China News Service, September 11th. According to the website of the China Securities Regulatory Commission, on June 15, 2020, the China Securities Regulatory Commission issued administrative penalties and market bans on Zhangzidao and related personnel suspected of violating securities laws and regulations.
The China Securities Regulatory Commission determined that Zhangzidao had an inflated profit of 130 million yuan in 2016, accounting for 158% of the total disclosed profit for the period; in 2017, the inflated profit was 280 million yuan, accounting for 39% of the total disclosed profit for the period.
The aforementioned acts on Zhangzidao are suspected of constituting a crime of illegal disclosure and non-disclosure of important information.
According to the "Regulations on the Transfer of Suspected Criminal Cases by Administrative Law Enforcement Organs" (State Council Order No. 310), the China Securities Regulatory Commission decided to transfer the suspected securities crime cases of Zhangzidao and related personnel to the public security organs for criminal responsibility.
Zhangzidao’s financial fraud has a bad nature and a very bad impact, which has severely undermined the seriousness of the information disclosure system and the foundation of market integrity, and should be severely punished in accordance with the law.
In the next step, the China Securities Regulatory Commission will fully support the investigation of public security and judicial organs, resolutely implement the "zero tolerance" work requirements, and strive to build an all-round and three-dimensional accountability system that organically connects administrative punishments with criminal punishments and civil compensations, and spares no effort to safeguard the capital market Stable and healthy development.