Late at night on December 4, Huang Youlong posted on Weibo, reiterating his innocence and saying that he would use the law to defend his family. Then, Zhao Wei reposted the Weibo post and supported her husband.
In response, lawyer Zhao Ming, a partner of Beijing Zhongtong Law Firm, said in an interview with a reporter from Securities Daily that the China Securities Regulatory Commission has not issued a formal penalty decision yet, so Zhao Wei and his wife have not violated the law, at most they are suspected of illegal. However, judging from the current situation, it is almost impossible for Zhao Wei and his wife to overturn the accusations of the China Securities Regulatory Commission.
Implications for the powerful force behind public opinion
A month ago, Xiangyuan Culture made an announcement to publicly report the matter of Zhao Wei and his wife receiving the "Administrative Penalty and Market Ban" from the China Securities Regulatory Commission. The specific forms of punishment include two types: one is to impose a fine on all parties involved, with a total amount of 2.4 million yuan; the other is to ban the three people involved from entering the securities market, including film and television star Zhao Wei and his wife.
A stone caused a thousand waves, and suddenly the public opinion was marvelous. The public account of the overseas public account of the People's Daily published a long article to comment on the matter.
Subsequently, Shunlong Holdings, a husband of Zhao Wei, issued an announcement stating that the company's executive director, chairman and controlling shareholder Huang Youlong has planned to submit statements and defense opinions to the China Securities Regulatory Commission and requested a hearing.
This did not calm down public opinion, but instead made the voices of doubt even more surging, with reports pointing to Huang Youlong's mysterious source of wealth.
Recently, Huang Youlong once again made a public statement, accusing some media of false reports, "(I) have hired lawyers to collect evidence and will sue the rumor maker as quickly as possible and the powerful driving force behind it."
In addition, he also told Zhao Wei, "I hope to support your (Zhao Wei) career to a higher level through cultural listed companies. This is my original intention, but unfortunately things went against my wishes. Maybe I lack financial experience and am too optimistic about my ability and situation, but I have never had any illegal ideas or cross the moral bottom line to obtain wealth. I believe the law will investigate it clearly."
However, there are voices in the industry who believe that these words are for the 'audience', "Is it possible that he (Huang Youlong) does not have Zhao Wei's contact information, so he needs to speak on Weibo?"
The probability of turning the table is very low
From Huang Youlong's statement, we can see that he does not think he is illegal. Lawyer Zhao Ming believes that it is difficult to clear the suspicion of Zhao Wei and his wife breaking the law.
According to the "Administrative Penalty and Market Ban" issued to Xiangyuan Culture by the China Securities Regulatory Commission at that time, Zhao Wei and his wife had the right to apply for a hearing. The CSRC stated to the punished persons (including Zhao Wei and his wife, but not limited to Zhao Wei and his wife): "According to Articles 32, Article 42 of the Administrative Penalty Law of the People's Republic of China and Article 2 of the Administrative Penalty Hearing Rules of the China Securities Regulatory Commission, you have the right to state, defend and request a hearing regarding the administrative penalties and market ban decisions that I intend to impose on you. If the facts, reasons and evidence you have raised will be established by my association, I will adopt it. If you waive the right to state, defense and hearing, I will make a formal administrative penalties and market ban decisions based on the above facts, reasons and basis."
Judging from the current general trend, the China Securities Regulatory Commission made a penalty decision after conducting a careful investigation and protecting small and medium-sized investors. Zhao Ming said that in history, there have been many cases of punished persons suing the CSRC for revoking administrative penalties, but there is no precedent for a comeback.
At the same time, once the illegal behavior of Zhao Wei and his wife is confirmed, shareholders' claims will inevitably be avoided. Previously, Wang Zhibin, a lawyer at Shanghai Jiesai Law Firm, told Securities Daily that according to the facts determined by the China Securities Regulatory Commission, Longwei Media should bear the main responsibility in this incident. According to the provisions of the Securities Law, investors can file a lawsuit with Longwei Media, or file a claim lawsuit with Xiangyuan Culture, and can also file a lawsuit with Longwei Media and Xiangyuan Culture together. "We believe that investors who buy Xiangyuan Culture from January 12, 2017 to March 31, 2017 and still hold the stock on March 31, 2017 are eligible for claims. The main targets that investors can claim are Longwei Media, Wanjia Culture and Kong Deyong." (Source: Securities Daily-Capital Securities Network)
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