news

according to news from the red star capital bureau on october 2, due to insider trading, yuan longping agricultural high-tech co., ltd. (hereinafter referred to as "longping hi-tech") chen mouyao, then secretary of the board of directors, was fined and confiscated 2.0201 million yuan.

screenshot from hunan securities regulatory bureau

recently, an administrative penalty decision disclosed by the hunan securities regulatory bureau showed that chen mouyao, then secretary of the board of directors of longping hi-tech, had insider trading, confiscated illegal gains of 20,144.74 yuan, and imposed a fine of 2 million yuan. in the appeal, chen moyao believed that the punishment was abnormally severe, but the regulatory authorities believed that the punishment was appropriate.

the penalty decision shows that while chen moyao was serving as the board secretary of longping high-tech, he and his classmates secretly conducted insider trading during the merger and acquisition of the longping development project by longping high-tech, making a profit of more than 20,000 yuan.

it was found that in march 2023, citic agricultural science and technology co., ltd. ("citic agriculture"), the major shareholder of longping hi-tech, promoted the integration of longping hi-tech and longping agricultural development co., ltd. ("longping development"). at that time, xinyu agricultural bank of china longfa investment partnership (referred to as "xinyu agricultural bank of china") and suzhou su wei yujin investment partnership had always had the intention to transfer their equity interests in longping development. longping high-tech was led by chen mouyao, then secretary of the board of directors, and the board of directors office specifically promoted longping high-tech's acquisition of longping development's equity to consolidate its holdings.

chen mouyao, then secretary of the board of directors of longping high-tech, participated in this major asset reorganization as the leader of the project working group for longping high-tech’s major asset reorganization, which fell within the scope of insider information stipulated in paragraph 4 of article 51 of the securities law. people will be notified no later than march 30, 2023.

after investigation, it was found that chen mouyao controlled the securities account of "zhu mouyuan" during the sensitive period of insider information, and bought 35,000 shares of "longping high-tech" stock in one direction, totaling 551,670 yuan. after the announcement, he sold all of them, making a profit of 20,144.74 yuan. , constitutes insider trading. after investigation, it was found that chen mouyao and zhu mouyuan were undergraduate classmates.

according to the announcement of longping high-tech, chen guangyao was born in 1979 and has served as the deputy manager of the corporate development department and the manager of the strategy department of longping high-tech; he was hired as the secretary of the board of directors of longping high-tech on august 27, 2021; longping high-tech announced on january 26, 2024 that the board of directors secretary chen guangyao resigned.

editor xiao shiqing