According to the current regulations, when a person or institution holds more than 5% of the shares of a listed company, it must publish an announcement in a timely manner to disclose it. This is for protectionInvestmentsto make market information more transparent and fair. However, some people deliberately fail to fulfill their announcement obligations for personal gain, resulting in a lack of accurate information in the marketInvestmentsIt is difficult to make informed decisions.
In an administrative penalty case announced by the Hunan Securities Regulatory Bureau, the proportion of shares held by the person involved Zhang exceeded 106%, but he did not even make a public disclosure, but to".Economyhardship". This kind of behavior is a serious violation of theActThe relevant provisions also have a positive impact on the market order andInvestmentshas adversely affected the interests of the people.
Zhang's shareholding exceeded the prescribed proportion and still did not make an announcement, indicating his disregard for the rules and his awareness of illegality. He deliberately exploited the vulnerability to circumvent the announcement requirements and tried to get throughEconomydifficulty to mitigate the penalty. This behavior is not only violatedLawsstatutes, but also infringe on othersInvestmentslegitimate interests.
In this case, the account controlled by Zhang was frequently bought and sold over a period of time, the total transaction volume reached 42.1 billion yuan, but claimed a loss of more than 700 million yuan. However,Investmentsrisks andEconomyHardship is not a reason to be exempt from punishmentLawsThe handling of violations will not be individualizedEconomyDifficult and partial.
Regulators should take serious action against behaviors that ignore the rules to protect market order andInvestmentsrights and interests. According to the administrative penalty decision of the Hunan Securities Regulatory Bureau, Zhang's illegal acts were dealt with accordingly, and he was given a warning, his illegal gains were confiscated, and a fine was imposed. In addition, Zhang was also ordered to rectify and imposed a fine of 500,000 yuan to 5 million yuan to promote his performance of information disclosure obligations.
Such penalties indicate that for violations, whether or notEconomyThere is no escaping difficultiesLawsLiability. LawsThe principles of fairness and strictness are essential for maintaining market order andInvestmentsThe interests of the people are paramount. Only by intensifying the rectification of violations can we maintain the healthy and stable operation of the market.
From this case, we can see:There are some irregularities in . On the one hand, forStockholdersIf their violations are subject to penalties, then for listed companies and sponsors, their actions should be subject to the same supervision. Some companies use various means to circumvent supervision before listing, such as early dividends, loans, etc., which is not conducive to the healthy development of the market. On the other hand, some companies have performed well in the early stage of listing, but then they frequently cash out, which also needs to be strictly supervised.
To sum up, for those holding more than 5% of the sharesInvestmentsIt is inevitable to fulfill the obligation of public announcement. Whether it appears or notEconomyThere is no escaping difficultiesLawsLiability. The regulatory authorities should strengthen the supervision and protection of market violationsInvestmentsto maintain market order. Only in a fair, transparent and regulated market environmentInvestmentswill be able to proceed with more peace of mind and peace of mindInvestments
Personal summary: In this case, we saw someInvestmentsIgnoring the rules and awareness of violating the law, as well as the strict punishment attitude of the regulatory authorities for violations. Regulators should also strengthen supervision of non-compliance by listed companies and sponsors to maintain fairness and transparency in the market. AsInvestmentsWe should be vigilant and rationalInvestmentsand strengthen supervision and participation in the market, so as to make the market more healthy, stable and sustainable.