【The case of "Investor Protection • Knowing the Rules and Knowing the Risks" - Leakage of information is not a trivial matter, losing money and taking responsibility for it】

In the capital market, many investors are often keen to listen to all kinds of "grass news" and "insider information" and use this as a basis for buying and selling stocks. Some investors believe that insider trading is not very harmful, as long as you get inside information, you can make a lot of money in the stock market. Some investors also believe that they will be punished only if they make money by using inside information, and they do not need to bear any legal responsibility if they lose money. But is this really the case? Let's look at the following cases.

Wang Moumou, then the chief financial officer of X Group (state-owned enterprise), participated in the entire process of major asset restructuring of A listed company controlled by X Group. After learning the inside information, Wang Moumou disclosed to Zhao Moumou the great benefit of the asset reorganization of Company A in the telephone contact with Zhao Moumou. After Zhao Moumou learned the news, he immediately used his account to invest 225,300 yuan to buy 27,200 shares of Company A, and waited for the stock price to rise. But it backfired, and the news that the asset reorganization failed. Stealing chickens is not a loss of rice, Zhao Moumou not only did not make any money, but lost 39,400 yuan. What is even more unexpected is that the CSRC has a clear grasp of the insider trading situation through investigation afterwards. According to Article 76 of the "Securities Law", insiders of securities trading inside information and persons who illegally obtain inside information shall not buy or sell the securities of the company, or disclose the information, or advise others to buy or sell, before the inside information is made public. the securities. Wang Moumou leaked inside information, and Zhao Moumou’s conduct of insider trading violated Article 76 of the Securities Law, which has constituted the situation of insider trading described in Article 202 of the Securities Law. They were each fined 40,000 yuan.

Coincidentally, Bao Moumou also fell into trouble due to insider trading. Bao Moumou was the chief accountant of H-listed company at the time. After learning the important information that H-listed company planned to inject mining assets, he disclosed the news to his friend Feng Moumou. After Feng Moumou learned the news, he immediately bought shares of H listed company through his wife's account and others' accounts, and made a total profit of 18,000 yuan. However, Skynet has been sloppy and not omissions, and this illegal act will eventually escape legal sanctions. In the end, the CSRC imposed a fine of 300,000 yuan on Bao Moumou and Feng Moumou respectively.

Securities market participants should be strictly vigilant against insider trading. On the one hand, the directors, supervisors and senior managers of listed companies and their affiliates, as insiders, are obliged to keep the inside information confidential. If you take it lightly and leak inside information for the sake of the so-called loyalty of your buddies, you may not only lose your job, but also lead to ruin. On the other hand, investors, as personnel engaged in securities trading, should not listen to "gossip" at will. Even if some information is conclusive, but due to the complexity and randomness of the securities market, the use of inside information to engage in securities trading may still lead to loss of money, which is not worth the gain. Furthermore, insider trading is an illegal act severely cracked down by the securities market. Even if you lose money in insider trading, you still need to bear legal responsibility. According to the Provisions of the Supreme People's Procuratorate and the Ministry of Public Security on the Standards for Filing and Prosecution of Criminal Cases Under the Jurisdiction of Public Security Organs (2), if the cumulative transaction amount of securities transactions is more than 500,000 yuan, or the cumulative amount of profit (avoidance of loss) is More than 150,000 yuan will also constitute the crime of insider trading and be investigated for criminal responsibility. Cases of once-bright capital market leaders who have been imprisoned for insider trading are everywhere, which is thought-provoking. Many people who engage in insider trading often have a fluke mentality, thinking that they are unaware, but they do not know that the regulatory authorities have a strict prevention and control system for this, and insider trading cannot escape the law after all. Investors are reminded that insider information is a secret that cannot be told, and insider trading is a red line that cannot be touched. If you keep the bottom line of the law, you also keep your right to engage in securities transactions fairly.