On suspicion of insider trading, Sundy Land Investment Co.Ltd(600077) chairman received a huge fine issued by the CSRC.
On December 23, Sundy Land Investment Co.Ltd(600077) announced that Yu Jianwu, chairman and President of the company, received the decision on administrative punishment from the CSRC for non company matters, and was fined and confiscated a total of about 147 million yuan.
On January 23 this year, Sundy Land Investment Co.Ltd(600077) announced that Yu Jianwu was investigated by the CSRC on suspicion of insider trading.
Source: company announcement
the chairman was administratively punished
Sundy Land Investment Co.Ltd(600077) announced that the company received Yu Jianwu’s notice on December 23, 2021, and Yu Jianwu received the decision on administrative punishment issued by the CSRC on December 22, 2021.
The decision on administrative punishment points out that according to the facts, nature, circumstances and degree of social harm of Yu Jianwu’s illegal act, and in accordance with Article 202 of the securities law of the people’s Republic of China revised in 2005, the CSRC decided to confiscate Yu Jianwu’s illegal income of about 36.793 million yuan and impose a fine of about 110 million yuan.
According to the reporter of China Securities Journal and China Securities Taurus, the cause of punishment should be related to the “Chairman’s suspected insider trading of stocks” previously filed and investigated by the CSRC.
On January 23 this year, Sundy Land Investment Co.Ltd(600077) announced that Yu Jianwu was investigated by the China Securities Regulatory Commission on suspicion of insider trading. The investigation did not involve the company’s shares.
According to the requirements, Yu Jianwu shall remit the fines and confiscations to the bank account designated by the China Securities Regulatory Commission (the bank shall directly turn them over to the State Treasury) within 15 days from the date of receiving the punishment decision, and submit them to the relevant departments of the CSRC for filing. If you are not satisfied with the judgment, you can apply to the China Securities Regulatory Commission for administrative reconsideration within 60 days from the date of receiving the punishment decision, or you can directly bring an administrative lawsuit to the people’s court with jurisdiction within 6 months from the date of receiving the punishment decision.
The announcement shows that Yu Jianwu has made it clear that he will file an administrative reconsideration or administrative lawsuit. However, according to the decision on administrative punishment issued by the CSRC, the above punishment decision shall not be suspended during reconsideration and litigation.
listed company: normal business activities
Sundy Land Investment Co.Ltd(600077) in the announcement, it is emphasized that this administrative punishment does not involve the company’s matters, but is a punishment decision for Yu Jianwu, chairman and President of the company. The stock trading in his personal account does not involve the company’s shares and will not affect the company’s daily production and operation activities. Up to now, all production and operation activities of the company are normal.
According to public information, Sundy Land Investment Co.Ltd(600077) is a listed company under Songdu holdings. It was listed through major asset restructuring on September 20, 2011. It is one of the well-known real estate development enterprises in Hangzhou. The development fields are mainly concentrated in residential real estate, tourism real estate, large commercial complex and government guaranteed real estate agency construction.
From January to September 2021, the company’s operating revenue was 4.704 billion yuan, an increase of 33.70% over the same period of the previous year; The net profit attributable to the shareholders of the listed company was 61 million yuan, a decrease of 63.40% over the same period of the previous year.
At the close of today, Sundy Land Investment Co.Ltd(600077) shares closed at 2.76 yuan / share, down 2.47%, with a total market value of 3.699 billion yuan. On December 17, 20 and 21, Sundy Land Investment Co.Ltd(600077) shares rose sharply for three consecutive trading days, with a cumulative increase of 21.67%.
(China Securities Journal)
