A few days ago, the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission disclosed the administrative penalty decision letter to Huaying Fund Investment Manager Li Ying. Although the amount involved in the insider trading case is not large, it has completely exposed the “hidden rules†of listed companies: some companies and brokers have begun to look for funds before planning a fixed increase, and they have reached an agreement privately when the suspension is suspended. Leave room for insider trading for relevant insiders.
The listed company involved in the case is Luxiao Technology. According to public information, on April 18, 2013, Luxiao Technology Co., Ltd. applied for suspension of trading due to major issues in the preparation of non-public offering of shares; on April 25, Luxiao Technology published a notice of non-public offering of A shares and announced the resumption of trading.
The administrative punishment decision of the Zhejiang Regulatory Authority disclosed the detailed planning and preparation process of Lu Xiao Technology. From November 2012 to January 2013, Lu Mou, the chairman of the company, contacted Xu, the sponsor of Dongxing Securities, and discussed the overall plan for the increase, namely, the injection of the two units of the turbocharger and the motor of the Luxiao Group into Zhejiang. Lutong Electromechanical Co., Ltd. then acquired the equity of Zhejiang Lutong Electromechanical Co., Ltd. with its own funds, and then raised the funds raised by the non-public offering of A shares.
On January 29, 2013, the Dongxing Securities project team officially entered the project. The person in charge of the project team was Jinmou, and Lu Xiaozhi, the director of the company, assisted the project team. On March 7, the Dongxing Securities project team, after fully communicating with Luxiao Technology, determined the non-public offering plan for March 31, 2013 as the base date, and formulated a work plan and prepared the relevant application materials. Dongxing Securities is responsible for finding sales targets for non-public offerings.
The alleged violation process occurs in the process of finding a sales target, that is, looking for funds. The punishment decision was disclosed. At the end of March and the end of April 2013, Dongxing Securities Jinmou introduced the non-public offering of Luxiao Technology to Li Ying, the investment manager of Huaying Fund. On April 8, Li Ying went to Luxiao Technology for a field trip. After the inspection, Li Ying's feedback was good, indicating that he could cooperate. On the afternoon of April 12, Dongxing Securities Xu Mou went to Luxiao Technology to explain the non-public offering of stock declaration process, legal requirements and other knowledge, and proposed that Huaying Fund and other companies intend to subscribe for non-public offerings.
Li Ying confirmed that she had contacted Dongxing Securities Jin, and went to Luxiao Technology on April 8, 2013 for on-site investigation. At that time, the company's director secretary Cai was responsible for reception, and the chairman Lu Mou also had a simple exchange, mainly because Cai introduced the company's production and operation, future development direction and the basic situation of fundraising projects, Li Ying expressed Hua Wei The fund is willing to participate in the intention of private placement. After returning to Shanghai on April 9, Li Ying and researcher Cai Mou and research director Song Mou communicated and wrote a research report by Cai.
Since then, Li Ying has used his actually controlled “Xu Mouhao†securities account to purchase 12,400 shares of Luxiao Technology on April 10 and 11, 2013, with a purchase amount of RMB 145,800. After the annual dividends and transfer, the “Xu Mouhao†securities account sold all the Luxiao Technology stocks from May 7 to June 3, 2013, with a sales amount of 182,000 yuan. "Xu Mouhao" securities account trading Lu Xiao Technology stock accumulated a profit of 33,500 yuan.
According to the fixed increase plan of Luxiao Technology, Li Ying completed the purchase before the announcement of the fixed increase plan, and sold it after the disclosure of the fixed plan. In the fixed increase plan disclosed by Lu Xiao Technology on April 25, 2013, Li Ying’s Hua Wei Fund agreed to subscribe for 60.8 million shares.
Although Li Ying put forward some arguments, the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission finally determined according to the facts: Lu Xiao Technology's non-public offering of stock information was significant and undisclosed before the suspension of disclosure, and it was inside information. The regulatory authorities decided to confiscate Li Ying’s illegal income of 33,500 yuan and imposed a fine of 67,000 yuan.
After the case of the suspected insider trading, the initial increase of Luxiao Technology was not completed. In May of this year, the company disclosed to the CSRC to apply for the withdrawal of non-public offering of stock application documents. In the previous April, the company also disclosed that it had received a notice from the Economic Investigation Bureau of the Zhejiang Provincial Public Security Bureau. The company’s board secretary Cai Shen was suspected of criminal detention. Since September, the company disclosed that due to suspected violations of securities laws and regulations, the CSRC decided to investigate the company.
The listed company involved in the case is Luxiao Technology. According to public information, on April 18, 2013, Luxiao Technology Co., Ltd. applied for suspension of trading due to major issues in the preparation of non-public offering of shares; on April 25, Luxiao Technology published a notice of non-public offering of A shares and announced the resumption of trading.
The administrative punishment decision of the Zhejiang Regulatory Authority disclosed the detailed planning and preparation process of Lu Xiao Technology. From November 2012 to January 2013, Lu Mou, the chairman of the company, contacted Xu, the sponsor of Dongxing Securities, and discussed the overall plan for the increase, namely, the injection of the two units of the turbocharger and the motor of the Luxiao Group into Zhejiang. Lutong Electromechanical Co., Ltd. then acquired the equity of Zhejiang Lutong Electromechanical Co., Ltd. with its own funds, and then raised the funds raised by the non-public offering of A shares.
On January 29, 2013, the Dongxing Securities project team officially entered the project. The person in charge of the project team was Jinmou, and Lu Xiaozhi, the director of the company, assisted the project team. On March 7, the Dongxing Securities project team, after fully communicating with Luxiao Technology, determined the non-public offering plan for March 31, 2013 as the base date, and formulated a work plan and prepared the relevant application materials. Dongxing Securities is responsible for finding sales targets for non-public offerings.
The alleged violation process occurs in the process of finding a sales target, that is, looking for funds. The punishment decision was disclosed. At the end of March and the end of April 2013, Dongxing Securities Jinmou introduced the non-public offering of Luxiao Technology to Li Ying, the investment manager of Huaying Fund. On April 8, Li Ying went to Luxiao Technology for a field trip. After the inspection, Li Ying's feedback was good, indicating that he could cooperate. On the afternoon of April 12, Dongxing Securities Xu Mou went to Luxiao Technology to explain the non-public offering of stock declaration process, legal requirements and other knowledge, and proposed that Huaying Fund and other companies intend to subscribe for non-public offerings.
Li Ying confirmed that she had contacted Dongxing Securities Jin, and went to Luxiao Technology on April 8, 2013 for on-site investigation. At that time, the company's director secretary Cai was responsible for reception, and the chairman Lu Mou also had a simple exchange, mainly because Cai introduced the company's production and operation, future development direction and the basic situation of fundraising projects, Li Ying expressed Hua Wei The fund is willing to participate in the intention of private placement. After returning to Shanghai on April 9, Li Ying and researcher Cai Mou and research director Song Mou communicated and wrote a research report by Cai.
Since then, Li Ying has used his actually controlled “Xu Mouhao†securities account to purchase 12,400 shares of Luxiao Technology on April 10 and 11, 2013, with a purchase amount of RMB 145,800. After the annual dividends and transfer, the “Xu Mouhao†securities account sold all the Luxiao Technology stocks from May 7 to June 3, 2013, with a sales amount of 182,000 yuan. "Xu Mouhao" securities account trading Lu Xiao Technology stock accumulated a profit of 33,500 yuan.
According to the fixed increase plan of Luxiao Technology, Li Ying completed the purchase before the announcement of the fixed increase plan, and sold it after the disclosure of the fixed plan. In the fixed increase plan disclosed by Lu Xiao Technology on April 25, 2013, Li Ying’s Hua Wei Fund agreed to subscribe for 60.8 million shares.
Although Li Ying put forward some arguments, the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission finally determined according to the facts: Lu Xiao Technology's non-public offering of stock information was significant and undisclosed before the suspension of disclosure, and it was inside information. The regulatory authorities decided to confiscate Li Ying’s illegal income of 33,500 yuan and imposed a fine of 67,000 yuan.
After the case of the suspected insider trading, the initial increase of Luxiao Technology was not completed. In May of this year, the company disclosed to the CSRC to apply for the withdrawal of non-public offering of stock application documents. In the previous April, the company also disclosed that it had received a notice from the Economic Investigation Bureau of the Zhejiang Provincial Public Security Bureau. The company’s board secretary Cai Shen was suspected of criminal detention. Since September, the company disclosed that due to suspected violations of securities laws and regulations, the CSRC decided to investigate the company.
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