Shanghai Jiucheng Law Firm attorney Xu Feng indicates that investor compensation cases against Shanghai Lonyer Data Co.,Ltd. (603003) and Shanghai Topcare Medical Services Co., Ltd. (600532) for false statements have made significant progress, with both cases showing successful precedents for investor claims.
Court documents from Shanghai Financial Court show that some investors' false statement compensation cases against Shanghai Lonyer Data Co.,Ltd. have received first-instance judgments, with the court ordering Shanghai Lonyer Data Co.,Ltd. to compensate investors for calculated losses, resulting in successful first-instance verdicts for investors.
Attorney Xu Feng's investor compensation case against Shanghai Lonyer Data Co.,Ltd. has been accepted by Shanghai Financial Court. The legal team continues to advance the filing of subsequent cases and accepts additional investor compensation mandates.
On September 5, 2025, Shanghai Lonyer Data Co.,Ltd. announced receiving the China Securities Regulatory Commission's "Administrative Penalty Advance Notice." Investigation revealed the following suspected violations by Shanghai Lonyer Data Co.,Ltd.:
**I. False Revenue and Profit Inflation in 2019, 2020, 2021, and 2022 Annual Reports**
From 2019 to 2022, Shanghai Lonyer Data Co.,Ltd. conducted false trading in metals, oil products, and ethylene glycol through fabricated trade chains and artificially added business processes to inflate revenue scale or earn capital gains. This resulted in false records in Shanghai Lonyer Data Co.,Ltd.'s annual reports for 2019, 2020, 2021, and 2022.
**II. Failure to Disclose Non-operational Fund Occupation Related Party Transactions**
Shanghai Lonyer Data Co.,Ltd. failed to disclose non-operational fund occupation related party transactions in its 2022 annual report and failed to disclose fund occupation situations in its 2023 annual report. The fund occupation balances for 2022 and 2023 were 333 million yuan and 875 million yuan respectively, accounting for 9.19% and 23.64% of the net assets recorded in the respective annual reports.
Attorney Xu Feng believes that, referencing previous successful investor judgments, investors who purchased Shanghai Lonyer Data Co.,Ltd. shares between April 28, 2020, and April 30, 2024, and sold or continued holding shares after April 30, 2024, can still file compensation claims.
Beyond the progress in Shanghai Lonyer Data Co.,Ltd. investor compensation cases, information shows that investor compensation cases against Shanghai Topcare Medical Services Co., Ltd. also have successful precedents.
Attorney Xu Feng's investor compensation case against Shanghai Topcare Medical Services Co., Ltd. has been accepted by Shanghai Financial Court and is currently awaiting the court's next arrangements. The legal team simultaneously continues accepting other investor compensation mandates.
On January 7, 2025, Shanghai Topcare Medical Services Co., Ltd. announced receiving a penalty decision from the China Securities Regulatory Commission. Investigation revealed that in the second half of 2022, Shanghai Topcare Medical Services Co., Ltd. fabricated coal trading business through arranging affiliated parties and third-party companies as coal trade participants, uniformly drafting coal business contracts and documents, arranging coal trade fund transfers, and using obtained logistics information and documents to forge coal trade cargo flows. This inflated revenue and profits, resulting in false records in Shanghai Topcare Medical Services Co., Ltd.'s Q3 2022 report and 2022 annual report.
Specifically, the Q3 2022 report inflated operating revenue by 955,764,870.80 yuan, accounting for 95.20% of disclosed operating revenue, and inflated total profit by 11,839,598.84 yuan, accounting for 29.26% of the absolute value of disclosed total profit. The 2022 annual report inflated operating revenue by 110,334,012.52 yuan, accounting for 66.61% of disclosed operating revenue, and inflated total profit by 110,334,012.52 yuan, accounting for 837.84% of the absolute value of disclosed total profit.
Shanghai Jiucheng Law Firm director attorney Xu Feng believes that, considering the above violations and securities law provisions, investors who purchased Shanghai Topcare Medical Services Co., Ltd. shares between October 29, 2022, and April 25, 2023, and sold or continued holding shares after April 25, 2023, can still file compensation claims. The remaining statute of limitations for this case is limited.
Attorney Xu Feng has been practicing law since 2008, with service scope 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 resulting in successful judgments or settlement compensation, while simultaneously representing compensation cases for nearly 300 stocks within the statute of limitations, some of which also have successful judgment and settlement compensation precedents.
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