Core Viewpoint - The recent administrative penalty decision by the Ningbo Securities Regulatory Bureau highlights the strict stance against insider trading, emphasizing that any knowledge of insider information, whether intentional or accidental, leads to legal consequences [1][2]. Group 1: Insider Trading Penalties - The involved party in the case was fined a total of approximately 1.06 million yuan, which includes the confiscation of illegal gains of 260,022.03 yuan and an 800,000 yuan fine, indicating that the penalties far exceed the illegal profits [2]. - The regulatory authority's actions serve as a clear warning that insider trading is a serious offense, damaging the interests of other investors and undermining the principles of a fair and transparent market [1][2]. Group 2: Regulatory Measures and Technology - The rapid investigation of the case demonstrates the increasing technological capabilities of regulatory bodies, utilizing big data and artificial intelligence to enhance oversight and detect illegal trading activities [2]. - The regulatory environment has significantly raised the costs of illegal activities, making insider trading a risky endeavor that is unlikely to yield long-term benefits [2]. Group 3: Recommendations for Investors and Companies - Investors are advised to avoid insider trading and instead focus on making investment decisions based on publicly available information, promoting a culture of value-based investing [3]. - Companies are encouraged to implement strict information confidentiality protocols and enhance the legal compliance awareness of major shareholders and insiders to prevent the leakage of sensitive information [3].

近日，某上市公司董事长及其明星女友因涉嫌内幕交易被刑事拘留，引发市场关注。本案中，从证监会行政处罚到公安机 关刑事立案的顺畅衔接，不仅体现出我国资本市场监管持续保持高压态势，监管协同机制不断完善，也向市场参与者发出强烈 信号：内幕交易者终将付出沉重代价。 内幕交易是指证券交易内幕信息的知情人和非法获取内幕信息的人在内幕信息公开前，买卖相关证券、泄露内幕信息、建 议他人买卖该证券。由于作案难度较低，内幕交易是金融领域高发的犯罪案件。 值得关注的是，近年来，并购重组相关的内幕交易案件频频发生。 本案中，董事长作为公司核心管理人员，本应恪守诚信义务，却将涉及重大资产重组的未公开信息泄露给女友，试图利用 信息不对称牟取非法利益。这种行为直接破坏了资本市场的"三公"原则，损害了其他投资者的合法权益。 必须强调的是，内幕交易的社会危害性在于行为本身，无论当事人是否获利、获利多少，都对市场秩序造成了严重损害。 诚信与法治建设，是资本市场健康发展的基石。近年来，监管部门持续提升资本市场法治化水平，坚持以"零容忍"态度切 实震慑资本市场违法违规犯罪行为。2025年2月份，证监会在介绍协同司法机关"立体追责"工作情况时表示，20 ...

2017年3月初，吴某在其科瑞天诚的办公室，向科瑞天诚董事长郑跃文汇报，并沟通此次重组事项的换 股方案。郑跃文对此次合作表示同意。 值得一提的是，楚轶男内幕交易案，三年多前已被北京证监局罚款40万元。相关行政处罚决定书显示， 案件调查期间，楚轶男存在多次不接听调查人员电话、更换手机号码、出境躲避调查等情形。 重组背后的内幕交易 楚轶男内幕交易案，涉及同方股份（600100.SH）在2017年的一次重组。 据北京证监局2022年1月公开的行政处罚决定书，2017年2月3日，同方股份总经理黄某向科瑞天诚投资 控股有限公司（下称"科瑞天诚"）总裁吴某提出，拟收购科瑞天诚所持有的上海莱士血液制品股份有限 公司（下称"上海莱士"）股权。双方此后多次会谈商议，确定了此次重组的初步方案。 2025年9月8日，北京广播电视台《法治进行时》栏目报道称，某公司董事长向明星女友透露内幕消息， 本想"割韭菜"，却因重组失败亏损500万元，双方均被北京警方刑事拘留。 9月9日，《华夏时报》记者从知情人士处获悉，这位女星为楚轶男。知情人士透露，该案已于数月前一 审宣判，楚轶男被判处有期徒刑两年多。不过，楚轶男随后上诉，目前二审尚在审理程 ...

Core Viewpoint - The recent penalty for insider trading highlights the strict enforcement of regulations against such practices, emphasizing that any involvement in insider trading, regardless of intent, will lead to severe consequences [1][2]. Group 1: Insider Trading Penalty Case - A recent case involved an individual, Li, who was penalized for insider trading after using confidential information overheard in the office to trade shares of Qitian Technology, resulting in a profit of 260,000 yuan from a 300,000 yuan investment [1]. - The argument of unintentional information acquisition was rejected, reinforcing the principle that insider trading must be punished to maintain market integrity [1][2]. Group 2: Legal Framework and Enforcement - The law defines insider trading based on objective criteria, meaning that knowledge of insider information and subsequent trading constitutes a violation, regardless of the individual's intent [2]. - The regulatory body aims to maintain market fairness by imposing high penalties on violators, as the current legal framework has already increased the costs associated with insider trading [2]. Group 3: Broader Implications and Responsibilities - The responsibility to combat insider trading extends beyond regulators; ordinary investors must be cautious of insider information and avoid engaging in unethical trading practices [3]. - Companies are encouraged to implement strict information confidentiality protocols to prevent internal misconduct, while intermediaries should maintain independence to avoid facilitating insider information leaks [3].

Core Viewpoint - The recent penalty for insider trading highlights the strict stance of regulatory authorities against such practices, emphasizing that any involvement in insider trading, regardless of intent, will lead to severe consequences [1][2]. Group 1: Insider Trading Penalty Case - A recent case involved an individual, Li, who was penalized for insider trading after using confidential information overheard in the office to trade shares of Qitian Technology, resulting in a profit of 260,000 yuan from a 300,000 yuan investment [1]. - The regulatory body asserts that insider trading poses significant risks to market integrity and investor interests, necessitating strict penalties to uphold market fairness [1][2]. Group 2: Legal Framework and Enforcement - The law defines insider trading based on objective criteria, where knowledge of insider information and subsequent trading constitutes a violation, regardless of the individual's intent [2]. - The regulatory framework has increased the costs associated with insider trading violations, yet some individuals still take risks due to the potential rewards [2]. Group 3: Recommendations for Improvement - Continuous enhancement of monitoring systems using big data to detect abnormal trading patterns and information dissemination is essential for identifying hidden operations [2]. - Establishing a comprehensive accountability chain is crucial, which includes not only punishing direct traders but also holding accountable those who leak information or facilitate trades [2]. - Implementing civil compensation mechanisms for affected investors through collective lawsuits can ensure that violators face significant penalties while victims receive appropriate compensation [2]. Group 4: Broader Responsibilities - Ordinary investors should remain vigilant against the allure of insider information and refrain from engaging in gray market transactions [3]. - Listed companies must enforce strict information confidentiality protocols to prevent internal misconduct [3]. - Intermediary institutions are urged to maintain independence and professionalism to avoid becoming complicit in the leakage of insider information [3].

2025.09.07 行政处罚决定书显示，宁波证监局对李君刚内幕交易行为进行了立案调查，发现李君刚在办公室门口听 到了内幕消息，后操作其亲属账户买入"旗天科技"股票，成交金额约30万元，在内幕交易敏感期内盈利 26万元。宁波证监局决定对李君刚没收违法所得26万元，并处以80万元的罚款。 图据处罚决定书 行政处罚决定书披露了内幕信息的形成和公开情况。2022年至2023年初，旗天科技寻找定向增发的合作 方。 2023年第四季度，七彩虹皓悦实际控制人万某和旗天科技控股股东的投资负责人韩某沟通时，提到希望 找一个上市公司平台，能将自己的部分产业上市。 2024年春节前后，韩某找到万某，提出旗天科技想要寻找一个新的股东，双方开始接触洽谈。 本文字数：1650，阅读时长大约3分钟 宁波证监局日前更新披露的一则行政处罚决定书，指向内幕信息交易。 2024年4月15日，李君刚在办公室门口听到韩某和万某谈论定增合作事项，并于2024年4月29日操作其亲 属刘某某名下银河证券账户买入"旗天科技"72800股，成交金额303395元。经计算，"刘某某"账户在内 幕交易敏感期内盈利260022.03元。 上述事实，有相关公告、证券 ...

Core Viewpoint - The article discusses the administrative penalty imposed by the Ningbo Securities Regulatory Bureau on Li Jungang for insider trading related to Qitian Technology, highlighting the details of the case and the subsequent penalties imposed [2][10]. Group 1: Insider Trading Case - Li Jungang was found to have engaged in insider trading by overhearing confidential information regarding Qitian Technology and subsequently trading shares through a relative's account, resulting in a profit of approximately 260,022.03 yuan [2][9]. - The Ningbo Securities Regulatory Bureau decided to confiscate the illegal gains of 260,022.03 yuan and impose an additional fine of 800,000 yuan on Li Jungang [10][12]. - The insider information was deemed to have been formed no later than April 15, 2024, and was publicly disclosed on July 26, 2024 [9]. Group 2: Strategic Cooperation and Shareholding Changes - In the fourth quarter of 2023, discussions took place between the actual controller of Qicaihong Haoyue and the investment head of Qitian Technology regarding the potential for listing part of their industry [4]. - By April 2024, a strategic cooperation framework agreement was established, indicating that Qitian Technology would conduct a directed issuance of shares to introduce new shareholders, with Qicaihong Haoyue becoming the controlling shareholder [5][8]. - The board of Qitian Technology confirmed the control change plan on June 5, 2024, and subsequently announced the stock issuance plan on July 26, 2024, solidifying the new ownership structure [7][8].

Core Viewpoint - The Ningbo Securities Regulatory Bureau has issued a penalty for insider trading involving Li, who profited approximately 260,000 yuan by trading shares of Qitian Technology after overhearing insider information [1][9]. Group 1: Insider Trading Incident - Li overheard discussions about a potential partnership between Qitian Technology and another company while at the office, leading to trades made through a relative's account [1][7]. - The total transaction amount for the shares purchased was around 303,395 yuan, with a profit of 260,022.03 yuan during the insider information sensitive period [7][9]. - The insider information was deemed to have formed no later than April 15, 2024, and was publicly disclosed on July 26, 2024 [7][9]. Group 2: Company Developments - Qitian Technology was seeking partners for a private placement from 2022 to early 2023, with discussions about finding a public company platform for part of its industry [3][4]. - On April 15, 2024, discussions between Qitian Technology's investment head and the actual controller of Qicaihong led to a strategic cooperation framework agreement for a private placement [4][6]. - Following the announcement of the private placement, Qitian Technology's stock price surged over 100% within a week, rising from 4 yuan per share to a peak of 9.37 yuan [9]. Group 3: Regulatory Actions - The Ningbo Securities Regulatory Bureau found Li's actions to be in violation of the Securities Law, leading to a penalty that included the confiscation of illegal gains and a fine of 800,000 yuan [9][14]. - The calculation of illegal gains was confirmed to be accurate, adhering to regulatory practices, and Li's claims of not intentionally seeking insider information were not accepted [14].

Core Viewpoint - The article discusses a case of insider trading involving Qitian Technology, highlighting the consequences faced by an individual who profited from confidential information regarding the company's stock issuance plans [2][15]. Group 1: Event Review - The incident traces back to early 2023 when Qitian Technology sought partners for a private placement [4]. - On April 15, 2024, discussions between key stakeholders led to an agreement for Qitian Technology to introduce a new major shareholder through a private placement [6]. - The insider information was deemed to have formed no later than April 15, 2024, and was publicly disclosed on July 26, 2024 [7]. Group 2: Insider Trading Details - On April 15, 2024, an individual overheard discussions about the private placement and subsequently bought shares of Qitian Technology [9]. - On April 29, 2024, the individual purchased 72,800 shares for approximately 303,395 yuan, which later resulted in a profit of 260,022.03 yuan as the stock price surged over 100% following the public announcement [10][12]. - The stock price increased from 4 yuan per share to a peak of 9.37 yuan per share within a week after the announcement [12]. Group 3: Regulatory Response - The Ningbo Securities Regulatory Bureau initiated an investigation into the insider trading activities of the individual [15]. - The individual argued that the information was overheard accidentally and claimed the profit calculation was incorrect, but the regulatory body upheld the findings and penalties [16][19]. - Ultimately, the individual was fined 800,000 yuan and had their illegal gains of 260,022.03 yuan confiscated [20].

作者：刘艺文 李某辩称其并非故意刺探获取内幕信息，只是偶然听到了相关谈话。至于使用亲属账户买股票，李某表 示，是为了通过炒股获益补贴亲属。 近日，宁波证监局公布了一则有关内幕交易的罚单。罚单内容显示，李某在办公室门口听到了内幕消 息，后面便操作其亲属账户买入"旗天科技"股票，成交金额约30万元，盈利26万元。 罕见！办公室门口听到内幕，买入股票大赚……罚单来了！ 在办公室门口听到内幕消息 依据证券法的有关规定，宁波证监局对李某内幕交易行为进行了立案调查，并依法向当事人告知了作出 行政处罚的事实、理由、依据及当事人依法享有的权利。宁波证监局应当事人李某的要求，于2025年8 月8日举行了听证会，听取了李某代理人的陈述和申辩。当事人李某未到场参加听证。本案现已调查、 办理终结。 2024年7月26日，旗天科技发布《2024年度向特定对象发行股票预案》等公告，披露旗天科技向七彩虹 皓悦定向发行公司股份，发行股票完成后，七彩虹皓悦将成为旗天科技的控股股东，万某将成为旗天科 技的实际控制人。 上述事项属于证券法第八十条第二款第八项、第九项规定的重大事件。根据证券法第五十二条的规定， 该事项在公开披露前属于内幕信息。该内 ...