China's capital market continues to deepen reform, and the supervision and supervision of listed companies by regulators and the market are increasingly strict. Sina Finance and Hillhouse Law Firm took stock of public opinion announcements and litigation announcements of listed companies in 2019, and jointly prepared the 2020 Legal Risk Research Report on Listed Companies (hereinafter referred to as the Report), which has been released on Sina Finance and other major platforms.

The Report consists of seven chapters: Specifically listed the promulgation and amendment of relevant laws and regulations of the securities market in 2019, summarized and analyzed the clarification announcements of listed companies, analyzed the announcements of listed companies in terms of the industry types of listed companies that issued litigation-related announcements and the distribution of the whole province, and analyzed the implementation of the new Securities Law, the strengthening of supervision of securities commissions, and the strengthening of supervision of listed companies by stock exchanges Review of classic securities misrepresentation cases of listed companies and scholars' professional interpretation of misrepresentation and market manipulation.

The Financial and securities Department of Hillhouse began to collect litigation data of listed companies, and from the announcement of new litigation disputes involved in 2019, it was found that debt disputes of listed companies are inextricably linked to equity disputes, and some debts are based on equity pledges, so some debt disputes may be subsequently derived into equity disputes.

Therefore, lawyers Xue Tianhong, Zhu Qin and Chen Zhijuan from the Financial and Securities Department of Hillhouse respectively cited the false statement case of Founder Technology, the false statement case of BAIC Blue Valley and the false statement case of Jiangsu Baoqianli, and made comments and analysis on the case.