<h1 class="pgc-h-center-line" data-track="198" > her story</h1>
At the age of 16, he aspired to enter the court at the age of 26, and at the age of 36, he made a Flag to become an "expert judge in financial adjudication"...
Written by | Hu Diefei
"I like to deal with financial cases because in these cases, I can feel that I resonate with the pulse of the times, and I can constantly understand this ever-changing world through new cases."
When I said this, Sun Qian, who was sitting across from me, had a light in her eyes.
At the age of 16, he aspired to enter the court at the age of 26, and at the age of 36, he made a Flag to become an "expert judge in financial adjudication"... This seemingly quiet and intellectual Shanghai Financial Court "Golden Generation" female judge is a difficult person who loves to challenge new cases, has tenacity, and is a little more real.
Before the National Day in 2021, the second-instance trial of the country's first ordinary representative litigation case for securities disputes upheld the original judgment: 315 investors were awarded 123 million yuan in compensation. Sun Qian, the presiding judge of the first instance, finally had a sense of solidity in her heart that "the dust had settled.".
As the first innovative practitioner after the introduction of the judicial interpretation of the litigation of securities dispute representatives, she strives to awaken the "silent majority" of small and medium-sized investors, open up a "green channel" for them to protect their rights, and also sound the alarm for the illegal chaos in the capital market.
On the morning of the interview, Sun Qian just received a handwritten letter from a small and medium-sized investor.
So our story begins with faith.
<h1 class="pgc-h-center-line" data-track="196" > the first letter</h1>
"Although I don't know where the future will be, I have a strong premonition... I will go to the court and be a judge..." — In her freshman year, Sun Qian said in a letter to her classmates.
First try the ox knife
Becoming a judge is a silent ambition made by Sun Qian when she was 16 years old.
"When I didn't know how many pounds I had, I was already thinking about safeguarding social fairness and justice." She laughed a little self-deprecatingly, her eyebrows bent.
Life is always full of surprises. After graduating from college, Sun Qian happened to go to the company to do legal affairs, and after graduating from graduate school, she went to work in a bank. Everything seems to be going well, but I always feel that something is wrong.
"I still have a thought in my heart." Sun Qian explained so.
In 2010, the 26-year-old Sun Qian was admitted to the court with excellent results and fulfilled her original intention. She has been in the labor dispute and intellectual property tribunals for three years, and in 2016 she began to associate with financial trials.
From intellectual property to finance, "everything starts from scratch." She was both excited and stressed.
Handling cases during the day and charging and learning at night have become her norm. Study professional books, learn the latest judicial interpretations... In view of the strong practical nature of financial cases, in addition to theoretical study, Sun Qian also added a "practical training" link to herself: in order to handle insurance cases well, she bought a bunch of insurance and studied the terms of each contract in depth; in order to handle securities cases well, she launched a "learning stock speculation" on her own.
"You first have to understand the financial markets to know what the people are thinking." Sun Qian said: "Each case actually has a unique trial 'key', listen more, read more, learn more, find out, in order to solve the problem in a targeted manner." ”
Perhaps, it is this independent thinking ability established by studying and learning that will give her the courage to face difficulties and the motivation to constantly explore and innovate for a long time in the future.
The first innovation exploration took place in 2017.
At that time, with the advent of the era of "strong supervision" in the capital market, the number of securities civil litigation cases rose sharply.
In July 2016, Shanghai Dazhi Co., Ltd. was ordered by the CSRC to make corrections and fined 600,000 yuan for inflating its 2013 annual profit by more than 120 million yuan.
In 2017, for the first time, more than 2,000 investors sued the same listed company, Dazhi, for investment losses.
"At that time, the caseload was very large, and it took a lot of manpower and time." Sun Qian recalled that one of the most headaches for judges was the "loss calculation". "Every shareholder trades differently, the losses are calculated by the judges by hand, the efficiency is very low, and almost everyone is working overtime."
Encountering new problems and quickly researching to find a breakthrough is Sun Qian's consistent mode of thinking.
Can you develop an automatic calculation software? Sun Qian constantly studied the rules for calculating losses, tried to solve problems with scientific and technological means with technical personnel, and jointly successfully developed the country's first securities misrepresentation loss calculation software, which greatly improved the efficiency of case handling.
In the end, Sun Qian pronounced the first case in this series of cases: ordered Great Wisdom to compensate investor Zhou Mou for losses of more than 1400 yuan. For the securities market and small and medium-sized investors, the judgment in this case is like a thunderclap on the ground, which is of far-reaching significance.
However, for Sun Qian, the significance of this case is far more than that.
In handling the case, Sun Qian found that the average amount of litigation for these investors is not high, the least is even less than a thousand yuan, and most of them are in other places, if they go back and forth to Shanghai for a few hundred yuan, the cost of rights protection is too high.
More than 90% of investors in China's capital market are "retail investors". In recent years, although illegal acts such as false statements have been investigated and punished one after another, the majority of small and medium-sized investors have been difficult to seek judicial remedies for various reasons after suffering losses, and have to become a "silent majority".
How can we better protect the rights and interests of these small and medium-sized investors? How to provide them with a more convenient and effective way to protect their rights? In Sun Qian's view, financial justice still has a lot to offer.
It was from this case that she clarified the direction of her future specialization in securities disputes and strengthened her determination to protect the rights of more small and medium-sized investors.
"This case is just a start, let's think about how to change."
<h1 class="pgc-h-center-line" data-track="190" > the second letter</h1>
"In three years, sink down, keep a low profile, work hard, remove all professional obstacles, and become an expert judge in the financial field." ——In 2018, on the eve of the transfer to the Shanghai Financial Court, Sun Qian set up a Flag in the "letter" she wrote to herself.
The "entrepreneur" who set up the Flag
The gears of fate sometimes take you where you want to go.
Shortly after Sun Qian clarified the direction, a new platform with a "golden key" for professional financial justice was born.
In August 2018, standing at the intersection of a new era in which China's judicial system reform and international financial development are in line with the development of international finance, and facing the wind outlet of the construction of Shanghai international financial center, the country's first financial court was born in Shanghai. Sun Qian was selected to be one of the first 29 judges in the Shanghai Financial Court.
This 29-member "Golden Generation" team of judges, gathered by strong people, is known as an elite force, and is also an "entrepreneur" and innovator of China's financial justice.
Entrepreneurship is difficult, innovation is even more difficult.
From formulating the implementation opinions on the registration system of the science and technology innovation board for service guarantees, to drafting the country's first model judgment mechanism for securities disputes, to the country's first model judgment case... Behind every innovation is heavy work and invisible pressure. However, at this time, Sun Qian, who has a strong interest in the capital market, has been stimulated to have a deep desire to explore and endless motivation, and Sun Qian has participated in it one by one and enjoyed it.
This vigor and tenacity fell in the eyes of Shan Suhua, president of the First Comprehensive Trial Division of the Shanghai Financial Court, and was "both the enthusiasm for wanting to be an officer and the ability to be able to do so."
"Every time a new type of case is assigned, she looks very excited, like picking up a baby." Shan Suhua said, "Sun Qian loves to study, has a strong understanding, and is also very good at learning. "It's reassuring that the case was handed over to her."
It is precisely in these new and difficult cases that Sun Qian has continuously innovated and practiced, leading the establishment of a number of financial adjudication rules: establishing rules for the application of nominalism to electronic bill agents, confirming the nature and validity of the netting clause of the master agreement in oil swap transactions, and clarifying the judicial determination criteria for a significant increase in the degree of danger in shared car rentals...
"I basically 'forced' myself to continue to study and learn in the process of handling cases, and slowly grew up." Sun Qian said it easily. But anyone who has been to her office knows that the high wall of books on the left side of her desk is the "cornerstone" of her growth.
< h1 class="pgc-h-center-line" data-track="121" > the third letter</h1>
"Thanks to the Shanghai Financial Court for providing a fast claim channel for our small and medium-sized investors, after adopting the representative litigation method, it has greatly reduced our energy and time..." - On May 10, 2021, after the judgment of the first representative litigation case, "representative" Xiao Mou wrote down his feelings and expectations in a letter to Sun Qian.
Wake up the silent majority
In the three years since she participated in the "entrepreneurship", Sun Qian has handled a total of 1325 various financial cases, and the first ordinary representative litigation case of securities disputes in China presided over by her is a "milestone" that must be mentioned in these 1325 cases. It shook the entire capital market.
At the end of 2019, the new Securities Law was promulgated, in which the representative litigation system opened up a "channel" for small and medium-sized investors to protect their rights.
There is a "channel", but there is no precedent for how to operate it. How can the "silent majority" be awakened to participate in litigation? How is the representative of the litigation selected? A series of gaps need to be filled.
The Shanghai Financial Court's innate "innovation" gene was activated instantly, and it immediately organized a team to conduct special research and explore the landing mechanism. Sun Qian, who has a "keen sense of smell", actively participates in it. As the main player, in the Spring Festival of 2020, Sun Qian spent all of it on drafting the "Provisions on the Litigation Mechanism for Securities Dispute Representatives of the Shanghai Financial Court", watching the first draft come out smoothly, "At that time, I felt that everything was worth it." She said.
In the first month of the official implementation of the new Securities Law, the Shanghai Financial Court issued the country's first provisions on the representative litigation mechanism for securities disputes, many of which were absorbed and adopted by the subsequent judicial interpretations of representative litigation issued by the Supreme Court.
On March 30, 2021, the first ordinary representative litigation case of securities dispute in China was heard, and 315 investors demanded that Shanghai Feile Audio Co., Ltd. compensate more than 146 million yuan for losses on the grounds of securities misrepresentation.
"I am Representative Wei." "I am Representative Xiao." ...... A few simple words to introduce themselves are of great significance, because this is the first time that there is a litigation "representative" elected by the shareholders themselves online in the courtroom of our country.
Sun Qian, who was sitting on the judgment bench, knew that this was not easy to come by.
A securities misrepresentation liability dispute often involves a large number of shareholders, and they are all over the country, so it is unimaginable for shareholders to gather together to select representatives.
"If you think about it, it can only be achieved through the Internet platform." Sun Qian once again thought of using scientific and technological means to solve the problem.
In Sun Qian's view, only by making it simple and convenient to participate in litigation can we awaken them to actively defend their rights.
In just four months, in the process of trying, overturning and trying again and again, Sun Qian, colleagues and technicians jointly explored and built an online litigation platform for representatives, and finally realized the registration of representatives' litigation rights, the selection of representatives, the approval of losses, and the electronic and informatization of the whole chain of trial evidence, which opened up a "green channel" for investors to quickly claim claims, and also provided a demonstration sample for the implementation of China's representative litigation system.
After the case, Xiao Mou, one of the "representatives", sent an email to Sun Qian. The letter gave Sun Qian a lot of encouragement, "I feel that I am doing the right and meaningful things, which is very important." ”
I asked Sun Qian, what was her biggest feeling after arriving at the Shanghai Financial Court? She looked up and thought, "I'm lucky, I feel like I've stepped on the beat of the times." ”
On Sun Qian's small book, a line of beautiful handwriting reads "Methodology of Judges in the New Era."
I'm a little curious, what is a New Age judge?
"A financial judge is not an official, but rather a financial problem solver." Sun Qian explained that every financial case reflects a real social problem. Only by being an expert and finding the "crux" of the problem-oriented can we provide the best solution for the masses, the industry and the society.
Carefully handling each case well, and the extended thinking and "output" after the case, is undoubtedly the only way to become an "expert".
Sun Qian is not a person who talks a lot, and most of the time, she is better at listening.
Once, Sun Qian thought that this was her "natural advantage" for being a judge: "As a mediator, the judge is speechless outside the judgment." ”
Today, she has a new understanding and thinking: "Judges can't just bury their heads in cases, but also look up at the industry and look at the whole society." "We must go out and become the narrators and disseminators of the rule of law."
Participated in and wrote many key topics such as the Supreme People's Court, the Shanghai Higher People's Court Science and Technology Innovation Board, and private equity funds and was rated as excellent; recorded CCTV's "Rule of Law" program to interpret the latest cases; joined the lecturer group to give lectures to peking university law graduate students... She is also moving from listener to communicator.
Before the end of the interview, I asked Sun Qian, the Flag established three years ago, to be an expert judge in the field of financial adjudication, do you think it has been realized?
"Still on the road." Sun Qian said.
Recommended by Cheng Hehong
Secretary of the Party Committee and Director of the Shanghai Supervision Bureau of the China Securities Regulatory Commission, Director of the Shanghai Inspection Bureau, and Member of the Standing Committee of the Shanghai Municipal People's Congress
I think That Comrade Sun Qian is worthy of being an excellent representative of our young judges in the new era, especially she has made very remarkable achievements and made outstanding contributions in fully tapping into the advantages of the function of financial adjudication, vigorously optimizing the legal environment of Shanghai's capital market, and further promoting the construction of Shanghai's international financial center.
With her own practical actions, she vividly interpreted and practiced the purpose and concept of people's justice for the people. She is able to keep pace with the times and actively explore trial mechanisms and methods that are compatible with the characteristics of financial laws. Comrade Sun Qian's work style is very good, and she has bravely shouldered heavy burdens and performed the functions of financial adjudication with high quality and made very great contributions. I think this is very rare, so I am very happy to recommend Comrade Sun Qian as a candidate for a good judge in the style of Zou Bihua, hoping that she will continue to work hard and make greater contributions.
Source| Shanghai Financial Court
Author: Hu Diefei
Photograph: Chen Wei
Responsible Editor | Zhang Qiaoyu
Statement| please indicate that it is from the "Shanghai High Court"