Insider trading has always been a “key player” in the administrative punishment of the Securities and Futures Commission, and countless cases are investigated every year for insider trading and leakage of inside information. Some investors believe that the inside information has been concealed for many times, and the chain of evidence can be easily cut off. Of course, the regulators cannot find it. There are also some people who fortunately believe that the punishment is only for those who specifically trade stocks, and it will not matter if they only leak information and do not buy or sell stocks. Is this really the case? Let us look at two cases.
Xie Mou, the wife of Zhou Mou, then president of H listed company, Wu is a professional shareholder, Xie Mou is a friend of Wu Mou's ex-wife. Mr. Xie learned from Zhou somewhere that Company H and Company Z discussed overseas residential project cooperation matters, and told Fan Mou during a chat, and Fan Mou then informed Wu Mou the news. After being more convinced of the good news, Xie informed Wu of the project cooperation over the phone twice, and then the two bought H company shares respectively. Because the company H's stock has been rising and falling, Xie's control account has been unable to close the commissioned purchase. Wu will transfer the 100,000 shares he bought to Xie with a price of 5 yuan per share. Wu's account deducted the 500,000 yuan profit transferred to Xie, making a total profit of 7.842 million yuan. The CSRC believes that Wu's behavior constitutes insider trading behavior of buying and selling stocks after knowing inside information, and Xie's behavior constitutes insider trading behavior of buying and selling stocks after leaking inside information and knowing inside information. According to Article 202 of the Securities Law, Wu and Xie were confiscated and fined equally.
In practice, there are many cases of punishment for leaking only inside information. Mr. Zhu, then general manager of Company G, was aware of the acquisition of equity of Company G by X-listed company. He bought 6,600 shares of company X in two shares, and eventually lost 9,214.21 yuan. Mao is the deputy general manager and technical leader of Company G. He also participated in the acquisition talks of Company X. He actually learned the inside information and leaked this information to his wife Zhongmou. Later, Zhongmou bought 9,000 shares of Company X and actually obtained Lee 5733.04 yuan. The CSRC believes that Zhu constitutes the provisions of Article 76 of the Securities Law on "prohibition of insider trading" and constitutes insider trading. Although Mao and Zhong were in a husband and wife relationship, Mao's behavior was a disclosure of inside information. Zhong's behavior was an illegal acquisition of inside information to engage in insider trading. They were punished separately for different violations, and there was no repeated plot. In the end, the CSRC imposed a fine of 30,000 yuan on Zhu and Mao, and a fine of 36,000 yuan on Zhong.
Article 76 of the Securities Law stipulates that: "Informers of insider information of securities transactions and persons who illegally obtain insider information must not buy or sell the company's securities, or disclose the information, or advise others to buy or sell the insider information before the insider information is made public. Securities. "The law not only prohibits the use of inside information to buy or sell securities, the disclosure of information, or the suggestion of buying or selling by others will also be regulated by law. Through the above two cases, we can clearly see that not only the insider who leaks inside information should be punished, but also the people who illegally obtained the insider information should also be cracked down.
It's hard to do it alone. As a result, some insider insiders did not hesitate to open a "mom shop" and play "Brothers Company", thinking that they could escape the French Open after a few more turns. As everyone knows, no matter how many times the inside information is transmitted, leakers and traders still cannot escape the "eyes of fire" of the regulatory authorities. What is even more ironic is that many smart people who use inside information to make a big profit eventually lose money. It is really stealing chickens without losing money, losing their wives and losing their troops. Keeping the bottom line and staying away from the inside is the right way for every investor in the capital market to open up.