376 "Penalty Tickets" Explain The Trend Of New Third Board Supervision: Raising Stock Price And Reducing Illegal Holding

The new third board market, which has more than 1.6 million qualified investors, is constantly strengthening the concept of "rule-based supervision" and "transparent supervision".

Since October 2019, the reform of the new third board market has been carried out in an all-round way. On July 27 this year, the selected layer of the new third board was officially established and opened for trading.

In view of the new third board market with both "large and excellent" and "small and beautiful" enterprises, the regulatory authorities are making efforts to promote the optimization of transaction supervision and transaction risk disposal, continuously improve the efficiency of market transaction supervision, strengthen the supervision of key stocks, key accounts, key behaviors and key periods, and adhere to the "zero tolerance" attitude towards malignant abnormal transactions and illegal behaviors.

On September 3, Zhou Yunnan, founder of Beijing Nanshan investment, told the 21st century economic report that "a lot of trading violations are caused by the company's original shareholders who are not familiar with the trading rules, but there are also some shareholders who knowingly violate the rules in order to maintain the company's market value or complete the transaction as soon as possible."

According to the data of the 21st Century Economic Capital Research Institute, since January 1, China Securities Regulatory Commission, the national small and medium-sized enterprise stock transfer system Co., Ltd. and local securities regulatory bureaus have issued 376 "penalty tickets" against the new third board companies.

On September 3, the office of directors and secretaries of sharing technology replied to the reporter of 21st century economic report that the relevant violations of laws and regulations "are mainly caused by the shareholders' unfamiliarity with relevant laws and regulations. We will also strengthen the training of shareholders and rectify them.".

To some extent, it also reflects the ecology of the new third board.

Ruixing is involved in Shenzhou Youche and Hedong Yiwei

According to the data of the 21st Century Economic Capital Research Institute, 9 of the 376 "fines" were issued by the China Securities Regulatory Commission, 318 were issued by the national stock transfer companies, and the remaining 49 were issued by local securities regulatory bureaus.

Related cases involve false or seriously misleading statements in information disclosure, failure to disclose regular reports on time, and failure to timely disclose major issues of the company.

From the perspective of punishment types, 113 issued warning letters, 6 public penalties, 16 public criticisms, 157 public censures, 19 regulatory concerns, 13 orders for correction and rectification, 5 suspension or restriction of trading and business suspension, and 6 internal circulars of criticism.

The reporter found that Shenzhou Youche, hydrogen power Yiwei, St white tea, Transocean technology, aokun biology and St Hengyi are the few new third board companies to receive "public punishment" and eat huge fines since this year.

The six companies involved in information disclosure false or seriously misleading statements, not timely disclosure of the company's major issues and other issues, the amount of penalty ranged from 300000 to 500000.

It is worth mentioning that both Shenzhou Youche and hydrogen power Yiwei are listed on the new third board of Ruixing coffee, a US stock company exposed to financial fraud, and were fined 500000 yuan and 300000 yuan respectively.

The CSRC found out that in January 2019, Shenzhou Youche acquired 67% of the equity of Beijing baowo Automobile Co., Ltd. through Changsheng Xingye (Xiamen) Enterprise Management Consulting Co., Ltd., which is actually controlled by Shenzhou Youche. Shenzhou Youche did not include it into the scope of consolidation in the financial statements disclosed in the first quarter report and semi annual report in 2019, which is suspected of illegal information disclosure.

In addition, another new third board company, hydev, had a related party transaction of 42.64 million yuan with Shenzhou Youche in 2017, accounting for 53% of the current net assets of hydev; in 2018, hydev, Ruixing coffee and Shenzhou Youche had a total of 58.5 million yuan of related party transactions, accounting for 56% of the current net assets of hydev.

The relationship between Yixing and its related parties and Shenwei auto was not disclosed.

In this regard, China Securities Regulatory Commission (CSRC) plans to give a warning to Shenzhou Youche, and a fine of 500000 yuan to hydev. The relevant responsible persons include Lu Zhengyao, the former CEO of Ruixing coffee, Jin Jun, the director of hydev.

The impact of the above penalties goes far beyond that.

Shenzhou Youche said that the above conclusion has a great impact on the company's audit work, including the uncertainty brought about by the scope of merger and the base date of merger, which has a significant and extensive impact on the preparation of the company's financial statements in 2019. If the company fails to disclose the annual report in 2019 before August 31 (including that day), it will be forced to terminate its listing by the national stock transfer company.

Coincidentally, on July 30, this year, hydrogen dynamics Yiwei plans to apply for the new third board to take the initiative to delist, and it is unable to disclose the semi annual report of 2020 on schedule.

Market manipulation appears in the new third board

China Securities Regulatory Commission announced typical cases of securities violations in the first half of this year, and there are also many new third board companies.

Taiyiyun, a company listed on the new third board, is a typical case. The actual controller of taiyiyun is investigated by the Securities Regulatory Commission (CSRC) in order to meet the conditions of innovation level and raise the company's share price.

Taiyi cloud is the first blockchain company listed on the new third board. It was founded in 2006. Its main business is technology development, technical service and application related to blockchain technology.

Since February this year, taiyiyun's share price has soared.

According to the data, the stock price rose sharply from February 6 to April 30, with a cumulative increase of 148.12%. The market value of the stock rose from 269 million yuan to 668 million yuan.

The national stock transfer company found that taiyiyun shares had abnormal trading conditions. It was found out that Deng Di, the real controller, controlling shareholder and chairman of Taiyi cloud company, used his own account to buy shares continuously, frequently and at a high price with multiple accounts suspected of being associated with him, thus boosting and maintaining the share price, resulting in a substantial increase in the company's market value and reaching the market value standard for entering the innovation level.

According to the latest transaction price, the purchase price is higher than 28.05% of the latest transaction price of Mingdi.

In this regard, on June 4, the national stock transfer company issued a punishment decision to publicly reprimand Deng Di, the actual controller of Taiyi cloud, and issued a warning letter to his suspected associated account.

Since then, the board of directors of the company has made an apology to the board of directors, which is not due to the company's serious violation of the relevant regulations. However, according to the relevant provisions of the Stock Exchange Committee, Mr. Deng said that it was not a serious violation of the relevant provisions of the Stock Exchange Committee, but it was not a serious violation of the relevant provisions of the stock market.

In addition, according to the official website of the stock transfer system, from November 2019 to may 2020, a number of typical cases were quickly and decisively disposed of by the national stock transfer companies.

These cases include Yuan Yang, the actual controller of shengshang education, and Yuan Yang, who is suspected of raising the stock price and frequently trading against the upside down in the related accounts, and is restricted from trading for six months for the account group of leigen Industrial Group Co., Ltd. for the behavior of the account group of leigen Industrial Group Co., Ltd. to raise the stock price by large amount and high price, and to limit the trading for 6 months.

From the data point of view, the offenders are increasingly diversified.

For example, on July 27, the new third board selection layer opened the market in anticipation. As one of the first batch of Listed Companies in the selection layer, sharing technology received the first penalty ticket on the same day because of the shareholder's suspected letter fraud.

The CSRC found out that as a shareholder with more than 5% shares in the technology, Shanghai Baoyuan Shengzhi investment management company reduced its holding of 80000 shares by means of centralized bidding on July 27, 2020, accounting for 0.14% of the total share capital of the same technology, involving a total amount of 1129100 yuan. However, it did not disclose the reduction plan in advance 15 trading days before the sale, which constituted a credit fraud.

On September 3, a reporter from the 21st century economic report called the office of directors and secretaries of Coshare technology. The other party said, "the main reason is that the shareholders are not familiar with the relevant laws and regulations. We will also strengthen the training of shareholders and make rectification."

What are 1.6 million qfis concerned about?

Chen Li, chief economist of Sichuan financial securities and director of Research Institute, mentioned in an interview with the media that the governance and information disclosure of selected companies also follow the concept of strict supervision, and investment institutions should abide by the rules of the new third board market.

However, some insiders of the new third board industry have analyzed to the 21st century economic reporter that "the development stage and standard degree of the listed enterprises on the new third board are not exactly the same as those in the Shanghai and Shenzhen stock markets. It may not be scientific to apply the supervision methods of the Shanghai and Shenzhen stock markets directly, and the policies and rules should be more inclusive. Of course, the inclusiveness of policies and rules does not include the inclusion of illegal acts, and it is not deregulation. "

Just on September 2, China Securities Investor Protection Fund Co., Ltd. released the investigation report on investors in the new third board reform, covering 1800 individual qualified investors, 100 institutional qualified investors and 100 restricted investors (restricted investors refer to investors who do not meet the requirements of the new three board qualified investors but hold or have held new third board stocks) 。

More than 1.6 million "portraits" of qualified investors in the new third board have gradually emerged.

According to the survey results, the majority of individual qualified investors surveyed are male, accounting for 65.1%; those aged 45-60 account for 49.9%; those with the highest education background are mostly undergraduates, accounting for 47.6%.

Among them, 81.2% of them are individual qfis and 59.2% are institutional qfis. Specifically, among the individual qualified investors surveyed, 65.6% of them "only open the trading authority of selective layer", accounting for 65.6%; in contrast, among the surveyed institutional qualified investors, "opening trading authority of selective layer, innovation layer and basic layer" accounts for 57.3%.

In addition, more than 50% of individual qualified investors pay attention to "new returns of selected stocks on the new third board" and "opportunities for transfer of selected stocks on the new third board". However, institutional qualified investors pay more attention to "transfer opportunities of selected stocks listed on the new third board" and "liquidity stimulation brought about by the reform of the new third board", with a proportion of more than 60%.