ZHENGDANCHEM(SZ:300641) Zhong Guo Jing Ying Bao·2025-08-23 07:01Core Viewpoint - The case of insider trading involving Song Jinliu, a retired executive of Zhengdan Co., highlights significant challenges in managing sensitive information during performance forecast periods, revealing a "golden window" for insider trading due to a time lag between information formation and public disclosure [1][2][8]. Group 1: Insider Trading Case Details - Song Jinliu illegally profited over 2.4 million yuan from insider trading by buying shares of Zhengdan Co. during a sensitive period before the company announced its quarterly performance forecast [3][4]. - The stock price of Zhengdan Co. surged nearly 12 times from 2.75 yuan per share to 35.6 yuan per share within four months, with a significant increase occurring after the sensitive information period [1][3]. - The Anhui Securities Regulatory Bureau imposed a total penalty of approximately 10.23 million yuan on Song Jinliu, which includes the confiscation of illegal gains and fines [3][4]. Group 2: Regulatory Insights and Challenges - The case underscores the need for stricter management of sensitive information, particularly regarding former executives and consultants who may still have access to insider information [7][8]. - Regulatory bodies have intensified efforts to combat insider trading, with insider trading cases constituting about 40% of the administrative penalties issued since 2025 [2][9]. - The complexities of managing insider information during performance forecast periods include determining the timing of information formation and controlling the range of informed individuals [8][10]. Group 3: Recommendations for Companies - Companies are advised to implement comprehensive information isolation systems to prevent the unauthorized flow and use of sensitive information [8]. - Establishing confidentiality agreements with all personnel who may access insider information, including former employees and consultants, is crucial [8]. - Continuous monitoring of trading behaviors and establishing prohibited trading periods are recommended to enhance compliance and prevent insider trading [8][10].