Final ruling in Kangni Mechanical & Electrical false statement case: Guotai Haitong Securities held 50% jointly liable

Regulation
โดย 康尼机·CN·Read original
Summary · why it matters

The Jiangsu Provincial High People's Court has issued a final second-instance judgment in a series of securities misrepresentation liability disputes involving Kangni Mechanical & Electrical. Guotai Haitong Securities was found to have failed to exercise due diligence in Kangni Mechanical & Electrical's major asset restructuring in 2017 and was ordered to bear 50% joint and several liability. In case number 2025 Su Min Zhong 1019, the court upheld the original judgment, requiring Kangni Mechanical & Electrical to compensate investors for losses and pay case acceptance fees totaling 33.09 million yuan. Guotai Haitong, Suya Jincheng, Dongzhou Appraisal, Jia Yuan Law Firm, and two then-serving executives, Chen Yingqi and Gao Wenming, were held jointly liable within ranges of 50%, 40%, 15%, 2%, 2%, and 2%, respectively. In case number 2025 Su Min Zhong 1020, the court revoked the first-instance judgment and instead ordered Kangni Mechanical & Electrical to compensate an institutional investor for investment losses of 99.80 million yuan and pay case acceptance fees of 1.04 million yuan. Guotai Haitong, Suya Jincheng, and the two executives were held jointly liable at 50%, 40%, 2%, and 2%, respectively. Across the two cases, Guotai Haitong's total joint compensation liability exceeds 60 million yuan. This ruling sets a new high for the liability ratio borne by a leading brokerage in similar cases, far exceeding the industry's common range of 10% to 30%.

Impact on stocks 2

Others▼ · 2 stocks

Off-coverage companies 3

江苏苏亚金诚会计师事务所（特殊普通合伙）Private▼ Negative
Regulationrelevance

Suya Jincheng held 40% jointly liable in the misrepresentation cases.

东洲评估 (上海东洲资产评估有限公司)Private▼ Negative
Regulationrelevance

Dongzhou Appraisal held 15% jointly liable in one case.

北京市嘉源律师事务所Private▼ Negative
Regulationrelevance

Jia Yuan Law Firm held 2% jointly liable in one case.

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