According to an administrative penalty decision disclosed by the Chongqing Securities Regulatory Bureau a few days ago, the bureau conducted an investigation and trial on the case of insider trading of two natural persons, Yong and Wang Wenzheng, and decided to punish the above two natural persons, including confiscating 15.86 million yuan of illegal gains from Wang Wenzheng and imposing a fine of 47.57 million yuan, with a total of more than 60 million yuan in fines plus confiscation.
In fact, according to the information disclosed by local securities regulatory bureaus, a number of natural persons have been fined for insider trading recently.
Two natural persons were fined for insider trading, and one of them was fined and confiscated a total of more than 60 million yuan
Chongqing Securities Regulatory Bureau recently disclosed the 2024 No. 1 administrative penalty decision, the above-mentioned administrative penalty decision shows that in accordance with the relevant provisions of the "** Law of the People's Republic of China" revised in 2005 (hereinafter referred to as the "** Law" in 2005), the bureau filed a case for investigation and trial of Yong and Wang Wenzheng's insider trading of Fujian Furi Electronic Co., Ltd. *** hereinafter referred to as Furi Electronics), and informed the parties of the facts and reasons for the administrative punishment in accordance with the law. Basis and the rights enjoyed by the parties in accordance with the law. The party, Yu Yong, did not submit a statement or defense, nor did he request a hearing. At the request of the party Wang Wenzheng, the bureau held hearings on December 8, 2023 and January 18, 2024 to hear the statements and defenses of Wang Wenzheng and his ** person. The investigation and trial of this case have now been concluded.
The administrative penalty decision discloses the process of forming and disclosing inside information, as follows:
Since 2018, the asset-liability ratio of Furi Electronics has continued to be high, especially the asset-liability ratio of Shenzhen Zhongnuo Communication, a subsidiary of Furi Electronics, has exceeded 70%, and it is urgent to increase capital strength and reduce the asset-liability ratio through refinancing. During the period, Furi Electronics wants to replenish liquidity through private placement and other means to raise funds, and continue to communicate with relevant ** companies and ** companies (including public and private placements).
In October 2019, after the introduction of Liang Mouwan, general manager of Shenzhen Xunrui Communication Co., Ltd., a subsidiary of Zhongnuo Communication, hereinafter referred to as Xunrui Communication) and deputy general manager of Zhongnuo Communication, Xu Mousheng, the then secretary of the board of directors of Furi Electronics, met Wu, the legal representative and executive director of Shenzhen Hengxin Huaye Equity Investment Management *** hereinafter referred to as Hengxin Huaye), and regarded Hengxin Huaye as a potential investor.
On November 8, 2019, the project team of Furi Electronics and Xingye **Co., Ltd. *** hereinafter referred to as Xingye **) began to discuss the feasibility of non-public offering, and asked the Xingye ** project team to put forward a plan as soon as possible.
On November 15, 2019, the Xingye ** project team discussed with Xu Mousheng of Furi Electronics and Wu Moufei, the then ** affairs representative, to form a fixed increase plan of Furi Electronics, and asked Bian Mouhang, chairman of Furi Electronics, to agree to carry out relevant work.
On November 19, 2019, Xu Mousheng, Wu Moufei and Wu of Hengxin Huaye had the intention to participate in the fixed increase of Furi Electronics through ** preliminary exchanges. On November 30, 2019, the Xingye ** project team proposed two sets of private placement plans to Furi Electronics, and Furi Electronics decided to choose a fixed increase plan with a lock-in period of 18 months, and hoped to introduce Hengxin Huaye as a strategic investor.
On December 6, 2019, Xu Mousheng, Wu Moufei, Xingye ** Lu Mouxin, and Lin Mouzhi met with Hengxin Huaye Wu in Liang Mouwan's office to discuss Hengxin Huaye's plan to participate in Furi Electronics' private placement as a strategic investor. Wu said that if the new regulations ("Implementation Rules for Non-public Offerings of Listed Companies") are officially promulgated, they are willing to participate, but they need to wait for the new regulations to be officially introduced before discussing specific plans. Mr. Wu verbally requested that the core management personnel of Sino Nuo Communication must participate, and the participation amount should not be less than 80 million yuan.
On January 10, 2020, after the discussion between the Xingye ** project team and Furi Electronics, Furi Electronics decided to accelerate the demonstration of the non-public offering plan, and notified Wu and Liang to confirm the subscription amount of Hengxin Huaye and Zhongnuo Communication executives. On January 14, 2020, Wu Moufei and Wu Mou** determined that Hengxin Huaye subscribed for the non-public issuance of 200 million yuan of Furi Electronics. On January 19, 2020, Wu Moufei established the WeChat group of "F Fixed Increase Communication Group", and Wu Moufei sent a letter of intent to subscribe to Wu through this WeChat group. On February 15, 2020, after the exchange between Furi Electronics and Hengxin Huaye, it was preliminarily determined that the subscription amount of Hengxin Huaye increased to 3400 million yuan. On February 16, 2020, Yu Yong, then general manager of Hengxin Huaye, learned from Wu, the legal representative and executive director of Hengxin Huaye, that the private placement ** raised by Hengxin Huaye would participate in the private placement of Furi Electronics.
On February 17, 2020, Bian Mouhang reported to Su Mounan, chairman of Fujian Electronic Information (Group) Co., Ltd. (hereinafter referred to as Electronics Group), on the progress of Furi Electronics' non-public offering, and Su Mounan agreed in principle that the electronics group would participate in the non-public offering of Furi Electronics in the same proportion. On February 27, 2020, after the senior management of Furi Electronics held a meeting to deliberate and approve the proposal of non-public issuance, it was submitted to the General Manager's Office of the Electronics Group for deliberation and approval. On February 28, 2020, the Party Committee and the Board of Directors of Electronics Group deliberated and approved the proposal of Furi Electronics' non-public issuance. On March 1, 2020, Furi Electronics held the second interim meeting of the sixth board of directors in 2020 to deliberate and approve the company's 2020 non-public offering.
On March 2, 2020, Furi Electronics issued the "Fujian Furi Electronics Co., Ltd. 2020 Non-public Issuance Plan", which intends to issue no more than 13.7 billion new shares at an issue price of 553 RMB. The total amount of funds raised this time does not exceed 7RMB5.7 billion, which is intended to be used to repay bank borrowings and corporate bonds and replenish liquidity. At this time, the inside information is officially released.
To sum up, the administrative penalty decision believes that Furi Electronics' non-public issuance of ** belongs to Article 75, Paragraph 2 (2) of the ** Law in 2005: "The following information is insider information: . .2) The company's plan to distribute dividends or increase capital. Specified inside information, the above information is inside information before it is made public. The starting point of the sensitive period of inside information is no later than November 15, 2019, Furi Electronics and Xingye ** discussed the formation of Furi Electronics' fixed increase plan, and asked Bian Mouhang, chairman of Furi Electronics, to agree to carry out relevant work; The end point of the sensitive period of inside information is March 2, 2020, and Furi Electronics issued relevant announcements. Insiders of inside information mainly include: Bian Mouhang, chairman of Furi Electronics, Xu Mousheng, then secretary of the board of directors of Furi Electronics, Wu Moufei, then ** affairs representative of Furi Electronics, Wu Mou, legal representative and executive director of Hengxin Huaye, Yu Yong, then general manager of Hengxin Huaye, etc. Among them, Wu learned the inside information no later than November 19, 2019, and Yu Yong learned the inside information no later than February 16, 2020.
Regarding the transaction of Yu Yong among the above two natural persons, the administrative penalty decision disclosed that Yu Yong controlled 90,000 shares of ** "Furi Electronics" from February 27 to February 28, 2020 during the sensitive period of inside information, with an amount of 697665 yuan; On February 28, 2020, 30,000 shares of "Furi Electronics" were sold, with an amount of 219911 yuan; After the announcement of inside information, on February 3, 2021, a total of 60,000 shares of "Furi Electronics"** were sold, with an amount of 552397 yuan. It is estimated that during the sensitive period of Yong's insider information, the trading of "Furi Electronics" ** made a profit of 7016636 yuan.
Regarding the transaction of another natural person, Wang Wenzheng, the administrative penalty decision disclosed that after Wang Wenzheng contacted Yu Yong and Wu, who were insiders of inside information, he accumulated 3,138,100 shares of ** "Furi Electronics" on February 25, 26 and 28, 2020, with an amount of 23.02 million yuan, and Wang Wenzheng sold all the "Furi Electronics" ** held by him from March 9 to April 2, 2020 after the inside information was made public. It is estimated that Wang Wenzheng's insider information during the sensitive period of trading "Furi Electronics" ** made a profit of 15.86 million yuan).
The parties to this case, Wang Wenzheng and his **, put forward statements and defenses at the hearing. After review, the Chongqing Securities Regulatory Bureau did not adopt the statement and defense opinions put forward by Wang Wenzheng and his ** person. According to the facts, nature, circumstances and degree of social harm of the parties' illegal acts, and comprehensively considering the role played by all parties in the illegal acts, in accordance with the provisions of Article 202 of the ** Law of 2005, the Chongqing Securities Regulatory Bureau decided to confiscate 70166 of Yu Yong's illegal gains36 yuan, and a fine of 210,000 yuan. confiscated 15.86 million yuan of Wang Wenzheng's illegal gains and imposed a fine of 47.57 million yuan.
Recently, a number of people have been fined for insider trading
In fact, according to the information disclosed by local securities regulatory bureaus, a number of natural persons have been fined for insider trading recently.
For example, an administrative penalty decision disclosed by the Beijing Securities Regulatory Bureau on February 18 shows that the bureau conducted an investigation and trial on Xiaolei and Du Jun's insider trading of Minsheng Holdings, and decided to order Yu Xiaolei and Du Jun to deal with the illegally held ** in accordance with the law, confiscate 6.73 million yuan of illegal gains, and impose a fine of 20.19 million yuan.
According to an administrative penalty decision disclosed by the Gansu Securities Regulatory Bureau a few days ago, the bureau conducted an investigation and trial on Cui Xiangmi's insider trading of Jiangsu Baoli International Investment Co., Ltd. (hereinafter referred to as Baoli International), and decided to impose a fine of 1.5 million yuan on Cui Xiangmi.
Editor-in-charge: Ye Shuyun.
Proofreading: Zhu Tianting.
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