南卫股份内幕交易案细节揭秘：实控人在知晓内幕信息四个月前公告减持计划，仍未逃脱处罚

Core Viewpoint - The company and its executives, including the controlling shareholder Li Ping and CFO Xiang Qinhua, have been penalized by the China Securities Regulatory Commission (CSRC) for insider trading related to the sale of shares after they were aware of negative audit findings that could impact the stock price [2][6][8]. Group 1: Insider Trading Details - Li Ping and Xiang Qinhua sold shares after knowing that the company would receive a non-standard audit opinion, which constitutes insider trading despite having disclosed their share reduction plans earlier [2][8]. - The CSRC found that Li Ping sold 8.184 million shares for approximately 47.97 million yuan, while Xiang Qinhua sold 54,000 shares for about 340,500 yuan during the insider information period [6][8]. - The penalties included confiscation of illegal gains and fines, with Li Ping facing a total penalty of approximately 35.33 million yuan and Xiang Qinhua facing a penalty of 1.5 million yuan [6][8]. Group 2: Audit Findings and Timeline - The audit process began on November 10, 2022, when the company signed an agreement with Tianheng Accounting Firm, leading to the discovery of fund misappropriation by the end of January 2023 [3][4]. - By March 1, 2023, the auditors confirmed the existence of fund occupation issues, which ultimately led to the issuance of non-standard audit opinions on March 2, 2023 [4][5]. - Following the release of the 2022 annual report on April 28, 2023, the company's stock faced significant declines, including five consecutive trading days of 5% limit down, totaling a 22.69% drop [6][8]. Group 3: Regulatory Insights - The CSRC emphasized that the mere existence of a disclosed reduction plan does not exempt individuals from insider trading liability if they acted on insider information that could affect stock prices [8][9]. - The timing of the share sales in relation to the insider information was a critical factor in the regulatory assessment, indicating a potential intent to exploit the information advantage [9].