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4月25日,上海金融法院公开宣判原告刘某某、郑某某诉被告上海金某泰化工股份有限公司(以下简称金某泰)、袁某、罗某证券虚假陈述责任纠纷一案。

该案是2019年修订《中华人民共和国证券法》以来,全国首例因上市公司董监高(上市公司董事、监事和高级管理人员的简称)未履行公开增持承诺引发的证券侵权纠纷案件。本案采用示范判决机制进行审理。

金某泰系深圳证券交易所A股上市公司。2021年6月15日,金某泰发布公告,称公司董事兼总裁袁某、控股子公司总经理罗某计划在6个月内增持金某泰股份,增持金额合计不低于3亿元。后金某泰两次发布公告,称袁某、罗某上述增持承诺履行期限分别延期至2022年6月15日、9月30日。2022年9月30日盘后,金某泰公告称袁某、罗某未能在延期期间完成增持计划。同年10月20日,中国证券监督管理委员会上海监管局对袁某、罗某采取出具警示函的行政监管措施。同年12月21日,深圳证券交易所作出《关于对袁某、罗某给予公开谴责处分的决定》。

原告刘某某、郑某某主张其因上述股份增持承诺购买了金某泰股票,而袁某、罗某未履行承诺,构成证券虚假陈述行为,要求金某泰、袁某、罗某共同赔偿投资差额损失、佣金损失等共计900余万元。

被告金某泰辩称:其并非被采取行政监管措施的主体,针对被告袁某、罗某增持股份的全过程,公司及时、真实、准确、完整地发布了公告,不存在信息披露违法违规行为,且已就增持延期事宜及时召开董事会、监事会和股东大会审议,程序合法合规。

被告袁某、罗某共同辩称:两被告已经根据规定及时将增持意愿、资金筹措情况及因资金筹措困难导致延期等情况书面告知金某泰,因客观上履行能力不足,无法再履行增持承诺,不存在主观上“忽悠式增持”的故意或过失,对此,公司也及时发布了公告。股价下跌主要是由于市场整体及企业自身经营等其他情况导致,并非两被告不履行增持承诺导致。

庭审中,各方当事人围绕公开承诺增持行为的法律性质、责任构成要件、责任承担等主要争议焦点进行了举证、质证和辩论。

上海金融法院经审理认为,首先,公开承诺包括股份限售承诺、业绩承诺、股份增(减)持承诺、分红承诺、股份回购承诺、法定义务重述承诺等多种类型,不履行公开承诺的法律责任属性无法一以概之,应结合承诺主体及内容、相对人确定与否、未履行承诺的原因、承诺主体的过错等因素综合予以考量,可能构成虚假陈述、操纵市场等典型证券侵权行为,也可能无法归入证券特殊侵权范畴,抑或是构成违约行为。其次,就本案诉争的公开增持承诺是否构成证券虚假陈述行为,应结合证券市场股票增持的行为特点、公开增持承诺的行为性质,以及被告方作出增持承诺时的履约准备、两次延期事由、未履行承诺原因、有无免责事由等因素综合判断。本案中,袁某、罗某在首次作出增持承诺时并无资金准备,在后续延期过程中亦未积极筹措资金,且在面对交易所质询时以过桥资金制作“虚假”存款证明,故难以认定其有增持的真实意愿。从增持主体、承诺增持金额、市场影响力等角度看,袁某、罗某公开增持承诺信息的披露,对证券市场和投资者预期产生严重误导,其所主张的未能履行增持承诺的抗辩理由明显不合理,故虚假陈述行为成立且具有重大性。再次,公开承诺人袁某、罗某为法定信息披露义务人,而非金某泰。从信息披露的全过程看,金某泰尽到了基本的审查义务,亦无证据证明金某泰明知或应知袁某、罗某存在虚假陈述,故不应承担案涉虚假陈述行为的民事赔偿责任。

综上,经委托第三方机构损失核定,上海金融法院一审判令被告袁某、罗某共同赔偿原告刘某某投资损失506,130.96元,共同赔偿原告郑某某投资损失277,406.42元。

  美

  来源:金十数据

  日本财务大臣当面告诉贝森特,美国最近的关税措施非常令人遗憾,并强烈敦促华盛顿方面重新考虑。

  日本财务大臣加藤胜信(KatsunobuKato)表示,周四他与美国财政部长贝森特的会谈中,根本没有提及具体的汇率目标,但他确实强烈敦促美方重新考虑其关税措施。

  加藤表示:“美方完全没有谈论汇率的目标水平,也没有谈论管理货币的框架。”加藤补充说,双方确认将继续就正在进行的双边贸易谈判密切讨论货币问题。

  这是加藤和贝森特首次面对面会谈,此前两人曾在今年1月进行过在线会晤。会谈前,外界猜测美方可能寻求日方在汇率问题上做出一些让步,因为特朗普曾多次指责日本利用日元疲软来获得竞争性贸易优势。

  贝森特曾在对冲基金经理生涯中专注于货币领域,他在周三被问及是否在与日本接触时寻求此类目标时表示,“绝对没有货币目标”。

  加藤表示,他和贝森特在会谈中还确认,汇率“应由市场决定,且过度波动可能对经济和金融稳定产生负面影响”。

  加藤还表示,他告诉贝森特,美国最近的关税措施非常令人遗憾,并强烈敦促华盛顿方面重新考虑。

  特朗普已任命贝森特——他与日本有着数十年的渊源——作为与东京进行贸易谈判的代表。世界各国都在关注这些谈判,将其视为其他国家未来可能如何应对的试金石。观察人士也在关注新协议是否会涉及货币问题。

  今年以来,日元兑美元已升值约10%,是G10货币中表现最好的货币之一。日元走强首先是由于市场押注日本央行将继续加息,最近则是在美国资产波动期间作为避险资产受到青睐。

  自贝森特将货币问题与非关税壁垒和补贴一起列为希望与日本讨论的领域以来,日元出现了剧烈波动。另外,特朗普上个月指责中国和日本的汇率做法让美国处于不利地位。

  本周,日元再次剧烈波动,周二在东京交易时段一度升至去年9月以来的最高水平,随后回落,因为交易员权衡了特朗普及其政府在关税和美联储问题上不断变化的信号。

  风险提示及免责条款:市场有风险,投资需谨慎。本文不构成个人投资建议,也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资,责任自负。

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