The Jiaxing Cocoon Silk Incident Reflects The Difficult Situation Of Citizens' Lawsuits In China.

After 3 years of hard work and so on, the trial session lasted only 6 minutes.

On September 26th, the third court of the people's Court of Tongxiang, Zhejiang.

The Zhejiang Provincial Higher People's court heard the case of seven defendants returning the futures margin dispute in Jiaxing Jiangnan Silk Co. Ltd. to China Cocoon silk trading market.

Back in January 2006,

Great Jiangnan Company pointed out that in February 2005, the company held 420 hands of dry cocoon silk contract in March 2005, and then handed over 200 hands with a member unit after being matched by Clearing Corp. After that, 241 hands were actually delivered, but Clearing Corp still received a penalty of about 8000000 yuan for Jiangnan in April 7th and April 26th respectively.

As of the end of May 2005, there was a margin of about 1060000 in the big Jiangnan seat.

Since then, the Yangtze River has imported about 14110000 yuan into the Clearing Corp, including basic margin, settlement reserve and paction margin.

After investing heavily in the paction, the Clearing Corp suddenly changed the trading rules many times and increased the margin of the paction from 5% to 20%.

In November 14, 2005,

However, after the resumption of trading in December 12, 2005, the cocoon silk market said that in May 2006, the delivery date of each commodity could not be renewed temporarily, and only the original order contract could be pferred.

After that, all the contracts of the great Jiangnan were forcibly pferred.

Ma Xihao introduced that from 2005 to 2006, many member units involved in the cocoon silk market's dry silk forward contracts encountered the "fate" of unmatched increase in trading partners, sudden demand for margin raising, and eventually forced liquidation.

In desperation, Da Jiangnan filed a lawsuit against the intermediate people's Court of Hangzhou in 2006, demanding that seven defendants, such as China's cocoon silk trading market and Clearing Corp, return their basic margin, settlement reserve, trading deposit and the amount of 2326 yuan in the name of breach of contract.

According to the trading market, the loss of Jiangnan is due to the short selling behavior of the market manipulation, which has nothing to do with the cocoon silk market.

In April 2007, the Hangzhou intermediate people's court lost the lawsuit in the first instance.

The great Jiangnan appealed against the verdict and appealed to the higher people's Court of Zhejiang in May 2007.

After many twists and turns, the great Jiangnan came to court.

But originally scheduled for September 15th this year, the final hearing of the Zhejiang Provincial Higher People's court in Hangzhou was changed to the Tongxiang people's court in September 26th.

"In my hometown of Tongxiang, the Zhejiang provincial high court sent me a fax of the announcement of the formal regulation."

Ma Xi Wu was excited by words and thought that these details were good for her.

But the fact gave Maxi a heavy blow.

Around 2:40 p.m. on September 26, 2010.

After the trial judge of the Zhejiang Provincial High Court announced the opening of the court, only a letter from the Jiaxing economic and Trade Commission on the rectification and acceptance of the chinese cocoon silk trading market was published in December 2007.

It's only 6 minutes before and after.

After announcing the closing of the court, the excited Jiangnan Company employees rushed to the trial hall to stop the judge and ask them to give them some time to defend themselves.