Wanli New Energy(SH:600847) 证券时报·2025-07-02 10:46Core Viewpoint - The article discusses the administrative penalty imposed by the Chongqing Securities Regulatory Bureau on Zheng for serious violations of securities laws, including failure to report significant shareholding changes and not issuing mandatory takeover bids when shareholding exceeded 30% [1][7][11]. Summary by Sections Violations and Penalties - Zheng controlled 24 stock accounts and traded shares of "Wanli Co." without proper reporting, accumulating 163 million shares purchased for 3.17 billion yuan and 149 million shares sold for 2.957 billion yuan, with no illegal gains [4][11]. - Zheng failed to disclose shareholding changes as required, with multiple instances of not reporting when holdings changed by 5% or 1% from July 7, 2016, to May 26, 2025 [5][11]. - The Chongqing Securities Regulatory Bureau imposed a total fine of 42.5 million yuan, including 32.5 million yuan for illegal transfer of securities, 5 million yuan for information disclosure violations, and 500,000 yuan for failing to issue a takeover bid [2][9][10][11]. Regulatory Basis - Zheng's actions were found to violate several articles of the revised Securities Law of the People's Republic of China, including provisions related to information disclosure and takeover bids [7][11]. - The regulatory authority emphasized the severity of Zheng's violations, which lasted for an extended period and involved significant amounts, impacting market order and fairness [11]. Additional Measures - Zheng is required to disclose a detailed equity change report within 10 days and is prohibited from exercising voting rights on shares acquired in violation of regulations for 36 months [12][14]. - The Chongqing Securities Regulatory Bureau will record Zheng's violations in the securities and futures market integrity archives [15].