Affected investors can register for rights protection claims through the platform at wq.finance.sina.com.cn, or follow the securities watchdog's social media channels and financial news portals for further updates.
The securities misrepresentation case involving Tianjin Zhuolang Information Technology Co., Ltd. (formerly known as Zhuolang Technology, delisted as Zhuolang, former stock code: 600225) continues to advance. Lawyer Li Jian from Zhejiang Yufeng Law Firm, who has previously represented investors in successful lawsuits against more than 150 listed companies, noted that the claim window for the delisted entity is now limited to just six months, and affected shareholders still have time to file lawsuits.
According to case records, on December 26, 2024, Zhuolang Technology issued an announcement regarding the receipt of an administrative penalty decision from the securities regulator. The investigation revealed two key violations: First, the company's periodic reports contained false records. Between 2019 and 2023, its subsidiary, Tianjin Zhuolang Technology Development Co., Ltd., fabricated server, software, and system integration service sales, artificially inflating both revenue and profits. Second, Zhuolang Technology failed to disclose external guarantees as required, omitting such information from its annual reports for 2019 and 2020, which constituted material omissions.
Notably, on August 19, 2026, Zhuolang Technology issued an investor lawsuit announcement stating that, as of July 15, it had completed compensation payments to 1,063 investors, totaling 144.1905 million yuan. The company indicated it would continue to process investor compensation matters in the future.
Under the judicial interpretation issued by the Supreme People's Court regarding false statement misrepresentation, listed companies and other entities can be held liable when investor rights are damaged by securities misrepresentation. Investors are legally entitled to claim compensation covering investment losses, commission fees, and stamp duty losses.
"The delisting of a company does not affect investors' eligibility to file claims. We are currently processing investor lawsuits in batches," Lawyer Li Jian stated. Based on the judicial interpretation, the preliminary claim conditions appear to cover investors who purchased Zhuolang Technology shares between September 19, 2019, and March 14, 2024, and still held those shares at the close of trading on March 14, 2024. Final eligibility will be determined by court rulings.
Investors filing claims are required to provide securities account registration details, stock transaction records covering September 1, 2019, through the end of December 2024, and contact information.
This article was contributed by lawyer Li Jian of Zhejiang Yufeng Law Firm and does not represent the position of SINA Corp. Li Jian, a council member of the Securities Law Research Association under the China Law Society and a securities dispute mediator for the Securities Association of China, was honored with the title of Outstanding Young Lawyer of Zhejiang Province in 2009. Since 2003, Li Jian has represented investors in successful suits against more than 150 listed companies, including Wuliangye and Dazhihui. Notable cases include the Xiangyuan Culture and Zhao Wei case, selected among the top ten commercial cases of 2019 by the People's Court; the Hangxiao Steel Structure case, chosen as a national top ten mediation case in 2012; the Huifeng Stock case, the first ordinary representative action for securities disputes in Jiangsu Province; and the Dongfang Electronics case, recognized as the first securities civil compensation case in China. Li Jian has been interviewed by over 100 media outlets, including CCTV, Xinhua News Agency, Securities Times, Securities Daily, China Securities Journal, People's Court Daily, and China Business Network, with more than 1,000 interviews. His lawyer license number is 13301200210145176.
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