The "Hot Spot Of Clever Writing" Was Quickly Exposed

Two "rub hot spot" announcement, lead to a short-term rise in the stock price, but then, by the Securities Regulatory Commission a "prior notice of administrative punishment" exposed.

On August 17, the China Securities Regulatory Commission (CSRC) issued the advance notice of administrative penalty to Yan'an Bikang, pointing to its "misleading statement".

The reporter of the 21st century economic report learned that it took less than five months to file the case and inform the administrative punishment in advance.

"Half true, half false, specious." A person close to the regulator confessed to the 21st century economic reporter.

From the perspective of "significant statement" and "false statement", it is more difficult to identify "false statement".

With the rapid investigation of the case, there are obviously more signals to be transmitted to the market.

The story of "rubbing hot spots"

In addition to the common "illegal occupation" and "false increase of monetary funds", Yan'an Bikang, with "multiple hot spots in one", was identified as "misleading statement" by the Securities Regulatory Commission due to the inaccurate and incomplete information disclosure of the relevant temporary reports involving anti epidemic materials and drugs during the epidemic period, which had a great impact on the company's share price.

The familiar drama began in February.

At this time, under the new crown epidemic situation, "mask concept stock" gained a share hot.

Yan'an Bikang, which is mainly engaged in the R & D, production and sales of pharmaceutical intermediates, pesticide intermediates and new energy and new materials products, does not want to be absent.

We will complete the production of protective masks in advance.

Although the company has not yet started the mask production business, the stimulating effect on the stock price is also immediate.

On February 5, the stock price of Yan'an Bikang was up and down, with a turnover rate of 7.95% and a turnover of 1.562 billion yuan.

At the end of February 5, Yan'an Bikang disclosed a supplementary announcement, saying that there was no mask production business and no mask production license qualification was obtained. It also pointed out that there were relevant risks such as failure to obtain production license qualification in time. However, this did not hinder the continued rise of Yan'an Bikang. On February 6, Yan'an Bikang continued trading.

This is not the climax of the story.

On the evening of February 6, Yan'an Bikang disclosed the announcement on signing the strategic cooperation agreement, saying that it plans to "establish a close strategic partnership" with Shenzhen Tuwei Anchuang Technology Development Co., Ltd. (hereinafter referred to as Tuwei Anchuang), and said that pulmonary fibrosis is an important feature of new coronavirus disease, and Tuwei Anchuang has developed a good therapeutic reversal effect on pulmonary fibrosis It is the first peptide drug in the world with a reversal of more than 80% of the relevant biological indicators

On February 7, Yan'an Bikang rose 9.62% and closed up 1.53%.

Maybe the beginning is doomed to the end.

On the evening of February 7, the Shenzhen Stock Exchange issued a letter of concern to Yan'an Bikang, which fell 9.98% on Monday, February 10.

"The facts of violation of the law shall be proved by relevant announcement, situation statement, contract agreement, accounting data, bank information, inquiry record of relevant parties, etc." The SFC said.

A series of "ingenious operations" against hot spots become illegal evidence in a flash.

Who should be warned by misleading statements

Pull out the radish and bring out the mud.

The CSRC also found out that Li zongsong, the actual controller of Yan'an Bikang, and his related parties Xinyi Bikang and Jiangsu Beisong illegally occupied the company's capital of 4.497 billion yuan through project funds and acquisition matters, and falsely increased monetary capital by 3.663 billion yuan by means of false financial accounting and bank statements, so as to cover up the illegal occupation of funds by the actual controller and its related parties.

On August 20, the 21st century economic report reporter called the Securities Department of Yan'an Bikang, prompting the phone to be shut down.

Yan'an Bikang is known by the capital market as "good at rubbing hot spots".

There are many hot spots in the stock market this year.

There are not a few listed companies' behavior of "rubbing hot spots", which has obviously entered the vision of the regulatory authorities.

"There are four types of misrepresentation: false record, misleading statement, major omission and improper disclosure. Among them, the supervision of misleading statement is the most difficult. For example, it is difficult to establish a unified quantitative standard to define the causal relationship between stock price fluctuation and misleading statement." Wang Zhibin, partner of Shanghai Minglun law firm, told 21st century economic reporter.

Although there are some technical difficulties, in recent years, China Securities Regulatory Commission (CSRC) has been cracking down on misleading statements. The consequences of "rubbing hot spots" are likely to be administrative penalties and investor claims.

The Supreme People's court held that "misleading statement refers to the statement made by the perpetrator of the false statement in the information disclosure documents or through the media, which causes investors to misjudge their investment behavior and has a significant impact."

"There are two main factors to judge. One is whether there is a significant difference between the relevant statement and the truth, and the other is whether the difference has a significant impact on the stock price." Wang Zhibin thinks.

In his opinion, Yan'an Bikang deliberately "touched porcelain" epidemic prevention concept without mask business. There was a huge difference between the statement and the fact, which led to obvious changes in the stock price. This is a typical misleading statement.

With regard to the motivation of such violations, Xu Feng, senior partner of Shanghai Chuangyuan law firm, told the 21st century economic report, "the regulatory effect is generally good, but the temptation of misleading statements may be too great to control the impulse of misleading. There may be various purposes behind, so misleading statements often appear 。”

The 21st century economic reporter found that Yan'an Bikang still applied the old "Securities Law" to punish. However, the new "Securities Law" has significantly increased the intensity of penalties for securities violations.

According to the new securities law, if there are false records, misleading statements or major omissions in the reports or information disclosed by the information disclosure obligors, they shall be ordered to make corrections, be given a warning, and be fined not less than 1 million yuan but not more than 10 million yuan.

The new securities law has increased the punishment for securities violations in two aspects: the first is to increase the administrative legal responsibility, for example, the amount of fine has broken through the "ceiling" of 600000 yuan, and the legal responsibility of the direct responsible person has been increased.

On the other hand, the establishment of a new investor litigation system, in which the special representative litigation system will form a great deterrent to potential violators.

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