China News Service, September 18. According to the website of the China Securities Regulatory Commission, on the evening of June 9, 2020, Wangfujing Group Co., Ltd. (hereinafter referred to as Wangfujing) announced that it has obtained the qualification for duty-free business.
Transaction monitoring found that some accounts bought a large number of stocks before the announcement, and the trading behavior was obviously abnormal.
The China Securities Regulatory Commission quickly initiated the investigation procedure, and the investigation of the case has been completed.
Data map: China Securities Regulatory Commission.
Photo by Zhang Hao
The investigation found that Wu Moumou and others obtained inside information and bought a large number of "Wangfujing" stocks before the announcement of major events. They made huge profits and were suspected of constituting insider trading.
The Securities Regulatory Commission will investigate the relevant parties’ responsibilities for violations in accordance with the law, and those suspected of crimes shall be promptly transferred to the public security organs for criminal responsibilities.
Insider trading is a "stubborn disease" of the capital market, which seriously undermines the principle of fair trading and infringes on the legitimate rights and interests of investors.
The Securities Law revised in 2019 has significantly increased the cost of securities violations including insider trading.
The Securities Regulatory Commission will fully implement the work requirements of the State Council’s Financial Commission on "zero tolerance" for illegal activities in the capital market, and strive to build a comprehensive and three-dimensional accountability system for administrative punishment, criminal accountability, and civil compensation, and continue to increase insider trading , Financial fraud and other illegal acts, effectively maintain the order of the capital market, and protect the legitimate rights and interests of investors.