Zhao Wei, Xiang Yuan culture and other defendants were sent to court for Securities Misrepresentation.

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 Zhao Wei, Xiang Yuan culture and other defendants were sent to court for Securities Misrepresentation.


On the evening of September 14, the listed company Xiangyuan Culture (formerly Wanjia Culture) announced that from June 30 to September 13 this year, the company has received the Courts Notice of Appeal, involving 96 cases of securities false statement liability disputes. In these disputes, some shareholders also listed Zhao Wei and Long Wei media as defendants.

In April 2018, the SFC punished Xiangyuan Culture, Longwei Culture, Zhao Wei, Huang Youlong, Zhao Zheng and Kong Deyong for information disclosure violations. Xiangyuan culture has announced several times since June, and some shareholders have taken the company and Zhao Wei and others to court.

According to Xiangyuan Culture, from August 22 to 12, Xiangyuan Culture received the Courts Notice of Appeal. 96 plaintiffs filed lawsuits with Hangzhou Intermediate Peoples Court respectively on the grounds of securities false statement liability disputes, demanding that Xiangyuan Culture bear civil compensation liability for the aforementioned information disclosure violations and the amount of lawsuits. The total amount is RMB 11 million 322 thousand yuan.

According to the details of the case disclosed by Xiangyuan Culture, 65 natural persons also listed Zhao Wei or Longwei Media as defendants in the above 96 lawsuits. At present, Xiangyuan culture has involved 440 cases of such securities false statement liability disputes, the total amount of litigation is RMB 55.8477 million yuan, 439 cases in addition to the cases have been withdrawn, the total amount of litigation is RMB 55.0857 million yuan. According to Xiangyuan Culture, on August 4, 2017, Mr. Kong Deyong, the original actual controller of the company, and Xiangyuan Holding Group Limited Company, the indirect controlling shareholder, made relevant commitments, the above litigation matters will not have a significant impact on the production and operation of the company. Source: Beijing News instant news editor: Cao Yi _NN5778

According to the details of the case disclosed by Xiangyuan Culture, 65 natural persons also listed Zhao Wei or Longwei Media as defendants in the above 96 lawsuits.

At present, Xiangyuan culture has involved 440 cases of such securities false statement liability disputes, the total amount of litigation is RMB 55.8477 million yuan, 439 cases in addition to the cases have been withdrawn, the total amount of litigation is RMB 55.0857 million yuan.

According to Xiangyuan Culture, on August 4, 2017, Mr. Kong Deyong, the original actual controller of the company, and Xiangyuan Holding Group Limited Company, the indirect controlling shareholder, made relevant commitments, the above litigation matters will not have a significant impact on the production and operation of the company.