Stocks cannot be speculated indiscriminately, especially when there are "directors and senior supervisors" of listed companies.
If you get inside information in advance and you buy and sell stocks, it's called insider trading.
If you don't have inside information, you have to buy and sell within 6 months, that's called short-term trading.
Anyway, it's illegal, and if you get caught, you not only have to spit out what you eat, but you also have to pay a fine to the state treasury.
Recently, Jiang, the former director of the listed company Shuangliang Energy Conservation, was fined by the China Securities Regulatory Commission because of his son's short-term trading.
Speaking of which, it was more than two years ago, and Jiang Mou has also stepped down as a director of Shuangliang Energy Conservation for more than two years, it seems that it is a blessing or a curse, and it is a disaster that cannot be avoided.
From February to May 2021, Jiang was also a director of Shuangliang Energy Conservation, and his son used someone else's credit securities account to buy and sell stocks, earning 780,000 yuan.
The son of a director of a listed company buys and sells stocks within 3 months, whether he makes or loses, and it is a standard short-term trade.
But in addition to short-term trading, there are actually three details worth savoring.
First, borrowing someone else's account to buy and sell must be subjective and deliberate, in order to circumvent the relationship as a director's immediate family member, so as to avoid the investigation of insider or short-term trading.
Second, the credit account is used for margin trading, which has the effect of leverage amplification, and the use of credit account for trading shows that the income expectation is very certain, and it is difficult to guarantee that there is no support from the insider information level.
Third, after selling the shares in May, Jiang stepped down as a director in September, and the proximity of time inevitably makes people wonder if there is a suspicion of making a fortune before leaving.
However, the details worth savoring cannot be used as evidence, and in the end, the CSRC can only punish it according to short-term trading, with a fine of 250,000.
In fact, 250,000 yuan is not too little, and the maximum fine for short-term trading in the mainland securities system is 1 million.
As for the 780,000 yuan earned, of course, it was handed over to the listed company as additional income according to the usual practice.
But this practice is actually not very reasonable, which is equivalent to a listed company earning 780,000 yuan by speculating in stocks by itself, and it is still ordinary shareholders who are backing.
A more reasonable way to deal with it should be that you don't have to pay as much as you earn, you can buy back as much as you sold at the beginning, and buy it back from the shareholders, which is quite fair.
When it came to this case, Jiang's son sold 3.267 million shares at that time, and it was about 26 million at the current price, which is much deeper than the fine of 250,000 yuan, to see who dares to trade short-term in the future.
How to say it, the purpose of punishment is to punish the offender, and at the same time deter other people, and try to avoid similar violations in the future, so it is necessary to make the punished person painful, only pain can make everyone remember, and only pain can play a real deterrent role.
The current reality is that those who violate the law are very bold, the punishment is very cautious, and the regulatory level repeats the actions of filing, investigating, and punishing over and over again, spending too much manpower, material resources, and financial resources, but the actual effect is difficult to describe.
I remember that there is an idiom story that says that during the Western Han Dynasty, a person named Yin Wenggui was promoted to the Taishou of the East China Sea, and it was a good thing that he was promoted, but the East China Sea was a place where it was strong and rampant, and it was not easy to govern.
So Yin Wenggui selected one of the most representative heroes named Xu Zhongsun through a secret visit, and after he was arrested, he was publicly beheaded to show the public, and then, all the heroes were honest, and the East China Sea was immediately stable.
Proceeding from this logic, it is time for our relevant penalty system to raise the upper limit, after all, prices have risen.