Core Points - The China Securities Regulatory Commission's Tianjin Regulatory Bureau issued an administrative penalty of 600,000 yuan to Li Dan for insider trading activities related to undisclosed information about a fund [1][3][5] - Li Dan is believed to be a former fund manager at Guoshou Anbao Fund, where he managed several funds, including the Guoshou Anbao Core Industry Fund, which had a negative return of -7.77% during his tenure [1][2][3] Summary by Sections Administrative Penalty - Li Dan was penalized for two violations: knowing undisclosed information about the fund and using that information for trading activities [3][4] - The penalty amount is 600,000 yuan, and the evidence included company statements, trading records, and communication logs [4][5] Fund Management Performance - During his time at Guoshou Anbao Fund, Li Dan managed multiple funds, with the highest return being 39.86% for the Guoshou Anbao Stable Jia A fund [2] - Despite managing several funds, the total management scale peaked at only 2.092 billion yuan [2] Company Response - Guoshou Anbao Fund stated that the actions of the former employee were personal and emphasized their commitment to compliance culture moving forward [1][5]

Core Viewpoint - The article discusses a case of "mouse trading" involving a former fund manager, Li Dan, who was penalized for engaging in transactions that mirrored the fund's undisclosed information, resulting in significant losses for the fund she managed [1][2]. Group 1: Case Details - Li Dan, a former fund manager at Guoshou Anbao Fund, was fined 600,000 yuan for engaging in synchronized trading activities from March 22, 2022, to February 8, 2024, involving a total of 33.12 million yuan [1][2]. - During the investigation, it was revealed that 41 stocks were involved in the synchronized trading, accounting for 74.55% of the total trades, with the amount representing 72.77% of the fund's trading activities [2]. - The fund managed by Li Dan, Guoshou Anbao Core Industry, experienced a cumulative loss of 7.77% during her 8-year tenure, ranking 716 out of 789 in its category [3][4]. Group 2: Fund Performance - The Guoshou Anbao Core Industry fund saw its size halved from 893 million yuan at the end of 2019 to 427 million yuan by the first quarter of 2024, largely due to poor performance [4]. - Other funds managed by Li Dan also showed disappointing returns, with the Guoshou Anbao Consumption New Blue Ocean fund achieving an annualized return of only 1.62% from 2018 to 2024, ranking 1194 out of 1519 [4]. Group 3: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has adopted a zero-tolerance approach towards illegal activities in the fund industry, with multiple cases of misconduct being prosecuted [5]. - Recent regulatory measures emphasize the importance of compliance management and the binding of fund managers' interests with those of investors, particularly targeting behaviors like "mouse trading" [5].

Core Viewpoint - A fund manager named Li Dan was fined 600,000 yuan for engaging in "rat trading," which involved trading activities related to undisclosed information from the fund, resulting in significant losses [2][3][4]. Group 1: Regulatory Actions - The Tianjin Securities Regulatory Bureau issued an administrative penalty against Li Dan for her involvement in illegal trading activities, which included a total investment of over 33 million yuan in 41 stocks, with a loss incurred [3][6]. - Li Dan's actions were deemed a violation of the Fund Law, specifically regarding the misuse of undisclosed information for personal gain [3][6]. Group 2: Company Response - Guoshou Anbao Fund stated that the actions of Li Dan were personal and not representative of the company's practices, emphasizing their commitment to compliance and high-quality development [2][5]. - The company plans to enhance its compliance culture and continue to protect the interests of its investors [5]. Group 3: Industry Context - "Rat trading" is defined as the practice where fund managers use their position to trade on non-public information, undermining market fairness [6]. - Regulatory bodies have been intensifying efforts to combat illegal activities in the capital market, including various forms of "rat trading" [6][7].

Core Viewpoint - The article discusses a recent case of insider trading in the fund industry, highlighting the penalties imposed on a fund manager for engaging in illegal trading activities using non-public information [3][8]. Summary by Sections Case Details - The Tianjin Securities Regulatory Bureau imposed a fine of 600,000 yuan on a fund manager named Li Dan for conducting transactions based on undisclosed information from March 22, 2022, to February 8, 2024, with a total investment amount of 33.12 million yuan [3][8]. - Li Dan's actions involved trading 41 stocks, with 74.55% of the trades being in line with the fund's undisclosed information, resulting in a total investment amount that accounted for 72.77% of the fund's transactions [7][8]. Background of the Fund Manager - Li Dan, an 80s-born female fund manager, worked for a fund management company since December 2013 and managed a specific fund from February 2016 until her departure in February 2024 [7][10]. - The fund she managed, known as Guoshou Anbao Core Industry, had a return of -7.7% over her management period, ranking 716th out of 789 similar products [11]. Regulatory Environment - The article notes that the China Securities Regulatory Commission has maintained a strict stance against illegal activities in the fund industry, continuously investigating and penalizing such cases [12]. - Recent legal clarifications have been made regarding the definitions and penalties associated with insider trading, aiming to strengthen regulations against such misconduct [12]. Industry Implications - The case raises questions about why fund professionals risk their careers for illegal gains, with some attributing it to a lack of legal awareness and a sense of invulnerability among certain individuals [13]. - The fund industry operates under a "zero tolerance" policy for compliance violations, meaning that such penalties can severely impact a fund manager's career prospects [13].

Core Viewpoint - A case of "mouse warehouse" involving a female fund manager named Li Dan has been exposed, resulting in a fine of 600,000 yuan due to trading activities based on undisclosed information, leading to significant losses for the fund [1][6]. Group 1: Case Details - The Tianjin Securities Regulatory Bureau disclosed the case on August 18, revealing that Li Dan engaged in trading activities using non-public information while managing a fund [2][4]. - Li Dan was found to have bought 41 stocks in a manner that was consistent with the fund's trading, with a total investment amounting to 33.12 million yuan, representing 72.77% of the total trading amount [5]. - The investigation confirmed that Li Dan's actions violated the Fund Law, leading to her being penalized with a fine of 600,000 yuan [6]. Group 2: Background of Li Dan - Li Dan, born in October 1982, has nearly 10 years of experience in the investment industry, having worked as a research analyst and investment manager before joining Guoshou Anbao Fund [7][8]. - She served as the fund manager for the Guoshou Anbao Core Industry Flexible Allocation Mixed Fund from February 3, 2016, to February 8, 2024, during which the fund's net value decreased by 7.77% [9]. - Under her management, the annualized return of the public equity products she managed was 0.61%, underperforming the CSI 300 Index, while the annualized return of the public debt products was 3.84%, underperforming the Zhongzheng Comprehensive Bond Index [10].

Core Viewpoint - The case of a fund manager engaging in insider trading has been revealed, leading to a fine imposed by the Tianjin Securities Regulatory Bureau for the manager's actions involving undisclosed information [1][3]. Group 1: Case Details - The fund manager, identified as Li Dan, was penalized for conducting transactions based on undisclosed information from March 22, 2022, to February 8, 2024, with a total of 33.12 million yuan involved in trades [2]. - Li Dan's transactions included 41 stocks, with a trading volume that accounted for 74.55% of the stocks traded by the fund, and the total amount represented 72.77% of the fund's trading activities [2]. - The transactions ultimately resulted in losses, despite Li Dan's attempts to justify her actions during the regulatory investigation [2][3]. Group 2: Regulatory Response - The Tianjin Securities Regulatory Bureau confirmed the violations of the Fund Law and imposed a fine of 600,000 yuan on Li Dan [3]. - The regulatory body has been actively pursuing violations in the fund industry, indicating a stringent approach to enforcing compliance and addressing insider trading [6]. Group 3: Industry Context - The fund industry has seen a rise in regulatory scrutiny, with multiple cases being investigated to uphold market integrity and protect investors [6]. - There is a growing concern among industry insiders regarding the motivations behind such violations, including a lack of legal awareness and a tendency to take risks for short-term gains [7]. - The repercussions of such violations are severe, as they can permanently damage a fund manager's career and reputation within the asset management industry [7].