judgment, the amount of compensation that Shanghai Putian needs to pay to these 156 people is 13.1805 million yuan (9.7906 million yuan for mediation + 3.3899 million yuan for judgment).
According to the "2019 Annual report" (revised version) released by ST Yida on July 25, 2019, as of December 31, 2019, the total amount of lawsuits against minority shareholders involving false statements received by China Yida Company totaled 26.1051 million yuan. Combined with the punishment of the adjudicated cases, after excluding the amount that the company believes is likely not to need compensation, the amount of compensation that may occur in this series of cases is 19.0891 million yuan.
Lawyer Zang Xiaoli said that the above compensation amount is only part of the compensation that Shanghai Putian and Zhongyida need to bear. Because the case is still in the limitation period of claim litigation, it is expected that other investors will join the claim team in the follow-up, and the scale of investors' claims is constantly expanding.
The deadline for limitation of action in the dispute over liability for misrepresentation of Putian Securities in Shanghai is March 19, 2021. The deadline for limitation of action in Zhongyida's misrepresentation claim is April 12, 2021. Lawyer Zang Xiaoli suggested that investors who have not yet joined the claim team should do so as soon as possible so as not to miss the opportunity to receive compensation.