October 17, 2015 05:40 Dayang Net-Guangzhou Daily
Guangzhou Daily (Reporter Yang Xin) Zhang Xiaojun, a spokesman for the China Securities Regulatory Commission, said on the 16th that the China Securities Regulatory Commission intends to impose penalties on four insider trading cases and one case of fabricating information dissemination. The two responsible persons have been banned from entering the market for life. The current five cases have entered the advance notification procedure.
Zhang Xiaojun also stated that insider trading infringes on investors’ rights and infringes on market order and must be severely cracked down. The China Securities Regulatory Commission will always maintain a high-pressure posture of law enforcement against violations of laws and regulations, and maintain a “fair, just and open” market order.
It is reported that the four insider trading cases are: Man XX suspected of insider trading Baomo shares (9.24,0.24,2.67%), Guang XX suspected of insider trading Yingtang Zhikong (21.630,0.00,0.00%), Huang XX Suspected of insider trading Shirong Zhaoye (12.28, -0.98, -7.39%), Zhang XX was suspected of insider trading and Ren Zixing (39.150, -2.81, -6.70%). In another case of Liu Moutao suspected of fabricating and disseminating false information, Liu Moutao posted a title on the website "China South Locomotive (14.17, -0.60, -4.06%)" on the Oriental Fortune (63.130, -0.41, -0.65%) website. For the post of "Dongguan Securities' Risk Warning for VIPs Above 50 Million", fabricated and disseminated false information that Dongguan Securities notified customers to lighten their positions, creating market panic and disrupting the securities market. The China Securities Regulatory Commission planned to order Liu Motao to correct and impose 200,000 yuan Yuan fine.
M&A and restructuring are most prone to insider trading
The so-called insider trading refers to persons familiar with the situation, such as listed company executives, controlling shareholders, actual controllers, and administrative approval departments, who use their work to leak information or use inside information to buy or sell securities before major information such as company mergers and acquisitions and performance growth are announced. behavior.
It is understood that in recent years, the China Securities Regulatory Commission has greatly improved its investigation and handling of insider trading and other major violations of laws and regulations and the timeliness of information disclosure. The crackdown on illegal acts of insider trading this year has three characteristics: highlighting "purify water from the source and strictly prohibit insiders from leaking secrets"; focus on combating the malicious behavior of "spying inside information"; and severely crack down on leaking inside information through new media such as self-media. Information behavior. The Securities Regulatory Commission will conduct strict investigations on all links and areas where leaks may occur, and crack down on all aspects, leaving no dead ends.
And judging from many cases, before the announcement of the restructuring suspension, the unprovoked rise in stock prices is the most common and obvious signal of insider trading. Since the beginning of this year, there have been changes in share prices of many listed companies before the reorganization and suspension of trading. For example, Suning Global (10.46, -0.48, -4.39%) intends to increase 558 million shares to raise about 4.6 billion yuan for real estate project construction and supplement liquidity. The stock will be suspended after announcing the suspension of trading and planning for major events, and the day before the suspension. Heavy volume daily limit. Companies with stock price changes before the suspension include VTR (52.390, -0.11, -0.21%), China Resources Double Crane (23.43, -0.58, -2.42%), Aerospace Information (55.91, 0.00, 0.00%), SuperMap Software (39.010,0.00,0.00%) etc.
Regarding this issue, the China Securities Regulatory Commission previously stipulated that after the reorganization and suspension of trading of listed companies, stock price changes should be checked in a timely manner. After the Securities Regulatory Commission examines the abnormal stock trading information, if it is deemed to be suspected of insider trading and decides to file a case for inspection, the listed company shall suspend the restructuring process and promptly disclose information and risk warnings.
In addition, mergers and acquisitions are also easy to breed insider trading. On June 25 this year, the reorganization of Huihong shares (13.93, 0.60, 4.50%), which was unconditionally approved by the China Securities Regulatory Commission, suddenly encountered the "defects" of insider trading. According to the "Administrative Penalty Decision" disclosed by the Liaoning Securities Regulatory Bureau, Tang’s wife Yang Quan, who participated in the planning of the Huihong Group’s overall listing, bought 20,000 shares two trading days before the company’s suspension and sold them on the first daily limit day after trading resumed. It made a profit of 11,200 yuan and was confiscated by the Securities Regulatory Bureau and imposed a fine of 30,000 yuan. Judging from the public disclosure of information, this Tang may be the legal representative of Huihong Group Tang Guohai.
Ordinary investors still face difficulties in defending their rights
Lawyer Zhang, who previously represented stockholders against Huang Guangyu's insider trading civil compensation case, said that insider traders learned about the situation and bought stocks in advance, while some stockholders made the opposite judgment because of the abnormal movement of the stock price, which would result in losses. In the case of stockholders v. Huang Guangyu insider trading, the stockholders lost the case. In the face of insider trading, the biggest difficulty for stockholders to defend their rights is that there is no corresponding judicial explanation."
According to industry insiders, although the "Securities Law" stipulates that if insider trading causes losses to investors, the perpetrator shall be liable for compensation in accordance with the law, but it lacks specific operating clauses and even the latest judicial interpretation does not involve the field of civil compensation for insider trading. .
In addition, the difficulty of stockholders' proof in insider trading and how to calculate stockholders’ losses are also difficult problems that restrict stockholders from claiming compensation from insider traders.
The suspected insider trading case notified by the Securities Regulatory Commission yesterday
1 An equal person suspected of insider trading "Baomo shares" case
Man Mouping, as the chairman of the partner of Baomo's foreign investment and acquisition assets project, learned the inside information and entrusted Sun Mouming to trade "Baomo shares", making a profit of 330,869.96 yuan. At the same time, he leaked inside information to Sun Mouming and advised him. Buying and selling "Baomo shares", suspected of insider trading, leaking inside information, suggesting others to buy or sell securities, the China Securities Regulatory Commission intends to confiscate its illegal gains and impose a three-fold fine, and impose a fine of 100,000 yuan for leaking inside information and recommending others to buy and sell ; Sun Mouming has a close relationship with Man Mouping and has abnormal contact during the planning of insider information matters. The behavior of trading "Baomo shares" is obviously abnormal, and the profit is 1,128,328.41 yuan, suspected of insider trading, and the China Securities Regulatory Commission intends to confiscate him illegal The income was also punished with a three-time fine; Song Mouyan was an insider, Liu Moufen had contact with Man Mouping due to work relations, and later learned the inside information due to his position. Li Mou had relatives with Man Mouping and Liu Moufen Relationship or work relationship, the above three persons entrusted Sun Mouming to trade "Baomo shares", and they made profits of 49,597.83 yuan, 57,228.27 yuan, and 76,304.35 yuan respectively. They were suspected of insider trading, and the China Securities Regulatory Commission planned to confiscate the illegal gains of the three. Three times the fine was imposed respectively. Ma Moufeng used the status of Baomo's controlling shareholder's supervisor and acquaintances to inquire and spy on inside information. The transaction of "Baomo shares" was obviously abnormal and made a profit of 15,879,426.86 yuan. Suspected of insider trading, the China Securities Regulatory Commission plans to order him to deal with it according to law For illegally held stocks, their illegal gains will be confiscated and a three-fold fine will be imposed. At the same time, lifelong securities market bans will be taken.
2 Guang Mouyi is suspected of insider trading "Yingtang Zhikong" case
As the sponsor representative of Shenzhen Intang Intelligent Controls during the continuous supervision stage, he knew the bad inside information of the listed company and the partner's termination of the contract, and reduced his holdings of "Intang Intelligent Control" before the insider information announcement to avoid losses of 795,558.70 yuan. , Suspected of insider trading, the Securities Regulatory Commission intends to confiscate Guang Mouyi’s illegal gains and impose a three times fine on him, and at the same time adopt life-long security market bans.
3 Huang Mouhao suspected of insider trading "Shirong Zhaoye" case
During the period when Shirong Zhaoye was planning a major investment event, Huang Mouhao communicated with the former vice president, chief financial officer and secretary of the board of director Shirong Zhaoye, an insider, and raided the transfer of funds to the "Shirong Zhaoye" transaction. The insider information and the time of contact were highly consistent, with a profit of 4,155,227.22 yuan, suspected of insider trading, the China Securities Regulatory Commission planned to confiscate Huang Mouhao’s illegal gains and impose a three times fine.
4 Zhang Mouguang suspected of insider trading "Ren Zixing" case
Zhang Mouguang has a close relationship with the chairman of Ren Zihang, and he has frequent contacts during the period when Ren Zihang is planning a major asset restructuring. His transaction "Ren Zihang" behavior coincides with insider information and contact time. The transaction is abnormal and the profit is 2,508,478.36 yuan, suspected For insider trading, the China Securities Regulatory Commission intends to order Zhang Mouguang to deal with illegally held stocks, confiscate Zhang Mouguang’s illegal gains and impose a three-fold fine.