According to the relevant regulations, when a person or institution holds more than 5% of the shares, it must be announced.
However, in reality, in order to maximize their own interests, some people still do not disclose even if they hold more than 5% of the shares, some people either use loopholes to circumvent it, and some people even blatantly do not disclose it.
Recently, an administrative penalty announced by the Hunan Securities Regulatory Bureau has once again made us see the "fat guts" of some people.
The 10.6% stake was not announced, and the reason turned out to be "economic difficulties".
According to the administrative penalty issued by the Hunan Securities Regulatory Bureau, from May 2017 to November 2021, Zhang traded Guixiang shares by controlling 12 accounts, and on May 8, 2017, his shareholding ratio exceeded the 5% limit, and it was reasonable to issue an announcement, but Zhang has not issued an announcement, nor has he informed Guixiang of the shareholding of the account under his control.
It was not until later that Zhang's shareholding ratio exceeded 10%, and the shareholding ratio reached 10.46% at the peak, but he still did not fulfill his reporting and disclosure obligations.
During the period from May 9, 2017 to November 30, 2021, the cumulative shareholding ratio of the accounts controlled by Zhang basically reached more than 5%, and he carried out frequent buying and selling transactions, but he still did not make any announcements.
During this period, his account group bought a total of 23,747,500 shares with an amount of 218 million yuan, sold 23,909,900 shares with an amount of 203 million yuan, and traded a total of 421 million yuan, which was in a state of loss during the period.
Based on the fact that Zhang Mou violated the law, the Hunan Securities Regulatory Bureau punished him in accordance with the relevant provisions of the Securities Law, and Zhang Mou was ordered to rectify and give a warning, confiscate the illegal income, and impose a fine of less than the equivalent value of the securities for transferring securities during the transfer restriction period, or the transfer of shares did not comply with the law.
In addition, Zhang failed to disclose information in accordance with the regulations, and was ordered to rectify and imposed a fine of not less than 500,000 yuan but not more than 5 million yuan.
However, what is more funny is that when the regulatory authorities asked Zhang to fulfill his punishment obligations, he actually quibbled.
He believes that in the process of investing in Guixiang shares, the loss is more than 70 million yuan, and the loss of the entire account group even exceeds 300 million yuan, and the loss amount far exceeds the difference between the trading amount stated in the prior notice.
On the other hand, he feels that there are financial difficulties at present, so he hopes that the regulatory authorities can reduce the amount of penalties.
Seeing that this netizen is not calm at all, people who can use hundreds of millions of dollars to speculate in stocks actually say that they are in financial difficulty?
The most important thing is that what does it have to do with the fact that you are in financial difficulty? If you can escape punishment if you are in financial difficulty, then what do you need the law for?
In the process of judging violations and penalties, the law will not be based on whether a person has financial difficulties, but mainly refer to whether you have violated the provisions of the Securities Law and other laws in the process of securities trading, and as long as you have violated the relevant provisions of the law, you will be punished in strict accordance with the law.
So regardless of whether Zhang has financial difficulties or not, his punishment must be indispensable.
From 2017 to 2021 for 4 years, Zhang's shareholding ratio was above 5% most of the time, but there has been no announcement, why haven't any problems been found here?
In addition, the violations of stock speculation by shareholders should be punished, and the violations of listed companies and some sponsors should also be rectified?
Judging from the listed companies in recent years, in fact, many companies may be suspected of illegal listing, for example, there are many companies before listing, they have already paid dividends with large profits, and then borrowed bank loans, and finally went to the stock market to raise funds, so that shareholders can help them repay the loans.
There are also companies in the first few years before the listing of the performance is very beautiful, both revenue and profits are growing rapidly, as a result of their valuation of the market profit is very high, there are many companies P/E ratio has reached dozens of times or even hundreds of times, once listed can be the next few decades and hundreds of years of profits to make all, who still has the heart to engage in business?
As a result, many companies are trying to reduce their holdings and cash out after listing, and even before the restriction period has arrived, they will cash out in violation of regulations through margin financing and securities lending, refinancing and other methods, and the result is that the listing is the peak, and the majority of shareholders can only silently bear the loss.