TCL chairman misoperation sold 5 million shares and then bought them back. I apologize

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 TCL chairman misoperation sold 5 million shares and then bought them back. I apologize


On September 2, TCL chairman Li Dongsheng sent an article on his micro blog, again responding to the Oolong index incident of the previous days stock trading, admitting that his operation was illegal and willing to bear corresponding responsibilities.

However, the stock price of TCL technology has not been greatly affected by the Oolong index. As of the end of September 2, TCL technology shares rose 5.59% to 7.56 yuan.

TCL technology explained the whole story of the Oolong incident in its announcement on September 1. At 1:03 p.m. on September 1, the trading service personnel entrusted by Li Dongsheng sold 5 million shares of TCL technology stock with a transaction amount of 35.9098 million yuan due to incorrect input of securities code. The trading service personnel bought back the above 5 million shares of the company at 2:48 p.m. on the same day, with a transaction amount of 35.7647 million yuan.

Li Dongsheng made a profit of 145000 yuan in less than two hours. For a time, whether Li Dongsheng cashed out became the focus of controversy.

As the largest shareholder, founder and chairman of the company, I have increased the companys shares for many times, have full confidence in the companys business development and continue to be optimistic about the long-term value of the company, Li Dongsheng said in the statement. I will return the income generated by this misoperation to the company, and I will bear the transaction tax and accept the legal liability due to the misoperation. At the same time, in order to prevent the recurrence of similar situation, I have taken back the right of account management, which is under my own management .

On September 2, Li Dongsheng posted his microblog and explained again that after learning about the misoperation, I immediately asked the Secretary to consult with lawyers, intermediaries and regulatory agencies, and learned that this operation is against the regulations, but if it is bought back immediately, it will constitute another violation. It is up to me to decide what to do. From the perspective of restoring the truth of the matter, safeguarding the interests of the company and shareholders, and maintaining the integrity of senior executives, I decided to buy back 5 million shares in the market and restore the status quo before the transaction, and I am willing to take corresponding responsibilities.

Why does the Oolong index violate the rules: reduction of holdings without pre disclosure

Li Dongsheng said in his microblog that he asked the Secretary to consult with lawyers, intermediaries and regulators and learned that the operation was illegal.

It is understood that what Li Dongsheng violates is Article 8 of Several Provisions on the reduction of shares held by shareholders, directors, supervisors and senior executives of listed companies. If the major shareholders and directors, supervisors and senior executives of a listed company plan to reduce their shares through centralized bidding at the stock exchange, they shall report to the stock exchange 15 trading days before the first sale and disclose the reduction plan in advance, which shall be put on record by the stock exchange. According to the regulations, the contents of the plan for the reduction of shares held by major shareholders, directors, supervisors and senior executives of listed companies shall include but not be limited to the number, source, time interval, method, price range and reasons for the reduction. The time interval of reduction shall be in accordance with the provisions of the stock exchange.

According to TCL technology announcement, as of the evening of September 1, the number of shares held by Li Dongsheng had not changed. Li Dongsheng and his persons acting in concert hold 1.158 billion shares of the company, accounting for 8.56% of the total share capital of the company, and he is the largest shareholder of the company.

What are the consequences of illegal reduction? According to Article 13 of the regulation, if the directors, supervisors and senior executives fail to reduce their shares in accordance with the provisions and the rules of the stock exchange, the stock exchange shall, depending on the circumstances, take regulatory measures such as written warning and circular criticism, public condemnation and other disciplinary measures; if the circumstances are serious, the stock exchange shall prohibit the relevant securities accounts from reducing their shares within 6 months or 12 months through the measures of restricting trading.

Article 47 of the securities law stipulates that the directors, supervisors, senior managers and shareholders holding more than 5% of the shares of a listed company sell the shares of the company held by them within six months after the purchase, or buy them again within six months after the sale. The income from this shall belong to the company, and the board of directors of the company shall recover the income. In addition, Article 11 of the rules for the administration of the shares of the company held by the directors, supervisors and senior managers of listed companies and their changes points out that if the shares of the company held by the directors, supervisors and senior managers of a listed company have changed, they shall report to the listed company within two trading days from the date of the occurrence of the fact, and the listed company shall make an announcement on the website of the stock exchange.

Lawyers analysis: subjectively, it is not malicious to reduce holdings or handle them lightly

(function(){( window.slotbydup=window .slotbydup||[]).push({id:u5811557,container:ssp_ 5811557, async:true }According to Yin Chuanzhi, the directors, supervisors and senior executives of listed companies need to disclose in advance before reducing their shares. It is a violation of the regulations to sell stocks by mistake. If the stocks are bought back at this time, it will involve short-term trading and violate the regulations for the second time. He further analyzed that the reason why Li Dongsheng took the risk of violating the regulations to buy back the shares, or that if he only sold the stocks, he would not operate any more. There would be a lot of speculation in the market, that is, Dong Sheng had no confidence in the listed companies, or maliciously reduced his holdings. If he bought back the shares, Li Dongsheng was just a misoperation and had no intention of reducing his holdings subjectively. As for the punishment measures, Yin Chuanzhi said that the supervision will investigate the matter. If it is found out that Li Dongsheng did not reduce his holdings subjectively and maliciously, he was only misoperated, and there is a chance that he will be given a lighter punishment. Source: Qin bailing, editor in charge of Beijing News_ NB17208

Yin Chuanzhi said that the directors, supervisors and senior executives of listed companies need to disclose in advance before reducing their shares. It is a violation of the regulations to sell stocks by mistake. If they buy back the stocks at this time, they will be involved in short-term trading and violate the regulations for the second time.

He further analyzed that the reason why Li Dongsheng took the risk of violating the regulations to buy back the shares, or that if he only sold the stocks, he would not operate any more. There would be a lot of speculation in the market, that is, Dong Sheng had no confidence in the listed companies, or maliciously reduced his holdings. If he bought back the shares, Li Dongsheng was just a misoperation and had no intention of reducing his holdings subjectively.

As for the punishment measures, Yin Chuanzhi said that the supervision will investigate the matter. If it is found out that Li Dongsheng did not reduce his holdings subjectively and maliciously, he was only misoperated, and there is a chance that he will be given a lighter punishment.