On December 13, 2024, “Seminar on Hot Issues of Finance, Securities and Insurance” was held in Haikou under the guidance of Hainan Provincial Lawyers Association and jointly sponsored by Specialized Committee on Education, Training and Examination and Financial, Securities and Insurance Professional Committee. Zhao Qilong, senior partner of Beijing Kyoto Law Firm, gave a speech on “securities misrepresentation problems”.

The seminar was supported by Guohao Law Firm (Hainan) and Beijing Kyoto Law Firm (Haikou). The conference aimed to discuss the hot issues in the fields of finance, securities and insurance, and to provide a platform for lawyers to communicate and cooperate with each other. A number of renowned lawyers and industry experts gave keynote speeches, attracting more than 140 practicing lawyers and trainee lawyers in the province to attend the conference.

Liu Ninggang, supervisor of Hainan Provincial Lawyers Association, and Wang Longkui, vice president, attended the seminar and delivered a speech. The meeting was presided over by Fu Hengsheng, director of the Finance, Securities and Insurance Professional Committee of Hainan Provincial Lawyers Association.

In the keynote speeches, Li Qiang, Managing Partner of Guoco Law Firm and Managing Partner of Guoco Law (Shanghai) Firm, Feng Xiuhua, Member of Finance Committee of the National Lawyers Association and Partner of Guoco Law (Beijing) Firm, and Han Jian, Tutor of Master of Laws Degree of Jiangxi University of Finance and Economics and Managing Partner of Guoco Law (Nanchang) Firm focused on the interpretation of the “Recent Policies of Securities Supervision and M&A Han Jian shared his views on “Interpretation of Recent Securities Regulation and M&A and Reorganization Policies”, “Litigation Matters in Insurance Subrogation Claims Cases”, and “Issues Related to the Determination of Trustee Liability in Bank Credit Disputes”.

Zhao Qilong, Senior Partner of Beijing Kyoto Law Firm and Director of Kyoto Civil and Commercial Research Center, gave a speech on “Difficult Issues of Securities Misrepresentation”, analyzing in detail the difficult issues and response strategies in securities misrepresentation cases.

Mr. Zhao Qilong pointed out in his speech that under the current economic situation, the high-quality development of listed companies is crucial to the development and promotion of China's socialist market economy, and that the quality of listed companies in China is not particularly high at present, and that it is necessary to strengthen the financial supervision, enhance the judicial crackdown on securities violations and misrepresentation of securities, protect the interests of small and medium-sized investors, and boost the confidence of the capital market. Especially in the case of securities misrepresentation, focusing on combating the “first evil”, punishing the “accomplices”, consolidating the intermediaries of the duty of diligence and fulfillment of the “gatekeeper” duties. Zhao Qilong told the court hearing securities misrepresentation cases will generally focus on “three days a price”, “the significance of the misrepresentation behavior”, “transaction causation and loss causation” and other focus issues, and also shared the trial of the case, the court will focus on the “three days a price”, “the significance of the misrepresentation behavior”. It also shared some of the key issues in such cases, such as the impact of systemic risk on loss causation, whether losses caused by non-systemic risk should be deducted, the impact of non-public offerings on the secondary market, whether the principle of “constructive reliance” applies to institutional investors, and the principle and practice of liability allocation in majority infringement. and whether there is a right of recovery.

The seminar provided a valuable learning opportunity for the participating lawyers and promoted the communication and cooperation among peers in the industry. Participating lawyers said that through this seminar, they not only understood the latest development and policy direction in the field of finance, securities and insurance, but also broadened their horizons, improved their professionalism, and provided powerful help and support for their future work.