Source: Shanghai Securities News Time: 2022-12-19
On the evening of December 18, Sinochem Geotechnical announced that Wu Yanwei, chairman of the company, had recently received the “Administrative Penalty Decision” issued by the Beijing Securities Regulatory Bureau, which mainly involved Wu Yanwei’s illegal reduction of Sinochem Geotechnical shares. The amount of the illegal reduction was 1.01. 100 million yuan, and failed to fulfill the obligation of information disclosure in accordance with the law.
Illegal reduction of hundreds of millions of yuan
On January 7, 2019, Wu Yanwei disclosed the “Simplified Equity Change Report”. After the equity change is completed, it holds 356 million shares of Sinochem Geotechnical, accounting for 19.68% of the total share capital of Sinochem Geotechnical. On August 13, 2019, the repurchase and cancellation of some restricted stocks of Sinochem Geotechnical Co., Ltd. was completed. Wu Yanwei’s shareholding ratio became 19.74%, and the number of shares held remained unchanged.
The “Administrative Punishment Decision” shows that, after investigation, from March 10, 2020 to April 30, 2021, Wu Yanwei reduced his holdings of Sinochem Geotechnical shares many times.
Among them, on April 29, 2021, when Wu Yanwei’s accumulative reduction of holdings reached 5% of Sinochem Geotech’s issued shares, he failed to fulfill the reporting and announcement obligations in accordance with the law, and did not stop trading, and did not disclose until May 17, 2021 “Simplified Equity Change Report”.
Looking back on the eve of Wu Yanwei’s illegal reduction of holdings, Sinochem Geotechnical released the 2021 first quarter report and the 2021 first quarter business briefing on April 27, 2021. According to Sinochem Geotechnical, the company has formed two main business segments of engineering services and general aviation, actively deploys cultural tourism business, and pays attention to industrial investment opportunities in multiple fields.
Pictured: Part of the financial data of Sinochem Geotech’s 2021 first quarter report
The “Administrative Punishment Decision” shows that Wu Yanwei illegally sold a total of 33.62 million shares of “Sinochem Geotechnical” after reducing his holdings to 5% of the issued shares of Sinochem Geotechnical Co. 1.86% of the total share capital of rock and soil, the amount of illegal reduction of 101 million yuan. According to the proposed cost method, the illegal income is about 4.07 million yuan.
Give a warning and a total fine of tens of millions of yuan
The Beijing Securities Regulatory Bureau pointed out that the above-mentioned illegal facts of Wu Yanwei are proved by evidence such as securities account information, relevant announcements, descriptions of the situation, and transcripts of inquiries, which are sufficient to confirm. At the same time, the supervisory department informed Wu Yanwei of the facts, reasons, and basis for the administrative penalty in accordance with the law, and he did not make a statement, defense opinion, or request a hearing. The case has now been investigated and the trial is over.
The Beijing Securities Regulatory Bureau believes that the above-mentioned behavior of Wu Yanwei violated the provisions of Article 36 and Paragraph 2 of Article 63 of the Securities Law, and constituted a violation of Article 186 and Paragraph 1 of Article 197 of the Securities Law. said violation.
According to the facts, nature, circumstances, and degree of social harm of Wu Yanwei’s illegal behavior, and in accordance with the provisions of Article 186 and Paragraph 1 of Article 197 of the Securities Law, the Beijing Securities Regulatory Bureau decided to punish Wu Yanwei for failing to perform information disclosure according to law. Obligatory behavior, give a warning, and impose a fine of 1 million yuan.
At the same time, the Beijing Securities Regulatory Bureau issued a warning to Wu Yanwei for transferring “Sinochem Geotechnical” within the restricted transfer period, confiscated about 4.07 million yuan of illegal income, and imposed a fine of 6.1 million yuan.
Sinochem Geotech introduced that Wu Yanwei has been the chairman of the company since June 16, 2009.
As of September 30, 2022, Wu Yanwei is the second largest shareholder of Sinochem Geotech, with a shareholding ratio of 11.22%.