【线上云德】疫情期间律师说（六十五）|瑞幸咖啡财务造假事件证券欺诈法律问题解读

北京时间4月2日晚间，美股开盘前，一则新闻引爆微信朋友圈：瑞幸咖啡发布公告称，该企业虚增22亿元人民币交易额。同时瑞幸咖啡宣布成立特别委员会，调查内部业绩造假问题，并指首席运营官刘剑和部分员工伪造业绩22亿元人民币。受此消息影响，美国东部时间4月2日盘前，瑞幸咖啡股价暴跌逾85%。

On the evening of April 2, Beijing time, before the us stock market opened, a news broke the news circle of friends of Wechat: Luckin Coffee announced that the company inflated the trading volume by 2.2 billion yuan. Meanwhile, Luckin announced the creation of a special committee to investigate internal performance fraud, accusing Liu Jian, chief operating officer, and some employees of faking rmb2.2bn. Luckin's shares plunged more than 85 per cent in pre-market trading on the news on April 2 eastern time.

瑞幸咖啡总部位于厦门，由原神州优车集团钱治亚创建，是中国最大的连锁咖啡品牌。瑞幸咖啡是国内新兴咖啡品牌，倡导更为灵活的购买体验，可自提可配送，所设店铺遍布各商圈写字楼。2019年05月17日，中国咖啡连锁企业瑞幸咖啡,在美国纳斯达克交易所上市交易，成为世界范围内从公司成立到IPO最快的公司。本次首次公开募股共发行3300万股，公司市值上升至约42亿美元。

Luckin Coffee, based in Xiamen and founded by former Shenzhou-youche group qian zhiya, is China's largest coffee chain brand. Luckin Coffee is an emerging coffee brand in China, which advocates a more flexible purchasing experience and can be delivered by itself. Its stores are all over the office buildings in various business districts. On May 17, 2019, Luckin Coffee, a Chinese coffee chain, became the fastest company in the world from company establishment to IPO when it listed on Nasdaq. The initial public offering of 33 million shares raised the company's market value to about $4.2 billion.

从其发展历程来看，瑞幸咖啡无疑是冉冉升起的明日之星。那明日之星如此造假欺骗大众，人民法院又能否追究瑞幸咖啡证券欺诈行为？

Judging from its development history, Luckin Coffee is undoubtedly a rising star of tomorrow. That the rising star so fraudulent cheat the public, the people's court and can investigate Luckin Coffee securities fraud?

01：人民法院对受理证券市场因虚假陈述引发的民事侵权纠纷案件设置了相应的前置条件

2002年1月15日，最高人民法院发布了《关于受理证券市场因虚假陈述引发的民事侵权纠纷案件有关问题的通知》（以下简称“《通知》”），因上市公司虚假信息披露受到损失的股民，可以提起民事赔偿诉讼。根据《通知》第一条的规定，人民法院受理的案件将仅限于法定公开中的虚假陈述，将操纵市场、内幕交易等行为排除在外；《通知》第二条的规定又对人民法院立案受理设置了前置条件，即此类型案件的受理范围限定为中国证监会已经作出处罚决定并且该决定已经生效的案件，将证监会还没有处理过的案件、正在调查但是尚未作出处罚决定的案件以及作出处罚决定但尚未生效的案件排除在外。为人民法院受理该类型案件设置了比较高的门槛。

On January 15, 2002, the supreme people's court issued the notice concerning the acceptance of civil tort dispute cases caused by false statements in the securities market (hereinafter referred to as the "notice"), in which shareholders who have suffered losses due to the false information disclosure of listed companies may file civil compensation lawsuits. According to article 1 of the notice, cases accepted by the people's court will be limited to false statements made in public by law, excluding market manipulation and insider trading. Article 2 the provisions of the "notice" to the people's court case accept set preconditions, namely accepts the scope of this type of case is the China Securities Regulatory Commission has already make a decision on punishment and the cases decided in effect and the securities and futures commission has not yet been processed but has not yet make a decision on punishment is being investigated in the case, case and make a decision on punishment case ruled out but not yet to take effect. A relatively high threshold has been set for the people's court to accept such cases.

在此次财务造假事件中，要把瑞幸咖啡诉至法院，要求其承担民事责任，受理门槛是比较高的，很有可能会因为条件不满足而无法启动证券市场虚假陈述引发的民事侵权诉讼程序。当然在实际操作层面仍需结合更加复杂的事实和法律证据去把握。

In this case of financial fraud, Luckin Coffee should be sued to the court and required to bear civil liability. The threshold of acceptance is relatively high, and it is likely that the civil tort proceedings caused by false statements in the securities market cannot be started because the conditions are not met. Of course, in the practical operation level still need to combine with more complex facts and legal evidence to grasp.

02：尽量避免适用《证券法》新增的“长臂管辖权”

在2020年3月1日起施行的新的《中华人民共和国证券法》（以下简称“《证券法》”）中，第2条第4款新增了中国相关机构对境外证券市场活动拥有“长臂管辖权”，其规定如下：“在中华人民共和国境外的证券发行和交易活动，扰乱中华人民共和国境内市场秩序，损害境内投资者合法权益的，依照本法有关规定处理并追究法律责任。”

Come into force as of March 1, 2020 new "securities law of the People's Republic of China" (hereinafter referred to as "securities law"), article 2 (4) of the new Chinese institution of the securities market outside the activities associated with the "long arm jurisdiction", its rules are as follows: "in the securities issuance and trading activities outside the territory of the People's Republic of China, disturb the order of the territory of the People's Republic of China market, damage the legitimate rights and interests of investors within the territory in accordance with the relevant provisions of this law shall be investigated for legal responsibility and processing."

就目前最新修订的《证券法》关于域外管辖的规定来看，所有境外的证券发行和交易行为只要在境内产生的影响构成扰乱市场秩序、损害境内投资者权益，均有可能受到中国法律的约束。这样笼统且宽泛的域外管辖规定更具有包容性和弹性，能够赋予司法机关和执法机关以较大的自由裁量权，以应对实践中可能发生的各类情形。对此有学者建议“参考、借鉴美国证券法域外管辖‘效果测试标准’的规定以完善我国证券法域外管辖的具体适用，要求仅当中国境内的影响为跨境欺诈行为的“实质、直接、可预见”的结果时，方可有权主张对欺诈行为行使管辖权。”

As far as the provisions on extraterritorial jurisdiction in the securities law of the People's Republic of China are concerned, all securities issuance and trading activities outside China are likely to be subject to Chinese laws as long as their impact in China constitutes a disturbance to market order and harms the rights and interests of domestic investors. Such general and broad provisions on extraterritorial jurisdiction are more inclusive and flexible, and can give judicial and law enforcement agencies greater discretion to deal with various possible situations in practice. To which some scholars suggested that "reference and reference to the United States securities law extraterritorial jurisdiction 'effect test standard rules to perfect our securities law extraterritorial jurisdiction shall be applicable to the specific, requires only when the territory of China for the influence of cross-border fraud" substantial, direct and foreseeable "results, shall be entitled to exercise the jurisdiction fraud."

按照这样的思路，由于瑞幸咖啡的招股说明书已载明其证券不向中国居民发行和出售，无法构成“实质性”要求所言的证券欺诈针对中国投资者，因而应尽量避免行使域外管辖权。

According to this line of thinking, Luckin should try to avoid exercising extraterritorial jurisdiction because its prospectus has stated that its securities will not be issued and sold to Chinese residents and cannot constitute the securities fraud against Chinese investors mentioned in the "material" requirement.

结   语

综上，由于瑞幸咖啡证券欺诈的违法行为发生在美国证券市场，而我国对证券欺诈的立案受理条件较高，结合其实际情况应尽量避免行使域外管辖权，故瑞幸咖啡伪造交易销售额的证券欺诈行为在国内无追究其民事责任的法律依据。但不可否认的是，中国证监会仍可根据相应的国际证券监管合作安排，调查和打击瑞幸咖啡的财务造假行为。

In conclusion, because the illegal behavior of Luckin Coffee securities fraud occurred in the securities market, and put on record to accept the conditions for securities fraud is higher, should try to avoid exercise of extraterritorial jurisdiction in combination with the actual situation, so the Luckin Coffee forged trade sales of securities fraud in China based on its civil liability law. However, it is undeniable that the China securities regulatory commission can still investigate and crack down on Luckin's financial fraud in accordance with relevant international securities regulatory cooperation arrangements.