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On October 14, 2025, as Guangdong Huatie Tongda High-Speed Railway Equipment Corporation (000976) failed to proactively pay compensation despite investors winning in the second trial, the case brought by investors represented by lawyer Xu Feng from Shanghai Jiucheng Law Firm has applied for compulsory enforcement from the court. Lawyer Xu's team has previously achieved favorable court rulings in similar cases, and they are currently working on filing additional cases and continue to accept compensation cases from investors.
On the evening of May 10, 2024, Guangdong Huatie Tongda announced receipt of the Administrative Penalty Decision issued by the Guangdong Regulatory Bureau of the China Securities Regulatory Commission (CSRC). Investigations revealed the following violations by the company and its official Xuan Ruiguo: 1. The annual reports for 2020 and 2021 contained false information. 2. The company failed to disclose related-party transactions properly, and its annual reports for 2019, 2020, 2021, and 2022 had significant omissions.
According to lawyer Xu, investors who purchased Guangdong Huatie Tongda stocks between April 26, 2019, and April 29, 2023, and sold or held the stocks after April 29, 2023, may still initiate claims.
Additionally, on October 14, 2025, lawyer Xu submitted another filing to the court regarding the claims of investors in Hainan Poly Pharm. Some compensation cases for Hainan Poly Pharm (300630) have received a quantitative report delivered by the Haikou Intermediate People's Court, and the lawyer's team is awaiting further arrangements from the court while still accepting claims from other investors.
On March 21, 2025, Hainan Poly Pharm announced that it received an Administrative Penalty Decision from the CSRC on January 4, 2025. Investigations found that from 2021 to 2022, Hainan Poly Pharm falsely recognized drug sales revenue and profits by fabricating sales of finished and raw materials. Specifically, in 2021, it overstated operating income by 436,606,838.34 yuan, accounting for 28.94% of the disclosed revenue that year, leading to an exaggerated profit of 308,018,435.49 yuan, which constituted 65.88% of that year’s revealed total profit. In 2022, the company overstated operating income by 456,639,341.72 yuan, representing 25.28% of the disclosed revenue, with an exaggerated profit totaling 387,417,257.52 yuan, constituting 88.27% of the disclosed profits for that year.
Lawyer Xu, the director of Shanghai Jiucheng Law Firm, states that based on these violations and according to securities law, investors who bought Hainan Poly Pharm stocks between April 26, 2022, and April 17, 2024, and sold or continued to hold stocks after April 17, 2024, may still file for compensation.