Dehehantong hosted a special roundtable seminar on "Protection of Small and Medium-sized Investors in the Capital Market and Internal Compensation Mechanism for False Statements"

On December 15, 2025, a special roundtable seminar on "Protection of Small and Medium-sized Investors in the Capital Market and Internal Compensation Mechanism for False Statements" was successfully held, hosted by the Securities Compliance and Dispute Professional Committee of the Shanghai Bar Association and organized by Dehehantong Law Firm and the Shanghai Financial and Securities Dispute Business Committee of Dehe Hantong. The event was hosted by Lawyer Li Yuancao, a partner of the Shanghai office of Dehehantong.

This meeting focuses on new trends in securities false statement litigation and the construction of internal recovery mechanisms, intensifying the crackdown on illegal acts that seriously infringe upon investors' rights and interests, and severely rectifying all kinds of market chaos that are not conducive to investor protection. The aim is to promote the in-depth integration of policy interpretation and rights protection practice Help practitioners accurately grasp the key nodes and operational paths in the entire chain of protecting small and medium-sized investors.

01 Opening Remarks

Lawyer Zhang Hengtong, founding partner of Dehehantong, delivered the opening speech. Lawyer Zhang Hengtong extended a warm welcome to the attending leaders, guests and colleagues, and briefly introduced the development history of Dehehantong. He stated that the capital market and financial dispute fields, which have relatively high professional requirements, have always been the key business areas that Dehehantong focuses on and develops. He hopes that through in-depth exchanges at this seminar, consensus can be reached, not only to answer specific questions and solve doubts, but also to contribute the strength of legal professionals to the development of China's capital market and finance.

02 Special Roundtable Seminar

Lawyers from several top domestic law firms, public interest lawyers from the China Securities Investor Service Center, and professionals from financial institutions, among other industry experts, engaged in in-depth discussions on two core roundtable topics: "Protection of Small and Medium-sized Investors in the Capital Market" and "Construction and Improvement of Internal Compensation Mechanisms for False Statements", sparking intellectual exchanges.

Round Table One: Protection of Small and Medium-sized Investors in the Capital Market

Roundtable Forum One was hosted by Lawyer Sun Hong, a member of the Securities Compliance and Dispute Committee of the Shanghai Bar Association, a partner of the Shanghai office of Dehehantong, and the co-director of the Shanghai Financial and Securities Dispute Business Committee of Dehehantong. Lawyer Sun Chao, a member of the Securities Compliance and Dispute Committee of the Shanghai Bar Association and a senior partner of Beijing Haotian (Shanghai) Law Firm, and Lawyer Wang Wenjun, a member of the Securities Compliance and Dispute Committee of the Shanghai Bar Association and a partner of Zhide Law Firm, As guests, senior partner and member of the management committee of Shanghai Haosin Law Firm, public interest lawyer and Xiaoke lawyer of the China Securities Investor Service Center, and Zhou Yongqiang, partner of Beijing Deheng Law Offices and deputy secretary-general of the Compliance and Regulatory Legal Service Center of Deheng Securities, delivered wonderful sharing and exchanges on the theme of "Protection of Small and Medium-sized Investors in the Capital Market".

Lawyer Sun Chao shared practical experience regarding the clause in the "Several Provisions" that "the legal responsibilities of the issuer and its controlling shareholders, actual controllers, relevant intermediary institutions, and third parties who incite or assist in the implementation of financial information disclosure fraud shall be strictly pursued in accordance with the law." Lawyer Wang Wenjun analyzed the boundary between the continuous supervision obligation of the sponsor and the civil liability for false statements. Lawyer He Xiaoke, from his unique perspective as a public welfare lawyer for small and medium-sized investor services, interpreted the implementation of the "strengthening the exemplary and leading role of investor protection institutions" in the "Several Opinions". Lawyer Zhou Yongqiang has long handled administrative cases related to securities regulation. He offers professional insights on the improvement of the "administrative and judicial collaborative guarantee mechanism".

Lawyer Li Amin, deputy director of the Securities Compliance and Dispute Committee of the Shanghai Bar Association and a partner of the Shanghai Branch of Beijing Tongshang Law Firm, made comments. He believed that the sharing content of the guests contained multiple perspectives, reminding lawyers to perform their duties with caution based on specific cases. He thought that the discussion was of both theoretical and practical height, and was both wonderful and profound. It explains the legal key points of protecting small and medium-sized investors in the capital market from multiple aspects.

Round Table Two: Construction and Improvement of Internal Compensation Mechanism for False Statements

The second roundtable forum was hosted by Lawyer Wang Yiping, a partner of the Shanghai office of Dehehantong and the director of the Shanghai Financial and Securities Dispute Business Committee of Dehehantong. Lawyer Feng Lu, a member of the Securities Compliance and Dispute Committee of the Shanghai Bar Association and a partner of Shanghai Fangda Law Firm, is also a member of the Securities Compliance and Dispute Committee of the Shanghai Bar Association, a senior lawyer at the Shanghai Branch of King & Wood Mallesons, and a director of the Securities Law Research Society of the China Law Society. Lawyer Wang Xiaoqian, a business partner of Deheng Shanghai Law Offices, an arbitrator of the Shanghai Arbitration Commission and a mediator of the Shanghai International Arbitration Center, and Mr. Wang Sensen, the investment general manager of Suzhou Yidian Capital Asset Management Co., LTD., as guests, delivered wonderful presentations and exchanges on the theme of "The Construction and Improvement of the Internal Recovery Mechanism for False Statements".

Lawyer Feng Lu discussed issues such as the division of internal recovery subjects in false statement cases and the sequence of different paths for accountability. At the same time, she put forward unique viewpoints on the specific allocation and calculation of responsibility ratios. A successful lawyer put forward his viewpoint from the perspective of "ultimate attribution of responsibility", and he gave a detailed interpretation of the issue of the responsible party for false statements. Starting from the provisions on joint liability in Article 178 of the Civil Code, Lawyer Wang Xiaoqian made a detailed analysis of the impact of the previous case on internal recovery. Mr. Wang Sensen, as an employee of a financial institution, discusses the issue of responsibility sharing in internal recovery procedures from the perspectives of responsibility sharing in administrative procedures and drawing on foreign experience.

Ma Hongwei, deputy director of the Securities Compliance and Dispute Committee of the Shanghai Bar Association and a partner of Beijing Dacheng (Shanghai) Law Firm, made comments. He believed that the sharing of the guests present had very profound theoretical and practical significance. It discussed the specific issue of how to calculate the internal liability ratio and had profound inspiration for how to deal with internal compensation cases of securities false statements.

03 Summary and Outlook

Lawyer Huang Jiangdong, the director of the Securities Compliance and Dispute Committee of the Shanghai Bar Association and a partner of Guohao Law Firm, and Lawyer Qiu Wenyu, the director of the Shanghai Management Committee of Dehehantong and a member of the National Management Committee of Dehehantong, made summaries and prospects.

Lawyer Huang Jiangdong believes that the topics of this seminar combine policy height and practical depth. They not only cover the interpretation of the latest policies such as the "Several Opinions", but also focus on practical difficulties such as internal compensation for false statements and accountability for third-party fraud, providing a valuable platform for experience exchange for legal practitioners.

Lawyer Qiu Wenyu expressed his gratitude to all the leaders and experts who came to offer guidance. He also shared his previous practical experience in handling securities false statement cases and looked forward to more colleagues coming to Dehehantong for exchanges and discussions in the future. Dehehantong will continue to welcome all colleagues with an open attitude.

This meeting has established a platform for sharing experiences and exchanging information among colleagues, effectively promoting the implementation of a comprehensive legal service plan for the capital market. In the future, Dehehantong will continue to uphold the philosophy of "diligence, craftsmanship, and excellence", taking this meeting as an opportunity to deepen its professional capabilities in areas such as internal compensation for false statement litigation and investor rights protection, and contribute more to maintaining fairness and justice in the capital market and protecting the legitimate rights and interests of small and medium-sized investors.