Private funds fry stocks with individual accounts, clinching a deal of nearly 10 billion! The Securities Regulatory Commission intervened

Spark Global Limited reports:

Another private placement was punished! According to the administrative penalty decision just released by the Guangdong Securities Regulatory Bureau, Jiachuang Fund was fined 500,000 yuan for illegally borrowing other people’s accounts to trade securities. Among them, the transaction amount totaled nearly 10 billion yuan, mainly for the trading of convertible bonds, and a small amount for the trading of ETF and LOF funds.

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Spark Global Limited reports:

Illegally borrowing another person’s account to trade securities

A large number of transactions in convertible bonds, ETFs, LOFs, etc

On July 15, securities regulatory bureau of guangdong province, according to the announcement as, guangzhou jia gen fund management co., LTD. (hereinafter referred to as the “jia” fund “) in January 1, 2019 to December 16, 2020, has right to borrow zhong mou, Yang, zhang lotus, a British, Xie Mou, talking, Hu Mou Wu Mou Britain, ma, such as eight natural person’s name such as 12 securities account, The above-mentioned securities account and corresponding depository bank account shall be centrally managed by Jiachuang Fund.

During the period, Jiachuang Fund will recruit traders for unified and centralized training, uniformly transfer trading funds, and allocate the aforementioned accounts to specific traders, who will concentrate on trading in the company’s office.

It is worth noting that traders used these accounts mainly to trade convertible bonds, and to a lesser extent to trade ETFs and LOF funds, with a total trading value of 9.686 billion yuan.

Guangdong Securities Regulatory Bureau said, Guangdong Securities Regulatory Bureau said, the above illegal facts, securities account information, bank account information, relevant information, relevant personnel inquiry records, hardware survey data and other evidence, enough to identify. The above behavior of Jiachuang Fund violates the provisions of Article 58 of the Securities Law and constitutes the situation of illegally borrowing other people’s accounts to trade securities mentioned in Article 195 of the Securities Law. According to the facts, nature and circumstances of the parties’ illegal acts and the degree of social harm, and in accordance with the relevant provisions, Guangdong Securities Regulatory Bureau decided to order Jiachuang Fund to correct, give a warning, and impose a fine of 300,000 yuan to the state Treasury.

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Jia Chuang Fund 10 products 8 liquidation

The actual controller used to be a “professional shareholder”

It is understood that Jiachuang Fund was established in 2016 and registered in the association in March 2017. The registered capital is 20 million yuan, the paid-up capital is 10 million yuan, and the management scale ranges from 0 to 500 million yuan. The business type is private equity investment fund and private equity investment FOF fund. The company is jointly invested by Yang Ting, Chen Fujian, Zhong Zhiquan and Xie Xiaomei. Chen Fujian is the actual controller, legal person and executive director of the company.

According to Chen Fujian’s resume, from August 2008 to June 2010, he worked as a teller in the depository center of the business department of United Securities East Tianhe Road. Later, he was a “professional investor” for as long as six years until he founded Jiachuang Fund in 2016.

Jiachuang Fund has established a total of 10 funds after the implementation of the provisional measures, of which 8 products have been liquidated, and only two Jiachuang No. 1 Private Equity Securities Investment Fund and Jiachuang Changfeng No. 1 Private Equity Securities Investment Fund are still operating.

Another, according to its website jia gen fund management idea for “by focusing on the professional and rise, and by the development”, the company focused on research in the field of robust investment, after research team many years of research and exploration as well as firm offer, according to different market environment, the different risk preference, has created a more mature trading model, through asset allocation, Pursue the certainty of profit in the uncertainty and realize the stable appreciation of assets.

However, today’s Jiachuang fund is still running few products, the management scale is poor, because of the illegal borrowing of other people’s account trading securities were punished, and a number of information, its excellent management ability seems to be self-evident.

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Nearly 69.3 billion yuan were illegally borrowed from other people’s accounts

Jiafu was fined 500,000 yuan

Coincidentally, on July 15, Guangdong’s regulatory bureau also announced a penalty. Guangdong Securities Regulatory Bureau fined Jiafu Technology Co 500,000 yuan for illegally borrowing about 69.3 billion yuan from other people’s accounts.

According to the administrative penalty, after find out, jia fu technology exist the following illegal facts: on January 1, 2019 to 2020 on May 28, jia fu technology has borrowed Liu Moushan, Wu Mou, xu article 21 natural person’s name in 25 securities accounts, centralized management of the securities account by the company and the corresponding depository bank account.

During the period, Garfu Technology will recruit traders for unified and centralized training, uniformly transfer trading funds, and allocate the aforementioned accounts to specific traders, who will concentrate on trading in the company’s office. Among them, traders used the above accounts mainly for trading convertible bonds and a small amount for trading ETF funds, with a total transaction amount of 69.294 billion yuan.

The aforesaid illegal facts are proved by such evidences as securities account data, bank account data, relevant information descriptions, relevant personnel interrogation records, and hardware survey data, which are sufficient to be determined.

Guangdong Securities Regulatory Bureau believes that the above behavior of Jiafu Technology, in violation of the provisions of Article 58 of the Securities Law, constitutes the situation of illegally borrowing other people’s accounts to trade securities described in Article 195 of the Securities Law.

According to the facts, nature, circumstances and social harm degree of the illegal acts of the parties, according to the “Securities Law” Article 195 of the provisions, Guangdong Securities Regulatory Bureau decided to Jiafu Science and Technology to be ordered to correct, give a warning, and impose a fine of 500,000 yuan.

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Regulation has been strengthened

Regulatory “red lines”

Illegal borrowing of other people’s accounts for securities trading has long been a regulatory “red line”, and authorities have been increasingly cracking down on it in recent years.

In December, Xizang Fuzhan was ordered by the Inner Mongolia Securities Regulatory Bureau to correct itself, warn it and fine it 300,000 yuan for illegally borrowing other people’s accounts to engage in securities trading. According to the investigation, Xizang Fuzhan used the accounts of “Yan” and “Lai” to conduct securities trading and bought 11.04 million shares of “Helitai” with a total amount of 128 million yuan, resulting in a total loss of 59.12 million yuan.

In October last year, the China Securities Regulatory Commission (CSRC) investigated and tried the legal entity of Hung Hom Holding Group Co., Ltd. for illegally using other people’s accounts to engage in securities trading. The company was ordered to make corrections and fined 300,000 yuan by the CSRC.

In addition, Hefei Zhengrui Energy Storage Technology Co., Ltd. illegally used other people’s accounts to engage in securities trading, and the party suffered a loss of 1.78 million yuan and was fined 200,000 yuan. Greenteng was also fined 300,000 yuan by the jilin securities regulatory bureau for trading on other people’s accounts.

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