Affected investors can register claims via the Sina Investor Rights Protection Platform: http://wq.finance.sina.com.cn/. Follow @SinaSecurities on Weibo, search for Sina Investor Rights Protection on Baidu, or visit the Sina Finance app or homepage for more information.
On November 24, 2025, lawyer Xu Feng from Shanghai Jiucheng Law Firm submitted another batch of investor claims against ST Tony (603595) for false statement violations to the Huzhou Intermediate People's Court. This marks multiple submissions of claims against the company by Xu Feng's legal team, who continue to process follow-up cases and accept new investor mandates. (Xu Feng's legal column)
On November 13, 2025, ST Tony disclosed receiving a "Administrative Penalty Decision" from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission (CSRC). The investigation found the company committed the following violations:
1. Failure to timely disclose material contract developments. 2. False records in ST Tony's 2022 annual report and 2023 interim report: - Misclassifying defective crystals as inventory instead of R&D expenses, understating R&D costs and overstating 2022 annual and 2023 interim profits. - Omitting raw material purchases covered by related parties from accounts, understating R&D expenses and operating costs, thereby inflating profits. - Inadequate provision for inventory write-downs, understating asset impairment losses and overstating profits.
Xu Feng stated that investors who purchased ST Tony shares between March 11, 2023 and January 6, 2024, and sold or held them after January 6, 2024, may still file claims. (ST Tony claim portal)
Separately, on November 24, 2025, Xu Feng's team also submitted additional investor claims against Chengtun Mining (600711) to the Xiamen Intermediate People's Court. The firm has repeatedly filed claims in this case and awaits further court instructions while processing new investor mandates.
Chengtun Mining disclosed on August 5, 2024, that it received a CSRC Xiamen Bureau penalty decision. The company was found to have prematurely recognized revenue from cobalt hydrometallurgy intermediate product sales between December 2021 and mid-2023 when control hadn't effectively transferred, leading to: - 2021 annual report overstatement: Revenue by 359.37 million yuan (0.79% of disclosed amount), profits by 193.72 million yuan (7.15%). - 2022 annual report misstatements: Revenue overstated by 84.15 million yuan (0.33%), profits understated by 139.09 million yuan (18.20%). - 2023 interim report misstatements: Revenue understated by 78.19 million yuan (0.59%), profits understated by 22.96 million yuan (5.22%).
Xu Feng noted investors who bought Chengtun Mining shares between April 26, 2022 and April 22, 2024, and sold/held them after April 22, 2024, may still claim compensation. (Chengtun Mining claim portal)
(Xu Feng, managing partner of Shanghai Jiucheng Law Firm, has specialized in securities fraud litigation including false statements, insider trading, and market manipulation since 2008. His team has successfully represented investors in nearly 200 stock cases, with hundreds more currently in progress. No fees apply unless compensation is awarded. License No.: 13101200810965495)
