Brothers and sisters, after driving on the highway all day, Taylor began to work overtime again. Let's read some news together.
Nvidia's market value exceeds Amazon's for the first time in the past 20 years
Tonight's US stock market has once again witnessed history!
Nvidia's stock price rose by over 2% at one point, surpassing Amazon's total market value for the first time in 20 years. The last time Nvidia's market value surpassed Amazon was in 2002, when both companies had a market value of less than $6 billion. After Amazon's holiday season sales exceeded expectations last month, investors are paying attention to Nvidia's quarterly results announced on February 21st. The market has high expectations for the company, and so far this year, the stock has risen by 47%, becoming the largest rising stock among S&P 500 index components.
The market's enthusiasm for artificial intelligence has driven up Nvidia's stock price, which has skyrocketed since last year. In 2023 alone, it has risen more than twice as much as at the beginning of the year, and this strong upward trend has been sustained this year.
In addition, tonight's Chinese concept stocks are also soaring, with the Nasdaq China Golden Dragon Index rising by 3%
The China Securities Regulatory Commission has made consecutive moves
Penalty No. 1 for 2024! Issued by the China Securities Regulatory Commission
Recently, the official website of the China Securities Regulatory Commission published the first administrative penalty decision for 2024, mainly involving Ruihua Certified Public Accountants (referred to as Ruihua Institute) and related responsible personnel. Ruihua Institute was fined 17.83 million yuan due to Kangde Xin's financial fraud incident.
During the audit of Kangde Xin's financial statements for the years 2015 to 2017, Ruihua violated relevant professional standards and failed to fulfill its due diligence obligations. Although Ruihua and its responsible parties have raised 9 defense reasons requesting exemption from administrative penalties, they have been rejected one by one.
The China Securities Regulatory Commission pointed out that Ruihua and others have the following illegal facts.
Firstly, through a separate investigation by the China Securities Regulatory Commission, it was found that Kangde Xin's annual reports from 2015 to 2017 contained false records such as inflated operating income and total profits.
Ruihua Institute provided audit services for Kangde Xin's annual financial statements from 2015 to 2017, and issued standard unqualified audit reports. Jiang Xiao, Qiu Zhiqiang, and Zheng Longxing were registered accountants who signed the relevant audit reports. The audit revenue for each year was 1.9811 million yuan, with a total of 5.9434 million yuan collected.
Secondly, according to the audit draft of the risk assessment procedure of Ruihua Institute from 2015 to 2017, bank deposits, operating income, accounts receivable, and operating costs all belong to the category of "significant misstatement risk due to fraud". The degree of "significant misstatement risk caused by fraud" is "high", and the possibility of "significant misstatement in financial statements" is "high". The 2015 operating income, accounts receivable, inventory and other accounts still belong to significant misstatement risks that cannot be addressed solely through substantive procedures. In the audits conducted from 2015 to 2017, Ruihua determined the actual level of importance at the group level to be 42 million yuan, 55 million yuan, and 75 million yuan, respectively.
In addition, Ruihua Institute failed to diligently and responsibly audit the financial statements of Kangde Xin for 2015, 2016, and 2017, resulting in false records in the reports issued. Every year, there are four problems: problems with walkthrough testing, problems with control testing, problems with substantive procedures for operating income, and problems with substantive procedures for accounts receivable.
During the audit of Kangde Xin's annual financial statements for 2015, 2016, and 2017, Ruihua violated relevant professional standards, failed to fulfill its duty of diligence, and violated the provisions of Article 173 of the Securities Law of 2005, which constitutes the behavior of "securities service institutions failing to exercise diligence and responsibility, and producing or issuing documents with false records, misleading statements, or significant omissions" in Article 223 of the Securities Law of 2005. The directly responsible supervisory personnel are registered accountants Jiang Xiao, Qiu Zhiqiang, and Zheng Longxing who have signed the relevant annual audit reports.
The China Securities Regulatory Commission (CSRC) pointed out that based on the facts, nature, circumstances, and degree of social harm of the illegal behavior of the parties involved, and in accordance with Article 223 of the Securities Law of 2005, the CSRC has made the following decision. 1、 Order Ruihua Certified Public Accountants (Special General Partnership) to make corrections, confiscate business income of 5.9434 million yuan, and impose a fine of 11.8868 million yuan; 2、 Give warnings to Jiang Xiao and Qiu Zhiqiang, and impose fines of 100000 yuan each; 3、 Zheng Longxing was given a warning and fined 60000 yuan.
Confiscation of nearly 120 million yuan, banned for ten years! The former vice president of a securities firm engaged in illegal stock trading
Recently, the official website of the China Securities Regulatory Commission (CSRC) disclosed an administrative penalty decision. Han Fei, former vice president of a securities firm, was fined 58.6849 million yuan for illegally buying and selling stocks. He was also fined 58.6849 million yuan, totaling nearly 120 million yuan. In addition, the CSRC also imposed a 10-year ban on him from entering the securities market.
After investigation, Han Fei controlled and used six securities accounts (hereinafter referred to as the "securities account group"), including his father, sister-in-law, wife, and siblings. After investigation, the above-mentioned securities account group has the characteristics of concentrated trading varieties, long trading terms, concentrated trading trajectories, and low trading frequency, and the trading varieties between accounts are highly overlapping, with funds flowing to Hanfei Investment, home purchase, and consumption.
According to a survey, from January 2016 to present, the securities account group has placed a total of 140 orders from outside Guangdong Province, with a transaction amount of up to 122 million yuan. Among them, 137 transactions matched Han Fei's travel records, with a matching amount of 118 million yuan and a matching degree of 96.93%. During the 17 year period from February 2005 to September 2022, the total trading amount of the above-mentioned securities accounts reached 4.38 billion yuan, with a profit of 58.6849 million yuan as of September 30, 2022.
Based on relevant evidence, the China Securities Regulatory Commission believes that Han Fei's above-mentioned behavior violates the provisions of Article 40 (1) of the Securities Law, which prohibits securities company employees from directly or under pseudonyms or under the name of others from holding or buying and selling stocks, and constitutes the illegal behavior described in Article 187 of the Securities Law.
Finally, based on the facts, nature, circumstances, and degree of social harm of the illegal behavior, the China Securities Regulatory Commission ordered Han Fei to handle the illegally held securities in accordance with the law, confiscated the illegal gains of 58.6849 million yuan, and imposed an equivalent fine. At the same time, a 10-year ban on entry into the securities market shall be imposed on them, during which they shall not continue to engage in securities business, securities service business, or serve as directors, supervisors, or senior executives of the original securities issuer in their original institutions or any other institutions.