China Baoan Group (000009.SZ) released an announcement. On July 21, 2022, the company disclosed the "Announcement on the receipt of notice of case filing from the China Securities Regulatory Commission by senior management of the company" (Notice No.: 2022-037). He Xueqin, vice president of the company, is under investigation by the China Securities Regulatory Commission for suspected insider trading. On June 5, 2024, the company received a prior notice of administrative punishment (Penalty Letter [2024] No.76) issued by the China Securities Regulatory Commission. He Xueqin is accused of insider trading in the case of "Jiangsu Lopal Tech" and the China Securities Regulatory Commission intends to impose administrative penalties.
According to the announcement issued by China Baoan Group (000009.SZ), Vice President He Xueqin is under investigation by the China Securities Regulatory Commission for suspected insider trading related to "Jiangsu Lopal Tech", and He Xueqin and Luo (surname) are suspected of jointly insider trading in "Jiangsu Lopal Tech". These behaviors violate the provisions of Article 50 and Article 53 (1) of the Securities Law of the People's Republic of China, and constitute insider trading behavior as defined in Article 191 (1) of the Securities Law of the People's Republic of China.
According to the severity of the illegal behavior, nature, circumstances, and social harm, in accordance with the provisions of Article 191(1) of the Securities Law of the People's Republic of China, the China Securities Regulatory Commission intends to make the following decisions: 1. He Xueqin's illegal gains of 453,000 yuan will be confiscated and fined 1,358,900 yuan for his insider trading; 2. For the joint illegal behavior of He Xueqin and Luo (surname), their illegal gains of 6,069,200 yuan will be confiscated, and a penalty of 18,207,500 yuan will be imposed.
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