Former insider trading staff of the Ministry of Industry and Information Technology Huiding Technology lost nearly 4 million and was fined 550,000


2020-01-16 18:09:16Beijing News Reporter: Gu Zhijuan Editor: Chen Shiyi
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Former insider trading staff of the Ministry of Industry and Information Technology Huiding Technology lost nearly 4 million and was fined 550,000

2020-01-16 18:09:16Beijing News Reporter: Gu Zhijuan

It is worth noting that Wang Ping had worked in the Ministry of Industry and Information Technology, and had insider-information relationships with insiders of Huiding Technology. Frequent contacts occurred during the sensitive period of inside information. Eventually, the regulatory department was concerned about the abnormal transactions.

In the A-share market, it is not uncommon to buy and sell stocks based on inside information, but ultimately lose money. According to a latest administrative penalty decision issued by the Securities and Futures Commission, a shareholder of Beijing, Wang Ping, traded Shenzhen Huiding Technology Co., Ltd. (hereinafter referred to as Huiding Technology) stocks, and bought stocks in large quantities during the sensitive period of inside information. The amount of capital reached 46.97 million yuan, the final loss was 3.96 million yuan, and was fined 550,000 yuan by the Securities Regulatory Commission.

It is worth noting that Wang Ping had worked in the Ministry of Industry and Information Technology, and had insider-information relationships with insiders of Huiding Technology. Frequent contacts occurred during the sensitive period of inside information. Eventually, the regulatory department was concerned about the abnormal transactions.

Big purchases exceeded 40 million yuan, and the final loss was nearly 4 million

According to the information of the Securities and Futures Commission’s ticket, the inside information related to the case is mainly a share transfer of Huiding Technology. On October 17, 2017, the restricted shares of six original shareholders of Huiding Technology were lifted. In accordance with the instructions of Chairman Zhang, Mr. Wang, the director of Gooding Technology Co., Ltd., arranged the lifting of the banned shares and reduced the holdings of the shares. Relevant personnel of Huaxin Investment (hereinafter referred to as Huaxin Investment) communicated on the transfer of the shares of Huiding Technology by the large fund.

On the evening of September 5, 2017, Zhang Mou, Wang Mou and Vice President Gao Moutao of Huaxin Investment met in Shenzhen to determine the prerequisites for cooperation; on September 13, Zhang Mou, Wang Mou, Gao Motou, and others In Chengdu, a proposal for reducing shareholdings was agreed; on October 18, the transfer method and the amount of shares were finalized. On November 21, Huifa International, Huixin Investment and the big funds signed a “Share Transfer Agreement”; on the evening of November 22, Huiding Technology issued an announcement on changes in shareholders’ equity.

The CSRC determined that the transfer of 5% and 1.65% of Huiding Technology held by Huifa International and Huixin Investment by the large funds was inside information before the disclosure. The inside information sensitive period is from September 13, 2017 to November 22, 2017.

During the sensitive period of inside information, Wang Ping used her account to buy a large number of Huiding Technology stocks. From September 22 to November 16, 2017, she bought a total of 451,700 shares of Huiding Technology with a transaction value of 46.767 million yuan. No sale, the calculated loss was 3.962 million yuan.

Wang Ping’s trading anomaly is more obvious. Its trading time falls between the time when the inside information is formed and the period before the disclosure. In addition, the above transaction was the first time that Wang Ping traded “Guiding Technology”, and during this period, only bought new shares except for new shares The stock also sold other stocks to buy “Guiding Technology” and increased capital and financing purchases. The transaction amount was significantly larger than other stocks, and the willingness to buy was strong.

Frequent liaison with subordinates while working at the former Ministry of Industry and Information Technology identified as insider trading

Wang Ping said in the inquiry that the reason for buying Huiding Technology was mainly optimistic about its stock price. However, according to the investigation of the Securities and Futures Commission, he had frequent contacts with inside information insiders and Gao Mootao, vice president of Huaxin Investment. contact.

The “source” between Wang Ping and Gao Mootao lies in his work experience in the Ministry of Industry and Information Technology. According to public information, the National Integrated Circuit Industry Investment Fund was established in September 2014 under the guidance of the Ministry of Industry and Information Technology and the Ministry of Finance. The sponsors include CDB, China Tobacco Corporation, China Mobile, Shanghai Guosheng, and Huaxin Investment. IC chip manufacturing. Wang Ping once worked at the Software and Integrated Circuit Promotion Center of the Ministry of Industry and Information Technology, during which she had a direct subordinate relationship with Gao Mootao. After leaving office, the two parties maintain close contact and often communicate about life and work issues.

From September to December 2017, as an intermediary introducer in another transaction of the big fund, Wang Ping participated in the transaction communication process, reported progress to Gao Moutao, and met Gao Moutao on November 12, 2017. Go to Tianjin to meet with the relevant personnel. During the sensitive period of inside information, Wang Ping and Gao Mootao had 9 calls and 1 text message contact, including 4 calls on September 15, 16, and 17, and November 6, 8, 12, and 16 On the 17th, there were 5 calls, and on the 18th, one SMS contact.

The CSRC believes that Wang Ping contacted and contacted insider information insiders during the sensitive period of inside information. He bought a large amount of “Hingding Technology” and bought only that stock. His willingness to buy was strong, and his securities trading activities and inside information were highly Consistent, the transaction behavior is obviously abnormal and there is no valid reason or legitimate information source, which constitutes insider trading behavior.

Wang Ping’s defense mainly focused on that her trading behavior was not based on inside information, but was optimistic about the in-screen fingerprint recognition technology of Huiding Technology, and said that the connection with Gao Motao in the sensitive period of inside information was normal and did not involve inside information.

The CSRC believes that the parties’ interpretations of the transaction decision-making process and basis in the hearing are quite different from their related statements in the investigation, and their authenticity is in doubt. Secondly, even if the parties’ analysis of the company’s fundamentals and prices is related to their trading decisions, the foregoing reasons are not enough to constitute a complete, single reason to purchase a large number of “Guiding Technology” transactions within a sensitive period of inside information. Convincing description. The evidence provided by Wang Ping is also insufficient to prove that the parties did not transmit inside information during the contact and contact. Therefore, the CSRC will not accept Wang Ping’s defense opinions.

In the end, the CSRC decided to fine Wang Ping for 550,000 yuan.

Insider trading has been repeatedly banned, which has something to do with the lower cost of illegal activities. The new securities law, which will be implemented from March 1, 2020, will greatly increase the penalties for securities violations. For insider trading, the original fine of 30,000 to 600,000 yuan will be increased to 500,000 to 5 million yuan. fine. The new securities law stipulates that insiders of insider information of securities transactions or people who illegally obtain insider information who engage in insider trading in violation of regulations shall be ordered to deal with illegally held securities in accordance with the law, confiscate the illegal income, and impose one or ten times the illegal income Fines; if there is no illegal income or the illegal income is less than 500,000 yuan, a fine of 500,000 yuan to 5 million yuan shall be imposed.

Beijing News reporter Gu Zhijuan

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