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China Business Daily
On the evening of April 19th, Dawn of Chinese Science (603019)PokerhandguideSH) issue an announcement that the directors of the company have received the notice of filing the case. Li Guojie, chairman of Shuguang of China Science and Technology Co., Ltd., received the notice of filing a case of China Securities Regulatory Commission (CSRC No. 0012024004) on April 19, 2024, because he was suspected of short-term trading in China Science Shuguang Stock, according to relevant laws and regulations, decided to file a case against him. As of April 19, China Science and Technology dawning shares were at 44.67 yuan per share, down 4.45%.
In response to the filing of the chairman of the board of directors for investigation, China Science Shuguang said that this matter is a personal investigation of Li Guojie and will not have a significant impact on the operation of the company's board of directors and the company's daily business activities. Li Guojie will actively cooperate with the CSRC in its investigation. The company will continue to pay attention to the progress of the above matters and fulfill its information disclosure obligations in accordance with the provisions of relevant laws and regulations.
The wife of the chairman made a profit of 500000 yuan from short-term trading.
On April 11, the Shanghai Stock Exchange issued a regulatory work letter to dawning, clarifying the regulatory requirements on the short-term trading of the company's relatives of directors.
Zhang Tihua, Li Guojie's spouse, bought and sold shares in the company through centralized bidding between March 3, 2023 and March 14, 2024, according to the notice on short-term trading and apology of the relatives of directors disclosed by dawning of China Science and Technology on April 12. During the above trading cycle, Zhang Tihua bought a total of 3343296 shares of dawning shares of China Science and Technology, with a total transaction value of about 153669067.94 yuan, and sold a total of 3342596 shares of the company (91 shares), totaling about 154417295.06 yuan. After deducting transaction commission, stamp duty and other taxes and fees, the cumulative income is 589779.30 yuan. As of April 12, Zhang Tihua still holds 700 shares of the company.
According to Article 44 of the Securities Law: "shareholders, directors, supervisors and senior managers of listed companies and companies whose stocks are traded on other national securities exchanges approved by the State Council hold more than 5% of the shares, sell the company's shares or other securities of an equity nature within six months after buying, or buy again within six months after the sale. The proceeds from this belong to the company. "stocks or other securities of an equity nature held by directors, supervisors, senior managers and natural person shareholders as mentioned in the preceding paragraph, including stocks or other securities of an equity nature held by their spouses, parents and children and held through the accounts of others".
Dawning of China Science said that according to the regulations, Zhang Tihua's above transaction constitutes a short-term transaction, and the income and follow-up income should belong to the company. As of the date of disclosure of this announcement, Zhang Tihua has handed over the full profit of 589800 yuan from this short-term transaction to the company.
China Science Shuguang said that Zhang Tihua failed to correctly understand the relevant laws and regulations of short-term trading, and there were no subjective and intentional violations. During the trading period, Li Guojie was not consulted or informed of the above trading behavior, which is an independent investment behavior made by an individual on the basis of the information that has been made public in the securities market and based on personal judgment. Li Guojie does not know the trading situation of his securities account, there is no situation of trading the company's shares because of inside information, and there is no purpose of using inside information to seek interests.
Finally, China Science Dawn said that Ms. Zhang Tihua has realized the seriousness of this illegal trading and sincerely apologized to the majority of investors for the adverse impact on the market and investors caused by this short-term trading behavior. Mr. Li Guojie deeply blamed himself for failing to fulfill his duty of supervision to his relatives and failing to find out in time that his relatives were buying and selling shares in the company. Mr. Li Guojie and Ms. Zhang Tihua promised to strictly abide by the relevant laws and regulations.
Zhongke Shuguang said that the company will learn from the incident. Shareholders, directors, supervisors and senior managers who hold more than 5% of shares are required to study relevant laws, regulations and normative documents such as the Securities Law, the rules governing the listing of stocks on the Shanghai Stock Exchange, and the guidelines on self-discipline Supervision of listed companies on the Shanghai Stock Exchange No. 1-standardizing Operation. And will further supervise all directors, supervisors and senior managers to strengthen the supervision and management of the behavior of relatives, strictly abide by the relevant regulations, and prevent such matters from happening again.
There were more than 40 short-term transactions during the year.
The Securities Law stipulates that short-term trading refers to shareholders, directors, supervisors and senior managers of a listed company who hold more than 5% of the shares, sell the company's shares or other securities of an equity nature within six months after the purchase, or buy again within six months after the sale. The proceeds thus obtained shall be owned by the company, and the board of directors of the company shall recover the proceeds.
Among them, it also includes stocks or other securities with the nature of equity held by the spouses, parents and children of the above-mentioned persons and using the accounts of others.
As shareholders of listed companies who hold more than 5% of their shares, "Dong Jiangao" and other personnel have easier access to inside information, they are also more likely to profit from inside information. However, the specific situation of short-term trading is complex, and it is difficult to identify and investigate.
In fact, the short-term trading in the A-share market occurs frequently. According to the reporter's incomplete statistics, since 2024, as many as 40 listed companies' major shareholders, "Dong Jiangao" personnel or relatives are involved in short-term transactions.
From April 11 to 12, in addition to dawning of China Science and Technology, three other listed companies apologized for their involvement in short-term trading, including Daye shares (300879.SZ), Samba Sensor (300701.SZ) and 600557.SH.
In terms of the cumulative transaction amount, Zhang Tihua, the spouse of dawning chairman of China Science and Technology Co., Ltd., ranked first with 154 million yuan.
For the reasons for short-term trading, the answers given by listed companies are very similar. For example, the relevant laws and regulations are notPokerhandguideUnderstand, not familiar with the new third board and other stock operating system led to mistrading and so on.
In order to crack down on short-term trading, in July 2023, the CSRC openly solicited opinions on the "regulations on improving the Supervision of specific short-term transactions (draft for soliciting opinions)" and proposed to further refine the applicable standards for specific short-term transactions around major shareholders, Dong Jiangao and other specific investors.
Recently, the China Securities Regulatory Commission has repeatedly stated that it will insist on supervision of chaos in the capital market, with "long teeth and thorns" and "zero tolerance" to crack down on illegal activities in the capital market. In this context, supervision has also strengthened its efforts to crack down on illegal short-term trading behaviors.
Take Hengxing Technology (002132.SZ) as an example. In April this year, its chairman Xie Xiaobo and general manager Xie Xiaolong were warned and fined 800,000 yuan by the Henan Supervisory Bureau for constituting short-term trading behavior.
According to the survey results, Xie Xiaobo and Xie Xiaolong's parents, Xie Moujun and Jiao Moufen, conducted selling and buying operations of "Stellar Technology" shares on August 28, September 7 and September 11, 2023, with a cumulative transaction amount of 85 million yuan.