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华夏基金前基金经理如何涉嫌“老鼠仓”?揭秘他今年3月“清仓式卸任”

来源: 第一财经 编辑: 饮霜 时间:2024-03-16 17:35:36 浏览量:2856

(Original title: Former Fund Manager of Huaxia Fund Fined for Insider Trading, Abruptly Resigned in March, Clearing out All Products)

In recent news, a regulatory fine has shed light on a case of insider trading that persisted until September of last year.

What led to the fine?

On November 10th, a regulatory decision published on the website of the Hebei Securities Regulatory Bureau revealed the investigation and penalties imposed on Xia Long, the then-assistant fund manager and fund manager of Huaxia Fund. The illicit activities took place between January 3, 2020, and September 9, 2022. Xia Long was ordered to forfeit illegal gains of 5.3078 million yuan and was fined an additional 5.3078 million yuan, totaling 10.6156 million yuan.

Uncovering the details

Upon analyzing the disclosed information, it was found that Xia Long's actions closely mirrored those of Xia Yunlong, the former fund manager of Huaxia Fund. In March of this year, Xia Long suddenly 'cleared out' all the products he managed, with the longest management duration being less than a year and a half, and the shortest being just 10 days.

Profit through convergence trading

According to the administrative penalty decision by the Hebei Securities Regulatory Bureau, Xia Long held various positions at Huaxia Fund from March 2012 to March 2023, including roles as an investment researcher, assistant fund manager, and fund manager, aligning with the career trajectory of Xia Yunlong.

Between January 3, 2020, and September 9, 2022, Xia Yunlong manipulated transactions in the securities account of 'Zhang Mou,' simultaneously or slightly after transactions in the Huaxia Dividend Fund and the Huaxia Cyclical Management Fund accounts. This led to the coordinated purchase of 73 stocks with a total amount of 88.317 million yuan, resulting in a profit of 530.78 million yuan.

Product lifespan and sudden departure

On March 3rd of this year, Xia Yunlong's sudden resignation from all managed products due to 'personal reasons' had triggered speculation within the market. Before stepping down, he managed a total of four products (when counting initial funds), with a combined managed scale of 1.418 billion yuan.

Of these, the longest-managed product was Huaxia Cyclical Driving Fund A, which he started managing in October 2021, accumulating a total management period of 1 year and 143 days. On the other end, Huaxia Prosperity-Driven Fund A, established on February 21 of this year, had a fund manager switch just 10 days after its inception.

The crackdown on insider trading

Insider trading, particularly cases of 'convergence trading,' has been a focal point of regulatory efforts. In recent years, several covert instances of such trading schemes have been targeted and exposed by authorities.

It is evident that regulatory bodies are intensifying their efforts to combat such activities. For instance, earlier this year, former champion fund manager Wang Ming had his fund practitioner qualification revoked due to convergence trading, while former fund manager Liu Wei was fined 300,000 yuan.

Addressing the issue, a fund industry insider stated that there are various forms of insider trading beyond individual transactions, including information sharing among practitioners, collaborative illicit trading, and more. Even after the exposure of fund managers implicated in insider trading, fund companies often distance themselves by categorizing the cases as 'personal actions' or by highlighting the departure of the employee involved, although this approach may not always be effective.

In conclusion, the repercussions of insider trading extend beyond financial losses, impacting the credibility and integrity of the securities market. It is paramount for regulatory authorities and market participants to remain vigilant and enforce stringent measures to uphold transparency and fairness in trading practices.

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