Surfilter Network (300311) Investor Compensation Case Accepted by Court; Topcare Medical (600532) Case Already Has Precedent

Investors who suffered losses can register claims via the platform: http://wq.finance.sina.com.cn/

On October 31, 2025, the investor compensation case against Surfilter Network Technology Co., Ltd. (300311) for false statements, represented by lawyer Xu Feng from Shanghai Jiucheng Law Firm, was accepted by the Shenzhen Intermediate People's Court.

The Surfilter Network case, handled by Xu Feng's team, has already undergone partial court hearings. The legal team continues to advance follow-up case filings and is accepting additional investor claims.

On July 18, 2025, Surfilter Network disclosed receiving an administrative penalty decision. Investigations confirmed the company had inflated revenues by RMB 36.95 million, RMB 48.44 million, and RMB 26.93 million in 2020, 2021, and H1 2022, accounting for 4.21%, 6.97%, and 10.81% of reported figures, respectively. Additionally, profits were overstated by RMB 19.41 million, RMB 37.32 million, and RMB 16.56 million, representing 85.93%, 70.03%, and 30.79% of disclosed amounts. The company’s 2020 and 2021 annual reports, as well as its 2022 interim report, contained false records.

Lawyer Xu Feng asserts that investors who purchased Surfilter Network shares between April 30, 2020, and April 28, 2023, and sold or held them after April 28, 2023, may still file claims.

Separately, the investor compensation case against Shanghai Topcare Medical Services Co., Ltd. (600532) has established a favorable precedent. Xu Feng’s team secured case acceptance by the Shanghai Financial Court and awaits further court arrangements while continuing to accept claims.

On January 7, 2025, Topcare Medical announced receiving a regulatory penalty for fabricating coal trading activities in H2 2022 through related parties and third parties. This scheme falsely boosted revenues by RMB 955.76 million (95.20% of Q3 2022 reported revenue) and profits by RMB 11.84 million (29.26% of Q3 2022 reported profits). Annual reports similarly misrepresented figures.

Investors who bought Topcare Medical shares between October 29, 2022, and April 25, 2023, and sold or held them after April 25, 2023, remain eligible to file claims.