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Special tips from Xu Feng, a lawyer from Shanghai Jiucheng Law firm.BonitapokerroomShanghai Electric (Rights Protection) (601727) the statute of limitations of investor claims caused by false statements has entered the final countdown, or there is only a week or so left, reminding investors that it is "expired". (lawyer Xu Feng's column)
The Shanghai Electric Investor claim case represented by lawyer Xu Feng has been formally filed by the Shanghai Financial Court for many times and has been arranged for trial. During the last week of limitation of action, we will continue to accept the entrustment of claims from investors.
On December 25, 2022, Shanghai Electric received the decision on Administrative punishment issued by the Shanghai Regulatory Administration of the Securities Regulatory Commission. It has been found out that the illegal facts of Shanghai Electric are as follows.Bonitapokerroom:
(1) failure to disclose relevant major events in a timely manner
As of April 30, 2021, Shanghai Electric has been aware of possible operating performance losses or substantial changes as a result of overdue accounts receivable arising from the development of private network communications business in Electric Communications. After the implementation of the measures for the Administration of Information Disclosure of listed companies on May 1, 2021, Shanghai Electric shall disclose the above major events no later than May 7, 2021. However, it did not issue the "notice of significant risks of the company" until May 30, 2021, announcing the major risks that could cause 8.3 billion yuan loss to the company's homing net profit, such as the inability to recover the accounts receivable of electrical communications and the unrealizable inventory. Suspected of failing to perform the obligation of information disclosure in a timely manner in accordance with the regulations.
(2) there are false records in the 2020 annual report
In the 2020 annual report, with regard to electrical communications against Global Jingxing Industrial Co., Ltd., Nanjing Yangtze River Electronic Information Industry Group Co., Ltd., Harbin Industrial Investment Group Co., Ltd., Fushen Industrial Co., Ltd., Beijing Capital Venture Group Co., Ltd., the accounts receivable of the downstream customers of the special network communication business, such as the trade branch of Beijing Capital Venture Group Co., Ltd., set aside the provision for bad debts according to the combination of accounts receivable 5.Bonitapokerroom, 752Bonitapokerroom140,000 yuan, which failed to properly measure the expected credit loss of the aforementioned accounts receivable, and did not comply with the provisions of "Accounting Standards for Enterprises No. 22-recognition and Measurement of Financial Instruments", resulting in false records in Shanghai Electric's 2020 annual report. It is estimated that Shanghai Electric's 2020 annual report understates the provision for bad debts of the above-mentioned accounts receivable by 518 million yuan, resulting in Shanghai Electric's total extra profit of 518 million yuan, accounting for 8.16% of Shanghai Electric's total current profit.
Lawyer Xu Feng believes that based on the above information, according to the provisions of the Securities Law, investors who buy Shanghai Electric shares between March 27, 2021 and May 31, 2021, and sell or continue to hold the shares after May 31, 2021, can also file a claim. (Shanghai Electric Rights Protection entrance)
In addition to the Shanghai Electric claim case, the China Resources (000506) investor claim case represented by lawyer Xu Feng will be heard again in Jinan Intermediate people's Court on May 29th and May 30th.
Previously, the Zhongrun Resources investor claim case represented by lawyer Xu Feng received a second-instance investor's decision served by the Shandong High Court, and has now applied to the court for enforcement on behalf of the investor. The legal team is also continuing to push forward the follow-up work on the filing of claims by China Resources Resources investors, and is also continuing to accept the commission of claims from other investors.
On the evening of December 27th, 2021, China Resources (000506) announced that it received the CSRC's "decision on Administrative punishment". It was found that the illegal facts of China Resources Resources were: China Resources Resources should promptly disclose the relevant non-payment of major debts due. However, China Resources Resources did not disclose the above matters in a timely manner, and it was not disclosed in the 2017 Annual report until April 27, 2018. China Resources Resources failed to disclose major debt overdue several times between July 11, 2016 and April 27, 2018.
Xu Feng, director of Shanghai Jiucheng Law firm, believes that according to the effective judgment, investors who buy China Resources Resources shares between July 13, 2016 and April 27, 2018, and sell or continue to hold shares after April 27, 2018, you can also file a claim. (Zhongrun Resources Resources Rights Protection entrance)
(this article is contributed by lawyer Xu Feng, director of Shanghai Jiucheng Law firm, and does not represent Sina's financial position. Lawyer Xu Feng, who has been a lawyer since 2008, has been a claim agent in the field of securities fraud, such as misrepresentation, insider trading, market manipulation and so on. Over the past ten years, investors who have represented nearly 200 stocks have won the case or obtained compensation through mediation, and in the same period, they have also won or mediated claims for nearly 300 stocks within the limitation of action, and some of them have already won the case and obtained compensation through mediation. License No.: 13101200810965495)
