Sanan Optoelectronics Incidental Case restarted lawyers after two months to refer to insider trading
Sanan Optoelectronics recently exposed suspected insider trading again, and two lawyers in the securities industry also pointed out: "The issuance of the issuance should be suspended, and the suspicion of insider trading should be ruled out first."
On the evening of May 3, 2012, Sanan Optoelectronics announced that the company's 2010 annual general meeting of shareholders reviewed and approved the A-share issuance plan. Since the validity period will expire on May 6, 2012, in order to ensure the smooth implementation of the additional issuance work, the company's shareholders' meeting will be extended. Authorize the board of directors to fully handle the validity period of this public issuance of A shares for one year (ie, the effective period is extended to May 6, 2013).
The total fundraising plan will not exceed 6.3 billion yuan (including the issuance expenses), and will be used for the Sanan Optoelectronics Wuhu Photoelectric Industrialization (Phase II) project and the Sanan Optoelectronic LED Application Product Industrialization Project. The total investment of the two projects is approximately 9.125 billion yuan.
On March 15, 2013, Sanan Optoelectronics issued the "Announcement on the Resolutions of the 24th Meeting of the Seventh Board of Directors", stating that due to changes in the current market environment, in conjunction with the company's situation, the company and the sponsor institution Ping An Securities negotiated The company will terminate the company's public offering of A shares, and apply to the China Securities Regulatory Commission for the withdrawal of the company's application for the public offering of A shares.
The additional project, which was thought to be abortion, came back to the surface two months later due to stock price changes.
On May 15th, Sanan Optoelectronics went up and down, and then the stock went up all the way, and again on May 24th. On May 17, Sanan Optoelectronics announced that the stock exchange abnormal fluctuations announced that the current securities market environment and industry development environment have improved. The company plans to plan a non-public offering of A shares, and timely launch Anhui Wuan Optoelectronics Co., Ltd. Wuhu Photoelectric Industry (second phase) project. The non-public offering of shares raised funds is still under planning, and it still needs to be reviewed and approved by the company's board of directors and shareholders meeting and approved by the China Securities Regulatory Commission.
In this regard, well-known lawyer Song Yixin told reporters that Sanan Optoelectronics has suspected that the letter is illegal. At the same time, Song also believes that the company's non-public offering plan "three days a change" is misleading, and said that insider trading is available.
Shortly after the announcement of abnormal stock price fluctuations, Sanan Optoelectronics released the "Announcement on the Resolution of the 27th Meeting of the Seventh Board of Directors" on the evening of May 27, saying that the non-public offering of shares was not lower than the pricing benchmark date (2013) May 28) 90% of the average price of the company's stock trading in the first 20 trading days, namely 15.82 yuan / share.
On the same day that Sanan Optoelectronics issued the above announcement, the company's share price hit a two-year high of 21.57 yuan, and the additional price announced that night was actually more than 20% lower than the closing price of 21.02 yuan. Xu Feng, a lawyer at Shanghai Huarong Law Firm, believes that the issuance of private placements has been reduced, saving more than four per share, which is naturally unfavorable to the current share price.
Two years ago, Sanan Optoelectronics announced that it had decided to terminate the issuance plan because of changes in the current market environment. Only two months later, the current securities market environment and industry development environment have improved and restarted. And in just two months, the company's stock price has soared more than 40% from 13 yuan.
Lawyer Xu Feng and Mr. Song Yixin unanimously stated that during the two-month period, Sanan Optoelectronics had undergone major changes in its issuance plan, and the reasons were unreasonable. And believe that the issuance plan should be suspended, and the suspicion of insider trading should be ruled out first.
( This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED . Readers need to verify the relevant content by themselves. )
On the evening of May 3, 2012, Sanan Optoelectronics announced that the company's 2010 annual general meeting of shareholders reviewed and approved the A-share issuance plan. Since the validity period will expire on May 6, 2012, in order to ensure the smooth implementation of the additional issuance work, the company's shareholders' meeting will be extended. Authorize the board of directors to fully handle the validity period of this public issuance of A shares for one year (ie, the effective period is extended to May 6, 2013).
The total fundraising plan will not exceed 6.3 billion yuan (including the issuance expenses), and will be used for the Sanan Optoelectronics Wuhu Photoelectric Industrialization (Phase II) project and the Sanan Optoelectronic LED Application Product Industrialization Project. The total investment of the two projects is approximately 9.125 billion yuan.
On March 15, 2013, Sanan Optoelectronics issued the "Announcement on the Resolutions of the 24th Meeting of the Seventh Board of Directors", stating that due to changes in the current market environment, in conjunction with the company's situation, the company and the sponsor institution Ping An Securities negotiated The company will terminate the company's public offering of A shares, and apply to the China Securities Regulatory Commission for the withdrawal of the company's application for the public offering of A shares.
The additional project, which was thought to be abortion, came back to the surface two months later due to stock price changes.
On May 15th, Sanan Optoelectronics went up and down, and then the stock went up all the way, and again on May 24th. On May 17, Sanan Optoelectronics announced that the stock exchange abnormal fluctuations announced that the current securities market environment and industry development environment have improved. The company plans to plan a non-public offering of A shares, and timely launch Anhui Wuan Optoelectronics Co., Ltd. Wuhu Photoelectric Industry (second phase) project. The non-public offering of shares raised funds is still under planning, and it still needs to be reviewed and approved by the company's board of directors and shareholders meeting and approved by the China Securities Regulatory Commission.
In this regard, well-known lawyer Song Yixin told reporters that Sanan Optoelectronics has suspected that the letter is illegal. At the same time, Song also believes that the company's non-public offering plan "three days a change" is misleading, and said that insider trading is available.
Shortly after the announcement of abnormal stock price fluctuations, Sanan Optoelectronics released the "Announcement on the Resolution of the 27th Meeting of the Seventh Board of Directors" on the evening of May 27, saying that the non-public offering of shares was not lower than the pricing benchmark date (2013) May 28) 90% of the average price of the company's stock trading in the first 20 trading days, namely 15.82 yuan / share.
On the same day that Sanan Optoelectronics issued the above announcement, the company's share price hit a two-year high of 21.57 yuan, and the additional price announced that night was actually more than 20% lower than the closing price of 21.02 yuan. Xu Feng, a lawyer at Shanghai Huarong Law Firm, believes that the issuance of private placements has been reduced, saving more than four per share, which is naturally unfavorable to the current share price.
Two years ago, Sanan Optoelectronics announced that it had decided to terminate the issuance plan because of changes in the current market environment. Only two months later, the current securities market environment and industry development environment have improved and restarted. And in just two months, the company's stock price has soared more than 40% from 13 yuan.
Lawyer Xu Feng and Mr. Song Yixin unanimously stated that during the two-month period, Sanan Optoelectronics had undergone major changes in its issuance plan, and the reasons were unreasonable. And believe that the issuance plan should be suspended, and the suspicion of insider trading should be ruled out first.
( This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED . Readers need to verify the relevant content by themselves. )
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