© Reuters. Only 2 days later, the penalty is on the ground! “Temporary Announcement” was wrongly spelled “Death Announcement”, well-known law firms were punished, industry: listed companies may inevitably be punished
Cailian News Agency, May 18 (Reporter Lin Jian) ”It is good to do 100 in the front, maybe because of this typo, the price is too high…” A chief lawyer of a large law firm sighed to the Cailian News reporter. On May 18, just two days after the typo announcement was issued, the Shenzhen Securities Regulatory Bureau issued a fine to Beijing Zhonglun (Shenzhen) Law Firm.
The picture shows the Shenzhen Securities Regulatory Bureau’s statement on the inspection and handling of Beijing Zhonglun (Shenzhen) Law Firm In the announcement on the Legal Opinion on Heertai’s First Extraordinary Shareholders’ Meeting in 2022, the title of “Extraordinary Shareholders’ Meeting” was written as “Death Shareholders’ Meeting” due to a typo, and the author of the document is suspected to be Beijing Zhonglun (Shenzhen) law office.
“Temporary” became “dying”. After the announcement was issued, the market was in an uproar. Although the erroneous documents were corrected in time, one stone caused a thousand waves. In response to the above situation, the Shenzhen Securities Regulatory Bureau carried out an on-site inspection of the firm on May 17, the day after the announcement was issued. The bureau said that it had noticed the media reports. Finally, in response to the problems found in the inspection, the Shenzhen Securities Regulatory Bureau took regulatory measures to order the firm to make corrections in accordance with the law on May 18, and took regulatory measures to issue warning letters to the three lawyers.
A paper ticket sounded the alarm bell for the industry
The Financial Associated Press noted that the above-mentioned fine is the first announcement of the Shenzhen Securities Regulatory Bureau to separately disclose regulatory measures in the work of the bureau since this year, and it is also a rare “lightning” penalty. Regarding the further reasons for issuing the fine, Shenzhen Securities Regulatory Bureau stated that, as important “gatekeepers” in the capital market, law firms and practicing lawyers should perform their duties diligently and conscientiously, provide professional and prudent legal services, and promote the improvement of the quality of information disclosure by listed companies .
The Shenzhen Securities Regulatory Bureau stated that it will continue to exert its supervisory force with relevant departments, strictly supervise and consolidate responsibilities, urge law firms and practicing lawyers to continuously improve their practice quality and compliance awareness, and escort the steady advancement of the reform of the stock issuance registration system.
It is worth mentioning that the reporter noticed that so far, the regulators have not taken regulatory measures against listed companies and Ertai, one of the parties involved. However, the company’s stock price has achieved two consecutive positives since May 17, ending the previous performance of several consecutive negative days. The latest data shows that the number of registered shareholders of Heertai is 71,900, which means that many ordinary investors have received real comfort.
The picture shows the recent stock price chart of Heertai. A lawyer in Shanghai who did not want to be named told Cailian Press that such oolong incidents are actually rare, which also sounded the alarm for listed companies and intermediary service agencies. All parties should Pay attention to this. At present, it seems that the negative impact of this incident is more of a reputational aspect and does not involve actual losses. However, if in the future, if there is a loss to shareholders due to errors or violations of the announcement, the shareholders can file a claim with the relevant responsible party.
Many lawyers and staff of listed companies interviewed also pointed out that the fine has brought a strong warning effect, especially in the follow-up proofreading of the text, and will be careful in the process of participating in the letter disclosure.
Regulations stress that lessons should be taken seriously
The Financial Associated Press noticed that the erroneous version released by Heertai was updated in time on the evening of May 16, but there were low-level errors in the updated announcement. The copy, signed by the lawyer of the firm and affixed with the official seal, will take effect.” There are two periods after the sentence.
The picture shows the latest version of the “Legal Opinion” issued by Heertai. On the evening of May 18, lawyers could still be found who confessed to reporters that although mistakes should be criticized, specific issues should be analyzed in detail. Which link was wrong this time? Further observation is required, “a temporary clerical error is rare.”
Public information shows that Zhong Lun Law Firm was founded in 1993 and is one of the earliest partnership law firms approved by the Ministry of Justice of China. After several years of rapid and steady development, Zhong Lun has become the largest comprehensive law firm in China. One of the law firms. Zhong Lun has offices in Beijing, Shanghai, Shenzhen, Guangzhou, Wuhan, Tokyo and Hong Kong, as well as overseas countries. Wind data shows that as of now, Beijing Zhonglun Law Firm has[注：包括北京市中伦（深圳）律师事务所）]Served as legal counsel for 355 A-share listed companies.
The picture shows the fine issued by the Guangdong Securities Regulatory Bureau in December 2021. Cailian News Agency noticed that on December 23, 2021, the Guangdong Securities Regulatory Bureau issued a notice to Beijing Zhonglun Law Firm, Xiong Chuan, Wang Zhen, Zhou Defang, Ye Yunting and others. Take the decision to issue a warning letter. The Guangdong Securities Regulatory Bureau pointed out that Beijing Zhonglun Law Firm has issued two legal opinions in the practice of securities legal business related to the listed company Zhidu Shares, and the content of the legal opinion is inconsistent with the facts, and it has not fulfilled the obligations of verification and verification diligently and prudently. Violations.
The bureau stated that the above-mentioned institutions and personnel should earnestly learn lessons, strictly perform their legal duties, strengthen the management of lawyers’ securities legal business, and improve the quality and professional level of legal practice.