The China Securities Regulatory Commission issued an administrative penalty decision to investigate Luo Zhenkun's insider trading. It was discovered that Luo Zhenkun's illegal facts were as follows: On October 10, 2024, the relevant company issued a suspension notice on planning asset replacement, issuing shares and paying cash to purchase assets and raising supporting funds. This matter is a major incident stipulated in section 80 (2) (2) and (9) of the Securities Law. Before disclosure, it was insider information as stipulated in section 52 of the Securities Law. Insider information was formed no later than March 22, 2024, and made public on October 11, 2024. Luo Zhenkun frequently contacted people familiar with relevant insider information during the sensitive period of insider information. From May 15 to October 10, 2024, Luo Zhenkun controlled and used multiple accounts to trade shares of related companies. After disclosure of insider information, all were sold. According to calculations, he made a profit of 9,791,501.47 yuan. The timing of Luo Zhenkun's stock trading related companies is highly consistent with the contact time and insider information formation development process, and there are situations where he buys immediately after opening a new account, buying for the first time, buying other stocks at a loss, and the transaction deviates from the company's fundamentals. The trading behavior is clearly abnormal and unjustified. Luo Zhenkun's above act violates the provisions of Article 50 and Article 53 (1) of the Securities Law and constitutes insider trading as described in section 191 (1) of the Securities Law. The Securities Regulatory Commission decided to confiscate the illegal proceeds of 9,791,501.47 yuan and fine Luo Zhenkun of 48,957,507.35 yuan. The Securities Regulatory Commission decided to ban Luo Zhenkun from entering the securities market for 3 years. From the date I announced the decision, during the ban period, all securities listed or listed on the stock exchange may not be traded directly or under a pseudonym or under another person's name.
Zhitongcaijing · 1d ago
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The China Securities Regulatory Commission issued an administrative penalty decision to investigate Luo Zhenkun's insider trading. It was discovered that Luo Zhenkun's illegal facts were as follows: On October 10, 2024, the relevant company issued a suspension notice on planning asset replacement, issuing shares and paying cash to purchase assets and raising supporting funds. This matter is a major incident stipulated in section 80 (2) (2) and (9) of the Securities Law. Before disclosure, it was insider information as stipulated in section 52 of the Securities Law. Insider information was formed no later than March 22, 2024, and made public on October 11, 2024. Luo Zhenkun frequently contacted people familiar with relevant insider information during the sensitive period of insider information. From May 15 to October 10, 2024, Luo Zhenkun controlled and used multiple accounts to trade shares of related companies. After disclosure of insider information, all were sold. According to calculations, he made a profit of 9,791,501.47 yuan. The timing of Luo Zhenkun's stock trading related companies is highly consistent with the contact time and insider information formation development process, and there are situations where he buys immediately after opening a new account, buying for the first time, buying other stocks at a loss, and the transaction deviates from the company's fundamentals. The trading behavior is clearly abnormal and unjustified. Luo Zhenkun's above act violates the provisions of Article 50 and Article 53 (1) of the Securities Law and constitutes insider trading as described in section 191 (1) of the Securities Law. The Securities Regulatory Commission decided to confiscate the illegal proceeds of 9,791,501.47 yuan and fine Luo Zhenkun of 48,957,507.35 yuan. The Securities Regulatory Commission decided to ban Luo Zhenkun from entering the securities market for 3 years. From the date I announced the decision, during the ban period, all securities listed or listed on the stock exchange may not be traded directly or under a pseudonym or under another person's name.
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