Affected investors can register for the company's rights protection at the investor rights protection platform: http://wq.finance.sina.com.cn/
On October 9, 2025, lawyer Xu Feng from Shanghai Jiucheng Law Firm submitted another filing to the Haikou Intermediate People's Court for the investor compensation case against Huawen Media Group (000793) related to false statements.
The Huawen Media Group investor compensation case represented by lawyer Xu Feng has been submitted to the court multiple times for filing. Currently awaiting the court's next arrangements, while simultaneously advancing the filing work for subsequent cases and continuing to accept compensation entrustment from other investors.
On April 22, 2025, Huawen Media Group announced that the company and its then-chairman and president Wang Fanghuai received an "Administrative Penalty Decision" issued by the Hainan Securities Regulatory Commission. Upon investigation, Huawen Media Group's violations were as follows:
Huawen Media Group used the gross method to recognize revenue from internet advertising recharge business conducted by its subsidiaries Beijing Guoguang Guangrong Advertising Co., Ltd. and Tianjin Zhangshi Guangtong Information Technology Co., Ltd., which did not comply with Article 34 of "Accounting Standards for Business Enterprises No. 14 - Revenue" (Finance and Accounting [2017] No. 22), resulting in inflated operating revenue and operating costs, which led to false records in Huawen Media Group's disclosed 2021 annual report, 2022 interim report, and 2022 annual report.
Lawyer Xu Feng believes that based on the above violations and according to securities law provisions, investors who purchased Huawen Media Group stocks between April 27, 2022, and April 20, 2024, and sold or continue to hold the stocks after April 20, 2024, can currently file for compensation.
In addition to the Huawen Media Group investor compensation case being resubmitted for filing, the Guangdong Yowant Technology Group Co.,Ltd. (002291) investor compensation case represented by lawyer Xu Feng has been submitted to the court multiple times for filing, and the legal team continues to accept compensation entrustment from other investors.
On December 12, 2023, Guangdong Yowant Technology Group Co.,Ltd. (002291) announced receiving a "Decision on Taking Warning Letter Measures against Foshan Yowant Technology Co., Ltd., Yu Hongtao, Xie Rudong, Li Gang, He Jianfeng, and Ma Chao" issued by the Guangdong Securities Regulatory Commission. Upon investigation, Yowant Technology had the following violations:
1. During 2021-2022, the company's inventory book value did not match actual conditions. 2. During 2019-2020, some revenue recognition was inappropriate. 3. Inflated revenue, profits, and accounts receivable collections. 4. External financial assistance was not disclosed in a timely manner. 5. Failed to timely disclose company and subsidiary guarantee situations. 6. Failed to timely disclose joint investment situations with professional investment institutions.
Xu Feng, director of Shanghai Jiucheng Law Firm, believes that based on the above information and according to regulations, investors who purchased Yowant Technology stocks between April 23, 2020, and December 12, 2023, and sold or continue to hold stocks after December 12, 2023, can currently file for compensation.
(This article is contributed by Xu Feng, director of Shanghai Jiucheng Law Firm. Xu Feng has been practicing law since 2008, with practice services covering compensation representation in securities fraud areas including false statements, insider trading, and market manipulation. Over more than ten years, he has represented investor cases for nearly 200 stocks that won or reached settlement compensation, while simultaneously representing compensation cases for nearly 300 stocks within the litigation statute of limitations, some of which have also achieved successful precedents and settlement compensation.)
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