On May 29, the entry "Qin Fen was fined 600000 yuan for his 50million shares speculation involving insider trading" was posted on the hot search According to the letter of decision on administrative punishment recently disclosed by the CSRC, the CSRC investigated and tried qinsixin and Qin Fen's insider trading behavior. Finally, according to the securities law, the CSRC decided to impose a total fine of 600000 yuan on qinsixin and Qin Fen
However, Qin Fen claimed that his father qinsixin was the source of the funds for trading stocks, and said that he was not interested in the capital market and did not know the basic market concept. He saw the stock "Xinmao technology" in the random market software, and did not do any research. He bought it like a lottery ticket and made decisions by feeling**
In addition, Qin Fen also claimed that his securities account was placed by an assistant with a laptop computer, which was lost when playing basketball in Tianjin**
Specifically, the insider trading incident occurred in the restructuring process of Xinmao technology and microport network.
In September, 2016, Mr. Xu, the then chairman and actual controller of Xinmao technology, Mr. Song, the chairman of the board of supervisors, and Mr. Ni, the director and deputy general manager, met and discussed with Mr. Tang, the actual controller of minimally invasive network. It was preliminarily confirmed that Mr. Tang and Mr. Xu would set up a buyout fund to acquire the equity of minimally invasive network, and then put it into Xinmao technology.
However, until around March 7, due to Xu's lack of credit guarantee ability, the micro invasive network M & A fund project was rejected. After that, Mr. Xu continued to contact other channels to set up M & a funds. Until August 8, Xinmao Technology issued an announcement, saying that the subject of major asset restructuring was minimally invasive network. The company purchased 10% of the equity of the subject company with its own or self raised funds, and purchased 90% of the equity of the subject company by issuing shares, and raised supporting funds.
Therefore, the CSRC determined that the formation time of the inside information was no later than october20,2016, and the disclosure time was August 8, 2017.
At the same time, according to the circular, Xu and qinsixin have known each other for more than 20 years. A few days before March 2, 2017, Xu met Qin Sixin to borrow money. Qin Sixin knew that Xu was the actual controller of Xinmao technology, asked Xu about the operation of Xinmao technology, and Xu made an introduction. Since then, qinsixin has provided a large amount of loans to Xu.
Subsequently, on march1,2017, according to Qin Sixin's arrangement, RMB 80million was transferred from other people's accounts to Qinfen's three party depository account. On the same day, RMB 50million was transferred from Qinfen's three party depository bank account to "Qinfen" securities account to buy "Xinmao technology".
According to the punishment decision, from january1,2016 to the time of investigation by the CSRC, "Qinfen" securities account has only purchased two stocks of "Xinmao technology" and "Sanfu outdoor", including 20000 shares of "Sanfu outdoor", with a purchase amount of 1.33 million yuan, and 6781500 shares of "Xinmao technology", with a purchase amount of 50.1789 million yuan, without profit.
However, the time when "Qinfen" securities account bought "Xinmao technology" was from March 1 to 7, 2017, which was characterized by centralized buying time, significantly enlarged transaction amount, and large purchase for the first time
It should be mentioned that this M & a transaction of Xinmao technology involved many insiders, and many people were punished in this investigation.
On the same day, the CSRC also disclosed the administrative penalties imposed on Tang Yun, the then Guangzhou securities employee, the actual controller of Xinmao technology, Xuhong, the chairman of the board, and you Lifeng, the insider. While imposing a fine of 600000 yuan on the three persons, the CSRC also banned Tang Yun from entering the securities market for 10 years.