On August 21, 2026, attorney Xu Feng from Shanghai Jiucheng Law Firm, who specializes in stock claim litigation, submitted another round of case filings to the Haikou Intermediate People's Court on behalf of investors in Hainan Poly Pharm.Co.,Ltd. (300630) who are pursuing claims related to misrepresentation.

Previously, cases handled by attorney Xu Feng for Poly Pharm investors had reached a first-instance judgment from the Haikou Intermediate People's Court, with investors securing a favorable outcome at that stage. The legal team is concurrently advancing the filing process for subsequent cases and continues to accept new claim mandates from other affected investors.

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

During the same period, Poly Pharm applied the gross method to account for trading activities in acetyl iodide, iodide (specific to ioversol), and yeast extract products where it lacked control. This led to additional revenue overstatements of RMB 77,997,346.38 in 2021 (5.17% of disclosed revenue) and RMB 59,259,735.84 in 2022 (3.28% of disclosed revenue), with corresponding cost overstatements of the same amounts. In total, for 2021, the company overstated revenue by RMB 514,604,184.72 (34.11% of disclosed revenue), with related cost overstatements of RMB 206,585,749.23, and inflated total profit by RMB 308,018,435.49 (65.88% of reported total profit). For 2022, revenue was overstated by RMB 515,899,077.56 (28.56% of disclosed revenue), with cost overstatements of RMB 128,481,820.04, and total profit inflated by RMB 387,417,257.52 (88.27% of reported total profit). Consequently, the company's annual reports for 2021 and 2022 contained false records.

Xu Feng, the director of Shanghai Jiucheng Law Firm, which focuses on securities claim legal matters, holds the view that investors who purchased Poly Pharm shares between April 26, 2022, and April 17, 2024, and who either sold or continued to hold those shares after April 17, 2024, are still eligible to initiate claims at this time.

Where to Begin

Affected shareholders can register for rights protection on the Sina Stockholder Rights Platform by visiting the designated website, following @Sina Securities on social media, subscribing via WeChat to Sina Securities & Funds, searching for Sina Stockholder Rights on Baidu, or accessing the Sina Finance mobile app or homepage. Legal representatives emphasize that the initiation of a delisting process does not affect the ability to pursue compensation claims against the company for securities misrepresentation.

Why Act Now on Claims

Given the first-instance victory already secured by investors in earlier lawsuits, the legal team is accelerating efforts to handle new filings. Investors who meet the qualifying criteria and wish to seek damages for their losses are encouraged to contact professional legal counsel to assess their eligibility and proceed with claims before the statutory limitations period expires.

Key Details for Eligible Investors

The eligibility window spans from April 26, 2022, to April 17, 2024. Investors must have acquired shares within this timeframe and either sold them or maintained ownership after the latter date. The firm continues to accept new client engagements and is actively preparing additional submissions to the court, ensuring that all affected parties have the opportunity to seek redress despite the ongoing delisting procedures.