Shanghai Financial Court: By the end of 2024, a total of more than 18,000 securities misrepresentation liability disputes were accepted, with financial fraud cases accounting for over 30%.

On August 20th, the Shanghai Financial Court issued a "Report on Legal Risks Prevention of Securities False Statements Responsibility Disputes", which showed that by the end of 2024, the Shanghai Financial Court had received a total of 18,040 cases involving securities false statements responsibility disputes, with a total amount of 7.646 billion yuan. Among them, the number of false statements involving financial information accounted for more than one-third, including false income, false cost expenses, false cash flow, and misuse of accounting estimates to adjust profits and losses. The report also indicated that the number of listed companies and other issuing entities sued reached 77, involving multiple market segments such as the Shanghai and Shenzhen main boards, the Science and Technology Innovation Board, the Growth Enterprise Market, the New Third Board, and the interbank market. In addition to listed companies or other issuing entities, the number of defendants in investor lawsuits against controlling shareholders, actual controllers, directors, supervisors, intermediary agencies, and collaborators in the false statements has significantly increased. In terms of investor structure, there were a total of 26,956 investors, with individuals accounting for 99.74% and institutional investors only accounting for 0.26%.