Kangni Mechanical & Electrical final judgment awards 99.8 million yuan; Guotai Haitong bears nearly half

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

The Jiangsu Provincial High People's Court issued a final judgment in the securities misrepresentation liability dispute involving Kangni Mechanical & Electrical, revoking the first-instance judgment and ordering Kangni to compensate investors for losses of 99.7993 million yuan. Guotai Haitong, Suya Jincheng, Kangni's former chairman Chen Yingqi, and former vice chairman and president Gao Wenming are jointly and severally liable for 50%, 40%, 2%, and 2% of the compensation obligation, respectively. The case stems from Kangni's acquisition of a 100% stake in Guangdong Longxin Technology Co., Ltd. for 3.4 billion yuan at the end of 2017. Longxin Technology engaged in financial fraud, including inflating revenue and profits, from 2015 to 2017, causing false records in the restructuring report disclosed by Kangni in 2017. As of the announcement date, Kangni has fully fulfilled its compensation obligations to nine ordinary investors and three institutional investors under the judgment, while lawsuits by the remaining three individual investors are in second-instance proceedings. Kangni stated that the company had already made sufficient provisions for estimated liabilities, and this judgment will not have a material impact on the company's current or future profits.

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广东龙昕科技有限公司Private▼ Negative
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Financial fraud by Longxin Technology caused false records, leading to liability.

江苏苏亚金诚会计师事务所（特殊普通合伙）Private▼ Negative
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Jointly liable for 40% of compensation as auditor in misrepresentation case.

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