Guangzhou Intermediate Court Rules in First Shareholder Class Action in China - HG.org

The increasing competence of China's courts is little heeded here.  Public focus in the U.S. is on fear of the Chinese behemoth and on deploring the garrison state treatment of Uyghurs in Xinjiang.  The winter Olympics are now threatened. - GWC

Guangzhou Intermediate Court Rules in First Shareholder Class Action in China - HG.org

On 12 November 12, the Guangzhou Intermediate People’s Court handed down a first instance judgment in the special representative litigation case against Kangmei Pharmaceutical Company Limited (hereinafter referred to as “Kangmei Pharmaceutical”), in which the CSI Small and Medium Investors Service Center ((hereinafter referred to as “the Investment Service Center”) was awarded approximately RMB 2.459 billion on behalf of the Plaintiffs, who numbered over 50,000 investors.

The case is the first special representative litigation case in China and is of great significance as a demonstration of the implementation of the new Securities Law and the Opinions of the Central Office and the State Office on the Strict Crackdown on Securities Illegal Activities in accordance with the Law, and is also a landmark case of groundbreaking significance in the history of the capital market, which is a milestone in promoting the deepening reform and healthy development of China’s capital market and effectively safeguarding the legitimate rights and interests of investors. In addition, this case marks the successful implementation of the Chinese style class action judicial practice featuring investors’ 

“implicit joining and explicit withdrawal”, which is a milestone in the history of China’s legal system and a new benchmark for the construction of the rule of law in the capital market.