2025.11.06 文字数：2280，阅读时长大约4分钟 作者 | 第一财经 王方然 根据江苏证监局调查，2023年3月2日，天衡会计师事务所（特殊普通合伙）（下称"天衡所"）确定拟对 南卫股份2022年财报、内控报告出具非标准、否定意见审计报告。但在正式披露前的2023年3月14日至3 月28日，李平通过集中竞价、大宗交易，合计卖出南卫股份4796.78万元，该公司前任财务总监项琴华 期间也进行了大额减持。 这场内幕交易，始于控股股东资金占用行为被审计机构发现。根据披露，2020年3月至2022年12月，南 卫股份将银行贷款经由供应商常州市毕升印务厂、常州市塑料彩印有限公司等中间方转至李平、实力电 源、禾目乐影等关联方，导致南卫股份发生关联方非经营性资金占用，合计3.36亿元。背后真正的根源 或在于，实控人资金流紧绷，截至9月24日，实控人李平所持股份已有七成被质押。 "卖股避损"细节浮出水面 根据南卫股份11月4日晚间公告，该公司控股股东及实际控制人李平、前任财务总监项琴华，收到江苏 证监局下发的行政处罚决定书，两人作为内幕信息知情人，在敏感期内交易公司股票。 从具体事项看，因南卫股份实际控制人及其控制 ...

Core Viewpoint - The article reveals that the actual controller of Nanwei Co., Ltd. and the former financial director engaged in insider trading by selling shares before the company faced significant financial scrutiny and stock price decline due to fund occupation issues [1][2][3]. Group 1: Insider Trading Details - The actual controller Li Ping and former financial director Xiang Qinhua sold a total of 4,796,780 yuan worth of shares between March 14 and March 28, 2023, just before the company disclosed negative audit opinions [2][4]. - Li Ping sold 8.184 million shares, while Xiang Qinhua sold 54,000 shares during the sensitive period, leading to significant financial gains before the stock price plummeted [4][5]. - Following the negative audit report, Nanwei's stock price dropped from 5.51 yuan to 4.26 yuan over five consecutive trading days, indicating a well-timed exit for both individuals [4][6]. Group 2: Regulatory Actions - The Jiangsu Securities Regulatory Bureau issued administrative penalties against Li Ping and Xiang Qinhua for insider trading, with Li Ping facing a fine of 35.33 million yuan and the confiscation of 11.77 million yuan in illegal gains [4][5]. - The penalties reflect a significant enforcement action, with the fines being close to the maximum allowed under the Securities Law, emphasizing the seriousness of the violations [5][6]. - The case serves as a reference for future enforcement of insider trading laws, clarifying that any information that significantly impacts stock prices and is not publicly disclosed can be classified as insider information [5][6]. Group 3: Financial Misconduct Background - The insider trading was rooted in the actual controller's occupation of company funds, which was uncovered during an audit by Tianheng Accounting Firm, revealing a total of 336 million yuan in non-operating fund occupation from March 2020 to December 2022 [2][6]. - The company had been using bank loans through intermediaries to transfer funds to related parties, leading to significant financial irregularities [6][7]. - As of September 24, 2023, Li Ping had pledged 73.54% of his shares, indicating a precarious financial situation for the actual controller [8][9].

Core Viewpoint - Gansu Lanke High-tech Equipment Co., Ltd. (referred to as "Lanke High-tech") received regulatory measures from the Shanghai Stock Exchange due to violations in information disclosure and operational norms, particularly concerning related party transactions and non-operating fund occupation [1][2][3] Group 1: Violations Identified - Lanke High-tech failed to disclose related parties and related transactions, specifically with Jiangsu Engao Industrial Technology Research Institute, which was controlled by its former major shareholder, China Energy Engineering Group Co., Ltd. (referred to as "China Energy"). The undisclosed related transactions amounted to CNY 44.7643 million in 2019 and CNY 72.36 million in 2020 [1][2] - The company also did not disclose the non-operating fund occupation by related parties, where CNY 47 million was paid to a related supplier but was used by China Energy from August 2019 to June 2020. This led to a correction in accounting errors in April 2024, adjusting total assets and net profits for the years 2019 and 2020 [2] Group 2: Accountability and Consequences - The regulatory body held multiple parties accountable, including China Energy for failing to inform about related party situations and for occupying company funds. The former chairman of China Energy, Liu Bin, was identified as primarily responsible for these actions [2] - Lanke High-tech's former chairman, Duan Yulin, and former vice president, Zhou Chunping, were also held responsible for their roles in information disclosure and contract management [2][3]

Core Viewpoint - The Zhejiang Securities Regulatory Bureau has issued administrative regulatory measures against Minsheng Securities for violations during its continuous supervision of Weikang Pharmaceutical's IPO process, highlighting deficiencies in internal controls and due diligence [2][3]. Group 1: Regulatory Actions - Minsheng Securities failed to adequately address the abnormal delays in construction projects and conducted insufficient verification procedures [2]. - The regulatory measures include a warning letter issued to Minsheng Securities, with representatives Ren Shaozhong and Zhong Desong held primarily responsible for the violations [3]. - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Weikang Pharmaceutical and its actual controller Liu Zhongliang for suspected violations of information disclosure laws [3]. Group 2: Financial Penalties - Weikang Pharmaceutical has been fined 5 million yuan and ordered to rectify its actions, while Liu Zhongliang has been fined 7 million yuan for his involvement in the misconduct [4]. Group 3: Company Performance - Weikang Pharmaceutical, which went public in August 2020, has experienced a decline in performance, reporting losses for two consecutive years in 2023 and 2024 [5]. Group 4: Corporate Changes - Guolian Securities has received approval to acquire Minsheng Securities, with the integration of investment banking operations and client migration announced at the end of September [6]. - As of September 23, 2025, various investment banking projects of Minsheng Securities will be transferred to Guolian Minsheng [6].

Core Viewpoint - China Northern Rare Earth Group High-Tech Co., Ltd. received a warning letter from the Inner Mongolia Securities Regulatory Bureau regarding non-operating fund occupation by a subsidiary, which was not disclosed as required [1][4]. Group 1: Regulatory Actions - The warning letter indicates that from February 2019 to December 2024, the subsidiary Baotou Steel Group Energy Conservation and Environmental Protection Technology Co., Ltd. disbursed a total of 8.9485 million yuan for salaries, benefits, and insurance for Baolan Environmental Protection Co., Ltd. [4] - The total amount of 8.9485 million yuan was fully repaid by Baolan Environmental Protection Co., Ltd. by December 31, 2024 [4]. Group 2: Company Response - The company acknowledged the issues raised in the warning letter and committed to improving internal management and information disclosure quality to prevent similar incidents in the future [5]. - The administrative regulatory measures will not affect the company's normal business operations [5]. Group 3: Market Reaction - On October 13, the rare earth sector in the A-share market saw significant gains, with China Northern Rare Earth's stock hitting the daily limit, achieving a trading volume of approximately 21.5 billion yuan, the highest among all stocks on that day [5]. - As of the market close on the same day, the total market capitalization of China Northern Rare Earth reached 208.7 billion yuan [5].

Core Viewpoint - Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau regarding non-operational fund occupation by its subsidiary, totaling 8.9485 million yuan [1] Summary by Relevant Sections Regulatory Action - The warning letter indicates that from February 2019 to December 2024, the subsidiary Baotou Steel Group Energy Conservation and Environmental Protection Technology Co., Ltd. issued salaries, benefits, and insurance payments amounting to 8.9485 million yuan to Inner Mongolia Baolan Environmental New Materials Co., Ltd., constituting non-operational fund occupation [1] - The Inner Mongolia Securities Regulatory Bureau decided to issue a warning letter as a regulatory measure, which will be recorded in the securities and futures market integrity file [1] Company Response - Northern Rare Earth emphasized the importance of the issues raised in the warning letter and committed to learning from the experience, enhancing internal management, and improving information disclosure quality to prevent similar incidents in the future [1] - The company stated that the administrative regulatory measures will not affect its normal business operations and will continue to comply with relevant laws and regulations regarding information disclosure [1] Market Reaction - Following the announcement, Northern Rare Earth's stock hit the daily limit, with a trading volume exceeding 21.4 billion yuan [1]

Core Points - The company received a warning letter from the Inner Mongolia Securities Regulatory Bureau regarding non-compliance with regulations related to related party transactions and information disclosure [1][2] - The company’s subsidiary, Baogang Group Energy Conservation and Environmental Protection Technology Industry Co., Ltd., was found to have improperly handled funds related to Baolan Environmental Protection Company, totaling 8.9485 million yuan [1][2] Group 1 - The company’s subsidiary issued salaries, benefits, and insurance payments amounting to 8.9485 million yuan to Baolan Environmental Protection Company from February 2019 to December 2024 [1] - The subsidiary incurred related expenses of 5.8761 million yuan after being acquired from the controlling shareholder in June 2021 [1] - Baolan Environmental Protection Company has fully repaid the total amount of 8.9485 million yuan by December 31, 2024 [1] Group 2 - The actions of the company were found to be inconsistent with the requirements outlined in the Notice on Regulating Fund Transactions with Related Parties and External Guarantees [2] - The company violated the provisions of the Measures for the Administration of Information Disclosure by Listed Companies and the Regulatory Guidelines for Listed Companies regarding fund transactions and external guarantees [2] - As a result, the Inner Mongolia Securities Regulatory Bureau decided to issue a warning letter and record this in the integrity file of the securities and futures market [2]

上述行为不符合《关于规范上市公司与关联方资金往来及上市公司对外担保若干问题的通知(2017年修 改)》第一条第(二)项要求，违反了《上市公司信息披露管理办法》(证监会令第182号)第三条第一款和 《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要求》(证监会公告〔2022〕26号) 第五条第一项的规定。 按照《上市公司信息披露管理办法》(证监会令第182号)第五十二条第三项和《上市公司监管指引第8号 ——上市公司资金往来、对外担保的监管要求》(证监会公告〔2022〕26号)第二十三条的规定，内蒙古 证监局决定对公司采取出具警示函的监管措施，并记入证券期货市场诚信档案。 经查明，2019年2月至2024年12月，公司子公司包钢集团节能环保科技产业有限责任公司(以下简称节能 环保公司)累计为内蒙古包瀜环保新材料有限公司(以下简称包瀜环保公司)发放人员工资、福利费、保险 费等共计894.85万元。其中，节能环保公司系公司2021年6月自控股股东处收购取得，收购后仍发生相 关费用共计587.61万元。截至2024年12月31日，包瀜环保公司已全部归还上述代发款项共计894.85万 元。上述行为构成关联方非 ...

截至2024年12月31日，包瀜环保公司已全部归还上述代发款项。公司未就该事项履行信息披露义务， 违反了相关规定。内蒙古证监局决定对公司采取出具警示函的监管措施，并记入证券期货市场诚信档 案。 10月13日晚，北方稀土公告称，公司于10月13日收到内蒙古证监局下发的警示函。 北方稀土同时表示，本次行政监管措施不会影响公司正常的经营管理活动，公司将继续严格按照有关法 律法规、规范性文件的规定和相关监管要求及时履行信息披露义务。 警示函指出，经查明，2019年2月至2024年12月，公司子公司包钢集团节能环保科技产业有限责任公 司累计为内蒙古包瀜环保新材料有限公司发放人员工资、福利费、保险费等共计894.85万元，构成关 联方非经营性资金占用。 二级市场上，北方稀土今日涨停，成交额超214亿元。 北方稀土表示，公司高度重视警示函中所指出的问题，并以此为戒，认真汲取教训，切实加强对相关法 律法规、规范性文件的学习，不断加强内部管理，提高信息披露质量，杜绝此类事件再次发生。 ...

据《警示函》披露，2019年2月至2024年12月，北方稀土子公司包钢集团节能环保科技产业有限责任公 司（以下简称节能环保公司）累计为内蒙古包瀜环保新材料有限公司（以下简称包瀜环保公司）发放人 员工资、福利费、保险费等共计894.85万元。其中，节能环保公司系北方稀土2021年6月自控股股东处 收购取得，收购后仍发生相关费用共计587.61万元。截至2024年12月31日，包瀜环保公司已全部归还上 述代发款项共计894.85万元。 【导读】10月13日，北方稀土收到内蒙古证监局下发的《警示函》 北方稀土10月13日晚公告，公司当日收到内蒙古证监局下发的《关于对中国北方稀土（集团）高科技股 份有限公司采取出具警示函措施的决定》（以下简称《警示函》）。 （文章来源：中国基金报） 上述行为构成关联方非经营性资金占用，北方稀土未就该事项按相关规定履行信息披露义务，不符合 《关于规范上市公司与关联方资金往来及上市公司对外担保若干问题的通知（2017年修改）》第一条第 （二）项要求，违反了相关法规规定，内蒙古证监局决定对北方稀土采取出具警示函的监管措施，并记 入证券期货市场诚信档案。 10月13日，北方稀土股价以涨停报收 ...