On October 10, 2025, the investor compensation case for Zhejiang Power New Energy Co.,Ltd. (688184) represented by lawyer Xu Feng from Shanghai Jiucheng Law Firm has been accepted by the Shanghai Financial Court. The legal team continues to advance the filing of subsequent cases and is still accepting compensation mandates from additional investors.
On September 8, 2025, Zhejiang Power New Energy announced receipt of a "Case Filing Notice" from the China Securities Regulatory Commission (CSRC). Due to suspected violations of information disclosure laws and regulations, the CSRC decided to initiate investigations against the company and Zhang Bao in accordance with the Securities Law, Administrative Penalty Law, and other relevant regulations.
Lawyer Xu Feng believes that investors who purchased Zhejiang Power New Energy shares between September 19, 2022, and March 26, 2025, and sold or continued to hold the shares after March 26, 2025, are now eligible to file compensation claims.
In addition to the accepted Zhejiang Power New Energy investor compensation case, the civil compensation case for market manipulation of Jiangyin Hengrun Heavy Industries Co.,Ltd. (603985) represented by lawyer Xu Feng has been submitted to the court for filing. The case is currently awaiting the court's next arrangements, while continuing to accept compensation mandates from other investors.
On December 6, 2024, the CSRC imposed administrative penalties on Cheng Lixin, the second-largest shareholder, legal representative, and chairman of Jiangyin Hengrun Heavy Industries Co.,Ltd., and others. The investigation revealed the following violations by Cheng Lixin, Ding Jian, and Zhang Yazhou:
**Conspiracy to Manipulate Stock Prices**
In mid-June 2023, through Ding Jian's introduction, Cheng Lixin met Zhang Yazhou. The three subsequently conspired to speculate on "computing power" themes, implementing manipulation through controlling the content, timing, and rhythm of information generation and disclosure.
**Market Manipulation Process**
(1) Cheng Lixin held shares in "Hengrun Heavy Industries" under others' names.
(2) Information Release Activities: From July 29 to November 8, 2023, Cheng Lixin, Ding Jian, Zhang Yazhou, and others controlled the listed company to release four pieces of positive information to boost Hengrun Heavy Industries' stock price. During this period, the stock price rose 96.65%, while the Shanghai Composite Index fell 6.86%, representing a deviation of 103.51%. The CSI Wind Power Industry Index fell 10.30%, representing a deviation of 106.95%. Hengrun Heavy Industries' stock performance significantly outperformed both the Shanghai Composite Index and industry indices.
(3) Account Control for Price Maintenance: From July 10 to December 1, 2023, Ding Jian controlled 22 securities accounts to concentrate purchases during stock price declines to maintain the stock price. During this period, the account group purchased 15,754,477 shares through auction trading with a transaction value of 457,253,027.3 yuan, and sold 14,618,279 shares with a transaction value of 447,077,642.8 yuan, maintaining a remaining position of 1,136,744 shares and generating profits of 20,523,277.70 yuan. The account group conducted buying activities on 22 trading days, ranking in the top three for purchase volume on 10 trading days, with an average daily purchase volume accounting for 3.73% of total market volume, and a maximum single-day purchase volume accounting for 22.41% of total market volume.
Lawyer Xu Feng from Shanghai Jiucheng Law Firm believes that investors who traded Jiangyin Hengrun Heavy Industries shares between July 10 and December 27, 2023, and suffered losses are now eligible to file compensation claims. The final compensation conditions will be determined by the court in accordance with the law. Lawyer Xu Feng has previously represented investors in successful compensation cases, including the manipulation civil compensation case against Xian Yan involving P2P Financial and the manipulation civil compensation case against Xu Xiang and Wenfeng Group involving Wenfeng shares.
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