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Lingjun Investment apologized late at night: it will improve the trading model and strictly control the progress of the transaction

Lingjun Investment apologized late at night: it will improve the trading model and strictly control the progress of the transaction

  Zhongxin Jingwei, February 21 Lingjun Investment issued an announcement late at night on the 21st in response to the large number of Shanghai and Shenzhen stocks sold at the opening of February 19, and apologized at the same time.

Lingjun Investment apologized late at night: it will improve the trading model and strictly control the progress of the transaction

  Source: Lingjun Investment official website

  Lingjun Investment said that on February 20, 2024, the Shanghai and Shenzhen Stock Exchanges issued an announcement that the company managed securities accounts sold a large number of Shanghai and Shenzhen stocks during the opening of the morning of February 19, 2024, violating the "Trading Rules" and other relevant regulations of the Shanghai and Shenzhen Stock Exchanges, and the exchanges took trading restrictions from February 20, 2024 to February 22, 2024. The company resolutely obeyed this decision.

  The company attaches great importance to the problems existing in the product transaction, and has carried out deep internal reflection and review. On February 19, 2024, the company's management products bought a net of 187 million yuan throughout the day, but the trading volume was large within one minute of the opening of the day, and the company sincerely apologized for the negative impact caused by this.

  The announcement also mentioned that Lingjun Investment, as a professional quantitative investment institution, has long been optimistic about and insisted on being long in the Chinese stock market, and its stock positions have always been close to full. In the next step, the company will deeply learn lessons, more carefully study relevant laws and regulations and trading rules, effectively enhance compliance awareness, and strictly control the transaction progress, transaction constraints and control the transaction rhythm by improving the trading model, so as to ensure smooth and balanced transactions in the whole process of trading, effectively maintain the normal market trading order, and fully protect the legitimate rights and interests of investors.

  On the 20th, the Shenzhen Stock Exchange restricted the trading of Ningbo Lingjun and launched a public censure procedure.

  The Shenzhen Stock Exchange said that it was found that on February 19, 2024, there were abnormal trading behaviors in the securities account under the name of Ningbo Lingjun in the process of programmatically generating or issuing trading instructions through computer programs to programmatically trade Shenzhen stocks, which affected the normal trading order.

  During the period from 9:30:00 to 9:30:42 on February 19, the securities account under the name of Ningbo Lingjun automatically generated or issued trading instructions through computer programs, and sold a large number of Shenzhen stocks totaling 1.372 billion yuan, during which the Shenzhen Stock Exchange Component Index fell from 8957.28 to 8864.62, a decrease of 1.03%. The above-mentioned behavior of Ningbo Lingjun seriously disrupted the normal trading order and violated Item 6 of Article 6.2 of the Trading Rules of the Shenzhen Stock Exchange, which is an abnormal trading behavior with serious circumstances.

  At the same time, the Shenzhen Stock Exchange pointed out that the securities account under the name of Ningbo Lingjun has been taken regulatory measures by the regulatory department of the Exchange for abnormal trading behaviors many times this year, but it has not been corrected and continues to implement abnormal trading behaviors.

  In accordance with the relevant regulations, the Shenzhen Stock Exchange decided to take trading restrictions on the relevant securities accounts under the name of Ningbo Lingjun from February 20, 2024 to February 22, 2024, restricting it from trading all stocks listed and traded on the Exchange during the above period, and initiating the procedure of public reprimand and disciplinary punishment against Ningbo Lingjun.

  On the same day, the Shanghai Stock Exchange also announced that from 9:30:00 to 9:31:00 on February 19, a number of products managed by Ningbo Lingjun sold a large number of Shanghai stocks totaling 1.195 billion yuan, during which the Shanghai Composite Index fell rapidly in a short period of time. It was found that the above-mentioned transaction of Ningbo Lingjun violated Article 7.2 (6) of the Trading Rules of the Shanghai Stock Exchange, which stipulates that "programmed trading is carried out through the automatic generation or issuance of trading instructions by computer programs, which affects the security of the Exchange's system or normal trading order".

  The SSE has decided to continuously implement regulatory measures to suspend the trading of investors' accounts on the relevant products managed by Ningbo Lingjun from February 20, 2024 to February 22, 2024, that is, to suspend all stock trading of the relevant product accounts listed on the Shanghai Stock Exchange during the above-mentioned period, and at the same time initiate the disciplinary procedure of public reprimand to Ningbo Lingjun.

Lingjun Investment apologized late at night: it will improve the trading model and strictly control the progress of the transaction

  Source: AMAC website

  According to public information, Ningbo Lingjun was established in June 2014 and is a private equity fund management institution focusing on quantitative investment. The company has a registered capital of 10 million yuan, and the nature of the enterprise is a domestic-funded enterprise, with a management scale of more than 10 billion yuan. (Sino-Singapore Jingwei APP)