Investors affected can register their claims through the Sina Investor Rights Protection platform: http://wq.finance.sina.com.cn/. Stay updated by following @Sina Securities, scanning the WeChat QR code for Sina Brokerage Fund, searching for Sina Investor Rights Protection on Baidu, visiting the Sina Finance app, or checking the homepage of Sina Finance.
Attorney Xu Feng from Shanghai Jiucheng Law Firm noted that the investor compensation case against Nanjing Panda Electronics Company Limited (600775) due to false statements is ongoing, and eligible investors are advised to pay attention.
On January 14, 2025, Nanjing Panda announced that it had received a warning letter from the Jiangsu Securities Regulatory Commission regarding certain actions taken against the company and its representatives.
The investigation revealed that on January 30, 2024, Nanjing Panda disclosed its 2023 annual performance forecast, estimating a net profit attributable to shareholders of approximately 16.1943 million to 24.2915 million yuan, with a net profit of -3.2729 million to 4.8243 million yuan after non-recurring gains and losses. The company’s annual report on March 29, 2024, reported a net loss for shareholders of -237.8622 million yuan and a net loss after non-recurring items of -257.0095 million yuan. There was a significant discrepancy between the performance forecast and the actual results, resulting in inaccurate information disclosure.
Xu Feng believes that based on the above violations of law, investors who purchased Nanjing Panda stock between January 31, 2024, and March 29, 2024, and sold or continued to hold their shares after March 29, 2024, can still initiate claims.
In addition to the Nanjing Panda investor compensation case, Attorney Xu Feng is also representing a civil compensation case against Jiangyin Hengrun Heavy Industries Co.,Ltd. (603985) for market manipulation, which has been submitted to the Nanjing Intermediate People's Court and is currently awaiting further arrangements. He is still accepting claims from other investors.
On December 6, 2024, the Securities Regulatory Commission imposed administrative penalties on Cheng Lixin, the second-largest shareholder, legal representative, and chairman of Jiangyin Hengrun Heavy Industries. The investigation found that Cheng Lixin, Ding Jian, and Zhang Yazhou engaged in the following illegal activities:
1. Cheng Lixin, Ding Jian, and Zhang Yazhou conspired to manipulate stock prices. 2. Details of their collaboration in manipulating stock prices: (a) Cheng Lixin held “Hengrun Shares” in others' names. (b) Cheng Lixin planned to sell “Hengrun Shares” in 2023 and signed a holding agreement on July 16, 2023, to transfer 24,952,563 shares to a private equity product via someone else's name. (c) From July 29 to November 8, 2023, they controlled the release of four pieces of positive information, boosting “Hengrun Shares” prices. During this period, the price of “Hengrun Shares” rose by 96.65%, while the Shanghai Composite Index dropped by 6.86%, indicating a significant outperformance of “Hengrun Shares” compared to both the Shanghai Composite Index and industry indices.
3. Ding Jian controlled relevant securities accounts to maintain the price of “Hengrun Shares”.
Xu Feng stated that investors who suffered losses from trading Hengrun shares between July 10 and December 27, 2023, can initiate claims, subject to the court's final determination of the eligibility for compensation. Xu has previously represented investors in successful litigation against stock market manipulations involving Pitou Pi and Wengfeng Co., yielding favorable judgments.
Comments