Zhongxin Finance, May 30 (Shi Rui) On the 29th, "Qin Fen was fined 600,000 for insider trading involving 50 million stocks" became a hot topic, causing many netizens to leave comments:

　　"Is that the Qin Fen that I practiced occasionally?" "I finally know who his father is." "A man who claims to be richer than Wang Sicong?" "I thought it was the Qin Fen who practiced occasionally, and it scared me to death. "

　　According to the administrative penalty decision disclosed on the website of the China Securities Regulatory Commission, Qin Fen, male, who was punished for insider trading, was born in July 1988 and lives in Changning District, Shanghai.

　　Qin Fen's father, Qin Sixin (a resident of the Hong Kong Special Administrative Region), male, was born in November 1961 and lives in Happy Valley, Hong Kong.

　　What are the details of insider trading between Qin Sixin and Qin Fen?

Let's take a look at the administrative penalty decision of the CSRC.

Screenshot from the official website of the China Securities Regulatory Commission

Originated from the intentional acquisition of Xinmao Technology 6 years ago

　　The incident originated from an intentional acquisition six years ago. At that time, Xu Hong, the chairman and actual controller of the listed company Tianjin Xinmao Technology Co., Ltd. (Xinmao Technology for short), borrowed money from Qin Sixin, who he had known for many years.

　　The CSRC's decision on administrative punishment shows that Xu Hong and Qin Sixin have known each other for more than 20 years.

A few days before March 2, 2017, Xu Hong met with Qin Sixin in order to borrow money. Qin Sixin knew that Xu Hong was the actual controller of Xinmao Technology and asked Xu Hong about the operation of Xinmao Technology. Xu Hong made an introduction.

After that, Qin Sixin provided Xu with a large loan.

　　On March 1, 2017, according to Qin Sixin's arrangement, 80 million yuan was transferred from another person's account to Qin Fen's three-party depository account.

On the same day, Qin Fen's three-party depository bank account transferred 50 million yuan to the "Qin Fen" securities account to buy "Xinmao Technology".

　　Qin Fen also said that the funds for his stock trading came from his father Qin Sixin.

Buy 50.1789 million Xinmao Technology within 7 days, no profit

　　From January 1, 2016 to the time of the investigation by the China Securities Regulatory Commission, the securities account of “Qin Fen” only bought two stocks of “Xinmao Technology” and “Sanfu Outdoor”, of which 20,000 shares of “Sanfu Outdoor” were purchased, and the purchase amount was 133 10,000 yuan; 6.7815 million shares of "Xinmao Technology" were purchased, and the purchase amount was 50.1789 million yuan, and there was no profit.

　　The "Qin Fen" securities account bought "Xinmao Technology" from March 1 to 7, 2017.

"Qin Fen" securities account transaction "Xinmao Technology" has the characteristics of concentrated purchase time, significantly enlarged transaction amount, and large purchase for the first time.

Qin Fen argues that "it's like buying a lottery ticket, making decisions based on feeling"

　　During the CSRC investigation, Qin Fen said that he had no interest in the capital market, and did not know the basic market concepts. He

casually looked at the market software and saw the stock "Xinmao Technology"

without doing any research.

He bought it like a lottery ticket

. Feel the decision.

　　In addition, Qin Fen said that his securities account was placed by an assistant using a laptop, and the computer was lost while playing a basketball game in Tianjin.

China Securities Regulatory Commission: Qin Fen's explanation is insufficient to reasonably explain the abnormality of the transaction

　　The China Securities Regulatory Commission believes that Qin Sixin met with Xu Hong, the insider of the insider information, before the disclosure of the insider information, and transferred a large amount of funds to his son Qin Fen’s three-party depository bank account during the same period. Qin Fen transferred the large amount of funds to the “Qin Fen” securities account on the same day. And a large number of "Xinmao Technology".

Qin Fen's explanation of the reason for his purchase of "Xinmao Technology" is not enough to reasonably explain the abnormality of his transaction.

　　"The above-mentioned illegal facts are proved by relevant announcements, exchange mails, communication records, loan contracts, M&A fund business related materials, securities account information, bank records, information explanations, records of inquiries from relevant personnel, etc., which are sufficient to confirm." Therefore, the CSRC It was

decided

to impose a total fine of 600,000 yuan on Qin Sixin and Qin Fen

.

In the acquisition case, three others were fined for insider trading, and one lost more than 50 million

　　In addition to Qin Sixin and Qin Fen and their son, three others were fined for insider trading in this acquisition.

　　They are: Xu Hong, chairman and actual controller of Xinmao Technology, male, born in August 1966, address: Pudong New Area, Shanghai; You Lifeng, male, born in October 1987, address: Xihu District, Hangzhou City, Zhejiang Province ; Tang Yun, then an employee of Guangzhou Securities, male, born in April 1976, address: Pudong New Area, Shanghai.

　　Several administrative penalty decisions disclosed by the China Securities Regulatory Commission show that in September 2016, Xu Hong, the chairman and actual controller of Xinmao Technology, began to cooperate with Tang Mou, the actual controller of MicroPort (Shanghai) Network Technology Co., Ltd. (referred to as MicroPort Network). Contact to discuss the reorganization of Xinmao Technology and MicroPort.

The initial plan is that Tang and Xu Hong set up a merger and acquisition fund to acquire the equity of MicroPort, and then load it into Xinmao Technology.

Screenshot from the official website of the China Securities Regulatory Commission

　　Xu Hong contacted Tang Yun, an employee of Guangzhou Securities at the time, to help connect funds. Tang Yun made a preliminary M&A fund plan and arranged for his subordinate Cheng Mouyin to contact priority funds.

After the MicroPort Network M&A fund established by Zheyin Juncheng was rejected, Xu Hong asked Tang Yun to contact other channels to continue to promote the establishment of the M&A fund. Tang Yun contacted You Lifeng. In March 2017, Tang Yun went to Hangzhou to see You Lifeng and contacted him. The company purchased "Xinmao Technology".

Through Tang Yun's introduction, You Lifeng knew Xu Hong.

　　On March 29 and May 8, 2017, You Lifeng and Xu Hong met in Shanghai.

You Lifeng knew that Xu Hong was the actual controller and chairman of Xinmao Technology. You Lifeng and Xu Hong called and met many times to exchange information about Xinmao Technology and asked how Xinmao Technology was.

Xu Hong said that the stock price of "Xinmao Technology" is relatively stable and can be bought

.

After that, You Lifeng purchased 613,600 shares of "Xinmao Technology" on May 9, 2017 using the "Liu" securities account through Long Mou and Wang Mouyu, with a purchase amount of 3.9986 million yuan.

On November 29, 2017, 613,600 shares were sold for an amount of 3,119,200 yuan, with no profit.

The mobile phone number used by "Liu" for the securities account is the mobile phone number used by You Lifeng.

Screenshot from the official website of the China Securities Regulatory Commission

　　The CSRC believes that Xu Hong, as an insider of inside information, suggested that You Lifeng's behavior of buying and selling "Xinmao Technology" was illegal before the inside information was disclosed.

You Lifeng contacted and contacted insiders with insider information before the disclosure of insider information. His trading behavior was obviously abnormal and without justifiable reasons, and his behavior was illegal.

The China Securities Regulatory Commission decided to impose fines of 600,000 yuan on Xu Hong and You Lifeng respectively.

　　However,

Tang Yun, a Guangzhou Securities employee at the time, used nearly 1 billion funds to manipulate insider trading "Xinmao Technology" in 24 accounts, but ended up losing more than 50 million yuan and was punished by the China Securities Regulatory Commission

.

　　The administrative penalty decision shows that Tang Yun controlled the use of 24 accounts including “Zhang Mouchi” to buy 125.2125 million shares of “Xinmao Technology” from November 7, 2016 to May 24, 2017, with a purchase amount of approximately 944,612,000 yuan, and then all were sold after Xinmao Technology's stock resumption (before December 27, 2017), and the selling amount was about 892,097,200 yuan, with no profit.

　　The China Securities Regulatory Commission believes that Tang Yun is an insider of insider information by participating in the process of setting up a buyout fund to acquire MicroPort's equity.

Tang Yun controlled the use of the "Tang Yun" account group, and it was illegal to buy "Xinmao Technology" before the disclosure of insider information, and decided to impose a fine of 600,000 yuan on Tang Yun.

(Finish)