Netizens jokingly said: even if there is an insider, but also a loss of 166 million yuan, we can see how difficult it is to fry big a shares!
Lets see what happened.
Jiazhaoye acquires Mingjia United
In November 2016, the joint controlling shareholder and actual controller of Mingjia proposed to transfer the controlling right. Jiazhaoye group is seeking to buy control of listed companies.
During this period, Zhou had a preliminary contact and negotiation with Li Xu, general manager of jiazhaoye investment banking department.
In the middle and late May 2017, Li Xu resigned and took over the work related to the acquisition of Mingjia joint control.
From June to mid August 2017, jiazhaoye group held talks with Zhou Yilin on the transaction plan of controlling share transfer and carried out due diligence.
On August 16, 2017, Jiasu network controlled by jiazhaoye Group signed an equity transaction intention agreement with Zhou. Mr. Lin, the companys controlling shareholder, is planning to suspend the companys controlling shares on August, 2017, which may affect the companys controlling shareholder Zhou Mingming.
Guo peineng and Li Xu join hands in insider trading
The relevant information about Zhous transfer of Mingjia joint stock rights and actual control rights to jiazhaoye group shall be formed no later than December 18, 2016, and shall be disclosed after the market closing on August 16, 2017. Zhou, Guo and Li are insiders of inside information.
Guo peineng knew a number of insider information insiders of both sides of the transaction, and had business and capital exchanges, especially with Zhou Yilin and Li Xu. Guo peineng and Zhou Yilin have close relationship with each other. During the sensitive period of insider information, Guo peineng asked Li Xu to be specifically responsible for the decision-making time point and order operation of Mingjia united.
Three accounts ambush purchase of 370 million in advance
Guo peinengs three companies, Shengda zhishuo, jiaboshi and Huasheng Ruide, have opened stock accounts in Aijian securities, Hengtai securities and Guangfa Securities respectively.
Shengda zhishuo, jiaboshi and Huasheng Ruide are all wholly-owned subsidiaries of Shenzhen zhenglaida Industrial Co., Ltd. From January 3, 2017 to July 14, 2017, Guo peineng served as the director and legal representative of Shenzhen zhenglaida Industrial Co., Ltd.
At the same time, Guo peineng arranged his companys executives and friends to serve as directors or supervisors of Shengda zhishuo, jiaboshi and huashengruide. The above securities accounts of Shengda zhishuo, jiaboshi and huashengruide are actually controlled and used by Guo peineng, and the stock purchase fund comes from the fund raised by Guo peineng.
From January 17 to January 23, 2017, Shengda zhishuo Aijian securities account purchased a total of 6411662 shares of Mingjia united in a single and centralized way, with a total transaction amount of 79901818.57 yuan. On January 24, 2017, Shengda zhishuo Aijian securities account transferred all the mingjialian held by it to Shengda zhishuo Xinda securities account for stock pledge transaction. From March 20 to March 27, 2018, Shengda zhishuo Xinda securities account successively cleared and sold Mingjia Lianhe, with a loss of 37110180.82 yuan.
From January 16 to January 20, 2017, the securities account of garbosh Hengtai purchased a total of 15919045 shares of Mingjia united in a single and centralized way, with a total transaction amount of 196987511.05 yuan. Among them, 10 million shares were purchased through block trading and 5919045 shares were purchased in the secondary market. On January 24, all the mingjialian held in the securities account of Gabriel Hengtai was transferred to the securities account of Gabriel Xinda for stock pledge transaction. From March 20 to March 27, 2018, Gabriel Xinda securities account successively cleared positions and sold Mingjia Lianhe, with a loss of 87493540.31 yuan.
From January 16 to January 23, 2017, Huasheng Ruide Guangfa Securities Account purchased a total of 7545711 shares of Mingjia united in a single and centralized way, with a total transaction amount of 94283311.44 yuan. On January 24, 2017, all the Mingjia united held in Huasheng Ruide Guangfa Securities account were transferred to Huasheng Ruide Xinda securities account for stock pledge transaction. From March 20 to March 27, 2018, Huasheng Ruide Xinda securities account successively cleared positions and sold Mingjia Lianhe, with a loss of 41310184.35 yuan.
The fund gentleman calculates, these three accounts trade 370 million in total, when the final clearance, a total loss of 160 million.
When Guo peineng and Li Xu established their positions, the average price of the stock price of that meeting was almost 12.20 yuan / share. It may have been too early to set up a position. The companys share price then fluctuated and fell to 7.42 yuan / share in July 2017. The account of the insider trading at that meeting has lost about 40%.
Until the market closed on August 16, 2017, Mingjia jointly issued a suspension notice on major issues.
The bigger nightmare is still ahead. After three consecutive trading limits, the stock price of Mingjia United fell all the way. When it came to the time of cutting and clearing, the average price was less than 7 yuan / share, with a huge loss of more than 43%.
Guo peineng and Li Xu each fined 300000 yuan
Finally, the CSRC held that during the period of insider information sensitivity, Li Xu and Guo peineng, the insiders, jointly decided to buy a large number of Mingjia Lianhe through the specific operation of Li Xu. At the same time, the transaction involved in the case had obvious abnormal circumstances, such as new account opening, single transaction variety, strong purchase intention, etc., and there was no legitimate reason or proper information source. The above behaviors of Guo peineng and Li Xu violate the provisions of Article 73 and paragraph 1 of Article 76 of the securities law of 2005, and constitute the insider trading activities mentioned in article 202 of the securities law of 2005.
According to the fact, nature, circumstances and social harm degree of the illegal acts of the parties concerned, and in accordance with the provisions of article 202 of the securities law of 2005, we decided to impose a fine of 600000 yuan on Guo peineng and Li Xu, of which Guo peineng and Li Xu each fined 300000 yuan.