On May 17, the Xiangyuan Culture (formerly Wanjia Culture) announcement disclosed the progress of the company’s lawsuit. According to the announcement, the company, Longwei Media, Kong Deyong (Chairman of Xiangyuan Culture), Zhao Wei (Executive Director and General Manager of Longwei Media) and other cases involving disputes concerning false claims of securities have been pronounced, and the Hangzhou Intermediate People’s Court of Zhejiang Province has ruled the company. The plaintiff was compensated for 796,000 yuan (RMB, the same below).

Earlier, Zhao Wei and the listed company Xiangyuan Culture involved in the false statement of securities, one of which had been arbitrated by the Hangzhou Intermediate People’s Court to win the case. Zhao Wei also has to bear joint responsibility.

The Hangzhou Intermediate People’s Court ruled that: 1. The defendant shall compensate the plaintiff for compensation of RMB 796,011.53 within 10 days from the effective date of this judgment; 2. The co-defendant shall be jointly and severally liable for the debts stipulated in the above litigation case; 3. Reject the remaining litigation claims of the plaintiff; 4. The case acceptance fee shall be borne by the plaintiff in the total amount of RMB 7,436, and the defendant shall be responsible for a total of RMB 15,843.

As of the announcement date, Xiangyuan Culture received a total of 544 cases of false claims liability disputes (including 55 cases withdrawn), and the total amount of litigation was 57.762 million yuan, of which 506 cases have been heard and 48 have received first-instance judgments. Others have not yet held a court or judgment. In response to the 48 cases in which the judgment has been received, except for 6 cases, the court rejected the plaintiff’s claim, the company has appealed to the Zhejiang Higher People’s Court for the remaining cases within the statutory time limit (currently, the appeal has been filed 34 Since then, the Zhejiang Higher People’s Court has accepted 16 cases.

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