Typical Case :
Jiang Moumou insider trading cases of administrative penalties
Party: Jiang Moumou, male, born in August 1957, when he was in Shenzhen City (Group) Co., Ltd. Director and General Manager.
Identified, ginger xx has the following violations:
A form of insider information, transmission, public process and Jiang XX aware of inside information case
Jiang Moumou where the company is a principal real estate development and management, municipal engineering and construction management company. In late October 2007, the company disclosed in 2007 annual forecasted to notice, notice in 2007 net profit growth of 50% -100% over the previous year.
In early January 2008, the Finance Department prepared the "revenue-owned enterprises in 2007, profits completed Fact Sheet" (hereinafter referred to as a table), the table shows the company's 2007 net profit of 19,931.01 million. Then the Ministry of Finance and a correction table, prepared the "2007 owned enterprises revenues, profits completed Fact Sheet" (hereinafter referred to as Table II) and the "2007 annual report the number of tables" (hereinafter referred to as Table III). Table II and Table III shows the company's 2007 net profit of 17,301.77 million, up 54.61% over the previous year, earnings per share of 0.57 yuan.
January 7 pm, when the company chairman Jiang Moumou, Chief Financial Officer, Finance Manager held a brief meeting to discuss the 2007 annual results reported large shareholders Express data. Finance Manager at the meeting issued a per table, II and III, informed the principal financial data and indicators, and stressed that some data may be slightly adjusted, but in the end this brief meeting with the data reported data should be little difference the remaining participants reported data raised no objection.
January 11, the company's financial statement prepared by the Ministry of fiscal 2007, net income, earnings per share data and Table II the same, with the rest of the data in Table II differ slightly, mainly gross profit increased by more than 40,600 yuan Table II.
January 13, the Ministry of Finance has prepared the company balance sheet December 31, 2007, the table and the 2007 income statement January 11 Schedule prepared and reported to the other controlling shareholder through the network.
January 14 morning, the company reported to the chairman of the CFO has been the controlling shareholder of the company reported 2007 annual results Letters, and suggested that a company in Shenzhen timely disclosure. In the afternoon, a company in Shenzhen Finance Ministry drafted Express 2007 annual results announcement draft.
January 15, 2007 annual results Letters announcement after the presentation part of the Board to sign and submit to the Shenzhen Stock Exchange.
January 16, the company disclosed results of Letters in 2007, the company disclosed the data reported to the controlling shareholder of the data is consistent.
April 22, the company disclosed in 2007 annual report, showing net profit of 17,329.31 million, up 42.11% over the previous year, an increase of less than the number of results of Letters, earnings per share of 0.5692 yuan, close to the results of Letters and numbers.
Second, Jiang XX sell "a company in Shenzhen," the stock situation
April 4, 2006, Jiang Moumou securities account shall only purchase 41,800 shares of company stock, which the day namely China Securities Depository and Clearing Corporation locking; May 18, 2007, the China Securities Depository and Clearing Corporation unlock 10,450 shares; as of 2008 on January 11, Jiang Moumou hold 10,450 shares of tradable shares.
2008 at 9:38 on January 14, Jiang Moumou commissioned by his office computer online securities business department to sell 5,450 shares of company stock, the price of 26 yuan and auction commission; sell "a company in Shenzhen," the proceeds used to purchase shares trading and other stock, not cash out.
By the Shenzhen Stock Exchange, calculated to insider information Publication date January 16, 2008 as the base date, Jiang XX insider trading illegal income (loss aversion) was 2,964.80 yuan.
The SFC investigation found that Jiang Moumou after becoming aware of a company in Shenzhen 2007 performance Express information and sell its own shares held by the company, in violation of the "Securities Act" Article 73, the provisions of Article 76 , who constitute insider "securities trading inside information" Securities Act "provisions of Article 202 or illegally obtained insider information, information concerning securities issuance, trading or other securities have a significant impact on the price of the public before the sale of the securities "behavior, it should be in accordance" shall be punished Securities law "Article 202 of the.
According to the facts of illegal parties, nature, circumstances and level of social harm, according to the provisions of Article 202 "Securities Act", the SFC Council in ○ ○ Nian Yi Liuyue Sanshi date of the decision: Jiang Moumou sentenced to 80,000 yuan fine.
Qu conduct insider trading cases of administrative penalties
Party: Qu, male, born in January 1970, from May 2003 deputy director of the Shenzhen office of a company controlling shareholder of a listed company in Shenzhen City.
It has been identified as a suspected insider trading case, the fact that Qu is as follows:
In late March 2007, the listed company to its controlling shareholder of the company submitted "on behalf of major issues Property Report Form" (Report on 2,3 factory cooperation program), it proposes to implement specific reconstruction and development work, intended to 2005 November 25 listed companies with the Shenzhen City jewelry Co., Ltd. signed a "joint development industrial zone # 2, # 3 plant contract" as the basis for the establishment of a joint venture means of cooperation, the cooperation of 50% shares of each listed assess the price of shares in the company plant, jewelry company cash injection. In early April, the company received the above report, and agreed in principle to the project. May 28, listed companies to report in accordance with the requirements of the company "cooperation Feasibility analysis report" Analysis concludes that "our cooperation with jewelery companies, 2,3 plant has already been made real estate certificates, and property use extended until 2034 the market value of the property is now 24,435,300 yuan;.. the present value of the total rental income 31,875,100 yuan, more than the company that did not cooperate with the jewelry before the permit extension increased 17.5439 million yuan, "" through the workshop 2,3 upgrading, I can share after reconstruction Property area 9276.78㎡, including new property areas 983.37㎡. after the transformation of property market value 60,547,500 yuan, the present value of the total rental income of 94.72 million yuan, an increase of 62.8449 million yuan over the previous transformation did not , that is, before a permit extension increased 80.3888 million yuan made comments than not and jewelry companies. "the end of September, the company reported to the listed company," comments co-development benefits relating to the distribution of the "distribution of benefits of the project and what kind of program. October 12, the company held a leadership meeting, the meeting decided to "consent of listed companies continue to perform cooperative development agreement with plants jewelry company signed Protocol plan to set up joint ventures and other related matters, the Ministry of Investment and Development Group, according to relevant procedures for approval to seize" . October 22, the company that the project includes feasibility and send its controlling shareholder. November 30, listed companies to report "on the report submitted to the project-related information" to the company, the report includes the annex "project feasibility study report", "Real Estate Appraisal Report" and so on. Among them, the "feasibility report" Analysis of the conclusions states: year established investment company, can bring benefits for the 24.7 million yuan accounts of listed companies; implementation of the project, listed companies can get an annual net profit of 4.6946 million yuan, compared with the transformation before adding 3.0638 million yuan; the investment recovery period is within a reasonable range. December 7, the company issued by the listed company "agreed on the establishment of the Investment Co., Ltd. approved." December 11, for consideration by the Board of Directors of listed companies related to the motion. On the same day, a listed company signed a "cooperation agreement." December 14, listed companies announced the above-mentioned cooperation matters. December 31, listed companies operating income to plant shellfish water price of 23,321,551.51 yuan investment shares. According to the relevant periodic reports of listed companies disclosure of its 2006 net profit -92,148,791.60 yuan, three quarters of 2007 net profit -111,113.13 yuan.
Qu since May 6, 2003 he was appointed deputy director of SDG office, whose job is responsible for leadership meetings, leaders' speeches, the drafting of important documents and other work. In the company on request to the Shenzhen Securities Regulatory Bureau of the relevant table, Qu was recognized as one of the contact persons listed company non-public information. October 12, 2007, Qu attended SDG leadership meeting, the meeting agreed to continue to perform the listed company to develop plant agreement signed with the jewelry company, and asked the Ministry of Investment and Development Investment Holdings approved according to the procedure reported. December 7, 2007, the company issued by the listed company "agreed on the establishment of Investment Co., Ltd. of approval" with the document flow statement Group Company's "core has approved draft. Of a 7/12 07 Qu X" words. Qu admitted to investigators, in 2007 December 7 Nuclear school company headquarters listed companies in 2007 November 30 reported "Report on the information submitted to the project," the approved draft, because nuclear work to school , read the above report and all related accessories and other related comments.
Qu sale of shares of listed companies act. In an interview with investigators when asked to admit that its own account transactions are conducted by telephone commission, funds from the account himself. December 11, 2007, Qu use their phone at the office alone, with its securities account one-time purchase 83,700 shares of the listed company's shares, to sell the stock to buy day trading volume ranking first in the ranking, a total capital of more than 110 million, 99.76% of its total assets in the account at the time. On March 7 and 11, Qu by telephone commission trading will sell all shares, a slight loss after deducting related taxes and other transaction costs.
The SFC believes that listed companies and jewelry companies to develop projects related to matters in this case, has not been previously disclosed inside information belonging to the "Securities Act" provisions of Article 75. Qu in 2007 October 12 to attend the company leadership meeting, initially we knew about insider information, in the December 7, 2007 for examination and approval of the relevant documents to further knowledge of the specific content of the inside information. Qu as the controlling shareholders of listed companies due to work duties with access to insider information officer, after becoming aware of inside information, insider information before the public, a one-time buy a lot of shares of listed companies, constitute the "Securities Act" two hundred and second Article "insider securities trading inside information or illegally obtained insider information people, before the issuance of securities involved, transactions or other significant impact on the price of the securities information disclosure, the sale of the securities" behavior. Qu in a statement defense material presented in its purchase of the shares of listed companies, not subjective use of insider information for profit malicious or deliberate, but very coincidence because it is capable of informed insider information status through independent judgment that the listed company has the potential to . The Commission believes that a lack of sufficient evidence to justify Qu support, it is not sufficient to exclude the identification of insider trading.
Based on the above facts and grounds, in accordance with the provisions of the "Securities Law" Article 202, I decided to Qu X fined 30,000 yuan.
Er ○○ November 27, eight years
Moumou insider trading cases of administrative penalties
Party: Moumou, male, born in September 1979, when he was assistant general manager of a Shenzhen-listed company's financial center.
Been identified Moumou illegal the following facts:
Listed Companies 'Annual Information forecasted 2007 and 2007 Annual Report information is inside information "Securities Act" provisions of the company' s business, or have a significant financial impact on the company's stock market price has not been disclosed. The listed company forecasted information sensitive period 2007 to 2008, to January 23, 2008 January 30, 2007 annual report, financial report information sensitive period for the March 19, 2008 to April 2008 7. Moumou party knows the 2007 forecasted information and specific content of the annual report 2007 for the insiders.
January 30, 2008, by Lee XX buy their own securities account 2,600 shares of the listed company's shares, on February 13, 2008 all sold; March 24, 2008, to buy 6,600 shares; April 2008 7 to buy 16,900 shares and sold 6,600 shares; April 11, 2008, sold 6,900 shares; April 15, 2008 to sell 10,000 shares. Trading profit more than a total of 29,534.09 yuan.
Moumou parties in their statements, defense material presented: listed companies in 2007 forecasted annual financial information and reporting information details are not entirely clear, accurate data, and do not understand the contents of the announcement; April 7, 2008 Sell loss of 6,600 shares of stock sold, January 31, 2008 has released forecasted to notice, is based on the information bulletin of stock trading, a loss to sell the stock to prove it is not aware of inside information; decides it insider information to trade stocks shall be deducted from April 7, 2008 the amount sold 6,600 shares of losses. In addition, the parties propose to admit its good attitude, actively cooperate with the investigation of the case, ask to give a lighter punishment.
Review by the Commission, January 23, 2008, listed companies Moumou 2007 consolidated financial statements were reviewed, informed the company in 2007 net profit growth of more substantial information; March 19, 2008, Li XX the preliminary annual audit of listed companies in 2007 have been reviewed, and on April 4-6, 2007 annual audit company knows the final result. Li XX trading in insider information sensitive period, the shares of listed companies, in violation of the "Securities Act" Article 73 and Article 76 of the regulations. As long as the perpetrator carried out insider trading, and its illegal gains much, whether there is illegal income, it shall affect constitute insider trading. Moumou actual insider trading profit of 29,534.09 million, net of losses. SFC During the trial, the parties have been illegal practices, and other harmful consequences of the situation has been fully taken into account. The parties proposed the above statements, to defend himself, can not be used as a basis for liability waiver and the reasons, the Commission shall not be accepted.
I could believe that, said Li XX conduct of the parties in violation of the "Securities Act" Article 73 "Prohibition of insider securities trading inside information illegally obtained insider information and who use insider information in securities trading activities" and seventy-sixth Article "insider securities trading inside information and illegally obtaining insider information people, insider information before the public, not purchase or sell securities of the company" provisions, constitute the "Securities Act" second hundred and two of the "insider trading securities insider information, or who illegally obtained insider information, before the issuance of securities involved, transactions or other significant impact on the price of the securities information disclosure, the sale of the securities "violations.
According to the parties illegal facts, nature, circumstances and level of social harm, according to the provisions of the "Securities Law" Article 202, the Commission decided: Li XX confiscate the illegal income 29,534.09 yuan, and impose a fine of 50,000 yuan.
  Er ○○ November 6, nine
Zhongshan Public Utilities insider trading case
A court ruling
October 27, 2011, Zhongshan Public Utilities insider trading case in Guangzhou City Intermediate People's Court sentenced the former mayor of Zhongshan Red Nicholls, the former Zhongshan Public Utilities chairman Tan Qing medium 10 defendants were jailed for a year and a half to 11 years.
Former mayor of Zhongshan Red Nicholls guilty of insider trading, disclosure of inside information and the crime of accepting bribes and sentenced to 11 years in prison and fined 20 million yuan, confiscation of property of 100,000 yuan. While being sentenced, and her husband Lin Yongan, sister Lin Xiaoyan, brother ming. Lin Yongan guilty of insider trading and sentenced to 3 years and 6 months and fined 3 million yuan; Lin Xiaoyan commit insider trading and sentenced to 5 years and 6 months and fined 13 million yuan; ming commit money laundering sentenced to 2 years and fined one million yuan.
In addition, the former Zhongshan Public Utilities chairman Tan Qing guilty of insider trading, disclosure of inside information and sentenced to 5 years imprisonment and fined seven million yuan; former assistant general manager of Zhongshan public Cheng Yuk Ling guilty of insider trading, disclosure of inside information, sentenced to 7 years and fined 25.3 million yuan; former Zhongshan public Utilities Dept of managers midweek star guilty of insider trading and sentenced to six years imprisonment and fined 18.1 million yuan; other related defendants Hao Zheng branches, Chen Qingyun, respectively collar criminal charges Zhaohui five years, 2 and a half years and 1.5 years, respectively, and fined 1.9 million yuan, 600,000 yuan and 200,000 yuan.
Second, the case playback
April 2007 to May, when he Zhongshan Public Utilities Group Co., Ltd. chairman Tan Qing planning company quality assets into the listed company public technology (in 2008 changed to "Zhongshan Public Utilities"), to achieve public listed group as a whole. In the meantime, he repeatedly to the matter when he was mayor of Zhongshan Red Nicholls reports, and get support. June 11, Tan Qing turn the matter to the Zhongshan Municipal Party Committee Secretary Chen Genkai made a report, Chen Genkai make specifically responsible for this red Nicholls. Subsequently, Tan Cheng Yuk Ling will inform the defendant, Zheng requested to draw up a written material on the reorganization, the 26th of the month, he should report formally to the proposal Nicholls red. July 3, Nicholls Red, Tan Qing, Cheng Yuk Ling and other reported significant asset restructuring public science and technology to the China Securities Regulatory Commission and the achievement of the Group's overall listing of the public. On the same day, the company recently announced that the public science and technology major issues to be discussed. The next day, public technology stocks suspension.
China Securities Regulatory Commission on issues related to science and technology public survey found that the public group to inject quality assets public science and technology to achieve the overall listing plan in the case of insider information before the public, which is formed inside information on June 11, 2007, price-sensitive insider information of the same year to July 4 suspension ended.
But in June 2007, to report on Tan asset restructuring public science and technology preparations to Nicholls red, referring to public science and technology shares will rise, it is recommended to let Lin Yongan red Nicholls later. In mid-June, Tan Qing Lin Yongan met in the office, leaking insider information to its asset restructuring, recommends investors to buy its shares. In late June, home to Lin Xiaoyan Nicholls red above leaked insider information, and commissioned her to purchase 2,000,000 common technology stocks. Subsequently, Lin Xiaoyan raise money total of 6.7702 million yuan, in 2007, between June 29 to July 3 date total purchase 89.68 million shares of stock, after the September 18 to October 15 after another sell, book income 19,830,000 Yu Yuan.
III Analysis
Whether it is the case now Zhongshan Public Utilities, the previous case Gaochun ceramics, or China Securities Regulatory Commission has announced a recapitalization involving the state-owned insider trading cases investigated, have shown that local governments, state-owned enterprise capital program and the stock market open and transparent rule-pole conflict and regulatory challenges resulting prone. Under current conditions, the state-owned listed companies with complex decision-making process, the way newspaper layers of approval, the strict control its necessity, but also expanded the scope of insider knowledge, market caused by asymmetric information, easy to breed insider trading. Involving many stakeholders, many things out of the state capital mergers and acquisitions, whether it is the government department heads or key staff positions major shareholders of listed companies, authorities, are likely to defy the law, undermine market securities trading open, fair and impartial manner, disturb securities trading order and seriously affect the play the stock market functions. .
Fortunately, for the prevention and fight against insider trading, regulators have been to improve the relevant system. Since March 2007, the Shenzhen Securities Regulatory Bureau has issued multiple regulatory notice of listed companies to submit non-public information acts to strengthen supervision, the establishment of Insider Information Filing System. In 2010, the China Securities Regulatory Commission to the national vigorously Insider Filing System. November 2010, the Office of the State Council forwarded the Commission and other departments "to crack down on insider trading and the prevention and control of capital markets advice," increased efforts to combat and prevention of insider trading.
Inspiration Zhongshan Public Utilities insider trading case: the combat and prevention of insider trading, it is necessary to raise awareness and increase education and publicity efforts. Legal knowledge through legal advocacy, education and training and other forms, the popularity of the criminal law, securities law, stakeholders and the public to help increase awareness of the dangers of insider trading, and enhance awareness of compliance. The second is to strengthen the management of inside information, to curb insider trading from the source. Establish and improve the registration system inside information, to improve the institutionalized and standardized levels of prevention and control work. All significant matters involving listed companies of the decision-making process must comply with confidentiality requirements, simplifying decision-making process, shorten the decision time, minimize the scope of insider information insider. Third, the securities regulatory authorities to strengthen the system construction, combat and prevention of insider trading, while market parties need to reach a consensus, including participation in public security, discipline, supervision, and other state-owned sector, coordination, make concerted efforts to form upper and lower linkage , departmental interaction, regional linkage integrated control system and a powerful strike force.