Home Business The chairman of a Shenzhen company involved in market manipulation was fined 198 million yuan | fine | Jintuo shares | mainland stock market

The chairman of a Shenzhen company involved in market manipulation was fined 198 million yuan | fine | Jintuo shares | mainland stock market

by admin

[Epoch Times June 25, 2021]On the evening of June 24, Shenzhen Jintuo Automation Equipment Co., Ltd. (Jingtuo Co., Ltd.) issued an announcement stating that the company’s chairman Wu Xian and three others were suspected of manipulating the securities market and were confiscated illegally. The income and fines totaled 660 million yuan (RMB, the same below), of which Wu Xian was responsible for 198 million yuan, which is equivalent to Wu Xian’s salary for about 260 years.

According to a report by the Daily Business News on June 24, the announcement stated that it had received a letter from the controlling shareholder Wu Xian that it had received the China Securities Regulatory Commission’s “Advance Notice of Administrative Penalties and Market Bans” on June 24, 2021, stating that, Chen Lei, Lin Jianwu, and Wu Xian are suspected of violating the manipulation of the securities market. The China Securities Regulatory Commission intends to confiscate a total of about 165 million yuan of illegal gains from the three and impose a fine of about 496 million yuan, a total of about 660 million yuan, of which Chen Lei bears 50%. 330 million yuan, Wu Xian bears 30%, or 198 million yuan, and Lin Jianwu bears 20%, or 132 million yuan.

The China Securities Regulatory Commission intends to decide to take 10-year market ban measures on Chen Lei and five-year market ban measures on Wu Xian.

The announcement stated that the above-mentioned proposed penalty decision was only an advance notice from the CSRC to Wu Xing, and the final result was subject to the administrative penalty decision officially issued by the CSRC.

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According to the report, according to Jintuo’s 2020 annual report, Wu Xian’s total pre-tax remuneration was 762,000, which is equivalent to his salary for approximately 260 years.

Jintuo also stated that as the founder and controlling shareholder of the company, Wu Xian has been the chairman of the company since its establishment. He has applied to the company’s board of directors on the 24th to resign as the chairman, director and chairman of the strategy committee of the company. After resignation, Wu Xian will continue to work in the company.

Jintuo said that the suspected manipulation of the securities market by Wu Xian did not involve the company’s funds. The proposed punishment decision only involved Wu Xian personally and had nothing to do with the company’s daily management and business activities. The company’s production and operations were normal.

According to data from data service provider Wind, as of the end of the first quarter of this year, Wu Xian held 79.729 million shares of Jintuo, accounting for 32.86% of the company’s total share capital, making it the largest shareholder.

On June 23, Jintuo’s share price fell by the limit. As of the 24th, the stock price continued to fall, with a decrease of 9.64%, to close at 16.60 yuan, a cumulative decrease of 27.7% in the two days.

Jintuo shares reached a low of 9.96 yuan in early February this year, and then went up all the way, reaching 24.48 yuan at the end of May, a two-year high.

The quarterly report for 2021 shows that Jintuo achieved operating income of 215 million yuan, an increase of 11.70% year-on-year; net profit was 34,882,800 yuan, an increase of 2.06% year-on-year; earnings per share were 0.14 yuan.

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Public information shows that Shenzhen Jintuo Automation Equipment Co., Ltd. was established on July 27, 2004, registered in Shenzhen, and its legal representative is Wu Xian. The business scope includes special equipment for the production of electronic products, optoelectronic flat panel display products and so on.

Editor in charge: Liu Yi#

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