Hangzhou Century Co Ltd300078
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Hangzhou Century Co LtdSichuang Zhilian Charged with Fraudulent Issuance and Illegal Disclosure, Potentially the Most Comprehensive Accountability Case
Regulation
Sichuang Zhilian, formerly known as Sichuan Chuangyi Huikang, announced on September 2 that the company has been prosecuted by the procuratorial authorities for the crimes of fraudulent securities issuance and illegal disclosure of important information, due to fabricating major false content in its prospectus, issuing corporate bonds on a huge scale, and providing false financial reports to the public that caused particularly serious economic losses to investors. Also charged are seven individual defendants including then-chairman Zhang Lizhong. Previously, the Zhejiang Securities Regulatory Bureau had imposed fines totaling 99.7 million yuan on the company and four responsible persons at the end of 2023 and the beginning of 2024, including a fine of 85.7 million yuan on Sichuan Zhilian and a fine of 7.5 million yuan on Zhang Lizhong, along with a 10-year market ban. Professionals point out that this case may be the most comprehensive accountability case for fraudulent issuance in China, achieving full-chain and multi-dimensional accountability from issuers and intermediaries to key minority figures such as the chairman and the supervisory board chair, and from administrative penalties to criminal prosecution, significantly raising the cost of violations and sending a zero-tolerance signal to the market.
Hangzhou Century Co Ltd