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On June 11, 2026, a new batch of investor compensation claims against Wuliangye Yibin Co.,Ltd. (SHE: 000858), represented by lawyer Xu Feng from Shanghai Jiucheng Law Firm, was submitted for filing at the Chengdu-Chongqing Financial Court.
Previously, on May 20, 2026, a separate set of investor claims against Wuliangye Yibin Co.,Ltd. (SHE: 000858) represented by Lawyer Xu Feng was accepted for filing by the same court and is currently pending further arrangements from the judiciary. The legal team continues to advance representation for subsequent cases and is still accepting mandates from other investors seeking compensation.
On the evening of April 30, 2026, Wuliangye Yibin Co.,Ltd. (SHE: 000858) issued an announcement regarding the correction of prior-period accounting errors. Lawyer Xu Feng opines that investors who purchased Wuliangye shares between April 28, 2025, and May 1, 2026, and sold or continued to hold the shares after May 1, 2026, may still initiate claims, subject to final determination by the court.
In parallel with the new Wuliangye filings, on June 11, 2026, Lawyer Xu Feng, representing investors in claims against Surfilter Network Technology Co.,Ltd. (SHE: 300311), received additional assessment reports for some cases, indicating that certain claims may proceed to a mediation stage.
On June 3, 2026, final judgment documents were delivered by the Guangdong High People's Court for some of the Surfilter investor claims represented by Lawyer Xu Feng. The Guangdong High Court dismissed Surfilter's appeal, upholding the first-instance verdict in favor of the investors, granting them a definitive legal victory.
On July 18, 2025, Surfilter announced it had received a "Decision on Administrative Penalty." The investigation found that Surfilter had committed the following violations: Through related-party transactions, from 2020 to the first half of 2022, Surfilter inflated operating revenue by CNY 36,951,333.48, CNY 48,435,351.70, and CNY 26,929,607.08, accounting for 4.21%, 6.97%, and 10.81% of the amounts recorded in the respective period reports. It also inflated total profit by CNY 19,406,901.32, CNY 37,317,431.71, and CNY 16,560,909.58, accounting for 85.93%, 70.03%, and 30.79% of the absolute values recorded in the respective period reports. Consequently, Surfilter's "2020 Annual Report," "2021 Annual Report," and "2022 Semi-Annual Report" contained false records. On February 14, 2023, Surfilter disclosed its "GEM Private Placement Stock Offering Prospectus (Registration Draft)," which cited the aforementioned operating revenue data for 2020 and 2021.
Lawyer Xu Feng, Director of Shanghai Jiucheng Law Firm, which specializes in securities claim litigation, believes that based on prior favorable judgments for investors, those who purchased Surfilter shares between April 28, 2021, and August 10, 2024, and sold or continued to hold the shares after August 10, 2024, may still initiate compensation claims.
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