On December 11, 2021, Fujian Start Group Co.Ltd(600734) (600734. SH) announced that the company was suspected of illegal information disclosure. According to relevant laws and regulations, the CSRC decided to file a case against the company on November 30, 2021.
In the secondary market, from November 26 to December 8, Fujian Start Group Co.Ltd(600734) obtained nine consecutive trading limits.
Just the day before, the Jiangxi Special Electric Motor Co.Ltd(002176) (002176. SZ), which was 25 times the bull stock, also announced that "due to suspected illegal information disclosure, the CSRC decided to file a case against the company."
According to the statistics of times finance, from early January to December 11, 2021, 74 companies including Fujian Start Group Co.Ltd(600734) , Jiangxi Special Electric Motor Co.Ltd(002176) , Jiangsu Chengxing Phosph-Chemical Co.Ltd(600078) (600078. SH), Guangzhou Langqi (000523. SZ) have been investigated in the A-share market, which is slightly lower than the 80 companies in the same period in 2020. However, if we add more than 20 cases filed for investigation by other government departments, this year is still higher than last year.
At present, the objects of investigation filed by the CSRC include "listed companies, controlling shareholders and shareholders holding more than 5%, directors and supervisors". The regulatory authorities have three reasons for the investigation of the above 74 companies, "suspected of illegal information disclosure", "suspected of insider trading" and "suspected of manipulating the securities market".
multi sectoral supervision "joint action"
On July 6 this year, the general office of the CPC Central Committee and the general office of the State Council issued the opinions on strictly cracking down on illegal securities activities according to law (hereinafter referred to as the opinions).
Times finance and economics noted that under the background of "cracking down on illegal activities such as fraud and counterfeiting in the capital market with severity, speed and severity", 74 listed companies have been filed and investigated by the CSRC since 2021, compared with 80 in the same period since December 11 at the beginning of January 2020.
On the surface, the information disclosed by listed companies for case filing and investigation has decreased slightly, but in fact, other regulatory and law enforcement departments have participated in case filing and investigation more and more widely.
From the beginning of January to the evening of December 10, 2021, 20 listed companies including Beijing Tongrentang Co.Ltd(600085) (600085. SH), Gongniu Group Co.Ltd(603195) (303195. SH), Shanghai Hongda New Material Co.Ltd(002211) (002211. SZ) disclosed the announcement of being filed or investigated by public security, Discipline Inspection Commission and other departments. Most of the Respondents involved were directors, supervisors and senior officials of the company. The investigation contents mainly included "suspected bribery", "suspected serious violation of law and discipline" and "suspected misappropriation of funds".
For example, on November 30, Zhongchang Big Data Corporation Limited(600242) (600242. SH) announced that "Li qunnan, a director and former head of Shanghai Yunke Network Technology Co., Ltd., a subsidiary, was suspected of misappropriating funds and embezzling the interests of the company during his term of office". Chaoyang Branch of Beijing Municipal Public Security Bureau issued the notice of filing a case on November 11, 2021.
On November 27, Shanghai Hongda New Material Co.Ltd(002211) (002211. SZ) announced that the controlling shareholder Jiangsu Weilun Investment Management Co., Ltd. was filed for investigation by the Dantu District Supervision Committee of Zhenjiang city due to the suspected bribery of the unit.
Earlier, on April 21, Aofu Environmental Technology Co.Ltd(688021) (688021. SH) announced that Pan Jiqing, chairman of the company, was detained and filed for investigation on suspicion of bribery.
On February 23, "time honored brand" Beijing Tongrentang Co.Ltd(600085) (600085. SH) announced that, "According to the website of the Beijing Municipal Commission for Discipline Inspection of the Communist Party of China and the Beijing Municipal Commission of supervision," Gao Zhenkun, general manager of China Beijing Beijing Tongrentang Co.Ltd(600085) (Group) Co., Ltd., is suspected of serious violation of discipline and law, and is currently undergoing disciplinary review, supervision and investigation. "Gao Zhenkun is currently the chairman and legal representative of the company."
47 companies suspected of violation of letter phi
Among the 74 investigations initiated by the CSRC that have been disclosed this year, 47 cases are "suspected of illegal information disclosure", accounting for more than 60%, which shows that "illegal information disclosure" has become the main reason for listed companies and related parties to be filed for investigation.
In the two recent investigations, Fujian Start Group Co.Ltd(600734) and Jiangxi Special Electric Motor Co.Ltd(002176) were investigated for "suspected illegal information disclosure".
On December 11, an investor complained in the Jiangxi Special Electric Motor Co.Ltd(002176) stock bar, "are the Jiangxi Special Electric Motor Co.Ltd(002176) company telephones and secretaries all furnishings? I've made a lot of calls these two days and no one answered them."
Some investors said in a post, "I got through yesterday. I said it was the technology department. I don't know the specific situation. I hung up in a hurry. Alas, I was worried."
Photo source: Jiangxi Special Electric Motor Co.Ltd(002176) stock bar screenshot
Times finance noted that the first case investigation disclosed by the A-share market in 2021 was also "suspected of illegal information disclosure".
On January 4, 2021, Beijing Jingxi Culture&Tourism Co.Ltd(000802) (000802. SZ) announced that because the company was suspected of violating laws and regulations in information disclosure, according to relevant regulations, the CSRC decided to file a case for investigation.
More than seven months later, the investigation on Beijing culture was completed, and the Beijing Securities Regulatory Bureau of the CSRC issued the prior notice of administrative punishment and market prohibition on August 27. The fact that Beijing culture is suspected of violating the law is mainly that the transfer of the right to return on the investment share of the company's palace Ci of the great Song Dynasty and the ghost of a beautiful woman did not really occur, and the transaction funds were provided by Zhoushan Jiawen Xile equity investment partnership (limited partnership) authorized by Beijing Culture Lou Xiaoxi (then vice chairman of Beijing culture and chairman of century partners). "Lou Xiaoxi arranged, organized and implemented the above-mentioned false transfer of investment share income right, fictitious capital circulation and returned to century partners."
The century partner falsely transferred the right to return the investment share of the palace Ci of the great Song Dynasty and the ghost of a beautiful woman, resulting in a false increase of a total income of 460 million yuan in the 2018 annual report of Beijing culture, resulting in false records in the 2018 annual report of Beijing culture.
Finally, the CSRC decided to "give a warning to Beijing culture and impose a fine of 600000 yuan". At the same time, Lou Xiaoxi was banned from the securities market for three years.
Times finance and economics noted that some listed companies suspected of violating the rules of xinphi will also be added to criminal cases.
On November 27, Sunny Loan Top Co.Ltd(600830) (600830. SH) announced that "the company has received the case filing notice from Ningbo Public Security Bureau: the case of the company's illegal disclosure of important information meets the criminal filing standard, and the case has been filed for investigation."
insider trading continues despite repeated prohibitions
Although landing in the capital market has enabled some people to achieve financial freedom, the nature of greed still stimulates the actual controllers and important shareholders of some listed companies to "take risks" for insider trading.
According to incomplete statistics of times finance and economics, at least 10 cases suspected of insider trading in the A-share market have been filed for investigation since this year.
On December 9, Tanac Automation Co.Ltd(300461) (300461. SZ) announced that the China Securities Regulatory Commission decided to file a case against rose capital, a shareholder holding more than 5% of shares, because it was suspected of insider trading; On October 28, Hang Zhou Radical Energy-Saving Technology Co.Ltd(300652) (300652. SZ) announced that Shen renrong, the actual controller, chairman and general manager of the company, was filed for investigation by the CSRC due to suspected insider trading.
Previously, on August 17, Sichuan Etrol Technologies Co.Ltd(300370) (300370. SZ) announced that Yu Ling, the controlling shareholder and actual controller of the company, was filed by the CSRC for suspected insider trading in the securities market (Disclosure of insider information).
The CSRC believes that Yu Ling, as the actual controller of security control technology, is the leader and decision-maker of matters related to insider information. He participated in the whole process of negotiation, formation and signing of the cooperation framework agreement between security control technology, Xuzhou district government of Yibin, Sichuan and Chuangyi industry. He is a legal insider of insider information. "Before the disclosure of the inside information of this case, Yu Ling contacted Luo and Wang by telephone and leaked the inside information of this case. Luo and Wang used the inside information to trade 'security control technology' stocks during the sensitive period of inside information."
On November 30, Xinjiang regulatory bureau of China Securities Regulatory Commission issued the prior notice of administrative punishment to Yu Ling and imposed a fine of 500000 yuan.
"From the current field of investigation, mergers and acquisitions are still high risk areas of insider trading." On December 11, an investment banker from a securities firm told times finance that the company had participated in the M & A of a listed company. "Everything and details were well done. As a result, an executive of the listed company leaked insider information to his friends, resulting in the termination of the reorganization."
According to the information disclosed by the CSRC in February this year, in 2020, from the perspective of the subject of the case, the proportion of insider trading and disclosure of insider information by legal insiders is still high. In the whole year, there were 30 cases involving legal insiders, including buying in advance before the disclosure of insider information, disclosing insider information, advising others to buy or even Jointly Implementing insider trading, There are also senior executives who sell in advance to avoid losses before the release of bad information such as performance loss in advance and goodwill impairment.
Take Flower King Eco-Engineering Inc(603007) (603007. SH) as an example. On February 23 this year, the CSRC filed a case against Xiao Guoqiang, the actual controller of the company, for suspected insider trading.
In October this year, the CSRC issued the prior notice of administrative punishment to Xiao Guoqiang because Xiao Guoqiang privately borrowed three accounts to buy the shares of huawang shares (i.e. Flower King Eco-Engineering Inc(603007) ) after knowing Flower King Eco-Engineering Inc(603007) "the information of planning cash dividends and converting capital reserve into share capital", and obtained a profit of 8.7902 million yuan.
Therefore, the CSRC ordered Xiao Guoqiang to deal with the illegally held securities, confiscate the illegal income of 8.7902 million yuan and impose a fine of 26.3707 million yuan.
being investigated for "harming others and yourself"
In addition to xinphi's violations and insider trading, no less than 10 A-share listed companies "suspected of manipulating the securities market" have been filed for investigation, and the subjects involved are mainly the actual controllers of the company or the directors, supervisors and senior managers of the company.
For example, on October 27, Hunan Hansen Pharmaceutical Co.Ltd(002412) (002412. SZ) announced that Liu Lingan, the actual controller of the company, was filed for investigation by the CSRC due to suspected manipulation of the securities market. On September 7, Jinzhou Cihang Group Co.Ltd(000587) (000587. SZ) announced that Zhu Yaowen, the actual controller of the company, was put on file for investigation due to suspected manipulation of the securities market; On July 30, Jiangsu Newamstar Packaging Machinery Co.Ltd(300509) (300509. SZ) announced that "he Deping, the controlling shareholder and one of the actual controllers, decided to file a case against him because he Deping was suspected of manipulating the securities market and failed to perform his information disclosure obligations as required."
There are also cases in which the directors, supervisors and senior managers of some listed companies are suspected of manipulating the securities market. On September 28 this year, Ktk Group Co.Ltd(603680) (603680. SH) announced that GE Yaohong, the director and general manager of the company, and Hu Limin, the director, deputy general manager and chief financial officer of the company, were placed on file for investigation.
On December 11, a private equity fund in Jiangsu disclosed to times finance that there are more and more things that the actual controllers of listed companies manipulate the company's share price together with market institutions, "Last year, the CSRC reportedly investigated more than 50 cases, and more than a dozen actual controllers were investigated. Some manipulated the market and made illegal profits of nearly 3 billion. Others colluded with capital allocation institutions to use multiple accounts to pull share prices, lure the market to follow suit and lure investors to take orders at a high level."
Times finance and economics noted that in recent years, regulators have made greater and greater efforts to crack down on market manipulation. For example, he Deping, one of the actual controllers of Jiangsu Newamstar Packaging Machinery Co.Ltd(300509) , and four other parties are suspected of controlling the share price of " Jiangsu Newamstar Packaging Machinery Co.Ltd(300509) " trading in the account group, so that he Deping can obtain a good return after the ban on " Jiangsu Newamstar Packaging Machinery Co.Ltd(300509) " restricted shares held by he Deping is lifted on April 26, 2019.
The punishment results showed that the CSRC decided to confiscate 47.8356 million yuan of illegal income from he Deping and four other parties and impose a fine of 143.5067 million yuan, of which he Deping and one of the parties bear 50% of the fine, that is, 71.7534 million yuan. At the same time, it is planned to take a 10-year market entry ban on he Deping.
The above-mentioned investment bankers of securities companies frankly said that with the strengthening of market supervision, the greater coordination and handling between public security departments and the CSRC, and the increase of criminal cases, it will have a sufficient deterrent effect on insider trading, market manipulation and other acts, "If we do not crack down severely, this market will become a 'cash machine' for some people, and it will not play a role in direct financing and improving the efficiency of the use of social funds."
For the losses caused by investors' investment during the illegal period of relevant subjects, claims can be made after the punishment results are issued by the CSRC and relevant institutions.
For example, Jiangxi Special Electric Motor Co.Ltd(002176) , lawyer song Yixin of Shanghai hanlian law firm said that securities investors with damaged rights and interests can make claims, "The claim conditions of Jiangxi Special Electric Motor Co.Ltd(002176) case are as follows: 1. The damaged investors who bought Jiangxi Special Electric Motor Co.Ltd(002176) stocks or bonds and other securities market public offering products from October 31, 2018 to January 30, 2019 and sold or continued to hold them on or after January 31, 2019 can handle the claim registration. 2. Buy Jiangxi Special Electric Motor Co.Ltd(002176) before December 10, 2021" Damaged investors who publicly issue products in the securities market such as stocks or bonds and sell or continue to hold them on or after December 10, 2021 can go through the claim registration. "
attachment: 74 listed companies involved in case filing and investigation
(times Finance)
