The general manager of a A-share listed company, together with outsiders, controlled 55 accounts to buy and sell his own shares. At most, he controlled nearly a quarter of the total share capital. The company’s share price also soared from about 17 yuan to more than 45 yuan. During this period, there have been a number of violations, such as over proportional increase, non reporting of reduction, non disclosure of persons acting in concert by shareholders and doubts about the determination of the actual control right of the company, which are kept silent by the information disclosure of listed companies.
The general manager once publicly declared that he would not reduce his holdings of the company’s shares for ten years, and the behind the scenes self buying and self selling made him make a lot of money.
If this is not “sitting on the throne” manipulation, what “secrets” in the capital market can not be carried out in broad daylight? Until the regulatory authorities publicly disclosed the punishment decision, the market was able to get a glimpse of the whole picture of this dirty transaction.
on the evening of December 8, Dalian Sunasia Tourism Holding Co.Ltd(600593) announced that after receiving the notice from director and general manager Mao Wei, the CSRC issued the decision on administrative punishment, warned him of his excessive increase and reduction of holdings without reporting, and imposed a fine of 300000 yuan. A warning shall be given and a fine of 15 million yuan shall be imposed on the trading behavior within the restricted period.
Previously, the Shanghai Stock Exchange had already issued a punishment decision of nearly 10000 words and 18 pages to Dalian Sunasia Tourism Holding Co.Ltd(600593) , which clearly pointed out that “the company has not cooperated with supervision for a long time and many times”, “information disclosure through illegal channels” and “since 2019, the company’s information disclosure has been seriously out of order and there have been a number of violations”. The Shanghai Stock Exchange made the following disciplinary decisions: publicly condemn Yang Ziping, then chairman of Dalian Sunasia Tourism Holding Co.Ltd(600593) , Mao Wei, then vice chairman and general manager, and Chu Xiaobin, then chief financial officer, and circulate a notice of criticism to Pang Jingyu, then Secretary of the board of directors.
Spotty bad deeds, if not severely punished, will only lead to the expulsion of bad money from good money. Regulators should use thunder to eliminate the epidemic poison, so as to purify the ecology and return the long-term stability of the capital market.
Stock price trend of the company during Mao Wei’s illegal trading Dalian Sunasia Tourism Holding Co.Ltd(600593)
cumulative increase of 1.818 billion and decrease of 1.635 billion
According to the punishment decision, Mao Wei and Yao Shi were punished this time. They were fined a total of 30.6 million yuan for the same reasons, half of which were borne by each.
Public information shows that Mao Wei was born in 1979 with a bachelor’s degree from Zhejiang University. He has successively served as a member of Hangzhou Road Transportation Administration Bureau, a consultant of Zhejiang Junjian law firm, and the chairman of Panjing equity investment fund management (Shanghai) Co., Ltd. (hereinafter referred to as Panjing Fund). Yao Shi’s information is not very clear. It only shows that he was born in March 1989 and lives in Dalian.
It is found that from November 7, 2017 to July 3, 2019, Mao Wei and Yao Shi jointly controlled the institutional accounts of “Panjing fund”, 10 trust product accounts such as “xinzhengtai No. 6”, 7 private product accounts such as “Jiuyi Chidian Xiaojun quantitative No. 3 securities private investment fund” and 37 personal accounts such as “Yang Mouping” through the relevant staff of Panjing fund, A total of 55 securities accounts (hereinafter referred to as account group) Trade Dalian Shengya shares.
The account group held 5.3% of Dalian Shengya on November 14, 2017 (constituting the first listing), and then continued to trade, reaching the highest point of 24.59% on August 10, 2018, and still held 15.19% as of July 3, 2019. On July 4, 2019, Panjing Fund issued an announcement on changes in shareholders’ equity, disclosing that it held more than 5% of Dalian Shengya.
When Mao Wei and Yao Shi’s control account group increased their holdings of Dalian shengyada by 5% and decreased their holdings by 5%, they did not make a written report to the regulatory authority, nor did they notify the listed company and make an announcement. The cumulative holdings increased by 1.818 billion yuan and decreased by 1.635 billion yuan.
It is worth noting that the current chairman of Dalian Sunasia Tourism Holding Co.Ltd(600593) is Yang Ziping, holding 8.08% of the shares of the listed company. One of the personal accounts controlled by Panjing fund in the punishment book is “Yang Mouping”.
Previously, in the control dispute over Dalian Sunasia Tourism Holding Co.Ltd(600593) , Yang Ziping and Panjing fund controlled by Mao Wei have always stood on the same front, but neither of them has declared a relationship of concerted action.
Concerted action of shareholders in the Third Quarterly Report
Mao Wei and Yao Shi raised objections
the CSRC refutes article by article with reasonable grounds
Mao Wei raised an objection to the punishment of the CSRC and believed that there was an error in the identification of account control relationship. In this regard, the CSRC refuted one by one in the punishment decision, saying that the evidence on file is sufficient to determine that the account group was controlled by Mao Wei and Yao Shi during the period involved. There are three reasons:
first, according to the records, statements, working materials and other evidence of relevant staff of Panjing fund, it can be confirmed that the trading decisions of Panjing fund institutional account and product account were made by Mao Wei and Yao Shi;
second, according to the capital allocation agreement, the statement of the capital allocation intermediary, the capital allocation data obtained from the Panjing Fund staff, bank transfer information and other evidence, it can be confirmed that the two people borrowed funds and accounts through some Panjing Fund staff signing the capital allocation contract, and the transaction decision of this part of the capital allocation account was also made by the two people;
third, the nominal holders of personal accounts such as “Yang Mouping” stated that after accepting the recommendation of Mao Wei and others, the account was handed over to Mao Wei, Yao Shi and others for specific decision-making transactions.
In addition, both Mao Wei and Yao Shi believed that they should not be recognized as information disclosure obligors at that time. In this regard, the CSRC said that the above reasons were not tenable. As long as the relevant account controller uses the controlled account to trade shares, it has the obligation to pay attention to the account shareholding, perform the corresponding obligations of information disclosure and stopping trading in accordance with the provisions, and apply Article 86 of the securities law of 2005 to determine that the illegal acts of the parties comply with the legal provisions.
promised not to reduce its holdings of for ten years
once staged the farce of “selling penguins”
Ironically, the Panjing fund controlled by Mao Wei once made the most “long-term love” commitment in the history of A-Shares in 2020 – no reduction in holdings for ten years!
On the evening of September 17, 2020, Dalian Sunasia Tourism Holding Co.Ltd(600593) announced that in the next 120 months from that date, Panjing fund and its persons acting in concert promised not to actively reduce their 24.1 million shares of the company in any way, accounting for 18.71% of the total share capital of the company, including the new shares generated by equity distribution such as share distribution and conversion of public reserve funds into share capital during the commitment period.
In addition, due to the intention to sell 52 penguins to “save” last year’s performance, Dalian Sunasia Tourism Holding Co.Ltd(600593) attracted inquiries and attention from the Shanghai Stock Exchange. However, as of July 13 this year, Dalian Sunasia Tourism Holding Co.Ltd(600593) failed to reply to the inquiry letter again issued by the Shanghai Stock Exchange within the specified time limit. The annual audit accountant also corrected the special opinion on income deduction under the continuous attention of supervision, and made it clear that the income related to penguin sales should be deducted by 18.76 million yuan. After deduction, the main business income of Dalian Sunasia Tourism Holding Co.Ltd(600593) was 84.01 million yuan, which touched the delisting risk warning situation, and the company wore stars and hats. This is also the first case in which an order has been forcibly recognized as “ST” by the exchange since the implementation of the new delisting regulations.
It is also worth noting that ZTE caiguanghua Certified Public Accountants (special general partnership) was just replaced in Dalian Sunasia Tourism Holding Co.Ltd(600593) 2020, and the firm immediately issued a qualified audit report on the company’s annual report. This year Dalian Sunasia Tourism Holding Co.Ltd(600593) changed the accounting firm again and hired Lixin Zhonglian accounting firm (special general partnership). The intention behind the frequent replacement of accounting firms is also worth studying.
(Shanghai Securities News)
