Hang Xiao, who was not well-known before, became famous in March this year when he announced that he had won an engineering contract of China International Fund Corporation (hereinafter referred to as "CICC") in Angola, with a contract amount of about 34.4 billion yuan. Before and after the official disclosure, its share price soared, and as of April 3, it had pulled the daily limit of 12, causing an uproar in the market.
Review of Hangxiao Incident
On February 12, Hang Xiao suddenly broke out and the stock price went up for three consecutive days.
On February 15, after Hangxiao resumed trading, it had three consecutive daily limit.
On February 27th, Hang Xiao began to suspend trading for half a month.
On March 13, Hang Xiao disclosed that he had signed a contract with China International Fund Corporation to build an Angola project with a total price of 3,440,438+0 billion yuan. After the stock resumed trading that day, it was four consecutive daily limit.
On March 19, the SSE suspended its trading. At this point, Hangxiao's share price soared to 10.75 yuan within10 trading days, with a cumulative increase of 159%. At the same time, doubts about the 34.4 billion yuan contract flooded the whole market.
On March 22nd, the CSRC made a statement to investigate the information disclosure of Hangxiao shares and whether there was secondary market manipulation and insider trading.
On April 27th, after investigation, the CSRC found that Hang Xiao had violated the rules in contract information disclosure, and handed over relevant evidence and clues to the public security organs.
On May 1 1, SSE publicly condemned Chairman Hang Xiao and others.
On May 14, Hang Xiao disclosed that the CSRC had issued a "fine" of 700,000 yuan to the company and related responsible persons.
On June 1 1, Zhejiang public security organs arrested Luo, Chen Yuxing, suspects suspected of leaking inside information. Luo is the representative of Hangxiao Securities Affairs, and Chen Yuxing is his predecessor.