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Maximum penalty!

Last night, the China Securities Regulatory Commission issued a fine for Zhang Jianping. The fine stated that Zhang Jianping borrowed other people's securities accounts, which violated Article 58 of the Securities Law of the People's Republic of China (hereinafter referred to as the "Securities Law") and constituted the act of borrowing other people's securities accounts as described in Article 195 of the Securities Law. The person who lent the securities account was Zhang Jianping's father-in-law Fang Deji. Both of them were fined the maximum amount of 500,000 yuan by the China Securities Regulatory Commission.

Article 195 of the Securities Law stipulates: "If anyone lends his or her own securities account or borrows another person's securities account to engage in securities trading, he or she shall be ordered to correct the violation, given a warning, and may be fined up to RMB 500,000." Market insiders believe that based on existing penalty cases, this type of maximum penalty is relatively rare, especially since it should be the first time that a lender is also subject to the maximum penalty.

Borrowing other people's accounts and being investigated

The ticket information shows that Zhang Jianping, male, was born in April 1966, self-employed, and his address is Gongshu District, Hangzhou City, Zhejiang Province. Fang Deji, male, was born in November 1944, retired, and his address is Lin'an District, Hangzhou City, Zhejiang Province.

In accordance with the relevant provisions of the Securities Law, the CSRC has filed a case to investigate and hear the behavior of Zhang Jianping and Fang Deji in borrowing and lending securities accounts, and has informed the parties of the facts, reasons, basis and rights they enjoy in accordance with the law. The parties did not make any statements or defenses, nor did they request a hearing. The investigation and hearing of this case have now been concluded.

It was found that Zhang Jianping and Fang Deji committed the following illegal acts:

On July 15, 2014, Fang Deji opened a Guotai Junan Securities ordinary account at a Guotai Junan Securities branch. On the same day, Fang Deji opened a Guotai Junan Securities credit account at a Guotai Junan Securities branch.

From March 1, 2020 to October 27, 2023, Fang Deji lent the above-mentioned securities account to Zhang Jianping for use. Zhang Jianping used the above-mentioned securities account to engage in securities trading.

The above-mentioned illegal facts are sufficiently proved by evidence such as securities account information and transaction records, bank account information and fund flows, and relevant personnel interrogation records.

The CSRC believes that the above-mentioned actions of Zhang Jianping and Fang Deji violate Article 58 of the Securities Law and constitute the acts of borrowing other people's securities accounts and lending their own securities accounts as described in Article 195 of the Securities Law.

Based on the facts, nature, circumstances and degree of social harm of the parties' illegal acts and in accordance with Article 195 of the Securities Law, the CSRC decided to order Zhang Jianping to correct his behavior, give him a warning, and impose a fine of 500,000 yuan; and to order Fang Deji to correct his behavior, give him a warning, and impose a fine of 500,000 yuan.

Super Bull

For investors, the three names Zhang Jianping, Fang Wenyan and Fang Deji are not unfamiliar. They are all super individual investors in the A-share market.

According to a previous announcement of the listed company on increasing its holdings, Fang Deji is Zhang Jianping's father-in-law, and the two are persons acting in concert. Zhang Jianping and Fang Wenyan are husband and wife, and Fang Wenyan and Fang Deji are father and daughter, so the three of them are persons acting in concert and are all obligated to disclose information.

Zhang Jianping entered the market with 50,000 yuan as early as the 1990s, and once created the myth of "his net worth increased 150 times in 5 years". According to Private Equity Ranking Network, as of April 30, 2024, Zhang Jianping's family appeared on the shareholder list of 3 companies, with a total market value of 3.829 billion yuan. Among them, 2 new automobile companies were added; the family jointly held an agricultural, forestry, animal husbandry and fishery company, and the shareholding remained unchanged.

Maximum penalties are rare

On the same day, the CSRC also announced another fine for lending or borrowing other people's securities accounts, and the amount of the fine was less than the previous case.

The penalty notice shows that, in accordance with the relevant provisions of the Securities Law, the CSRC has filed a case against Zhang Meng for using other people's securities accounts to engage in securities trading and Wang Lin, Zhou Yanxia, ​​Chen Lei, and Li Tingting for lending their own securities accounts, and has informed the parties of the facts, reasons, basis, and rights of the parties in accordance with the law. None of the parties made any statements or defenses, nor requested a hearing, and the investigation and handling of this case has been concluded.

The CSRC believes that the above-mentioned actions of Zhang Meng, Wang Lin, Zhou Yanxia, ​​Chen Lei and Li Tingting violated Article 58 of the Securities Law and constituted the acts of borrowing other people's securities accounts to engage in securities transactions and lending their own securities accounts as described in Article 195 of the Securities Law.

According to the facts, nature, circumstances and degree of social harm of the parties' illegal acts, and in accordance with Article 195 of the Securities Law, the CSRC decided to order Zhang Meng to correct his behavior of borrowing other people's securities accounts to engage in securities transactions, give him a warning, and impose a fine of 300,000 yuan. Wang Lin, Zhou Yanxia, ​​Chen Lei, and Li Tingting were ordered to correct their behavior of lending their own securities accounts, given a warning, and fined 30,000 yuan each.

Source: China Securities

Statement: All information content of Databao does not constitute investment advice. The stock market is risky and investment should be cautious.

Editor: He Yu

Proofreading: Zhao Yan

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