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On the evening of April 28, 2024,Fierce35000, * ST Hongxiang (Rights Protection) issued a notice on the actual controller voluntarily undertaking a certain amount of civil compensation for future listed companies. The announcement showsFierce35000Recently, the company received a "commitment to voluntarily undertake a certain amount of civil compensation for future listed companies" issued by Mr. Yang Cheng, the actual controller, in order to safeguard the legitimate rights and interests of investors and stabilize market expectations. Mr. Yang Cheng, one of the actual controllers of the company, voluntarily bears a certain amount of civil compensation that may be generated by the listed company in the future. The specific amount is: if the company brings a civil action or other forms of compensation for securities misrepresentation liability by investors for the illegal acts involved in the Administrative penalty decision, and is determined to bear the civil liability by the people's court or other competent institutions, Yang Cheng voluntarily takes part in the amount of civil liability that the company should bear in the effective civil judgment of the people's court or other authorized institutions. The obligee in lieu of the company shall bear the responsibility of the obligee as determined by the effective civil judgment or other competent authority 8Fierce35000The amount of 0 yuan.
Prior to this, on April 3, 2024, Hongxiang Co., Ltd. received the "Administrative penalty decision" ([2024] No. 1) issued by Xiamen Regulatory Bureau of China Securities Regulatory Commission. The administrative penalty decision reveals that * ST Red shares are suspected of false records and fraudulent issuance in the annual report from 2017 to 2022, fraudulent issuance of non-public shares in 2019, fraudulent issuance of convertible bonds in 2020, and fraudulent issuance of shares and cash to purchase assets and raise supporting funds in 2020.
In order to realize the guarantee of his promise, Yang Cheng agreed to transfer 2% of his company.Fierce350000 shares were pledged to Xiamen Hongxiang Intelligent Technology Co., Ltd., a wholly owned subsidiary of the listed company. If Yang Cheng fails to pay the corresponding amount to the designated account or other account confirmed by the listed company in accordance with this commitment, the pledgee will dispose of the shares in accordance with the law, and the funds obtained from the disposal will be directly used by the listed company to bear civil compensation to the investor. Yang Cheng agrees to cooperate with the pledgee to go through the procedures of pledge registration of the corresponding shares within 15 working days issued by this commitment letter.
Zhang Yun, a partner of Jiangsu Zhenze Law firm, said that it is relatively rare in securities litigation for real controllers to voluntarily contribute to compensation for investors, and such a measure plays a positive role in safeguarding the rights and interests of investors. It is suggested that red investors who meet the claim conditions should actively participate in the claim. Tentatively: lossmaking investors who bought * ST Red Phase between March 30, 2018 and May 11, 2023 and sold or held * ST Red Phase after May 12, 2023 are eligible for claim. (* ST red phase rights protection entrance)
(this article is contributed by Zhang Yun, a partner of Jiangsu Zhenze Law firm, and does not represent the point of view of Sina Finance. Lawyer Zhang Yun, partner of Jiangsu Zhenze Law firm, Master of Law, has in-depth research on securities and financial law, has been engaged in securities litigation for many years, and has accumulated a large number of cases of winning and losing for investors) (lawyer Zhang Yun column)
