Tens of billions of quantitative private placements affect the normal trading order, and the exchange responds quickly and strikes hard.
On February 20, the Shanghai and Shenzhen stock exchanges both issued relevant announcements on the implementation of trading suspension measures against Ningbo Lingjun and the initiation of public censure procedures.
It is reported that on February 19, the Shanghai and Shenzhen Stock Exchanges found in the transaction monitoring that a number of ** accounts under the name of Ningbo Lingjun Investment Management Partnership (Limited Partnership) (hereinafter referred to as "Ningbo Lingjun") automatically generated trading instructions through computer programs and placed a large number of orders in a short period of time.
Among them, from 9:30:00 to 9:30:42, Ningbo Lingjun sold *** for a total of 13$7.2 billion; From 9:30:00 to 9:31:00, a large number of Shanghai market ** were sold in large quantities, totaling 119.5 billion yuan. During this period, the Shenzhen Component Index and the Shanghai Composite Index fell rapidly in a short period of time.
According to the regulations, the Shanghai and Shenzhen Stock Exchanges decided to take trading restrictions on the relevant ** accounts under the name of Ningbo Lingjun from February 20, 2024 to February 22, 2024, restricting them from trading all ** listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange during the above period, and initiating the procedure of public reprimand and disciplinary punishment against Ningbo Lingjun.
It is worth noting that since the beginning of this year, the ** account under the name of Ningbo Lingjun has been repeatedly taken by the firm for written warnings and other regulatory measures due to abnormal trading behaviors, but it has not been corrected and abnormal trading behaviors continue to occur.
A large number of orders are placed in 1 minute: more than 2.5 billion yuan are sold
According to the announcement, on February 19, the Shanghai Stock Exchange found in the trading monitoring that from 9:30:00 to 9:31:00, a number of products managed by Ningbo Lingjun sold a large number of products in the Shanghai market** totaling 119.5 billion yuan. On the same day, the Shenzhen Stock Exchange found in the transaction monitoring that from 9:30:00 to 9:30:42, a number of ** accounts under the name of Ningbo Lingjun automatically generated trading instructions through computer programs, placed a large number of orders in a short period of time, and sold a total of 13$7.2 billion;
During this period, the Shanghai Composite Index and the Shenzhen Component Index fell rapidly. Specifically, the Shanghai Composite Index fell from 2,886 points to around 2,868 points in the first minute of trading that day; Within one minute of the opening of the day, the Shenzhen Component Index quickly rose from 8,957 points to around 8,875 points.
The Shanghai Stock Exchange stated that after investigation, the above-mentioned transactions of Ningbo Lingjun violated Article 7 of the Trading Rules of the Shanghai ** Exchange (hereinafter referred to as the "Trading Rules").Paragraph (6) of Article 2 stipulates that "programmed transactions are carried out through the automatic generation or issuance of trading instructions through computer programs, which affects the security of the Exchange's system or the normal trading order".
The Shenzhen Stock Exchange stated that Ningbo Lingjun's relevant behavior affected the normal trading order and constituted Article 6 of the Trading Rules of the Shenzhen ** Exchange2. Abnormal trading behaviors as stipulated in Paragraph 6 of Article 2.
It is worth noting that since the beginning of this year, the ** account under the name of Ningbo Lingjun has been repeatedly taken by the firm for written warnings and other regulatory measures due to abnormal trading behaviors, but it has not been corrected and abnormal trading behaviors continue to occur.
According to public information, Ningbo Lingdu is a 10-billion-level quantitative private placement, and as of February 20, many of the company's products have retreated by more than 15% since the beginning of this year.
Quick reflexes and heavy punches
In accordance with the regulations, the Shanghai and Shenzhen Stock Exchange decided to take trading restrictions on the relevant ** accounts under the name of Ningbo Lingjun from February 20, 2024 to February 22, 2024, restricting them from trading all ** listed on the Shenzhen Stock Exchange during the above period, and initiating the procedure of public reprimand and disciplinary action against Ningbo Lingjun.
In September last year, the China Securities Regulatory Commission (CSRC) guided the ** Exchange to introduce a series of measures to strengthen the supervision of programmatic transactions, and issued two notices, namely the "Notice on Matters Related to the Reporting of Programmatic Transactions" and the "Notice on Matters Related to Strengthening the Management of Programmatic Transactions" (hereinafter referred to as the "Report Notice" and "Management Notice" respectively).
In addition, the Shanghai and Shenzhen Stock Exchanges also issued an announcement that the exchange implements real-time monitoring of the trading behavior of programmatic trading investors, and focuses on monitoring the following matters:
1) Abnormal trading behaviors stipulated in the business rules of the exchange that may affect the security of **trading**, trading volume or the exchange system;
2) The highest declaration rate reaches more than 300 transactions per second, or the maximum number of declarations in a single day reaches more than 20,000 transactions;
3) Multiple **transactions** or the trading volume is obviously abnormal, and a large number of programmatic transactions are involved during the period;
4) Other matters that the Exchange deems necessary to be monitored.
The reporter learned that for a long time, the Shanghai and Shenzhen stock exchanges have continued to pay close attention to abnormal trading behaviors in the market.
Among them, from January 29, 2024 to February 2, 2024, the Shanghai Stock Exchange adopted regulatory measures such as written warnings for 85 abnormal trading behaviors such as lifting and suppression, false declarations, etc., and conducted special inspections on 26 major matters of listed companies.
From February 5 to February 8 this year, the Shenzhen Stock Exchange took self-regulatory measures against a total of 153 abnormal trading behaviors, involving abnormal trading situations such as intraday lifting and suppression, false declarations, etc.; continue to focus on monitoring the "*ST Zuojiang"; A total of 5 major matters of listed companies were verified, and 2 cases of suspected violations of laws and regulations were reported to the CSRC.
The Shanghai Stock Exchange said that it will adhere to the main responsibility and main business of supervision in accordance with the deployment requirements of the China Securities Regulatory Commission, adhere to the investor-oriented, and strictly manage violations of laws and regulations that affect the smooth operation of the market and damage the legitimate rights and interests of investors. At the same time, investors are reminded to trade in accordance with laws and regulations, and jointly maintain the normal trading order of the market.
The Shenzhen Stock Exchange said that it will follow the unified deployment of the China Securities Regulatory Commission, resolutely implement the requirements of "long teeth and thorns" and angular supervision, adhere to the main responsibility and main business of supervision, continue to strengthen transaction supervision, and always maintain a strict tone and a high-pressure posture of "zero tolerance" for violations of laws and regulations that affect the normal trading order of the market and damage the legitimate rights and interests of investors, and respond quickly and strike hard. At the same time, investors are reminded to participate in transactions in accordance with laws and regulations, and jointly maintain the normal trading order of the market.
Editor-in-charge: Ye Shuyun.
Proofreading: Liao Shengchao.
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