Shanghai Financial Court Explains its Key Role on STAR Market Anniversary

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Shanghai Financial Court

The Shanghai Financial Court on Monday marked the fifth anniversary of China’s tech-savvy STAR Market by releasing details of five typical securities cases involving companies listed on the bourse.

The court, designated by the Supreme People’s Court to deal with cases involving the Shanghai Stock Exchange’s Nasdaq-like STAR market, handled its first securities fraud case in March 2022.

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The Shanghai Financial Court celebrated the STAR Market’s fifth anniversary by detailing five key securities cases.
Since March 2022, the court has handled over 300 cases involving 16 companies, with disputes totalling 1.4 billion yuan ($192 million).
The court highlighted its role in ensuring fair and efficient judicial services, including China’s first securities class action settlement and mechanisms for better investor protection and company compliance.

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Who’s Who

Essence Information Technology Co. Ltd.: Essence Information Technology Co. Ltd., based in Tianjin, was sued by the China Securities Investor Services Center (ISC) in April 2023 for false statements about a CSCR investigation and penalty, causing investor losses. The case led to a 280 million-yuan settlement for 7,195 investors, marking China's first securities class action settlement.

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What Happened When

March 2022：: The Shanghai Financial Court handled its first securities fraud case.

April 2023：: China Securities Investor Services Center (ISC) sued Essence Information Technology Co. Ltd. and its executives over false statements.