Caixin
May 28, 2022 04:12 AM
BUSINESS

Kangmei Investors Collect $364 Million in First Class-Action Judgment

What’s new: China’s scandal-plagued drugmaker Kangmei Pharmaceutical Co. Ltd. (600518.SH) paid 2.46 billion yuan ($364 million) in compensation to investors, closing the country’s first securities class-action lawsuit against a fraudulent issuer.

More than 52,000 Kangmei investors received cash payments under the company’s reorganization plan, according to Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC), at a briefing Friday.

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