Collective Cash Or Insider Trading

Yesterday equity market The overall crash has been a heavy blow to Hanwang Technology [19.20 1.59% shares, which continued to fall. (002362) it was a heavy blow yesterday. The stock fell 5.59% to 18.9 yuan (10 yuan to 10 yuan after the restoration of 37.8 yuan), compared with the 75 yuan of the 9 executives of the company when it was reduced by 2 months ago, it fell to nearly 3/4 (according to the price of the duplicate right), and depressed netizens even called it "*ST Hanwang". Why do 9 executives collectively? cash ? Why did the lawyer question his alleged insider trading? Investors? How to protect their rights and interests?

Event: stock price fell from 75 yuan to 18.9 yuan, 9 executives collectively cash.

According to reports, in March 21st, Hanwang Technology 9 executives launched the A share market the fastest speed, the largest number, the largest number of selling behavior. At least three characteristics make the sell-off look suspicious.

First of all, the selling time is "smart", just released in the "beautiful face" of the big loss of 180 degrees. In March 18th, Hanwang Technology year reported that the total annual revenue exceeded 1 billion 200 million yuan, an increase of 112.71% over 2009. The annual report will boost the stock price immediately, and only more than 10 minutes after the opening, it will buy a large list, and the three minute gain will be close to 6%. In the end, the market was weak on the day to close at 2.38%. However, on the 21 day after 3 days, 9 executives of the current executive group reduced the total amount of 1 million 200 thousand shares, amounting to 80 million yuan - almost equivalent to the net profit of the company in 2010.

It turned out that executives were "right": in April 18th, Hanwang shares plummeted 6% to 66.61 yuan. That night, the company issued a quarterly loss, it will lose 40 million yuan -5000 million yuan! After that, the stock was even worse: "the loss of 90 million yuan -9800 in the middle of the report", "substantial reduction in the price of the main e-book", and the provision of 30 million yuan -4000 yuan for the inventory depreciation, leading to a big loss in the first half of 2011. The stock price is a "hell price" after the "floor price".

Second, sell shares to the upper limit of circulation. According to the statistics of journalists, the 8 reduction of 9 executives is just 25% of the shareholding, which is in line with the CSRC's annual cap. The top 8 executives' annual reduction in 2011 was "high" and "shipped" after the event was proved.

Third, the 9 executives of the executives who have the circulation rights are totally reduced, and they will be reduced at the end of the window period. According to the regulations of the securities and Futures Commission, the first month of the disclosure of the periodic report is a window period. During that period, executives must not operate their own stocks. 9 executives' shares were lifted in March 4th, and the annual report was disclosed on March 18th (Friday), so March 21st (Monday) is the first lifting of the ban in real sense.

Investors: cry for tears and vote with their feet are too deep. The company is called "*ST".

Contrary to executives' high cash position, investors are still losing their share price losses. Yesterday, in Hanwang Technology stock, reporters saw many netizens leaving their posts to express their anger and helplessness. A netizen said, "let such a company go public, where should investors tell?"

The netizen who addresses "58.211.176.*" posted at noon, saying, "brother sold the last 1000 shares in the morning, do not have any illusions about *ST Han Wang" - he has simply put the "*ST" hat on the stock that has fallen. Others have carried forward the humorous tradition of investors: "Hanwang Technology has become the most fun entertainment for the vast majority of investors." is the slogan "are you Han Wang today?"

Although some people shouted "copy the bottom" in the stock bar, at least from yesterday's performance, more investors were voting with feet. Yesterday's closing price of 18.9 yuan (37.8 yuan in reinstating power, and 10 shares in April 28th increased 10 shares), has created a new record low since the listing of the stock, which is not only lower than the share price of about 75 yuan sold by 9 executives of the company 2 months ago, but it has dropped to nearly 3/4 (according to the right of revaluation), which is far away from the closing price of the stock market on the first day of March and 82 yuan since the listing.

Attorney: or insider trading.

Shareholders' rights protection can keep transaction records

When the annual report was released in March 18th, only 13 days from the end of the first quarter, did executives of listed companies know nothing about the risk of huge losses? According to a number of Certified Public Accountants certified by journalists, the reply is: "according to the" accounting standards for enterprises "of the Ministry of finance, the listed companies should disclose the information that may be huge losses in their first quarter performance after the non adjustment part of the balance sheet of the annual report. Zhang Yuanzhong, director of Beijing sky law firm, said that the annual performance such as Hanwang Technology was beautiful, but there had been significant negative changes during the first quarter when the annual report was released. The company should make timely risk warning in the annual report. However, Hanwang has concealed this information under the known circumstances, and there is a suspicion of insider trading in the reduction of executives.

It is reported that the performance of Hanwang Technology has changed dramatically, and the Shenzhen Stock Exchange has sent inquiries to the listed companies. One of the financial rights lawyers, Jiangsu Tu Yong law firm believes that this is equivalent to the regulatory authorities on the Han Wang executives extraordinary reduction of the "preliminary investigation" has been launched.

He commented that the possibility of reasonable reduction of executives should not be ruled out. But on the whole, the timing of the collective reduction is "too coincidental". Therefore, whether it is an explanation to the investors or a clean management, the regulatory authorities should further investigate and announce the results in time. If it does belong to insider trading, the most serious handling of senior executives may involve penalties; and shareholders can start claims after the relevant penalty decisions are made. "What we need to do now is to keep records of transactions".

Voice: executives cut down on stock market

Do not let shareholders become insider trading victims.

Yesterday, reporters also on Hanwang Technology 9 executives eccentric reduction, to the listed company sent an interview outline, but until reporters did not receive a reply. Some commentators pointed out that, looking at it, small and medium sized boards and gem executives are losing more than one company. Some executives, regardless of moral cash, have become another "weapon" for meat stocks and stock prices. If the regulatory authorities are not going to be honest and give up supervision tools, who can resist such temptation?

Finance and economics writer Su Yu reminds everyone to pay attention to a popular micro-blog on Sina's 21 Financial day: "the most difficult enterprise in the stock market is Shuanghui to develop [59.04 0.41% shares." It is worse than Shuanghui's [21.50 -3.59% shares. "It's more difficult than the seed industry to be green." it's more difficult than the green land to be national technology [29.05 2.11% shares. "What's harder than national technology is Hanwang Technology. It's harder than Hanwang science and technology to be the [31.77 of 0.70% [31.77." What's harder than these stocks is investors who lose money every year and sell them every year! " He appealed to the regulatory authorities to make a difference, and to make the stock market make big money was only the group of insider information right, while the small and medium investors became the victims of various illegal activities such as market manipulation and insider trading.