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1.5 billion evaporated in three days! The controlling shareholder was fined for allegedly manipulating the securities market, and the company’s stock price “slipped”…
Source: International Finance News
Original Zhu Denghua
Due to suspected manipulation of the securities market, the China Securities Regulatory Commission intends to decide to confiscate a total of 165 million yuan in illegal income from Wu Xian and others, and impose a triple fine of about 496 million yuan in total, and a total of 661 million yuan in fines. Among them, Wu Xing bears 30%, or about 198 million yuan.
After 8 months of investigation, the results are finally available.
Affected by news that the controlling shareholder was fined for allegedly manipulating the stock price, “flashing words” and other news,Jintuo shares(Human Rights) The stock price has fallen by more than 27% in the past three working days, and the market value has evaporated by about 1.5 billion yuan.
Stock price “flash crash” ahead of schedule
On June 25, Jintuo shares rose after a “flash” at the opening, and then fell sharply, maintaining a low level in the afternoon, and finally closing up 0.9% to 16.75 yuan per share, the latest total market value of 4.064 billion yuan, the latest PE (TTM) nearly 33 times.
Prior to this, Jintuo’s share price had plummeted for two days. It plummeted 20% on the 23rd, 9.64% on the 24th, and nearly 30% in two days.
Looking back at the trend of stock prices, “big ups and downs” is an obvious feature. The company’s stock price fluctuated downwards after the end of October last year, until it “bottomed” in February this year, it began to rise strongly. The range once rebounded from the lowest 9.94 yuan/share to the highest 24.48 yuan/share, an increase of nearly 1.5 times.
During the three trading days from June 23 to June 25, the market value of Jintuo’s shares evaporated a total of 1.507 billion yuan.
The 2020 annual report shows that Jintuo is mainly engaged in the research and development, production, sales and service of special equipment. The main products can be divided into electronic complete machine assembly equipment and photoelectric flat panel (TP/LCD/OLED) display module production. Equipment, etc., landed on the Growth Enterprise Market on October 10, 2014.
The controlling shareholder is suspected of manipulating the securities market
On the evening of June 24, Jintuo announced that it received a letter from the company’s controlling shareholder, actual controller, and chairman Wu Xian that it received the China Securities Regulatory Commission’s “Advance Notice of Administrative Penalties and Market Enforcement” on June 24, 2021 “Book”, Chen Lei, Lin Jianwu, and Wu Xian are suspected of manipulating the securities market. The China Securities Regulatory Commission intends to confiscate a total of 165 million yuan of illegal income from the three, and impose a three-fold fine of about 496 million yuan, and a total fine of 661 million yuan. Among them, Wu Xing bears 30%, or about 198 million yuan. In addition, the China Securities Regulatory Commission also intends to decide on a 10-year market ban on Chen Lei and a 5-year market ban on Wu Xian.
The above-mentioned proposed penalty decision is only the advance notice of Wu Xing from the China Securities Regulatory Commission, and the final result shall be subject to the administrative penalty decision officially issued by the China Securities Regulatory Commission. In accordance with Article 32 and Article 42 of the “Administrative Punishment Law of the People’s Republic of China” and the relevant provisions of the “China Securities Regulatory Commission Administrative Punishment Hearing Rules”, Wu Xing has applied to the China Securities Regulatory Commission for a statement in response to the aforementioned proposed penalty decision , Defense and request a hearing. If the facts, reasons and evidence presented by Wu Xian are established after review by the China Securities Regulatory Commission, the China Securities Regulatory Commission will adopt them.
It is worth mentioning that on June 24, Jintuo also announced that it received a written resignation report from the company’s chairman Wu Xian. Wu Xian applied for the resignation of the company’s chairman, director and chairman of the board’s strategy committee due to personal reasons. After resignation, Wu Xian will continue to work in the company.
Public information shows that Wu Xian was born in 1968 and worked in Guizhou Ferroalloy Factory and Nitto Electronics. In 1996, he founded Shenzhen Jintuo Industrial Co., Ltd. During the 2020 term of office, he received a total pre-tax remuneration of RMB 762,000 from Jintuo.
The company said it does not affect production and operation
Does this incident have an impact on the company?
The above announcement pointed out that Wu Xian’s suspected manipulation of the securities market did not involve the company’s funds. The above proposed punishment decision power involves Wu Xian’s individual and has nothing to do with the company’s daily management and business activities. The company’s production and operations are normal, and the business strategy remains unchanged. .
The announcement also stated that Wu Xian’s resignation will not cause the company’s current board of directors to fall below the statutory minimum number, and will not affect the normal operation of the company’s board of directors. Jintuo shares will also complete the election of the new chairman as soon as possible in accordance with legal procedures.
As of the announcement date, Wu Xian held 79.72 million shares of Jintuo, accounting for 32.86% of the company’s total share capital. Wu Xian’s original term of office is from May 9, 2019 to May 9, 2022. After his resignation, he will continue to strictly abide by the “Provisions on Shareholding Reduction of Shareholders of Listed Companies, Directors, Supervisors, and Senior Executives” and other relevant regulations.
As early as the end of October 2020, Jintuo announced that the company’s controlling shareholder, actual controller, and chairman Wu Xian received the “Investigation Notice” from the China Securities Regulatory Commission. Due to his suspected securities market manipulation, the China Securities Regulatory Commission decided File an investigation. The above-mentioned investigation items are the investigation of Wu Xian personally, and have nothing to do with the listed company. During the investigation period, Wu Xuan can perform his duties normally, the company’s board of directors can also operate normally, and the company’s management is responsible for its daily operation and management.
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