New Town Holdings denied insider trading has been reported to the list of insiders and self-examination

category:Society
 New Town Holdings denied insider trading has been reported to the list of insiders and self-examination


Wang Zhenhua, the former chairman of the company, was formally detained by the police on the afternoon of July 2, according to the time line after the case was disclosed by New Town Holdings. That night, his son Wang Xiaosong went to the relevant police station and learned about the matter. On the afternoon of March 3, Wang Xiaosong went to the police station again to collect the Detention Notice, and then returned to the company. On the morning of the 4th, New Town Holdings formally covered the issue on multiple platforms.

New Town Holdings said that after self-examination, the company and insider information did not exist insider information leaked ahead of time and illegal transactions situation. Moreover, the list of insider informers of the incident has been reported in accordance with the requirements of the regulatory authorities.

Up to now, Wang Zhenhua, suspected of committing a crime, has applied to resign from all positions of Xincheng Holding Company, and his son Wang Xiaosong takes over the chairman of the company. At the same time, Qu Dejun, a former senior executive of Wanda Group, served as executive director and vice chairman of New Town Holdings.

Three days after the chairman was inspected, he went to the relevant police station twice.

According to a Shanghai Putuo police announcement, at 22 p.m. on June 30, Ms. Wang alerted the police that her daughter had been molested by a man in the hotel. On the afternoon of July 1, the suspect Wang Mou-mou went to the public security organ for investigation.

The suspect, Wang Zhenhua, is the chairman of Xincheng Holding Group Co., Ltd., a A-share listed company. According to the Detention Notice issued by the police station, Wang Zhenhua was investigated at 1 p.m. and detained at 16:58 p.m. on 2 p.m. for suspected crimes. However, it was not until July 4 that New Town Holding Company officially disclosed information to confirm the matter. Why was it three days late to disclose information from Wang Zhenhua to Xincheng Holding Company?

Late on July 8, New Town Holdings issued several announcements in response to the incident. According to the announcement, on July 2, Wang Xiaosong, the son of Wang Zhenhua, received a telephone call from the police station of Fengxincun, the mayor of Shanghai, and went to the police station around 23:00 on the same day to learn that Wang Zhenhua, the former chairman of the company, had been taken compulsory measures. In order to avoid the spread of insider information, since 9:30 on July 3, Wang Xiaosong has notified the directors and key executives of the company one by one to call for an emergency meeting. From 13:00 to 14:00 on July 3, Wang Xiaosong orally informed the directors and key executives of the meeting about the compulsory measures taken by Wang Zhenhua. At about 15:00 on July 3, Wang Xiaosong went to Changfeng New Village Police Station for the second time, received a written detention notice, and then returned to the company at about 16:30.

That evening, New Town Holdings held the 16th meeting of the second board of directors, and elected Wang Xiaosong, the director and President of the company, as the second board chairman of the company. At around 21:48 on July 3, Xincheng Holdings uploaded information disclosure documents on the Shanghai Stock Exchange website and published them in designated information disclosure media on July 4.

Xincheng Holdings said that Wang Xiaosong, the current chairman of the company, fulfilled the obligation of notification to the company in time after knowing the matter. After knowing the matter, the directors, supervisors and senior managers of the company, as well as the people who knew the inside information, strictly fulfilled the obligation of confidentiality and did not conduct illegal transactions (including collective bidding and bulk trading). Easy). The company fulfilled the obligation of information disclosure in time after receiving formal legal documents confirming relevant facts.

Former chairman Wang Zhenhua resigned from all his duties, son of Wang Zhenhua, and former Wanda executive took office

With the detention of Wang Zhenhua, the companys accuser, Xincheng Holdings also ushered in a number of personnel adjustments.

On the evening of July 8, New Town Holdings announced that Wang Zhenhua, the former chairman of the company, had applied to resign as a director of the second board of directors, a member of the nominating committee and a member of the strategic committee, and would no longer hold any position in the company. In addition, Aimin Yan, an independent director, applied for resignation from the second board of directors and related special committees for personal reasons.

On the other hand, Wang Xiaosong, the son of Wang Zhenhua, and Qu Dejun, a former senior executive of Wanda, quickly took office.

The announcement said that on July 8, Xincheng Holdings held the seventeenth meeting of the second board of directors. It agreed to elect Wang Xiaosong as the chairman of the second board of directors of the company and to nominate Qudejun as the candidate for the second board of directors of the company. The term of office of both members is the same as that of the second board of directors.

Qu Dejun is the former senior executive of Wanda Group. His resume shows that from September 2002 to May 2019, he worked in many Wanda companies covering real estate, business management, finance and other fields. Currently, Qu Dejun is the executive director and vice-chairman of New Town Development Holding Co., Ltd.

However, the emergency personnel changes did not enhance the confidence of shareholders. From July 4 to July 8, Xincheng Holdingsshares dropped three times in a row. In response to the abnormal fluctuation of stock prices, New Town Holdings also responded to the announcement on the evening of 8 that the company could not verify the situation except that the actual controller and former chairman of the company were criminally detained for personal reasons. After verification, the company, controlling shareholders and actual controllers do not currently have other major issues that should be disclosed but not disclosed.

At the same time, the companys market environment and industry policies have not changed significantly, the companys business and sales have not fluctuated substantially, at present, the companys production and operation are normal, internal personnel are stable, no major contracts have been signed in the near future, and there are no major matters that should be disclosed but not disclosed.

New Town Holdings denied leaking insider information. The list of all insiders has been reported.

On July 7, two law firms in Shanghai and Jiangsu jointly issued the Open Letter on Small and Medium Investors in New Town Holdings Suing Wang Zhenhua for Compensation for Investment Losses and Report Letter on Suspected Securities Violations of New Town Holdings, Directors, Supervisors and Senior Managers. According to media reports, there were five major transactions between July 1 and 3, 2019. Lawyers suspect that the insider trading with other stakeholders is suspected by those who know about the supervisors of New Town Holdings.

New Town Holdings explicitly denied this in the announcement. The announcement said that the company and insider did not communicate with shareholders, loan banks and creditors who had normal business exchanges with the company before the opening of the market from June 29 to July 4. The media reported that five large transactions occurred between July 1 and 3, 2019 had nothing to do with the company and insider informers. The company and insider informers did not participate in the relevant transactions.

Xincheng Holdings said that when the company learned that Wang Zhenhua, the former chairman of the company, had taken compulsory measures, it registered all the information such as the name of the person who knew, the time and the content of the person who knew according to the relevant regulations. According to the investigation of the company and insider information insiders, there are no cases of early disclosure of insider information and illegal transactions (including collective bidding and bulk transactions) for both the company and insider information insiders. Meanwhile, on July 6, 2019, the company submitted a list of insider information about the incident through the through-train system of Shanghai Stock Exchange.

Nandu reporters noted that after the abuse case of Wang Zhenhua, the former chairman of Xincheng Holdings, a number of shareholding funds have lowered the valuation of Xincheng Holdings. Among them, the top shareholding banks such as Schroeder, Huaxia Fund, Wanjia Fund, Guangzhou Development Fund and other valuation reductions vary, ranging from 31.12 yuan to 25.21 yuan. Among them, Jiaobin Schroeder, Wanjia Fund, Caitong Fund, Teda Manulife Fund and Golden Eagle Fund continued to lower the stock valuation on July 9, with the latest valuation of 25.21 yuan. Compared with the closing price of 42.69 yuan on July 3, these fund managers believe that New Town Holdings will usher in five downward bounds. Fund managers who downgraded their valuations said they would resume valuation at market prices after the above-mentioned stock transactions reflected the characteristics of active market transactions. Nevertheless, on July 9, Xincheng Holdings finally opened the drop-off board and fled the magic spell of one-character board for a short time. By the end of the market, the share price of New Town Holdings had dropped to 28.35 yuan, a decline of about 8.9%.

Nandu reporters noted that after the abuse case of Wang Zhenhua, the former chairman of Xincheng Holdings, a number of shareholding funds have lowered the valuation of Xincheng Holdings. Among them, the top shareholding banks such as Schroeder, Huaxia Fund, Wanjia Fund, Guangzhou Development Fund and other valuation reductions vary, ranging from 31.12 yuan to 25.21 yuan.

Among them, Jiaobin Schroeder, Wanjia Fund, Caitong Fund, Teda Manulife Fund and Golden Eagle Fund continued to lower the stock valuation on July 9, with the latest valuation of 25.21 yuan. Compared with the closing price of 42.69 yuan on July 3, these fund managers believe that New Town Holdings will usher in five downward bounds. Fund managers who downgraded their valuations said they would resume valuation at market prices after the above-mentioned stock transactions reflected the characteristics of active market transactions. Nevertheless, on July 9, Xincheng Holdings finally opened the drop-off board and fled the magic spell of one-character board for a short time. By the end of the market, the share price of New Town Holdings had dropped to 28.35 yuan, a decline of about 8.9%.