It is reported that the court recently ruled in the first instance that some investors won the first instance in the case of a dispute over liability for false statements against Yitong Century (300310)**.
On June 21 last year, Yitong Century received the "Administrative Penalty Decision" issued by the China Securities Regulatory Commission. It was found that Yitong Century had illegal facts related to the major asset restructuring project in 2016.
In October 2016, Yitong Century launched a major asset restructuring to issue 2178990,000 shares and a cash payment of 440 million yuan to acquire 100% of the shares of Beitai Health from 16 counterparties including Fang Yanlin, the original actual controller of Beitai Health, with a total consideration of 1 billion yuan.
From May 1, 2017 to December 31, 2017, Beitai Health, a wholly-owned subsidiary of Yitong Century, inflated its business income, costs and profits through financial fraud, resulting in false records in the 2017 annual report disclosed on April 3, 2018 and the 2017 annual report (updated) disclosed on April 11, 2018.
In view of the above-mentioned violations of laws and regulations, the Guangdong Securities Regulatory Bureau decided to order Yitong Century and the relevant responsible persons to give warnings and impose fines of varying amounts.
Liu Peng, a lawyer at Shanghai Huzi Law Firm, reminded that the relevant injured investors can still claim compensation from the company in accordance with the law within the statute of limitations. At present, it is judged that the injured investors who sold or still hold the ** after the market closed on November 4, 2022 between April 3, 2018 and November 4, 2022 have the opportunity to file a lawsuit against the company. Injured investors who meet the above conditions can register through the official account "Dazhong ** Bao" (feature code: 11), and the specific time period is subject to the court's determination.