减持61万股次日又买入20万股！上市公司高管“神操作”被罚

Core Viewpoint - The announcement reveals that Yuan Zhishuang, the Vice President of Dingxin Communications, is facing administrative penalties for engaging in short-term trading during a stock reduction plan, which raises concerns about corporate governance and compliance within the company [1][2][3]. Group 1: Incident Details - Yuan Zhishuang sold a total of 610,000 shares of Dingxin Communications for 4.8537 million yuan between November 25 and 26, 2025, and then repurchased 200,000 shares for 1.6120 million yuan the following day [2][3]. - The Qingdao Securities Regulatory Bureau has issued a preliminary administrative penalty notice, proposing a warning and a fine of 120,000 yuan against Yuan Zhishuang for violating securities laws [3][2]. - The company stated that the incident is a personal action of Yuan Zhishuang and does not involve the company, asserting that it will not significantly impact daily operations [4]. Group 2: Company Performance - Dingxin Communications reported a significant decline in performance for the first three quarters of 2025, with revenue of 1.066 billion yuan, a year-on-year decrease of 52.71%, and a net loss of 336 million yuan, representing a staggering year-on-year decline of 1082.52% [5]. - The core reason for the poor performance is attributed to the loss of key markets, as the company is currently banned from the National Grid and Southern Power Grid markets, which are crucial for its business [5]. - Despite the deteriorating fundamentals, the company's stock price experienced unusual volatility, with a cumulative price deviation exceeding 20% over three consecutive trading days in September 2025, leading to a market capitalization increase from 4.402 billion yuan to 5.328 billion yuan [6]. Group 3: Market Reactions - Speculation about a partnership with Alibaba's "Pingtouge" company regarding a hot computing chip business contributed to the stock price fluctuations, although the company clarified that the technology obtained was only for traditional power and security products, not related to AI chips [7]. - On the same day the investigation was announced, another major shareholder, Wang Tianyu, reduced his stake from 6.14% to 5.94% through block trades, indicating further market activity amidst the ongoing scrutiny [8].