Recently, there are many news about the relatives of senior executives of listed companies involved in short-term transactions, such as Zhejiang Hangke Technology Incorporated Company(688006) the spouse of the chairman, Xiangtan Electrochemical Scientific Co.Ltd(002125) the relatives of directors, and Anhui Gujing Distillery Company Limited(000596) the relatives of independent directors. The transaction amount ranges from tens of thousands to millions of yuan.
On February 25, Zhejiang Daily Digital Culture Group Co.Ltd(600633) announced that the company had received the “explanation and apology statement on the composition of short-term trading of shares by myself” issued by Bao Hongjun, the spouse of Qi Yin, chairman of the board of supervisors, and learned that Bao Hongjun had misoperated the trading of shares of the company to constitute short-term trading.
According to the transaction details of Bao Hongjun’s securities account disclosed in the announcement, he successively bought 28200 Zhejiang Daily Digital Culture Group Co.Ltd(600633) shares from January 28 to February 11 this year, with a total transaction amount of 258642 yuan; All were sold on February 24, with an average transaction price of 9.31 yuan / share and a transaction amount of 262542 yuan. After deducting 351.84 yuan of stamp duty and commission, the profit of the above short-term exchange was 3548.16 yuan.
According to Article 44 of the securities law, shareholders, directors, supervisors and senior managers of listed companies and companies whose shares are traded on other national securities exchanges approved by the State Council who hold more than 5% of the shares sell their shares of the company or other equity securities within six months after they buy them, Or buy it again within six months after the sale, and the proceeds therefrom shall belong to the company, and the board of directors of the company shall recover the proceeds.
According to the above provisions, Bao Hongjun should return Zhejiang Daily Digital Culture Group Co.Ltd(600633) all the proceeds obtained from this exchange, and Bao Hongjun has voluntarily handed over all the proceeds of 3548.16 yuan to the company.
Illegal operations against relatives of senior executives, Zhejiang Daily Digital Culture Group Co.Ltd(600633) explained: “This short-term transaction is Bao Hongjun’s misoperation to sell all the shares due to the large fluctuation of the share price in the secondary market, which is Bao Hongjun’s independent investment behavior based on his independent judgment of the trading situation in the secondary market. Qi Yin, chairman of the board of supervisors of the company, did not know the trading situation, and Qi Yin did not inform Bao Hongjun of the company’s operation and other relevant information before and after the transaction It is Bao Hongjun’s personal operation. There is no purpose of using inside information to seek benefits, and there is no subjective violation. “
Why are the relatives of senior executives of listed companies trading illegally despite repeated prohibitions? What should be done to strengthen training and education and increase relevant personnel’s awareness of the securities law?
“In the past, many violations of short-term trading were not punished. Now the new securities law” After the introduction, the punishment for illegal short-term transactions has become a legal matter and is no longer a discretionary matter. I think this phenomenon will be less and less in the future. “
For the reasons for the frequent occurrence of illegal transactions, Xu Feng believes that there are multiple levels. “For objective reasons, many directors, supervisors and their families may not know much about the securities law itself; subjectively, some people are suspected of insider trading in order to make profits. The high income, strong concealment and reliable insider information of securities market transactions have prompted some people to take risks.”
Lawyer Jiang liangtao of Tiance law firm believes that this is also related to the characteristics of high liquidity in the securities market, which is easy to realize quickly for value. “At the same time, the supervision and punishment of relevant institutions for violations were relatively light, which made speculators feel that they have an opportunity to take advantage and often have a fluke mentality. In the follow-up training of relevant knowledge of directors, supervisors and senior managers of listed companies, especially the education on warning and punishment should be strengthened.”
