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Xu Feng, an attorney from Shanghai Jiucheng Law Firm, has indicated that there is a precedent for successful claims by investors due to false representations by Caissa Tosun Development Co.,Ltd. (000796), and he advises investors to pay attention. (Xu Feng's Legal Column)
On September 28, 2024, Caissa Tosun announced that it received an "Administrative Penalty Decision" from the Hainan Securities Regulatory Bureau, which found the following illegal activities by Caissa Tongsheng: From January 2020 to December 2022, Caissa Tongsheng engaged in non-operational fund occupation involving related parties through methods such as fund borrowing, collection of receivables by related parties, payment of expenses on behalf of related parties, entrusted loans, equity investments without genuine commercial backgrounds, advanced payments, and factoring. As of the end of December 2023, the issues related to fund occupation had been rectified.
Xu Feng believes that based on the above illegal activities and according to the Securities Law, investors who purchased Caissa Tosun's stock between January 8, 2020, and September 5, 2023, and sold or continued to hold their stock after September 5, 2023, may still initiate claims. (Caissa Cultural Rights Protection Entry)
In addition to the successful claims precedent for Caissa Tosun investors, claims by investors of Beijing Kingee Culture Development Co.,Ltd. (002721) also have precedents for success, and further claims can still be initiated.
On the evening of June 7, 2024, Beijing Kingee announced that it received an "Administrative Penalty Decision" from the Beijing Regulatory Bureau of the Securities Regulatory Commission, which identified the following illegal activities: In inadequate impairment of inventory in 2020 and 2021, Beijing Kingee falsely inflated its inventory by 610 million yuan in 2020, which accounted for 5.92% of the total assets at the end of that period, and inflated its total profit by 610 million yuan, which represented 21.21% of the total profit for that period; in 2021, it falsely inflated its inventory by 637 million yuan, which accounted for 7.03% of its total assets at the end of that period, and inflated its total profit by 28 million yuan, or 1.89% of the total profit for that period. These matters resulted in misstatements in the annual reports for 2020 and 2021.
Xu Feng, the director of Shanghai Jiucheng Law Firm, believes that based on the above illegal activities and according to legal provisions, investors who purchased Beijing Kingee's stock between April 30, 2021, and May 1, 2023, and sold or continued to hold their stock after May 1, 2023, may still file claims, as this case is now entering its final countdown, with “expiration” imminent. (*ST Kingee Rights Protection Entry)
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