Insider trading refers to the illegal behavior of insiders of securities trading inside information and persons who illegally obtained inside information, buying or selling the securities, or divulging the information, or recommending others to buy or sell the securities before the inside information is made public, which has various manifestations in practice. Form, "pillow wind" insider trading is one of them. For example, these two short stories:
The listed company H was suspended from trading due to its planned non-public offering of shares. Chen, the wife of Zang Mou, a director of its controlling shareholder Z Company, bought 60,000 "H" shares before the suspension, and made a profit of 73,000 yuan after selling it.
Listed company Y was suspended from trading due to its planned non-public offering of shares. Ye Mou, the wife of Yu Mou, a staff member of securities company Z securities, bought 13,000 shares of "Y" before the suspension, and made a total profit of 97,000 yuan after selling.
In these two stories, Zang, director of company Z, the controlling shareholder of company H, and Yu, a staff member of Z securities, were both insiders of insider information on securities transactions under the Securities Law. "Bought stocks related to this information. According to Articles 73 and 76 of the Securities Law, insiders of inside information and persons who illegally obtain inside information shall not buy or sell the securities of the company before the inside information is made public. Article 2 of the Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Law in Handling Insider Trading and Disclosure of Insider Information Criminal Cases also clearly stipulates this, including close relatives of persons with knowledge of insider information or others related to insider information. A person with close ties to the insider who buys or sells stocks related to the insider information during the sensitive period of the insider information, and the transaction behavior is obviously abnormal, and there is no legitimate reason or legitimate source of information, it constitutes insider trading. Although the punished people all argued that they did not use the relevant information, they should not do what Guatian Lixia did, and if they did, they could not escape the punishment of the law. This also reminds those who know inside information, such as directors, supervisors, senior managers of listed companies, and employees of securities companies, law firms, accounting firms and other intermediary institutions who know inside information due to their positions or work, must abide by professional ethics The red line and the bottom line stipulated by law, manage the "pillow people" and "people around you", and don't be the "rats" of the capital market.
Many people think it is just to inquire or listen to news, and they don’t take it seriously, but insider trading is a serious illegal act, and the law stipulates severe sanctions. A fine of more than five times but not more than 500,000 yuan shall be imposed, and a fine of not less than 30,000 yuan but not more than 600,000 yuan shall be imposed for not making any money or even losing money. If the circumstances are serious, such as the cumulative transaction amount of securities transactions is more than 500,000 yuan, or the cumulative profit (avoidance of losses) is more than 150,000 yuan, it will also constitute the crime of insider trading and be investigated for criminal responsibility. The richest man at the time, Huang Guangyu, was imprisoned because of insider trading, and he is still in prison to this day.
In addition, this also has profound warning significance for the majority of investors. Don't try to inquire about the gossip and listen to inside information, which contains huge legal risks and investment risks. Just imagine, if the news from the inquiries is true, it may constitute an illegal or even a crime. If it is false news, it will be more than the loss. .
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