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A few days ago, the CSRC announced three administrative punishment decisions, and Yu Sheng, Cheng Ling and Wu Xuejun each received one. All three were punished for using the inside information trading "Sun Paper" and were "not penalized by the Securities and Futures Commission". Among them, Yu Sheng was fined 12,253,300 yuan, and Cheng Ling was fined 730,700 yuan. In addition to his insider trading, Wu Xuejun also suggested that others buy and sell stocks of insider information, and the total amount of fines was up to 22,683,800 yuan. Overall, the three were fined a total of 35,676,800 yuan.
It is worth mentioning that the two “Leaks†involved in the three “Sun Paper†insider trading cases are students of Tsinghua University.
Due to insider trading, "Sun Paper" was "not a penalty"
The official website of the China Securities Regulatory Commission recently announced three tickets, pointing to three people who were punished. Although the three tickets involved three cases, the inside information that the parties knew was the same, and the insider trading stocks were also "Sun Paper."
According to the administrative penalty decision, the inside information is that “Sun Paper is planning related non-public offering of sharesâ€. The specific formation process of this information is as follows:
The insider information sensitive period is from the approval of Sun Paper's Chairman Li Moxin to adopt Haitong Securities' “non-public offering†(not later than October 31, 2013) to December 4, 2013.
During the sensitive period of inside information, Yu Sheng used his own legal representative and general manager of Xingyue Investment, Zhou Youying and his own account to buy “Sun Paper†during the sensitive period of “No penalty for oneâ€. "295.1359 million shares, all sold after the inside information was released, the profit was 6,216,700 yuan. The CSRC decided that "there was no penalty for one" and that the total penalty was no more than 12.2533 million yuan.
During the sensitive period of inside information, the “Chengling†account bought a total of 174,400 shares of “Sun Paper†with a turnover of 835,600 yuan. It was sold from February 11 to February 13, 2014, and the account profit was 365,400 yuan. . According to this, Cheng Ling was fined 730,700 yuan by the CSRC.
Another punisher, Wu Xuejun, controlled himself and the “Wang Mouping†“Xiao Moulong†account, and bought 791,600 shares of “Sun Paper†during the sensitive period of inside information, selling 58,300 shares, and profit from Wu Xuejun’s account group. 11.041 million yuan, was not fined 2,281,800 yuan by the Securities and Futures Commission.
In addition, during the sensitive period of inside information, Wu Xuejun also suggested that Zou, Qin and Shi Mofu bought “Sun Paper†and was fined 600,000 yuan by the CSRC. Therefore, Wu Xuejun was fined a total of 22,683,800 yuan.
The two "Leakers" are students of Tsinghua University.
Looking at the three administrative punishment decisions, three insider trading cases involve two insider information insiders who are the source of “leakageâ€.
One is Zhu. According to the administrative penalty decision book, in the preliminary work of Sun Paper’s non-public issuance, Sun Mo, the son-in-law of Sun Paper’s chairman and assistant to the chairman of Sun Paper, is the main participant in this non-public offering. Implementer.
Zhu Mou, who was a student of Haitong Securities, took the initiative to find Haitong Securities. Finally, Haitong Securities became the sponsor of Sun Paper’s non-public offering. At the same time, Zhu was also the chairman of Haitong Securities and Sun Paper. Contact person for refinancing matters.
The second is a single army. Shan Moujun recommended to Hai to be the sponsor of Sun Paper's non-public offering. He is also an important contact point between Haitong Securities Investment Bank and Zhu of Sun Paper. Shan Moujun repeatedly communicated with Zhumou about the refinancing of Sun Paper, and accompanied the staff of Haitong Securities Investment Bank to Sun Paper for discussion of sponsorship matters. The Haitong Securities sponsoring team will promptly report the progress of the non-public offering plan. A certain army.
It is worth mentioning that in the ticket against Wu Xuejun, the CSRC made it clear that Shan Moujun is a classmate of Zhu Tsinghua University.
"Sun Paper" insider trading circle: classmates, close friends, business partners
In the past, the relationship network involving insider trading mostly included “circles†such as relatives, close friends, classmates, teachers and students, business partners, and the three insider trading cases involving “Sun Paper†were no exception. The relationship between a leaker and an insider trader.
Let’s first look at Wu Xuejun, who has the most profit. The administrative punishment decision book for him did not explain his relationship with Zhu and Shan’s army, but the information is that on November 12, 2013, Wu Xuejun, Zhu Mou, Shan Mojun and others met at the Beijing Time Garden Café. This is the first time for both parties to meet.
At 8 o'clock on the evening of November 26, 2013 (Wednesday), Wu Xuejun, Zhu Mou, and Shan Mojun met at the Conrad Hotel in Beijing. Zhu introduced Wu Xuejun to the development of Sun Paper.
Specific communication and communication situation, during the period of inside information sensitive, Wu Xuejun and Shan Moujun had three phone calls and two text messages.
Yu Sheng’s insider trading case shows that Yu Sheng and Shan’s army belong to business partners to some extent. Yu Sheng and Shan Moujun introduced the understanding in 2012 by Xu, and Shan Moujun recommended a new three-board project to Yu Sheng. Yu Sheng invested 10 million yuan, and then there was a risk. The single army has been helping to coordinate. During the sensitive period of inside information, Yu Sheng and Shan Moujun had 6 calls and text messages.
On the evening of November 9, 2013, a certain army and Zhu went to Chengdu together to meet with Xu and Yu Sheng, general managers of Haitong Securities Sichuan Branch.
As for Cheng Ling, it is a college student and close friend of Shan Junjun. The punishment decision book shows that Cheng Ling and Shan Moujun are university students, and the two sides have more contacts and closer relationship. In the inquiry transcript, Shan Moujun said that "I have a good relationship with Cheng Ling, both as a classmate and a friend when I was a doctor."
In the inquiry transcript, Cheng Ling said that he had talked to Sun Paper when he sent eggs to him (Single Army) before the National Day last year. I asked him what he was busy with recently. He said that he was busy with the sun, I asked him. Busy the sun, he told me not to ask." At 10:48, 19:45 on November 10, 2013, the single army called Cheng Ling twice. At 17:39 on November 11, Cheng Ling called the single army.
After the three people learned the inside information
Buying a lot of "Sun Paper"
Yu Sheng and Wu Xuejun from Zhu Mou and Shan Moujun, Cheng Ling obtained the issue of Sun Paper’s non-public offering of stocks from Shan’s military, respectively, and began to abnormally trade the stock, and the three points when buying Sun Paper Information informants are highly consistent when they come into contact.
Specifically, the Yusheng account group did not trade “Sun Paper†before Yu Sheng contacted Shan Moujun and Zhu Mou, and began to buy in large quantities after contact. After six days of meeting with Zhu and Shan’s army, Yu Sheng bought the first transaction of “Sun Paperâ€.
From the amount of the purchase, the surplus of the Yusheng account group to buy "Sun Paper" compared to other stocks. The total amount of the account group to buy "Sun Paper" is large.
From November 1, 2012 to December 4, 2013, a total of 38 stocks were bought, of which 11 stocks with a purchase amount of more than 4 million. During this period, the account group bought “Sun Paper†with a value of 15.63 million yuan, which was not sold and was in second place. At the same time, Yusheng account group sold other stocks and bought “Sun Paperâ€.
In addition, the “Sun Paper†purchase amount accounts for a large proportion of the total funds available for the same period. The “Yu Sheng†account purchase amount accounted for 99.9%, the “Xingyue Investment†account purchase amount accounted for 99.89%, and the “Zhou Moying†account purchase amount accounted for 9.57%.
Similar to Yu Sheng, Wu Xuejun’s account group has not traded “Sun Paper†since opening an account. After meeting with Zhu and Shoujun for the first time, Wu Xuejun bought a total of 7,558,800 shares of “Sun Paper†from November 13 to November 26, 2013, with a turnover of 38.765 million yuan, only sold for 58,800 yuan. Shares, the transaction amount of 298,000 yuan was 58,300 shares, and the transaction amount was 298,000 yuan.
On November 26, after Wu Xuejun and Zhu Mou and Shan Moujun met for the second time, on November 27, Wu Xuejun and Wang Moping and his own account bought 359,800 shares of “Sun Paperâ€, with a purchase amount of 1,945,800 yuan. . Wu Xuejun's account group bought the total amount of “Sun Paper†from November 13 to November 27, 2013, accounting for 92.39% of the total purchase volume of Wu Xuejun's account group “Sun Paperâ€.
Before the inside information was released, Wu Xuejun's account group sold only 58,300 shares, amounting to 298,000 yuan, from November 13 to December 11, 2013 (the resumption date). Others were sold after the inside information was released.
Wu Xuejun’s account group bought “Sun Paper†and the amount of other stocks was enlarged. After contact with Zhu and Shan Moujun, from November 13 to November 27, 2013, Wu Xuejun’s account group bought 7,100,600 shares of “Sun Paperâ€, totaling 40,710,800 yuan, which was bought by Wu Xuejun’s account group during the period. The stock with the largest amount.
In addition to the relatively large amount of purchases, the “Sun Paper†purchase amount accounts for a large proportion of the total funds available for the same period. Wu Xuejun’s account group purchased “Sun Paperâ€, accounting for 79.23% of the amount of funds available for the same period.
It is worth mentioning that the Wu Xuejun account group also appeared to sell other stocks to buy "Sun Paper" abnormal situation.
As for Cheng Ling, the “Cheng Ling†account has no stock trading since March 21 to November 10, 2013, and the account holds 10,000 shares of “Lianhua MSGâ€.
On November 10, the single army called Cheng Ling twice. On the second day, Cheng Ling sold 10,000 shares of “Lotus MSG†and borrowed 800,000 yuan to transfer to the securities terminal. On the same day, he bought 174,400 shares of “Sun Paperâ€, with a turnover of 83.562 yuan, close to the full position to buy, insider information Sold after being disclosed.
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