The reappearance scandal of the textile insider trading in Tianshan

The insider trading of Kaidi investment executives in the Tianshan textile restructuring process, creating a share price rise one after another miracle. However, a paper announcement by the CSRC opened the "tip of the iceberg" of insider trading. The final verdict on insider trading has not yet been made, but Acer, an independent financial advisor, has played an awkward role in the rally. As a third party of reorganization, it has a difficult relationship with the reorganization party.　　The final results of the textile restructuring in Tianshan are still unknown, but questions need to be answered.　　Tianshan Textile (000813.SZ), once regarded as a "demon stock", was overshadowed by the reorganization or exposure of insider trading cases. "Tianshan Textile restructuring Fankaidi Investment is indeed our shareholders, but is not two shareholders." October 22, Hongyuan Securities (000562.SZ) Director of the Office of the Secretary for the newspaper said.　　But to produce a question of the Tianshan Textile financial report reasons, but did not answer to reporters. Prior to September 17, a circular of the China Securities Regulatory Commission said that the Tianshan textile in 2009 during the planning of major asset reorganization, the reorganization of party executives You Rongjiang, Cao Go and others suspected insider trading, leaked insider information crime.　　At present, the SFC has transferred the case to the public security organs for criminal responsibility. Whether the reorganisation will be affected by insider trading is unknown.　　But if Tianshan textile is found to be true of insider trading, then its restructuring of the independent Financial advisor Hongyuan Securities, may also be difficult to be immune. "Not very appropriate" financial report of the SFC, a circular to the "Demon stock" Tianshan textile show the prototype.　　And it seems that the macro-source securities, which are restructured as independent financial advisers, are not responsible. June 18, Hongyuan Securities issued an independent financial adviser reported: "In the Tianshan textile six months before the suspension, that is, January 22, 2009 to July 23, Tianshan Textile and its shareholder units, Kaidi Investment and its associated companies, intermediaries do not buy and sell the Tianshan textile stock behavior."　　"But" in the case of directors, supervisors, senior managers or their immediate family members of the relevant transaction, there is a situation in which the trading of Tianshan textile stocks is in the period of verification.　　Among them, the involved Kaidi investment deputy general manager and Asset Management department manager Cao Go, his spouse and mother two people in June 1, 2009 to buy 5000 shares, then July 13 sold 5000 shares.　　July 21, 2009, Cao Go's mother bought 15000 shares again, to the macro-source securities issued the report, the 15000 shares are still held.　　According to the financial report, the relevant instructions issued by Kaidi Investment, including Cao Go and other people, are not aware of any information about the acquisition.　　However, the SFC said in the report, the administrative investigation found that July 2009, the Tianshan Textile planning assets Reorganization, You Rongjiang and Cao Go are insider information insider. "In general, there may be a two-week discussion period before the suspension is restructured," he said. But on July 21, the immediate family of the reorganized party executiveBuy stock, this distance is too close to the suspension. "Therefore, it is not appropriate for Acer to issue a financial consultancy report at this time," said a senior industry sponsor who declined to be named.　　The person said that generally as financial advisers in the reorganization of the time, the company will put forward a variety of considerations to avoid insider dealing problems. "Produce such a report, do not exclude the macro-source securities to the top, because if they do not do it, may be to give other people the opportunity."　　"The person said. In this regard, this reporter to the macro-source securities sent to the interview outline.　　But to the deadline, Hongyuan Securities said that the matter is still in the leadership of the approval process.　　The "clues" in the annual report on why the macro-source securities are issued, from its relationship with the restructuring Fankaidi investment in Tianshan textile, can be a glimpse of one or two. Public data show that 2006 Kaidi investment has combined Hongyuan Securities major shareholder China invested in macro-source securities injected 2.6 billion yuan. Among them, Kaidi investment injected 200 million, the injection price of 3.05 yuan per share.　　From this, the macro-source securities 65.57 million shares of restricted shares, a leap into its second largest shareholder. According to Hongyuan Securities 2009 Annual Report, until June 9, 2009, Kaidi Investment holdings of macro-source securities are all lifted.　　But at that time, Kaidi investment has not been in the top ten shareholders of Hongyuan Securities listed.　　But October 20, Hongyuan Securities director of the secret office, said the unnamed woman, Kaidi investment is still a macro-source securities shareholders.　　According to the macro-source Securities 2010.5 Annual Report, the company received a letter from shareholders Kaidi Investment, March 9, 2010, the Securities and Futures Commission sent an inspection team to Kaidi investment in Hongyuan Securities former director You Rongjiang personally suspected of the Tianshan Textile insider trading investigation.　　You Rongjiang, as Hongyuan Securities shareholder Party's Kaidi investment general manager, also resigned this year April 1 the Acer Source Securities director position. In other words, as the independent financial advisor of Tianshan Textile Macro-source securities, and Tianshan textile restructuring Fankaidi Investment relationship is not general.　　Kaidi Investment is the shareholder of Hongyuan Securities, and You Rongjiang is also the director of Hongyuan Securities. "Although there is no provision for independent financial advisers and the restructuring of the interests of the two sides, the SFC will certainly be concerned about this," he said. In addition, it is also true that the reorganization of the party's executive director in the company as an independent financial advisor is a question of its independence.　　said the sponsor. The suspected insider trading You Rongjiang, the SFC investigation, "on July 23, before the Tianshan textile stock suspension, You Rongjiang will be the reorganization of information leaked to Wang, the latter through its control of a number of securities accounts to buy Tianshan textile stock more than 1 million shares." "At the same time," Cao Go The reorganization information leaked to Chen MoU, the latter uses its oneself and the family account to buy the Tianshan textile stock heavily. "Public information indicates that You Rongjiang had previously served as deputy general Manager, General manager, director and deputy chairman of hops (9.24,-0.06,-0.65%). Another news disclosure, July 2004, hops Chairman Aikramu ·Aisha Yufe mysteriously missing.　　You Rongjiang, a vice chairman, was warned by the SFC and fined for information disclosure. The future of the restructuring is uncertain with the insider trading case, the trend of the stock of Tianshan textile seems to become rule-based. In fact, up to June 30, 2009, the opening price of Tianshan textile is still hovering over 4 yuan per share. After the opening of July 2 this year, the stock price of Tianshan textile rose to the point of madness. Among them, September 1 this year reached a maximum price of 17.68 yuan per share.　　October 22, the Tianshan textile newspaper closed at 14.60 Yuan.　　According to the SFC, the public security organs have been filed for investigation, the people's Procuratorate has been brought to the people's procuratorates in accordance with the law on suspicion of insider trading, leakage of insider information crime You Rongjiang, Cao Go, Wang and other suspects to approve the arrest. "The impact of the Tianshan textile restructuring is positive, but the alleged insider trading may be personal, and will not have an impact on the restructuring."　　The sponsor, who did not wish to be named, told the correspondent.　　In addition, restructuring the nature of both companies may also determine the next step towards restructuring, the sponsor said. If Kaidi investment into the listed company's asset quality is not high, then the future of Tianshan textile restructuring is difficult to say.　　The person said. According to our correspondent understand, Tianshan Textile's largest shareholder for the Xinjiang Uygur Autonomous Region state-owned Assets Investment Management Co.　　The reorganization was planned by the other. and Kaidi investment as the western Region "capital Crocodile", established in May 2006, the main business asset management, securities investment, project investment and consulting.　　Its only shareholder is Xinjiang Rural Credit Cooperatives Union. Zhangyuanzhong to this newspaper reporter said: "During the investigation, should not promote reorganization." Tianshan textile should be issued notice. In addition, if insider trading involves only individuals, it may also only punish the person involved. The reorganization has normal procedures and should not be affected. ”