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No. 6 of Ten Commercial Cases Tried by the People's Courts across the Country in 2020 Published by the Civil Adjudication Tribunal No. 2 of the Supreme People's Court: Case of disputes over liabilities for securities misrepresentation (appellant CRRC Jinzheng Investment Co., Ltd. v. appellant Jiangsu Baoqianli Video Technology Group Co., Ltd., Chen Haichang, and appellees Zhuang Min and Zhuang Ming et al.)
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最高人民法院民二庭发布2020年全国法院十大商事案例之六：上诉人中车金证投资有限公司与上诉人江苏保千里视像科技集团股份有限公司、陈海昌以及被上诉人庄敏、庄明等证券虚假陈述责任纠纷案
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【法宝引证码】
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| No. 6 of Ten Commercial Cases Tried by the People's Courts across the Country in 2020 Published by the Civil Adjudication Tribunal No. 2 of the Supreme People's Court: Case of disputes over liabilities for securities misrepresentation (appellant CRRC Jinzheng Investment Co., Ltd. v. appellant Jiangsu Baoqianli Video Technology Group Co., Ltd., Chen Haichang, and appellees Zhuang Min and Zhuang Ming et al.) | | 最高人民法院民二庭发布2020年全国法院十大商事案例之六：上诉人中车金证投资有限公司与上诉人江苏保千里视像科技集团股份有限公司、陈海昌以及被上诉人庄敏、庄明等证券虚假陈述责任纠纷案 |
| Where a listed company makes a false statement in the course of directional SPO, it should assume the compensatory liability for the institutional investor whose rights and interests are damaged | | 上市公司在定向增发过程中作出虚假陈述的，应当向受损害的机构投资者承担赔偿责任 |
| Brief Case Introduction | | 案情简介 |
| Due to bankruptcy revival, the listed company, Zhongda Corporation, disclosed the Report on the Acquisition of Zhongda Corporation by Baoqianli Electronics Co., Ltd. and Zhuang Min (Draft), including that Beijing Yinxin Asset Evaluation Co., Ltd. (hereinafter referred to as “Yinxin Asset Evaluation Company”) estimated the value of Baoqianli Electronics Company to 2,883 million yuan. Afterwards, a resolution of major asset restructuring was passed at the shareholders' meeting of Zhongda Corporation and Zhongda Corporation was renamed to Baoqianli Company. After Baoqianli Company announced the Plan for Private Offering of Shares, CRRC Company and Baoqianli Company signed an Agreement on Stock Subscription and CRRC Company subscribed 13,383,604 shares that were privately offered by Baoqianli Company, with the lockup period of 12 months. Before deciding to participate in private offering of shares, CRRC Company conducted professional investment analysis and research and formed the Feasibility Study Report. According to the Feasibility Study Report, Baoqianli Company had fast growth in performance and great growth space in future. The concept stock of intelligent driving is very popular in the market and it is estimated that the directional SPO price will be close to the market price of Baoqianli Company. Therefore, CRRC Company decided to subscribe the shares privately offered by Baoqianli Company. | | 上市公司中达股份公司因破产重整，于2014年10月30日披露《保千里电子公司及庄敏等收购中达股份公司的收购报告书（草案）》，其中包括银信资产评估有限公司对保千里电子公司的估值为28.83亿元。随后，中达股份公司股东大会通过重大资产重组决议，中达股份公司更名为保千里公司。在保千里公司公告《非公开发行股票预案》后，中车公司与保千里公司签订《股份认购协议》，中车公司以每股14.86元的价格认购保千里公司非公开发行股份中的13383604股股票，锁定期12个月。中车公司决策参与保千里公司非公开发行股票之前，进行了专业投资分析和研究，并形成了《可行性研究报告》。《可行性研究报告》显示，保千里公司业绩增长较快，未来成长空间很大，市场对智能驾驶概念股票也比较追捧，预计定增发价会比较接近保千里公司市价，故决定认购保千里公司的非公开发行股票。 |
| On December 29, 2016, Baoqianli Company disclosed in an announcement that it was suspected of violating laws and regulations in information disclosure and was placed on file by the China Securities Regulatory Commission (“CSRC”) for investigation. On August 9, 2017, the CSRC issued the Written Decision on Giving an Administrative Penalty, determined that Baoqianli Electronics Company provided Yinxin Evaluation Company nine false intention agreements in two categories in the evaluation of restructured assets in the course of Zhongda Corporation's bankruptcy revival, which resulted in great exaggeration of the evaluated value, and gave an administrative penalty to Baoqianli Company. With respect to Baoqianli Company's acts of making false statements, CRRC Company filed this lawsuit with the Intermediate People's Court of Shenzhen City (hereinafter referred to as the “IPC of Shenzhen”) and requested that the IPC of Shenzhen should order Baoqianli Company to compensate for its investment losses and Zhuang Min and ten other persons should assume joint and several compensatory liabilities. | | 2016年12月29日，保千里公司公告披露公司涉嫌信息披露违法违规，被证监会立案调查。2017年8月9日，证监会作出《行政处罚决定书》，认定保千里公司在中达股份公司破产重整过程中进行重组资产评估时，保千里电子公司向银信评估公司提供了两类9份虚假的意向性协议，虚假协议致使评估值虚增较大，对保千里公司处以行政处罚。针对保千里公司的虚假陈述行为，中车公司向深圳中院提起本案诉讼，请求判令保千里公司赔偿其投资损失，庄敏等十一人承担连带赔偿责任。 |
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