ST Wenfeng wins partial appeal in Xu Xiang market manipulation case

The partial reversal reduces ST Wenfeng's contingent liability, signaling that courts are willing to differentiate responsibility between the company and the primary wrongdoer in market manipulation cases. With over a thousand suits still pending, the split ruling may set a precedent that narrows corporate exposure when individual culpability is clearer. The gap between the provision and the actual judgment suggests earlier estimates were conservative, but whether subsequent rulings follow this pattern remains the key variable for future financial statements.