Recently, the Hunan Securities Regulatory Bureau announced an administrative penalty, involving the illegal disclosure of Zhang's letter and the illegal transfer of the restriction period.
From May 2017 to November 2021, Zhang controlled 12 accounts to trade Guixiang shares, with a total shareholding of more than 5%, and then exceeded 10%, with the highest shareholding reaching 1046%, but Zhang did not fulfill his reporting and disclosure obligations in a timely manner and did not stop trading.
The CSRC intends to impose penalties on him. Zhang said that the loss has exceeded 70 million yuan, and the overall loss is expected to exceed 300 million yuan. According to the CSRC, financial hardship was not a statutory reason for mitigating the penalty, and the parties did not provide any supporting materials. In the end, the Securities Regulatory Bureau fined him 3.5 million yuan.
More than 10% of the shareholding is not reported.
Zhang actually controlled the use of 12 ** accounts (hereinafter referred to as the "account group") under the names of 7 people including "Zhang" and "Zhao" to trade Guixiang shares, and all transactions in the above accounts were decided and operated by Zhang.
On May 8, 2017, the account group held more than 5% of Guixiang shares for the first time, and Zhang failed to inform Guixiang of the account control relationship and total shareholding in accordance with the regulations, and failed to perform the reporting and disclosure obligations in a timely manner and did not stop trading.
On May 17, 2019, the account group's shareholding ratio exceeded 10%. On March 13, 2020, the shareholding reached a maximum of 1046%。On November 30, 2021, the shareholding ratio was reduced to less than 5%.
During the period from May 9, 2017 to November 30, 2021, for every 5% increase or decrease in the shareholding ratio of the account group, Zhang did not notify and announce the shares of Guixiang, and did not stop trading the **;For every 1% increase or decrease in transactions during the period, Zhang did not notify Guixiang shares and make an announcement.
During the period from May 9, 2017 to November 30, 2021, the account group totaled ***2374750,000 shares, amount 21.8 billion yuan, sold **2390990,000 shares, amount 20.3 billion yuan, with a total transaction amount of 4$2.1 billion. The account group loses money on the transfer of your shares during the restriction period.
The Hunan Securities Regulatory Bureau believes that Zhang's above-mentioned behavior violated the provisions of Article 36, Paragraph 1 and Article 63 of the ** Law, and constituted the illegal acts mentioned in Article 186 and Article 197, Paragraph 1 of the ** Law.
It is reported that Article 186 of the "* Law" stipulates that in violation of the provisions of Article 36 of this Law, if the transfer is carried out during the period of restriction on transfer, or the transfer does not comply with the provisions of laws, administrative regulations and supervision and management institutions, it shall be ordered to make corrections, given a warning, confiscated illegal gains, and imposed a fine of less than the equivalent value of the sale.
*Article 197 of the Law stipulates that if a person with an information disclosure obligation fails to submit relevant reports or perform information disclosure obligations in accordance with the provisions of this Law, he shall be ordered to make corrections, given a warning, and imposed a fine of not less than 500,000 yuan but not more than 5 million yuan.
arguing that "the current economy is in difficulty".
The party Zhang X put forward the following defense opinions:
First, the transaction of Guixiang shares is to invest in enterprises, and the trading process does not manipulate the market.
The second is that Zhang believes that the transaction caused huge losses. According to Zhang's statistics, the losses of CITIC** and CITIC** margin and securities lending accounts under the name of Zhang exceeded 70 million yuan, and it was estimated that the loss of the entire account group exceeded 300 million yuan, and the loss amount far exceeded the difference between the trading amount stated in the prior notice.
Third, Zhang Mou mentioned the current economic difficulties. To sum up, Zhang applied for a reduction in the amount of the penalty.
Failure to provide proof of financial hardship.
After review, the Hunan Securities Regulatory Bureau believes that:
First, Zhang controlled multiple ** accounts to trade Guixiang shares for a long time, failed to perform information disclosure obligations in accordance with the provisions and traded in violation of legal requirements, and his defense opinion that the transaction did not manipulate the ** market has nothing to do with the illegal facts confirmed in the prior notice, and does not constitute a reason to reduce his liability for illegal information disclosure and illegal transfer during the restriction period.
Second, Zhang actually controlled 12 ** accounts to trade Guixiang shares, and the penalty amount for his information disclosure violations was the minimum legal rangeThe penalty amount for the illegal transfer during the restriction period is related to the transaction amount and has nothing to do with the loss amount, and the transaction amount of the account group in the advance notice is calculated by the exchange, and the data is accurate and complete. In addition, Zhang had an incorrect understanding of the calculation of the "loss" mentioned in the prior notice, and the amount of the loss was not equal to the difference between the purchase and sale amountsIt claimed that the account group under its name suffered serious losses, but did not provide materials to prove it.
Third, the CSRC has fully considered the nature, circumstances and degree of harm of the parties' illegal acts in sentencing, and financial hardship is not a statutory reason for mitigating the punishment, and the parties have not provided any supporting materials.
In summary, the Hunan Securities Regulatory Bureau did not adopt the parties' statements and defense opinions.
According to the facts, nature, circumstances, and degree of social harm of the parties' illegal acts, combined with the parties' cooperation with our bureau's investigation, and in accordance with the provisions of Article 186 and Article 197, Paragraph 1 of the ** Law, the Hunan Securities Regulatory Bureau decided: to transfer the shares of Guixiang during the restriction period of Zhang, order corrections, give warnings, and impose a fine of 3 million yuan;Zhang was ordered to make corrections, given a warning, and fined 500,000 yuan.
Editor-in-charge: Ren Haopeng |Review: Li Zhen |Supervisor: Wan Junwei.
*: Brokerage China).