根据证监会披露的信息来看，赵远军曾利用“赵某江”证券账户在星星科技发布重大资产重组公告前火速建仓。赵远军内幕交易“星星科技”的过程及具体情况如下：① Zhao Yuanjun, an investment bank employee at the time of Everbright Securities, bought Star Technology 11.4122 million yuan ahead of schedule, but ultimately lost 5.3258 million yuan. ② Judging from Star Technology's stock price at the time, the stock price fell by more than 50% from February 25, 2020 to August 19, 2021.
Financial Services Association, September 14, the Securities Regulatory Commission's website revealed that as an insider on Star Technology's major asset restructuring, Zhao Yuanjun, a then-investment bank employee at Everbright Securities, bought Star Technology 11.4122 million yuan ahead of schedule, but ultimately lost 5.3258 million yuan. According to law, the Securities Regulatory Commission fined Zhao Yuanjun a total of 4.6 million yuan and banned him from entering the securities market for 10 years.
According to the Securities Regulatory Commission's administrative penalty decision, from September 17, 2018 to February 28, 2022, Zhao Yuanjun worked for Everbright Securities and was a securities practitioner. From September 17, 2018 to February 28, 2022, Zhao Yuanjun actually controlled and used the “Zhao Mujiang” Huatai Securities ordinary account and credit account to trade related securities. As of April 25, 2022, all illegally traded securities have been sold. According to the calculation, the actual profit situation of this account is a loss.
According to information disclosed by the Securities Regulatory Commission, Zhao Yuanjun used the “Zhao Mujiang” securities account to quickly open positions before Star Technology issued a major asset restructuring announcement. The process and details of Zhao Yuanjun's insider trade in “Star Technology” are as follows:
The process of forming and disclosing insider information
On February 17, 2020, Kang of Everbright Securities designed a relevant major asset restructuring plan based on Star Technology's situation and financing rules.
On February 19, 2020, Kang reported to Zhao Yuanjun on the status of this major asset restructuring project. Zhao Yuanjun reported the relevant matters to the relevant person in charge of Everbright Securities and instructed Kang to conduct a feasibility analysis of the restructuring project.
On February 20, 2020, Kang sent the relevant analysis report to Zhao Yuanjun.
On February 22, 2020, Zhao Yuanjun participated in a video conference with Star Technology about the project.
On March 15, 2020, Star Technology issued a related major asset restructuring announcement.
The relevant major asset restructuring plan issued by Star Technology was insider information as stipulated in section 75 (2) (1) of the 2005 Securities Law before the information was disclosed. This insider information was formed no later than February 22, 2020, and made public on March 15, 2020. Zhao Yuanjun is an insider, informed no later than February 22, 2020.
The account transaction “Star Technology” situation involved in the case
On February 25 and 28, 2020, Zhao Yuanjun used the “Zhao Moujiang” securities account to purchase a total of 1,601,600 shares of “Star Technology”, with a transaction amount of 11,412,229.52 yuan. On August 18 and 19, 2021, Zhao Yuanjun sold a total of 1,601,600 shares of “Star Technology”, with a transaction amount of 6,095,945.00 yuan. According to calculations, the above transaction lost 5,325,882.10 yuan.
Judging from Star Technology's stock price at the time, the stock price fell by more than 50% from February 25, 2020 to August 19, 2021. On the date that Zhao Yuanjun bought Star Technology (February 25 and 28, 2020), the closing price of the stock was 7.48 yuan/share and 6.41 yuan/share, respectively; on the date it sold Star Technology (August 18 and 19, 2021), the closing price of the stock was 4.15 yuan/share and 3.70 yuan/share, respectively.
Zhao Yuanjun was fined 4.6 million and banned from entering the market for 10 years
In terms of punishment, the CSRC's administrative penalty decision mentions that, based on the facts, nature, circumstances and degree of social harm caused by Zhao Yuanjun's illegal acts, the CSRC made the following penalty decisions:
1. According to section 187 of the Securities Law, Zhao Yuanjun was fined 4 million yuan.
2. According to section 102 of the 2005 Securities Law, Zhao Yuanjun was fined 0.6 million yuan.
The circumstances of Zhao Yuanjun's violation of the law were quite serious. According to regulations, the Securities Regulatory Commission decided to ban Zhao Yuanjun from entering the securities market for 10 years. From the date the CSRC announced the decision, during the ban period, apart from continuing to engage in securities business in the original institution or as a director, supervisor, or senior manager of the original listed company or unlisted public company, he must not engage in securities business or hold the position of director, supervisor, or senior manager of any other listed company or unlisted public company.
