A shares directors, supervisors and high short-term trading FACES: Some 100 shares to "buy the play" someone "playing with fire" to initiate an investigation

  Part of the company directors, supervisors or their families, short-term trading case this year, A-share market, about 160 listed companies directors, supervisors or their families occur short-term trading. Most of the short-term trading parties blamed "own means", and claimed that trading stocks is autonomous and independent judgment, there is no case of insider trading, but some cases of "coincidence" and "accurate" the introduction of suspicion.

In the industry view, short-term trading disciplinary standards should be further clear.

  With the evolution of the registration system reform, market activity improved, short-term trading A-share market also frequent.

According to preliminary statistics, this year, A-share market, about 160 listed companies directors, supervisors or their families involved in short-term trading.

  Most of the offending party blamed "not familiar with the rules" or "operational errors", but a number of cases to be explored.

Frequently hit some parties within a period of short-term trading, the delay has not notice; some party lurking precise, 38% of profit after 3 days "flash withdrawal." According to statistics, since the implementation of the new Securities Law, Fortune shares, environment and other South’s "critical minority" by the Commission to initiate an investigation on suspicion of short-term trading, displayed in continuing supervision overweight.

But punishment in cases of short-term trading practice, scale pending further clarity.

  Since multiple violations executives relatives this year, A-share market, about 160 listed companies directors, supervisors or their families occur short-term trading. In addition to directors, supervisors themselves, their families, "private" to buy minority shares constitute short-term trading. The main reason is that the parties do not understand the restrictions as directors, supervisors families buying and selling stocks.

  Some "100 shares" case, indeed a high probability because the parties are not familiar with the rules. For example, after the listing of Ningbo masterbatch June 28, directors, officers Chen Zhongfang spouse of Jesus Christ King on July 1 to buy 100 shares July 2 to sell 100 shares, the transaction loss of 299 yuan.

Maxell Intelligent actual controller of one week Hua Chen Wei spouse on July 6 to buy 100 shares the next day to sell 100 shares, short-term exchange was $ 5.

* ST Zheng color red flowers Yan Zheng Peng, chairman of the son, 7 April to buy 100 shares of company stock, April 13 to sell, not profit.

  Independent director of several companies relatives also involves short-term trading. April-June, HSBC shares alone Donghan Ling daughter what happened Yang short-term trading, involving an amount of about 8 million, profit 3116 yuan.

The company said Ho Young early in studying abroad, had just returned home, did not acquire the relevant provisions of the transaction, nor did it seek Han Ling stock trading matters of opinion. There are also high directors, supervisors and relatives, after exercise stock sell stocks constitute short-term trading, resulting in "equity incentive income" is cleared. Dow technology supervisors over ancestral lights, He Xianghong two respective spouses, by buying stock options exercisable at the end of June the stock, a few days later to sell part of the stock, constitute a short-term trading. The former is calculated short-term trading gains yuan, the latter returns yuan, after the two were the proceeds turned over to the company.

Dunlop medical director of its red king spouse, due to the sale of the company convertible bonds constitute a short-term trading, profit gained yuan turned over to the company in full. However, some cases it is difficult to reason "do not understand the rules," the convincing.

For example, ST security control in June announced the short-term trading activity director Liu Yu Mother of silver cents, which frequently traded in 2020 from August to November, many times constitute short-term trading, total turnover amounted to several million dollars, profit yuan. The irregularities, disclose 10 months later. According to the provisions of Article 44 of the Securities Act, the listed company holding more than 5% shareholders, directors, supervisors constitute a short-term trading, the proceeds belong to the company, the Board of Directors shall recover its proceeds. Which called directors, supervisors and other personnel and individual shareholders, including their spouses, parents, children and the use of stocks held by others account holders and so on.

  Accordingly, the foregoing cases profitable short-term trading parties, all the proceeds turned over to the company. Changes in the course of holding "hand slip" and the other more common scenario is that the actual controller of a listed company directors, supervisors or decrease in the stock of the implementation process held in a "Oolong means" reverse trade stocks, constitute the short-term trading.

Therefore, a party early termination of the reduction plan. Deen Seiko actual controller, chairman and managing director Lei Yongzhi, is in the process of holdings by mistake lead to short-term trading.

Previously, Lei Yongzhi based on confidence in the company’s future development plans since February 5, within six months of holdings of not less than 20 million yuan, not more than 40 million yuan of shares of the company. May 26 to July 6, Lei Yongzhi planned to buy shares of company stock, accounting for% of the total share capital of the company.

But accidentally, July 6 Lei Yongzhi misuse AG sold 5,000 shares, constitutes a short-term trading, profit was -175 million. Deen Seiko director Wang Fumin also "busy in error." He shares holdings of shares in June 9 to July 2, on July 2 due to misuse bought 2 million shares, resulting in short-term trading, earnings -42 060 yuan. After that, Wang Fumin early termination of the reduction plan. Three-dimensional Communications actual controller Li Yuelun in the implementation of the reduction in operational errors on July 13 to buy 1 million shares, 500 yuan turned over to profit, but also declared the end of the reduction plan.

A longitudinal Technology Director Ren by July 16 in the process of buying 100 shares of stock holdings, the holdings plan also painted on "pause."

  In addition, Lier Chemical deputy general manager Liu Huihua March two holdings of company million shares, 6 July 1400 due to operational errors sold shares constitute short-term trading.

Jiangsu Cathay Pacific chairman Zhang Ziyan, process May 17 holdings of company stock, due to operational errors sell 1 million shares, income 6850 yuan turned over to the company.

  "Chairman, the actual control rules for short-term trading is certainly quite clear, but often because of individual stock account management operation by staff, the existence of careless staff operational errors led to short-term trading situation." Zhejiang a listed company secretaries expressed.

  Relatives out of step, will step on the line.

For example, the Tung Wah Group Director and Vice President Chen test their relatives Chen Xiangbang 2020 November 9 to January 4 this year, the sale of company stock, constitute a short-term trading. Among them, Chen is being implemented stock reduction plan, but their relatives Chen Xiangbang has implemented a buy transaction, in accordance with the rules constitute a short-term trading, profit 4375 yuan turned over to the company, the two holdings together promise not to carry out within one year. Most of the parties have yet to clarify the disciplinary scale short-term trading will be attributed to "own means", and claimed that trading stocks is autonomous and independent judgment, there is no case of insider trading, but some cases of "coincidence" and "accurate" the introduction of suspicion.

In the industry view, short-term trading disciplinary standards should be further clear. "Which situation issued a warning letter, in which case a criminal investigation should be uniform standards and caliber.

"Listed company" critical few "relatives sensitive short-term trading in the stock during the period, the introduction of more imagination.

Haiyuan Composites actual controller Gansheng Quan Gan Lin’s daughter, July 14 to buy 1100 shares, bought 1,000 shares July 15 and sold 1100 shares, July 15, the source of complex material just disclosed the semi-annual results notice it is hard to understand as a "coincidence." Venus directors, deputy general manager, chief financial officer Zhang Yuan spouse high wave, June 16-July 2 in a row to buy company stock, 6 transactions total turnover of over 170 million, sold July 13 out of 1 million shares, turnover million profit yuan, the transaction gains rate of 22%.

Coincidentally, Venus appointment August 12 semi-annual report to disclose, and to disclose the July 15 semi-annual results notice. Part of the case, the parties to the sale of accuracy called "his crafty plan."

For example, * ST’s State independent director son of Jiangang Luo Yang Yang, May short-term trading profit of million, that time announced that the party has not paid income funds. Interestingly, Yang Yang bought shares in May 7, May 11 all sold, interval only three trading days, rose as the company’s share price in the short term, its yield up to 38%. Noteworthy trend is that, after the implementation of the new securities law, there is more cause short-term trading case by the Commission to initiate an investigation. The evening of July 5, Nanda environmental disclosures, due to directors, officers Dongying Wen spouse Qin Hongwei trading company stock in 2020 August 28 to October 28 on suspicion of short-term trading, the Commission decided to initiate an investigation Dongying Wen.

South Environmental 2020 August 24 listing, According to earlier announcement revealed that Qin Hongwei total purchase, sell the amount of approximately 200 million, short-term exchange gain of 5990 yuan has been turned over to the company. In June, a blessing to share the actual controller Li Fucheng suspicion of short-term trading by the Commission to initiate an investigation, after investigation, its short-term trading happens in 2018, Hebei Securities Regulatory Bureau Li Fucheng ultimately given a warning, impose a fine of 80,000 yuan.

In 2020, Seiko Valin, China Star Venture, a German environmental protection and other company executives on suspicion of short-term trading by the Commission to initiate an investigation.

Shanghai and Shenzhen exchanges are also subject to short-term trading related to implementation of the issued warning letters and other disciplinary measures.

  "At present, regulatory supervision of short-term trading and other illegal activities in continuing to strengthen, but different short-term trading case what specific penalties corresponding to no clear quantitative criteria." Investment bank said the motive short-term trading is indeed difficult judge, for some cases of the market, the regulatory authorities require from the identity of the parties, the transaction size is in the sensitive period and other relevant information, to make further investigation determined that enhance the regulatory deterrence.

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