如果瑞幸咖啡财务造假发生在国内证券市场

案情简介 Case Summary
2019年5月赴美上市的瑞幸咖啡于2020年4月2日发布公告，承认其2019年第二季度到第四季度的销售收入存在虚增，金额达22亿元。该消息很快在各大媒体传遍，各路财经和法律专家、知名学者纷纷发表意见和观点，对本案的缘由和走向进行分析。
On April 2, 2020, Luckin Coffee (a company going public in the USA) released an announcement, admitting fabricated sales revenue for quarters 2 through 4 in 2019 amounting up to RMB2.2 billion. Such news spread quickly among various media, with numerous legal experts and famous scholars expressing their viewpoints on its origin and development.
文章立意 Theme
本文所要探讨的是，如果瑞幸咖啡造假行为发生在国内证券市场，根据我国现行法律法规和规则框架，瑞幸咖啡及其控股股东、实际控制人，以及董事、监事和高级管理人员可能承担哪些责任。
The theme of this Article is to discuss on what liabilities to which Luckin and its controlling shareholders, actual controllers, directors, supervisors and senior executives would be held accountable under the prevailing Chinese laws, regulations and rules should such fabrication be committed in Chinese securities markets.
法律责任与律师观点 Legal Liabilities & Lawyers’ Viewpoints
根据我国现行有关证券发行、交易、信息披露等相关法律法规、规章和司法解释等，刑事责任方面，瑞幸咖啡可能涉嫌违规披露、不披露重要信息罪；民事责任方面，其可能需要对投资者承担证券虚假陈述的民事赔偿责任；行政责任方面，可能面临监管部门依照2019年12月通过并于2020年3月1日起施行的新《证券法》作出的行政处罚，包括最高达1000万元的罚款和市场禁入措施。以下对该几项责任予以阐述。
In light of the prevailing Chinese laws, regulation, administrative decrees and judicial interpretations on securities issuance, trading, information disclosure, and so forth: as to criminal liabilities, Luckin would be a suspect of the crime of irregular disclosure / non-disclosure of material information; as to civil liabilities, Luckin might be held liable for damages suffered by investors as a result of securities-related misrepresentation; as to administrative liabilities, Luckin might be subjected to administrative sanctions imposed by the regulatory authority under the new Securities Law as adopted in December 2019 and effective as of March 1 2020, including but not limited to fines up to RMB10,000,000.00 and market access bans.
一、刑事责任方面，公司可能涉嫌违规披露、不披露重要信息罪
I. Potential Criminal Offence of Irregular Disclosure / Non-disclosure of Material Information
《刑法》第一百六十一条规定：依法负有信息披露义务的公司、企业向股东和社会公众提供虚假的或者隐瞒重要事实的财务会计报告，或者对依法应当披露的其他重要信息不按照规定披露，严重损害股东或者其他人利益，或者有其他严重情节的，对其直接负责的主管人员和其他直接责任人员，处三年以下有期徒刑或者拘役，并处或者单处二万元以上二十万元以下罚金。
Article 161 of the Criminal Law provides that, where a company or enterprise with information disclosure obligation (i) provides the shareholders or the general public with false financial statements or financial statements omitting material facts, and (ii) has caused severe damages to the interests of the shareholders or other persons or is of other grave circumstances, imprisonment not exceeding three years or detention shall be imposed on its directly responsible persons in charge and other directly responsible persons, with fines ranging from RMB20,000 to RMB20,000 in addition thereto or in lieu thereof.
该条是关于违规披露、不披露重要信息罪的规定。
The aforesaid is about the offence of irregular disclosure / non-disclosure of material information.
具体到瑞幸咖啡的财务造假案件，如果案件由证监会调查结束，认为涉嫌犯罪并移送公安机关，公安机关查实瑞幸咖啡存在虚增收入和利润行为，并严重损害股东或其他人利益或者有其他严重情节，公司将涉嫌违规披露、不披露重要信息罪，参与本次造假事件的直接负责的主管人员和其他直接责任人员，可能需要依法承担刑事责任。
In the present case, should CSRC upon investigation find a potential crime and transfer the case to PSB and should PSB in turn find (i) fabrication of revenue and profit by Luckin, and (ii) severe damages to the shareholders / other persons or other grave circumstances, the company would become a suspect of irregular disclosure / non-disclosure of material information and its directly responsible persons in charge and other directly responsible persons involved in such fabrication might by law be subjected to criminal liabilities.
2017年证监会查处江苏雅百特科技股份有限公司财务造假案件时认为，根据《刑法》及《最高人民检察院公安部关于公安机关管辖的刑事案件立案追溯标准的规定（二）》的有关规定，雅百特的行为涉嫌构成违规披露、不披露重要信息罪，并根据《行政执法机关移送涉嫌犯罪案件的规定》及有关规定，将案件移送公安机关。公司实际控制人陆永犯违规披露重要信息罪，被判处有期徒刑九个月，缓刑一年，并处罚金十五万元，而当年财务造假的关键人物之一李马松犯违规披露重要信息罪，被判处有期徒刑六个月，缓刑一年，并处罚金十万元。
In the course of its investigation in 2017 into Jiangsu Yabaite Technology Co., Ltd. financial fabrication case, CSRC (i) found that, by the Criminal Law and the Provisions of the Supreme People's Procuratorate and the Ministry of Public Security on Threshold for Filing Criminal Case by Public Security Authorities (II), Yabaite was suspected of irregular disclosure / non-disclosure of material information, and (ii) transferred the case to PSB by the Provisions on Transfer of Potential Crime Cases by Administrative Enforcement Organs. LU Yong, actual controller of the company, was convicted of irregular disclosure of material information and was sentenced to nine months imprisonment (on probation of one year) and a fine of RMB150,000.00; LI Masong, one of the key personals in the foresaid fabrication, was convicted of irregular disclosure of material information and was sentenced to six months imprisonment (on probation of one year) and a fine of RMB100,000.00.
二、民事责任方面，信息披露义务人可能要承担虚假陈述的民事责任
II. Potential Information Disclosure Obligor Misrepresentation Civil Liabilities
新《证券法》第八十五条规定：信息披露义务人未按照规定披露信息，或者公告的证券发行文件、定期报告、临时报告及其他信息披露资料存在虚假记载、误导性陈述或者重大遗漏，致使投资者在证券交易中遭受损失的，信息披露义务人应当承担赔偿责任；发行人的控股股东、实际控制人、董事、监事、高级管理人员和其他直接责任人员以及保荐人、承销的证券公司及其直接责任人员，应当与发行人承担连带赔偿责任，但是能够证明自己没有过错的除外。该条是对上市公司信息披露义务人的证券市场虚假陈述民事责任的原则性规定。
Article 85 of the new
Securities Law provides that, where (i) an information disclosure obligor fails to disclose information as required, or (ii) any misrepresentation, misleading statement or material omission exists in any announced securities issuance document, periodical report, interim report or other information disclosure documentation and results in losses of investors in securities transactions, the information disclosure obligor shall bear compensatory liabilities and the issuer’s controlling shareholders, actual controllers, directors, supervisors, senior executives and other directly responsible persons as well as the sponsors, underwriters and their directly responsible persons shall bear joint and several compensatory liabilities with the issuer unless they can show that there is no fault on their part. Said provision sets forth information disclosure obligors’ securities market false representation civil liabilities in general.
另外根据《最高人民法院关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》规定，证券市场投资人以信息披露义务人违反法律规定，进行虚假陈述并致使其遭受损失为由，而向人民法院提起诉讼的民事赔偿案件的，人民法院应当受理，这类案件中的被告包括发起人、控股股东等实际控制人，发行人或者上市公司及相关中介机构等。赔偿责任的范围则以投资人因虚假陈述而实际发生的损失为限，包括投资差额损失及投资差额损失部分的佣金和印花税。
The Several Provisions of the Supreme People’s Court on Trial of Civil Compensatory Cases Arising from Securities Market Misrepresentation further provides that, where securities market investors claim civil compensations before the People’s court on the ground that information disclosure obligor’s misrepresentation in breach of law results in their losses, the Court shall entertain the case, with the respondents to include, among others: (i) the actual controllers like promoters, controlling shareholders and so forth, (ii) the issuer or listed company, and (iii) the intermediaries concerned. Damages are confined to investors’ actual damages resulting from the misrepresentation, including spread of investment values as well as commissions and stamp duties in relation thereto.
三、行政责任方面，瑞幸咖啡及其直接负责的主管人员和其他直接责任人员可能承担巨额罚款，有关人员可能被处以市场禁入措施
III. Potential Administrative Sanctions on Luckin, Its Directly Responsible Persons and Other Directly Responsible Persons Such as Heavy Fines and Market Access Bans
前述江苏雅百特财务造假案件中，证监会查实该公司于2015年至2016年9月，通过虚构巴基斯坦公交工程项目、虚构国际贸易和国内贸易等手段，累计虚增营业收入达5.8亿元，虚增利润约2.6亿元，依据修订前《证券法》决定对其处以顶格罚款60万元，对直接负责的主管人员陆永处以30万元顶格罚款，并采取终身市场禁入措施。
In the aforesaid Yabaite financial fabrication case, CSRC found that, from 2015 to September 2016, the company has falsely increased revenue by up to RMB580,000,000.00 (or profits by up to RMB260,000,000.00) by fabricating Pakistan public transportation engineering projects, international trade deals and domestic trade deals and, by the Securities Law yet amended, decided to impose (i) RMB600,000.00 of maximum fine on the company, (ii) RMB300,000.00 of maximum fine on the directly responsible person in charge, and (iii) market access ban for life.
根据修订后的《证券法》第一百九十七条第二款，信息披露义务人报送的报告或者披露的信息有虚假记载、误导性陈述或者重大遗漏的，责令改正，给予警告，并处以一百万元以上一千万元以下的罚款；对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚款。发行人的控股股东、实际控制人组织、指使从事上述违法行为，或者隐瞒相关事项导致发生上述情形的，处以一百万元以上一千万元以下的罚款；对直接负责的主管人员和其他直接责任人员，处以五十万元以上五百万元以下的罚款。
In light of Article 197.2 of the
Securities Law as amended, in the event of misrepresentation, misleading statement or material omission in a report submitted or information disclosed by an information disclosure obligor, the resulting sanctions shall be: (i) orders for rectification, (ii) warnings, and (iii) fines ranging from RMB1,000,000.00 to RMB10,000,000.00; in addition to warnings, fines ranging from RMB500,000.00 to RMB5,000,000.00 shall be imposed on the directly responsible persons in charge and other directly responsible persons. Where the issuers’ controlling shareholders or actual controllers have organized or instigated the aforesaid fabrication or have caused such circumstances by covering up relevant matters, fines ranging from RMB1,000,000.00 to RMB10,000,000.00 shall be imposed on them; fines ranging from RMB500,000.00 to RMB5,000,000.00 shall be imposed on the directly responsible person in charge and other directly responsible person.
此外，新《证券法》第二百二十一条对上市公司的财务造假案件中的有关责任人员，规定采取证券市场禁入的措施，根据涉案的具体情况，市场禁入措施的期限从一定期限内禁入到终身禁入。
Furthermore, Article 221 of the new
Securities Law sets forth securities market bans on responsible persons in financial fabrication cases, with fixed terms or life terms on the basis of the particular circumstances.
虽然瑞幸咖啡系在开曼注册，但瑞幸咖啡财务造假，主要就是瑞幸咖啡(中国)的财务造假。考虑到瑞幸咖啡的造假规模和情节，因此带来的恶劣社会影响，以及监管层严厉打击财务造假的决心，我国证监会对瑞幸咖啡(中国)、本案相关责任人员采取行政处罚措施的可能性较大。
Although Luckin is incorporated in Cayman Islands, its financial fabrication is substantially that of Luckin (China). Taking into consideration (i) the scale and circumstances of Luckin’s fabrication, (ii) the adverse social impact, and (iii) the determination of the regulatory authority on cracking down upon financial fabrications, it is very likely for CSRC to sanction Luckin (China) and the responsible persons concerned.