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Attorney Xu Feng from Shanghai Jiucheng Law Firm noted that investor claims against Caissa Tosun Development Co.,Ltd. (000796) for misrepresentation have already seen successful precedents, urging affected investors to take action.
On September 28, 2024, Caissa Tosun announced receiving the "Administrative Penalty Decision" from the Hainan Securities Regulatory Bureau. The investigation revealed the following violations:
During the relevant period, Caissa Sagittarius Travel Management Consulting Co., Ltd. was the controlling shareholder of Caissa Tosun. Caissa Sagittarius, Beijing Bestway Tourism, and 16 other companies were identified as related parties.
From January 2020 to December 2022, Caissa Tosun engaged in non-operational fund transfers with Caissa Sagittarius and its affiliates through methods such as intercompany loans, receivable collections by related parties, expense payments on behalf of related parties, entrusted loans, equity investments and prepayments lacking genuine commercial background, and factoring loans. By the end of December 2023, these issues had been rectified.
Attorney Xu Feng stated that investors who purchased Caissa Tosun shares between January 8, 2020, and September 5, 2023, and sold or continued holding them after September 5, 2023, may still file claims.
In addition to the successful precedents in Caissa Tosun cases, on November 14, 2025, Attorney Xu Feng filed new claims for Zhejiang Century Huatong Group Co.,Ltd. (002602) investors with the Shaoxing Intermediate People's Court. His team is also processing subsequent cases and continues to accept claims from other affected investors. Notably, some Century Huatong investors represented by Xu Feng have already received compensation.
On November 6, 2024, Century Huatong announced receiving the "Administrative Penalty Decision" from the China Securities Regulatory Commission (CSRC), which identified the following violations:
1. False records regarding goodwill in annual reports from 2018 to 2022. 2. Fabricated software copyright transfer transactions or premature revenue recognition, leading to false records in 2020–2021 annual reports and interim reports on performance commitments.
Attorney Xu Feng emphasized that, based on prior compensation criteria, investors who purchased Century Huatong shares between April 27, 2019, and July 25, 2023, and sold or continued holding them after July 25, 2023, may still file claims.
(Submitted by Attorney Xu Feng, Director of Shanghai Jiucheng Law Firm. Xu Feng has been practicing law since 2008, specializing in securities fraud claims, including misrepresentation, insider trading, and market manipulation. Over the years, he has represented investors in nearly 200 successful or settled cases, with hundreds more currently under litigation. Some have already achieved favorable outcomes.)
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