The Foshan Lighting claim case was heard for the first time. After the quarrel, both parties expressed intention to mediate.

Foshan Lighting’s high-profile shareholder claim case against Foshan Lighting opened in the Guangzhou Intermediate People’s Court yesterday. Lawyers from investors and companies engaged in heated discussions during the trial, arguing over whether the company constituted a false statement, whether there was a systemic risk, the amount of compensation, and other controversial issues. However, at the end of the trial, both parties expressed their willingness to settle. Foshan Lighting's attorney said that a mediation plan may be provided within a week. The first trial of the case sent an optimistic and positive message. There were many spectators, and investors were listening and taking notes As a securities compensation case with a rare large number of participants and a huge claim amount in recent years, every move in the Foshan Lighting claim case affects the hearts of investors. The court session opened yesterday. A total of two attorneys for the plaintiff attended the trial. 515 investors were represented, and the amount of claims exceeded 70 million. Yesterday was the first court session of the case, which also attracted many observers. The "Investment Express" reporter noticed that the Guangzhou Intermediate People's Court arranged for a medium-sized civil court to hear the case. Media reporters and human rights lawyers who went to "watch" filled the auditorium seats early. Until some time after the trial started, there were still observers entering the court and standing throughout the hearing. In addition to journalists and lawyers, there are also investors. An investor with some gray hair took out a small book to record while listening. Cases are open from 9 a.m. to 1 p.m. Systemic risk is the focus of controversy and full of gunpowder In the court yesterday, the focus of dispute between the lawyers of both the original and the defendant included: whether Foshan Lighting Company made false statements, whether investors suffered losses, whether there was a correlation between investor losses and company behavior, and how the loss calculation method should be determined. The attorney for the defendant company stated that Foshan Lighting did not make false statements and no compensation was required. The reason is that the company's matters involved in the case were only omissions and there was no human fraud. Key transactions worth tens of millions are insignificant compared to the company's total assets and cannot constitute a "major matter" as stipulated in the law. It is not enough to affect financial indicators and stock price trends. In addition, the attorney also stated that 100% of investors' losses were caused by systemic risks. In one breath, he cited a number of reasons that affect systemic risks, such as China's macroeconomic situation, the European debt crisis, inflation, the lifting of the ban on large and small non-profits, industry risks, weakening company fundamentals and a series of other factors. "A small flaw in the disclosure of information." Foshan Lighting's attorney described the company's punishment by the China Securities Regulatory Commission. In response to the strong attitude shown by the plaintiff’s lawyer, the investor’s attorney also started to argue. Wu Lijun, one of the lawyers representing shareholders, said that this case meets the characteristics of a major violation of regulations. "Foshan Lighting has as many as 16 related companies and 9 related transactions that have not been disclosed in accordance with the law. Many of the parties involved in related matters are related to the company's chairman. Related transactions that have not been reviewed and disclosed in accordance with the law are very harmful, and related transactions are the most likely to convey benefits. "Lawyer Wu Lijun said in court, "The other party's lawyer stated many times during the debate that 'related transactions and administrative penalties have no impact on Foshan Lighting's stock price, and all the violations in this case are just minor matters. ' If this is the company's true intention, it should apologize to investors. " Wang Zhibin, the attorney for another group of investors, also refuted the systemic risk views of the company’s attorney. He said that one of the sources of systemic risks listed by the other party is the European debt crisis - the stock trends in European and American countries have been good in the past three years. How will the European debt crisis affect the stock price trends of A-shares and Foshan Lighting? During the implementation and disclosure stage of the company's violations discussed by the two parties, Foshan Lighting Company's electronics industry has almost no decline, the company's net asset income has increased year by year, and there are no industry risks or company fundamental problems. At this particular stage, the Shenzhen Component Index fell only 4.48%, but Foshan Lighting's share price fell more than 46%. Lawyer Wang said that the high buying before the company's violations were revealed and the low selling after the disclosure were the source and essence of investors' heavy losses. Both parties are willing to mediate or will release a plan within a week After going through the stages of evidence, cross-examination, court debate, and final statement, the adjustment link that investors are most concerned about has finally arrived. When the presiding judge asked both parties whether they accepted mediation, both investors' attorneys agreed to mediation, while Foshan Lighting's attorney said in court that there was an intention to mediate, but there was no specific plan. Subsequently, the presiding judge expressed the hope that the company would come up with a mediation plan within a week. The first court session saw the dawn of mediation, which undoubtedly served as a booster for investors who had already participated in the claim, and also provided important reference value for investors who were still waiting to see. In fact, investors who bought Foshan Lighting stocks from July 15, 2010 to July 5, 2012 (inclusive), sold or continued to hold the stocks on or after July 6, 2012, and suffered losses from the investment difference are all within the scope of this claim. The statute of limitations for the case ends in March 2015. Investors who participated in the lawsuit before then have the opportunity to obtain compensation.