Our news (reported by Zhu Yan): After the final determination of Huang Guangyu's insider trading charges, four investors sued Mr. and Mrs. Huang in the Second Intermediate People's Court for a compensation of 7 million yuan. In response, Mr. Huang raised an objection to jurisdiction, arguing that the case should be heard in the First Intermediate People's Court. Recently, Zhang Yuanzhong, the attorney representing the investors, stated that he received the ruling from the Second Intermediate Court last Friday dismissing the objection to jurisdiction, meaning that the case will continue to be tried in the Second Intermediate Court.
One investor withdrew the lawsuit while four others refiled:
In August last year, after Huang Guangyu was finally convicted of insider trading, Li became the first investor to file a civil claim against Huang Guangyu. In his complaint, Li claimed that on June 13, 2007, he purchased 500 shares of Zhongguancun Technology stock at 10.39 yuan per share, and two days later sold all of them at 10.08 yuan per share, resulting in a loss of 155 yuan. Subsequently, Li's representative Zhang Yuanzhong announced the withdrawal of the lawsuit. Not long after, four investors, including Li, refiled the lawsuit, this time increasing the claim amount to 7 million yuan.
It is understood that in July 2011, when Li sued Huang Guangyu and others, Huang Guangyu had raised an objection to jurisdiction, but after more than two months, Huang Guangyu and others withdrew their jurisdictional objection.
Huang Guangyu repeatedly raises objections:
Subsequently, the court determined that the hearing date for the case of Li and three other investors suing Mr. and Mrs. Huang would be December 15, 2011. Immediately thereafter, Huang Guangyu and others once again raised a jurisdictional objection, causing the trial to be interrupted and further delaying the proceedings.
Attorney Zhang Yuanzhong, representing Li and other investors, stated that the reason given by Mr. and Mrs. Huang was that their place of residence was in Xicheng District, so the case should fall under the jurisdiction of the Beijing No. 1 Intermediate People's Court. However, the court found that their habitual residence was in Chaoyang District, and therefore the Second Intermediate Court had jurisdiction, leading to the dismissal of their application.
Regarding Huang Guangyu's abandonment of the first jurisdictional objection and then raising it again before the second hearing, Zhang Yuanzhong believed that the Huang side was delaying time, perhaps wanting to avoid the recent "crackdown" on insider trading by the China Securities Regulatory Commission.
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