如果瑞幸咖啡财务造假发生在国内证券市场
What if Luckin Committed the Fabrication in Chinese Stock Market
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。
Luckin Coffee, a China Concept Stock listed on Nasdaq Stock Market in May 2019, confessed on April 2 2020 that its aggregate sales amount associated with the fabricated transactions from the second quarter to the fourth quarter of 2019 amounted to around 2.2 billion yuan. It soon stirred broad discussions among public media and attracted extensive views and comments of financial and legal experts regarding its cause and possible development.
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。
It was discussed here how would Luckin and/or its controlling shareholder, actual controller, directors, supervisors or officers be held liable, according to applicable laws and regulations of China, if it has committed the fabrication in Chinese Stock Market.
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。
According to current Chinese laws, regulations and administrative decrees on securities issuing, transaction and information disclosure etc., Luckin may commit the Crime of Illegal Disclosure of Critical Information or of Failing to Disclose Critical Information, and may be subject to the misstatement civil compensation in stock market, in addition to which Luckin may be subject to the administrative punishment according to the Securities Law as amended in December 28 2019 and enforced as of March 1 2020, which may include but not limited to top fines of 10 million Yuan and securities market prohibition.
一、刑事责任方面，可能涉嫌违规披露、不披露重要信息罪
I. The behavior may be suspected of committing the crime of illegal disclosure of critical information or of failing to disclose critical 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。
According to Article 161 of the Criminal Law, in the event companies and enterprises obligated to disclose certain information rendered to shareholders and the public any financial and accounting report which contained false information or conceal critical fact, or failed to disclose other critical information they were lawfully obliged to disclose, which severely impaired interests of shareholders or others, or involved other severe condition, the executives directly in charge of the case and other staff directly held liable shall be subject to fixed term imprisonment no more than three years, or to detention, and simultaneously subject to fines of more than 20 000 Yuan and less than 200 000 Yuan; the aforesaid people may be subject to fines of more than 20 000 Yuan and less than 200 000 Yuan, alone.
该条是关于违规披露、不披露重要信息罪的规定。
The above is the description of criminal punishment against the crime of illegal disclosure of critical information or of failing to disclose critical 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 terms of Luckin fabrication, if CSRC finished its investigation and held that Luckin may have committed crimes, it will turn the case to relevant public security authority, which normally will open a criminal file regarding the case and make criminal detection. In case it was discovered through detection that Luckin committed fabrication of sales data and revenue, and seriously harmed the interests shareholders and others, or involved other severe conditions, Luckin may commit the crime of illegal disclosure of critical information or of failing to disclose critical information, in which event the executives directly in charge of the case and other staff directly held liable shall be subject to criminal punishment.
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。
It was held by CSRC after its investigation of Jiangsu Yabaite Technology Co., Ltd fabrication case that, according to relevant provisions of the Criminal Law and the Regulations of the Supreme People's Procuratorate and the Ministry of Public Security regarding the Standard of Placing the Criminal Case on File for Criminal Cases Falling into the Jurisdiction of the Public Security Authorities (II), Yabaite fabrication case was suspected of committing the crime of illegal disclosure of critical information or of failing to disclose critical information. Accordingly, CSRC turned the case to relevant public security authority according to the Regulations on Transferring Crime-suspicion Cases by Administrative Enforcement Organ. Ultimately, Lu Yong, actual controller of the Company, was sentenced to nine-month imprisonment with a suspension of one year, for the crime of the illegal disclosure of critical information, in addition to which he was fined for RMB150 000. In the same case, Li Masong, a key figure in the financial fabrication case, was sentenced to six-month imprisonment with a suspension of one year due to committing the crime of illegal disclosure of critical information, in addition to which he was fined for RMB100 000.
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. Information disclosure obligor of Luckin may bear the civil liability of misstatement
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。
According to Article 85 of the Securities Law, in case the information disclosure obligor fails to disclose information according to regulations, or the securities issuing documents, routine report, temporary report and other information disclosure document announced, contained any false content, misleading statement or serious omission, which caused losses to investors in securities transaction, the information disclosure obligor shall be liable for civil compensation. Controlling shareholder, actual controller, director, supervisor, officer and other people directly held liable, sponsor, undertaking securities company and its staff directly held liable, shall be jointly liable for the aforesaid civil compensation, except for those who can prove that he has committed no fault in the case. It is the general provision on securities market misstatement related civil liabilities of information disclosure obligor.
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。
According to Relevant Regulations of the Supreme People’s Court regarding the Trial of Civil Compensation Cases Arising from False Statement in Securities Market, the People’s Court shall accept civil compensation cases instituted by securities market investors based on the accusation that information disclosure obligor has violated laws and made misstatement, which causes losses to them. In such cases, parties subjecting to the lawsuit may include initiators, controlling shareholder, the securities releasing company or relevant intermediaries etc. Civil compensation shall be limited to actual losses suffered from such misstatement, including the investment variance losses, and commissions and stamp duty relating to the said losses.
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要承担巨额罚款
III. Luckin, its executives directly in charge of the case and other staff directly held liable may be subject to huge fines
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。
As listed above, in the investigation regarding Jiangsu Yabaite financial fabrication, CSRC found that the Company has, from 2015 to September 2016, fabricated the public traffic project in Pakistan, and other international and domestic trade, which led to the inflation of 580 million Yuan in sales revenue, and the inflation of profit for around 260 million Yuan. Accordingly, CSRC imposed the top fines of 600 000 Yuan to the company, and imposed the top fines of 300 000 Yuan plus lifelong securities market prohibition to Lu Yong, the executive in direct charge of the fabrication, all according to the then prevailing Securities Law.
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。
According to Article 197 (2) of the Securities Law (amended), in case information disclosure obligor made any false record, misleading statement or critical omission in report submitted or in disclosed information, he shall be requested to make correction and be warned accordingly, and will be subject to fines of more than 1 million Yuan and less than 10 million Yuan; in addition, the executives directly in charge of the case and other staff directly held liable shall be warned accordingly, and be subject to fines of more than 500 000 Yuan and less than 5 million Yuan. If controlling shareholder or actual controller has organized or instructed others in such law-breaking behavior, or concealed relevant facts which led to the aforesaid condition, he will be subject to fines of more than 1 million Yuan and less than 10 million Yuan, the executives directly in charge of the case and other staff directly held liable shall be warned accordingly, and be subject to fines of more than 500 000 Yuan and less than 5 million Yuan.
