Kangmei Pharmaceutical's bankruptcy and reorganization closed debts 100% to pay off
more than 50,000 injured investors received a total of 2.459 billion yuan in compensation
The Intermediate People's Court of Jieyang City, Guangdong Province ruled on December 29 that the bankruptcy and reorganization plan of Kangmei Pharmaceutical Co., Ltd. was completed and the reorganization procedure was terminated.
After review by Jieyang Intermediate People's Court, all the debts of Kangmei Pharmaceutical have been 100% repaid through cash, shares, trust equity and other methods.
At this point, the bankruptcy and reorganization of Kangmei Pharmaceuticals closed the case to achieve the reorganization goal as scheduled.
According to a reporter from Beijing Youth Daily, a week ago, the special representative lawsuit of the pharmaceutical industry entered the execution stage, and more than 50,000 victims of investors will receive a total of 2.459 billion yuan in compensation in cash and debt-to-equity swaps.
Beginning this Monday, investors have successively received compensation payments.
In less than eight months, the country's first securities class action case was successfully concluded, and the era of low-cost fraud by listed companies has become history.
The verdict showed that the maximum amount of damage exceeded 200 million yuan.
Investor Ms. Liu is one of them.
In 2017, she bought the shares of Kangmei Pharmaceutical for the first time, and after that, she bought it many times, and the holding cost has been above 20 yuan.
Finally, in 2019, she cleared all the stocks at a floor price of 3.15 yuan.
In April of this year, with the launch of the Special Representative's proceedings, Ms. Liu was included as one of the plaintiffs.
Eight months later, she received compensation: a loss of 180,000 yuan. After excluding the influence factors caused by the rise and fall of the market, the identified loss was nearly 70,000 yuan.
A reporter from the Beijing Youth Daily learned that the method of investor compensation in the Kangmei case is divided by 500,000 yuan.
Among the more than 50,000 victims, most were small and medium investors, and only about 300 individuals and organizations suffered losses of more than 500,000 yuan.
Zhu Xiayi, a partner of Shanghai Huazun Law Firm, said that the loss of investors below 500,000 will be paid in full in cash in one lump sum, and the damaged part of more than 500,000 will be converted into cash and debt-to-equity, as well as trust income, etc. Compensation in a comprehensive way.
According to estimates, all investors will receive more than 970 million yuan in cash, 141 million shares of stocks, and more than 70 million shares of trust income rights.
After the Kangmei case came to an end, the CSI Small and Medium-sized Investor Service Center stated that it will continue to promote the normalization of special representative litigation and has started a new pilot in Shanghai.
The small and medium-sized investors who won the lawsuit against the Kangmei Pharmaceutical Special Representative earlier also successfully received compensation.
It is understood that on November 12 this year, the Guangzhou Intermediate People's Court made the first-instance judgment of the Kangmei Pharmaceutical Special Representative Litigation. Because the plaintiff representative service center, the plaintiff investors and the defendants did not appeal within the statutory time limit, the first-instance judgment became effective subsequently. .
Text/Reporter Liu Shenliang
The first securities collective
Litigation case closed
The Intermediate People's Court of Jieyang City, Guangdong Province ruled on December 29 that the bankruptcy and reorganization plan of Kangmei Pharmaceutical Co., Ltd. was completed and the reorganization procedure was terminated.