Huaihe Energy(SH:600575) Zhong Guo Zheng Quan Bao·2026-01-06 12:31Core Viewpoint - The China Securities Regulatory Commission's Anhui Bureau has imposed severe penalties on three individuals for insider trading related to Huaihe Energy, emphasizing a zero-tolerance policy towards securities violations and a strong warning against insider trading [1][2]. Group 1: Insider Trading Cases - The penalties are linked to a significant asset restructuring project by Huaihe Energy, which involves an investment of 11.694 billion yuan to acquire a controlling stake in Huaihe Energy Power Group [2]. - The insider information was deemed to have been formed no later than June 19, 2024, and was publicly disclosed on December 16, 2024 [2]. - All three individuals engaged in trading during the sensitive period, despite differing paths to obtaining the insider information [2]. Group 2: Individual Penalties - Ma Jinhua, as a statutory insider, made a profit of 72,800 yuan from trading and was fined a total of 772,800 yuan, which includes the confiscation of his illegal gains [3]. - Liu Qiang controlled two accounts and purchased 1.6398 million shares of Huaihe Energy, incurring a loss of 275,200 yuan, yet was fined 2 million yuan for his insider trading activities [4]. - Zhao Yu was found to have engaged in suspicious trading behavior and was fined 1 million yuan despite claiming her actions were based on public information [5]. Group 3: Regulatory Actions and Implications - The Anhui Bureau's actions reflect an increasing crackdown on insider trading, targeting both statutory insiders and those who illegally obtain information, regardless of the size of the transactions or whether profits were made [6]. - The penalties imposed align with the provisions of the Securities Law, which stipulates that insider traders can face fines ranging from one to ten times their illegal gains, or fines of 500,000 to 5 million yuan if no illegal gains are present [6]. - The three individuals are required to pay their fines within 15 days and may appeal the decisions, but the penalties will remain in effect during any review or litigation process [6].