The appeal hearing for the investor compensation case against Hainan Poly Pharm.Co.,Ltd. (300630), represented by lawyer Xu Feng from Shanghai Jiucheng Law Firm, has concluded at the Hainan Provincial High People's Court. The court's second-instance judgment is now awaited.

Previously, the first-instance judgment for the Hainan Poly Pharm investor compensation case represented by Lawyer Xu Feng was issued by the Haikou Intermediate People's Court, ruling in favor of the investors. The legal team is concurrently advancing the filing of subsequent cases and continues to accept mandates for claims from other affected investors.

On March 21, 2025, Hainan Poly Pharm announced that it had received the "Administrative Penalty Decision" from the China Securities Regulatory Commission (CSRC) on January 4, 2025. The investigation found that from 2021 to 2022, the company falsely confirmed pharmaceutical sales revenue and profits by fabricating sales of finished drugs and active pharmaceutical ingredients. Specifically, in 2021, it overstated operating revenue by 436,606,838.34 yuan, accounting for 28.94% of the disclosed revenue for that year, with corresponding overstated operating costs of 128,588,402.85 yuan, leading to an overstatement of total profit by 308,018,435.49 yuan, representing 65.88% of the disclosed total profit. In 2022, it overstated operating revenue by 456,639,341.72 yuan, accounting for 25.28% of the disclosed revenue, with corresponding overstated operating costs of 69,222,084.20 yuan, resulting in an overstatement of total profit by 387,417,257.52 yuan, which constituted 88.27% of the disclosed total profit.

Lawyer Xu Feng believes that, based on the previous favorable judgment for investors, individuals who purchased Hainan Poly Pharm stock between April 26, 2022, and April 17, 2024, and sold or continued to hold the stock after April 17, 2024, may still initiate claims.

Separately, on April 15, 2026, a new investor compensation case against Beijing Tongtech Co.,Ltd. (300379), also represented by Lawyer Xu Feng, was submitted for filing at the Beijing Financial Court.

The Beijing Tongtech investor compensation case represented by Lawyer Xu Feng has been accepted by the court and is pending further arrangements. The legal team is also continuing to accept mandates for claims from other investors.

On the evening of November 25, 2025, Beijing Tongtech announced it had received the "Administrative Penalty Decision" from the CSRC. The investigation confirmed the following illegal activities by the company: 1. The annual reports of Beijing Tongtech for 2019, 2020, 2021, and 2022 contained false records in their information disclosure. 2. The documents announced by Beijing Tongtech for a securities issuance contained major fabrications.

Lawyer Xu Feng, specializing in stock compensation legal affairs, believes that investors who purchased Beijing Tongtech stock between April 29, 2020, and April 15, 2025, and sold or continued to hold the stock after April 15, 2025, may still initiate claims.