Investors who suffered losses can register claims against the company through the SINA shareholders' rights protection platform at http://wq.finance.sina.com.cn/. Follow @SINA Finance on social media, subscribe to SINA Securities and Funds on WeChat, search "SINA Shareholder Claims" on Baidu, or access the SINA Finance app and homepage to find the registration channel.
With the release of the administrative penalty notice, the detailed violations of the once "6x bull stock" *ST Lingnan (claims) (002717) have been fully exposed. The claim collection for securities misrepresentation liability disputes against Lingnan Shares is still actively progressing. The legal team of Liu Peng from Shanghai Huzi Law Firm recently submitted another batch of cases to the court for filing.
Investors who meet either of the following conditions may register for claims: 1. Those who purchased shares between January 3, 2024, and April 29, 2025, and sold them after April 30, 2025, or still hold them at a loss; or 2. Those who purchased shares between April 30, 2022, and September 5, 2025 (inclusive), and sold them after September 6, 2025, or still hold them at a loss.
*ST Lingnan's violations are the most diverse, combining three major issues: fund occupation, financial fraud, and failure to disclose significant matters. The Guangdong Securities Regulatory Bureau found that in 2021, following the instructions of the original actual controller, *ST Lingnan paid funds to eight suppliers under the guise of advance project payments and transaction settlements, with most of the funds ultimately flowing into accounts controlled or designated by the original actual controller, constituting non-operational fund occupation. The total amount of fund occupation in 2021 reached 544 million yuan, accounting for 11.23% of the latest audited net assets, with 215 million yuan still unrecovered at the end of the period.
To conceal the fund occupation, the company also fabricated seedling procurement documents in the Jieshou Forest Park project, leading to inaccurate financial reports for 2021. More seriously, the company long concealed suspected criminal matters. In December 2024, the company received a notice to obtain evidence from the Public Security Bureau, and in January 2025, it received a notice of transfer for prosecution, but it was only disclosed to the public in November 2025. He Shifeng, a then-director, was subjected to bail pending trial due to a bid-rigging case, which likewise was not announced in a timely manner.
Ultimately, *ST Lingnan was fined 8 million yuan, and the original actual controllers were collectively fined 14 million yuan and banned from the market for 10 years. For investors who suffered losses due to the company's misrepresentation, filing claims is a legal avenue to recover partial losses. Eligible investors are encouraged to register as early as possible to exercise their rights within the statute of limitations.
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