Affected investors can register claims on the Sina Investor Rights Protection Platform: http://wq.finance.sina.com.cn/. Follow @SinaSecurities or visit the Sina Finance app for updates.
On November 20, 2025, lawyer Xu Feng from Shanghai Jiucheng Law Firm filed additional investor claims against *ST Future (600532) for false statement violations with the Shanghai Financial Court. These claims, previously accepted by the court, are now awaiting further proceedings. The legal team continues to process subsequent cases and accepts new claims. Notably, prior claims against *ST Future have already seen successful rulings.
On January 7, 2025, *ST Future disclosed penalties from the China Securities Regulatory Commission (CSRC). Investigations revealed that in H2 2022, the company fabricated coal trading transactions through related parties and third parties, falsifying contracts, fund flows, and logistics records. This scheme inflated revenue and profits, materially misstating its Q3 2022 and annual 2022 reports. Specifically, Q3 2022 revenue was overstated by RMB 955.76 million (95.20% of reported revenue) and profits by RMB 11.84 million (29.26% of reported profits). The 2022 annual report inflated revenue by RMB 110.33 million (66.61%) and profits by RMB 110.33 million (837.84%).
Investors who purchased *ST Future shares between October 29, 2022, and April 25, 2023, and held or sold them after April 25, 2023, may still file claims.
Separately, on November 20, 2025, Xu Feng’s team also filed new claims against Zhejiang Century Huatong Group (002602) with the Shaoxing Intermediate Court. Some claims have already resulted in compensation. The firm continues to accept additional cases.
On November 6, 2024, Zhejiang Century Huatong Group received CSRC penalties for: (1) misrepresenting goodwill in 2018–2022 annual reports, and (2) fabricating software copyright transfers or prematurely recognizing revenue, leading to false disclosures in 2020–2021 reports and interim performance updates.
Investors who bought shares between April 27, 2019, and July 25, 2023, and held or sold them after July 25, 2023, may still submit claims.
(Note: This content reflects legal analysis by Shanghai Jiucheng Law Firm and does not represent Sina Finance’s views. Lawyer Xu Feng specializes in securities fraud litigation since 2008, with a track record of successful investor claims.)
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