① Due to the short-term transactions of their parents, Xie Moujun and Jiao Mofen, the two brothers, Chairman of Stellar Technology, and Xie Xiaolong, are each planning to be warned and fined 800,000 yuan; ② In June 2021, brothers Xie Xiaobo and Xie Xiaolong were issued a supervisory letter by the Shenzhen Stock Exchange due to Jiao Mofen's short-term transactions; ③ Xie Moujun and Jiao Mofen did not work for Stellar Technology. The average dividend rate for the past 3 years was only about 0.82%.
Financial Services Association, April 8 (Reporter Fang Yanbo) The case was filed by the Securities Regulatory Commission due to parents' short-term transactions, and the proposed penalty results for the brothers of the chairman and general manager of Stellar Technology (002132.SZ) were revealed.
This evening, Stellar Technology announced that Xie Xiaobo and Xie Xiaolong, as directors and senior managers of Stellar Technology, within 6 months after their father Xie Moujun sold “Star Technology” shares, their mother Jiao Mofen constituted a short-term transaction. The Henan Securities Regulatory Bureau plans to decide to give separate warnings to Xie Xiaobo and Xie Xiaolong and fine them 800,000 yuan each.
A Financial Services Association reporter noticed that on November 6 of last year, the Shenzhen Stock Exchange issued regulatory letters against Xie Xiaobo, chairman and general manager of Stellar Technology, and Xie Xiaolong, the vice chairman and general manager of Stellar Technology due to the fact that parents, Xie Baojun, and Jiao Huifen traded shares in a short-term transaction between August and September 2023. On December 6, the China Securities Regulatory Commission officially opened an investigation against the two brothers in connection with the incident.
According to public information, Xie Xiaobo has been the chairman of Stellar Technology since November 9, 2016, and Xie Xiaolong has been the director, vice chairman and general manager of Stellar Technology since November 7, 2019. Xie Baojun and Jiao Huifen are parents of Xie Xiaobo and Xie Xiaolong. Xie Baojun sold 26 million shares of “Stellar Technology” shares through a bulk transaction on August 28, 2023, with a cumulative transaction amount of 74.88 million yuan, while Jiao Huifen bought 3 million shares of “Stellar Technology” shares on September 7, 2023 and September 11, 2023, with a cumulative turnover of 10.12 million yuan.
According to Choice data, Xie Baojun discounted 11.93% at the time and sold it at 2.88 yuan/share. Based on this calculation, Xie Baojun and Jiao Huifen also lost about 1.48 million yuan between “one sale, one buy”.
Since Xie Baojun and Jiao Huifen's sales and purchases were less than 6 months apart, it constituted a short-term transaction as stipulated in section 44 of the Securities Law. Stellar Technology said that the subject of the penalty involved in this administrative penalty is an individual, not a listed company, and will not have a significant impact on the company's normal operation, standardized operation and financial situation.
In fact, this is not the first time that the Tse Brothers have been supervised due to their parents' short-term transactions.
From November 2020 to January 2021, Jiao Huifen was issued supervisory letters on Xie Xiaobo and Xie Xiaolong by the Shenzhen Stock Exchange in June 2021 due to the implementation of short-term transactions.
According to the June 2021 regulatory letter, the Shenzhen Stock Exchange determined that Xie Xiaobo and Xie Xiaolong, as company directors and senior managers, failed to urge their parents to trade listed company shares in compliance, in violation of section 1.4 of the firm's “Stock Listing Rules (2020 Revision)” and section 3.8.13 of the “Standardized Operation Guidelines for Listed Companies (2020 Revision)”, and requested Xie Xiaobo and Xie Xiaolong to pay full attention, learn lessons, and promptly rectify the above problems.
A Financial Services News reporter noticed that although Xie Baojun is the actual controller and largest shareholder of Stellar Technology, he does not work for the company, nor does he receive any salary from the company. However, the data shows that in the past 3 years, Stellar Technology's average annual dividend rate was only about 0.82%.
In addition to the short-term transactions mentioned above, Xie Baojun also continuously pledged his company shares in August of last year, and made additional pledges for the earlier pledge in February of this year. As of February 6 this year, Xie Baojun's cumulative pledge of Stellar Technology shares accounts for 52.1% of his shares, and the aforementioned supplementary share pledge expires in August this year.