On April 21, another ordinary Friday, the China Securities Regulatory Commission decided at a press conference to fine Feng Xiaoshu 499 million yuan and ban him from the market for life. This news of punishment is very scary, with a fine of nearly 500 million.

The 52-year-old Feng Xiaoshu holds a master's degree in management engineering from Zhejiang University in 1987. He once served as deputy director of the Issuance Supervision Department of the Shenzhen Stock Exchange, deputy director of the listing promotion department of the Shenzhen Stock Exchange, and deputy director of the Small and Medium-sized Board of the Shenzhen Stock Exchange (deputy division level). ), deputy director of the first audit division of the GEM Issuance Supervision Department of the China Securities Regulatory Commission, and a part-time member of the Stock Issuance Review Committee of the Shenzhen Stock Exchange. Feng Xiaoshu first worked at the Shenzhen Securities Registration Company and expressed his views in the media on topics such as the risks of investing in the Chinese stock market and the timing and challenges of entering the international securities market. In September 1995, Shenzhen Securities Registration Company was renamed Shenzhen Securities Clearing Company and merged into the Shenzhen Stock Exchange. After becoming a wholly-owned subsidiary of the Shenzhen Stock Exchange, Feng Xiaoshu transferred to the Shenzhen Stock Exchange.

From 2005 to 2007, he served as a part-time member of the 7th and 8th Issuance Review Committee of the China Securities Regulatory Commission. Feng Xiaoshu was seconded to Beijing to serve as a member of the Issuance Review Committee for two terms. After returning to the Shenzhen Stock Exchange, he was promoted to the post of Issuance Review Committee. Deputy Director of the Audit and Supervision Department. When I left my job two or three years ago, I was at the deputy director level. In terms of business, industry insiders revealed that Feng Xiaoshu has a "pretty good reputation" in the business field. Feng Xiaoshu has his own observations on the key points of stock issuance review under the approval system, the situation of companies whose stock issuance applications have been rejected, the multi-level capital market system and the construction of the GEM market, etc., which were published in the "Shenzhen Stock Exchange" magazine. Among them, about the company at the issuance review meeting The nine reasons for rejection are widely circulated on the Internet.

An article published on the official website of Zhejiang University School of Management mentioned that in May 2013, Feng Xiaoshu also participated in the preparations for the Shenzhen Alumni Association of Zhejiang University School of Management. On July 27 of that year, the Zhejiang University School of Management Shenzhen Alumni Association also organized a lecture titled "Development System Reform and Investment Opportunities". The speaker was Feng Xiaoshu, an 87-level master of management engineering from the school, who was working in Shenzhen at the time. Deputy Director of the Listing and Promotion Department of the Municipal Stock Exchange. In this lecture, Feng Xiaoshu introduced the reform of the new stock issuance system, analyzed A-share investment opportunities, and briefly analyzed the profitability, performance, profits and growth rates of typical companies on the small and medium-sized board and the entrepreneurial board. Finally, Feng Xiaoshu also discussed with the participants the issues of securities reform and investment opportunity selection, as well as how investors can adapt to policy changes and other issues.

I successively invested in the company to be listed in the name of my mother-in-law and my spouse’s sister. After careful and meticulous investigation and trial work, through layer-by-layer analysis of the complex business structure, and by peeling off the complex capital transactions, the China Securities Regulatory Commission investigated It turns out that Feng Xiaoshu successively invested in the company to be listed in the name of his mother-in-law Peng Changchang and his spouse's sister He Moumei, and sold the shares after the company was listed to obtain huge profits. Feng Xiaoshu's principal was 3 million yuan, and his total transaction amount reached 251 million yuan. , the profit amount reached 248 million yuan. Industry insiders said that the "surprise shareholding" method adopted by Feng Xiaoshu is a commonly used method of interest transfer and interest binding in the industry. Before a company goes public, it allows "key individuals" with power or resources to speculate in shares in order to form a community of interests with them and increase the probability of a successful listing. "Unexpected shareholding" is a gray method of transferring interests, and other power-for-money transactions cannot be ruled out.

China Securities Regulatory Commission spokesperson Zhang Xiaojun said that Feng Xiaoshu, as a supervisory cadre with important responsibilities, knew the law and broke the law, violated Article 43 of the Securities Law regarding the purchase and sale of stocks by stock exchange practitioners, and seriously disrupted the Capital market management order. The clues to Feng Xiaoshu's illegal stock trading behavior were obtained during the inspection of the Central Inspection Team. Zhang Xiaojun revealed that during a special inspection of the China Securities Regulatory Commission by the Central Inspection Team 7, relevant clues about Feng Xiaoshu, a former staff member of the Shenzhen Stock Exchange and a part-time member of the Stock Issuance Review Committee, suspected of illegal trading of stocks were handed over to the China Securities Regulatory Commission.

The China Securities Regulatory Commission may transfer the case to the public security organs in the future, but this still needs to be determined by the relevant departments. The current punishment imposed by the China Securities Regulatory Commission on Feng Xiaoshu is an administrative penalty, which has been reviewed and approved by China Ping An (36.09 +0.81%, Buy) and Investment Round (5.30.38%, Buy).

According to Wind information statistics, from March 2005 to April 2007, Feng Xiaoshu participated in the review of a total of 43 projects, including 34 IPO (initial public offering) projects, 3 An additional issuance project, 5 convertible bond (Aiji, net worth, information) projects, and 1 detachable bond project. Among the 34 IPO projects, 27 were approved, 6 were rejected, and 1 was canceled. The approved IPO projects include Ping An of China (601318), China Merchants Energy Shipping (601872), Great Wall Film and Television (11.25 +3.40%, buy), etc. In October last year, the China Securities Regulatory Commission held a system-wide warning and education conference on the construction of party conduct and clean government. Liu Shiyu, chairman of the China Securities Regulatory Commission, also made it clear that in response to the problem of illegal stock trading in the securities and futures supervision system by supervisors and their close relatives, starting from the day the warning education conference was held, Starting from this, "As soon as any staff or close relatives in the system are found to be illegally buying and selling stocks, they will be investigated and punished every time they are found, and they will be dealt with strictly and will not be tolerated."