在资本市场中，许多投资者往往热衷于探听各种“小道消息”、“内幕消息”并以此作为买卖股票的依据。有些投资者认为内幕交易危害不大，只要获得内幕信息，就能在股市里大赚一笔。还有些投资者认为，利用内幕消息赚了钱才会被处罚，赔了钱不需要承担任何法律责任。但是事实是否真是这样呢？让我们来看下面几个案例。

       王某某，时任X集团（国有企业）财务总监，全程参与了X集团控股的A上市公司重大资产重组过程。在获知该内幕信息后，王某某在与发小赵某某的电话联络中，将A公司资产重组这一重大利好透露给了赵某某。赵某某得知消息后，立即使用本人账户投入22.53万元买了2.72万股A公司股票，坐等股价上升。可是事与愿违，等来的竟是资产重组失败的消息。偷鸡不成蚀把米，赵某某不但没有赚到钱，反而倒赔了3.94万元。更想不到的是，证监会事后通过调查将此内幕交易情况掌握的一清二楚。根据《证券法》第七十六条的规定，证券交易内幕信息的知情人和非法获取内幕信息的人，在内幕信息公开前，不得买卖该公司的证券，或者泄露该信息，或者建议他人买卖该证券。王某某泄漏内幕信息，赵某某从事内幕交易的行为违反了《证券法》第七十六条的规定，已构成了《证券法》第二百零二条所述的内幕交易情形，等待他们的分别是4万元的罚款。

      无独有偶，包某某也因内幕交易栽了跟头。包某某时任H上市公司总会计师，在得知H上市公司拟进行矿业资产注入的重大信息后，将此消息电话透露给了朋友冯某某。冯某某得知消息后立即通过妻子账户和他人账户买入H上市公司股票，共获利1.8万元。然而天网恢恢疏而不漏，此违法行为终将难逃法律制裁。最终，证监会分别对包某某和冯某某处以30万元的罚款。

      证券市场参与人员应严格警惕内幕交易行为。一方面，上市公司及其关联公司的董事、监事和高级管理人员作为内幕信息知情人员，对内幕信息负有保密义务。如果掉以轻心，为了所谓哥们义气而泄漏内幕信息，不仅可能丢了饭碗，还会导致身败名裂。另一方面，投资者作为从事证券交易的人员，也不要随意听信“小道消息”。即使某些信息言之凿凿，但是由于证券市场的复杂性随机性，利用内幕消息从事证券交易仍然可能导致割肉赔钱，得不偿失。进一步来说，内幕交易是证券市场严厉打击的违法行为，即使从事内幕交易赔了钱，仍然需要承担法律责任。根据《最高人民检察院、公安部关于公安机关管辖的刑事案件立案追诉标准的规定(二)》的规定，如果证券交易成交金额累计在五十万元以上，或者获利（避免损失）数额累计在十五万元以上的还将构成内幕交易罪，被追究刑事责任。曾经风光无限的资本市场大佬因为内幕交易身陷囹圄的案例比比皆是，发人深省。许多从事内幕交易的人往往抱有侥幸心理，自以为神不知鬼不觉，殊不知监管部门对此具有严格的防控体系，内幕交易终归难逃法网。在此提醒广大投资者，内幕信息是不能说的秘密，内幕交易是不能碰的红线。守住了法律的底线，也就守住了自己公平从事证券交易的权利。

来源：中国证监会 www.csrc.gov.cn

        对于“内幕交易”，投资者早已不再陌生。内幕交易行为利用信息优势侵害投资者利益，破坏证券期货市场“三公”原则，践踏市场赖以生存的诚信基础，严重影响了市场秩序与市场参与者的投资信心，向来为投资者所痛恨。然而，却有一部分人怀着复杂心态，虽并非内幕信息知情人，却抵不住利益诱惑，想方设法窃取、骗取、打探内幕信息，妄图得到丰厚回报，终逃不过法律的制裁。

       以齐某刺探内幕信息案件为例。当事人齐某是X投资有限公司法定代表人，为刺探S公司内幕信息而聘任某上市公司退休董秘陈某，以建立刺探内幕信息的人脉网，便于依靠信息优势投资。齐某利用陈某与S公司董秘季某相熟的关系，多次委托陈某向季某打探S公司“并购一事”的内幕信息。每次得知消息后，齐某便大幅增持S公司股票，希望可以利用刺探来的小道消息大发横财。然而，事与愿违，齐某不仅没赚钱，反而赔了699.57万元，并被证监会处以40万元罚款。

    通过这个案例，我们应注意到，除了内幕信息知情人，骗取、套取、窃听、利诱、刺探或者私下交易等手段非法获取内幕信息的人，也可能成为触犯内幕交易高压线的行为主体。《最高人民法院、最高人民检察院关于办理内幕交易、泄露内幕信息刑事案件具体应用法律若干问题的解释》第二条对此进行了规定。按照《证券法》七十六条的规定，如果在内幕信息公开前买卖该公司的证券，或者泄露该信息，或者建议他人买卖该证券，就触犯了内幕交易的红线，构成《证券法》第二百零二条所述的内幕交易行为。

       对刺探内幕信息并交易的行为进行严惩，有利于肃清证券期货市场上“依靠打听信息交易”的歪风邪气，重塑市场信心，维护资本市场诚信投资的正气。 在此再次提醒投资者增强自我保护意识，谨防落入内幕交易的陷阱。企图靠内幕消息一夜暴富是不现实的，应掌握获取证券信息的合法渠道。抱着侥幸心理骗取、刺探内幕信息，涉足内幕交易，必将面临法律的严惩，最终付出巨大的代价。

来源：中国证监会 www.csrc.gov.cn

         内幕交易是指证券交易内幕信息的知情人和非法获取内幕信息的人在内幕信息公开前，买卖该证券，或者泄露该信息，或者建议他人买卖该证券的违法行为，在实践中具有多种表现形式，“枕边风”内幕交易便是其中一种。比如下面这两个小故事：

       上市公司H因筹划非公开发行股票停牌，其控股股东Z公司董事臧某的妻子陈某在停牌前买入6万股“H”，卖出后获利7.3万元。

       上市公司Y因筹划非公开发行股票停牌，主办券商Z证券工作人员余某的妻子叶某在停牌前买入1.3万股“Y”,卖出后获利共计9.7万元。

      这两个故事中，H公司控股股东Z公司的董事臧某、Z证券工作人员余某都是《证券法》规定的证券交易内幕信息的知情人，他们的妻子在内幕信息敏感期内“碰巧”买了与这些信息有关的股票。按照《证券法》七十三条、七十六条的规定，内幕信息知情人和非法获取内幕信息的人，在内幕信息公开前，不得买卖该公司的证券。《最高人民法院、最高人民检察院关于办理内幕交易、泄露内幕信息刑事案件具体应用法律若干问题的解释》第二条对此也作了明确规定，包括内幕信息知情人员的近亲属或者其他与内幕信息知情人员关系密切的人员，在内幕信息敏感期内买卖了与该内幕信息有关的股票，交易行为明显异常，且无正当理由或者正当信息来源的，构成内幕交易。尽管被处罚的人都辩解称没有利用相关信息，但瓜田李下的事还是不要做，做了就逃不开法律的惩罚。这也提醒内幕信息知情人，例如上市公司董事、监事、高级管理人员，由于职务或工作原因知悉内幕信息的证券公司、律师事务所、会计师事务所等中介机构从业人员等，一定要守住职业道德的红线和法律规定的底线，管好“枕边人”、“身边人”，不做资本市场的“老鼠”。

      好多人以为就是打探或者听个消息，不太当回事，但内幕交易是一种严重的违法行为，法律规定了严厉的制裁措施，不仅赚了钱要没收违法所得，并处以违法所得一倍以上五倍以下的罚款，没赚到钱甚至亏了也要处以三万元以上六十万元以下的罚款。如果情节严重，比如证券交易成交金额累计在五十万元以上，或者获利（避免损失）数额累计在十五万元以上的还将构成内幕交易罪，被追究刑事责任。当年的首富黄光裕就是因为内幕交易身陷囹圄，至今还在狱中。

     另外，这对于广大投资者也具有深刻的警示意义。不要试图去打探小道消息、听信内幕信息，其中包含了巨大的法律风险和投资风险。试想，如果打探来的消息是真的，就可能构成违法甚至犯罪，如果是假消息，那更是得不偿失，肯定又中了哪个“害人精”的圈套，被卖了还在帮人家数钱。

来源：中国证监会 www.csrc.gov.cn

 资料整理中......

Kadmon Holdings,Inc.(NYSE: KDMN)于2017年4月12日在纽约宣布，其研发之KD025（口服“ROCK2抑制剂）第二阶段公开标签在中度至重度牛皮癣患者临床试验中获积极数据。试验中，KD025通过调节促炎和抗炎免疫细胞反应来改善牛皮癣患者的临床评分和皮肤病状况。试验成果将于本周在《Cutting Edge》部分发表。

Kadmon对38例中重度牛皮癣患者进行了为期12周开放标签的KD025研究。研究结果表明，KD025可影响牛皮癣的细胞机制，使12周时患者临床评分改善。这些发现证明ROCK2信号在患者免疫反应平衡中具有关键作用，进一步证实KD025在自身免疫性疾病中的治疗潜力。

近期，神州龙芯公司推出了LoRa扩频技术领域新产品——LOR112模块。LOR112模块是高性能物联网无线收发器。它采用一种低功耗、远距离传输的网络技术，具有超高灵敏度（-140±1dBm @300bps）、传输距离远（5Km @250bps (城市公路环境，非旷野环境)）的优点，在国内同行业中处于前列。该产品同时具有功耗应用灵活、穿透力强、抗干扰力强等特点，可广泛应用于电力无线抄表、工业数据采集控制、无线报警、智能无线安防、医疗医院呼叫等系统。目前，产品已实现批量销售，并受到了客户的高度认可。

LOR112模块的推出将与公司目前正在研发的蓝牙BLE芯片在物联网远近距离传输领域实现互补。它的推出不仅丰富了公司的产品种类，为同步的市场应用打下了坚实的基础,同时也为国内LoRa（远程）扩频技术的发展贡献了重要力量。

2016年6月15日至17日，神州龙芯携十余款新产品亮相第五届中国国防信息化装备与技术展览会。此次公司展出的十余款产品，其芯片的核心技术、板级方案的关键器件、软件底层源代码等全部实现国产化，充分展现了公司在民用和军用信息化产品开发方面的实力。在未来的发展中，神州龙芯将进一步积累技术，深化和扩展应用领域，在民用、军用领域提供自主可控、安全可靠的产品，为国家信息化建设保驾护航！

图为公司展位全景，静候嘉宾光临

China VAT Reform

-       Big Challenges Ahead

By Jonas Jia He (CA)

China indirect tax system is facing a major storm. On 24^th March 2016, the Ministry of Finance and the State Administration of Taxation jointly issued Circular Caishui［2016］ No. 36 that provides the detailed rules on the full implementation of Value-Added-Taxes(VAT) to cover the last four big sectors - real estate, construction, financial services and lifestyle services. There are also modifications to the existing VAT rules. The new VAT rules take effect from 1 May 2016 and the traditional Business Tax (BT) will be abolished completely.   

For decades, China has been applying VAT mainly to goods sector and applying BT to services sector. BT was charged directly on the taxpayer’s taxable sales income without any input credit, it was a tax on businesses. VAT is a tax to be passed from businesses to the final consumers. Since 2012, the Chinese government has been carrying out a VAT Reform program (Chinese called it “BT2VAT”) in order to reduce the tax burden of businesses and promoting economic growth. Before the introduction of Circular No. 36, BT has been replaced by VAT in almost all the sectors except for the last four big sectors. Now, this shall be the final phase of the VAT Reform program. The table below summaries the new applicable rates to the four big sectors：

Sectors	BT Rate(Abolished)	New VAT Rate	Favourable Transitional Rules
Real Estate	5%	11%	Available. E.g. Sales of old real estates; Option for simplified tax method; Small scale VAT taxpayers
Construction	3%	11%	Available only to small sized sub-contractors, old projects & small scale VAT taxpayers. E.g. Option for simplified tax method
Financial Services	5%	6%	Available only to small scale VAT taxpayers (Option for simplified tax method)
Lifestyle Services	Generally 5%, certain services were subject to 3% - 20%	6%	Available only to small scale VAT taxpayers (Option for simplified tax method)

Generally speaking, the real estate and construction sectors will bear big tax rate increases. The financial services and lifestyle services sectors will expect more or less similar tax burden as in the past. Technically speaking, a direct comparison of the BT rates with the new VAT rates is not appropriate. Our evaluation shall be focused on the availability for input credits, transitional rules and special relief. Before analyzing the key impacts on the four big sectors, we need to understand some basic concepts of China VAT system:

· General VAT taxpayer – businesses with annual turnover > 5 million RMB

· Small scale VAT taxpayer – businesses with annual turnover < 5 million RMB and decide not to register itself as general VAT taxpayer.

· Simplified tax method – small scale VAT taxpayers shall apply this method with a low fixed VAT rate (typically 3%) on its gross income. However, taxpayers cannot claim any VAT input credit and may not issue or receive any VAT invoice.

· General VAT taxpayer may opt for the simplified tax method under certain circumstances.

· General VAT taxpayers can only issue VAT invoices on government authorized system.

· The land in China is not privatized; the purchase of land from the government contains no VAT input credit.

Net sales approach：Total VAT taxable sales = Total revenue received – certain direct costs (without VAT input credit)

Real Estate Sector

· Sales of real estates (B2B, B2C)  

Under the transitional rules, the general VAT taxpayer can opt for the simplified tax method to the real estates been developed or purchased before 1 May 2016(old real estate). The applicable rate is 5%. Under the simplified tax method, real estate developer cannot subtract the land cost from the taxable sales of the real estate. Non-real estate developer VAT taxpayer can subtract the original purchase costs of the real estate (not self-built) from the taxable sales amount (net sales approach).

If a real estate developer as a general VAT taxpayer does not opt for the simplified tax method. It can always subtract the land cost (no VAT input credit) from the taxable sales amount. Therefore, the real estate developers need to do internal calculations in order to make the right selection (a general tax method vs the simplified tax method) before selling the old real estates. The simplified tax method cannot be applied to the real estates been developed or purchased after 1 May 2016(new real estate) except for the small scale VAT taxpayers.

A key development is that when a general VAT taxpayer acquires a new real estate and records it as fixed asset for accounting purpose, the VAT input credits can be available for offsetting over a two-year period (60% 1^st year, 40% 2^nd year).  We think that a fair approach shall be that the full VAT input credits are available for offsetting within the same taxable period. A deferred offsetting approach is rare in other VAT systems. It seems that the Chinese authorities may have concerns about the potential VAT avoidance risk when taxpayers try to generate excessive VAT input credits from B2B real estate transactions. Two good solutions can be considered in this situation (a) Adoption of “Zero-rating” approach (b) Adoption of Domestic Reverse Charge mechanism.  

· Sales of real estates (C2C)

It’s interesting to see that the VAT will also be applied in the disposal of real estates by individuals. The rules are summarized as following:

(1)  5% VAT on gross sales will be applied to both residential and non-residential real estates, if the individual’s holding period < 2 years.

(2)  If individual’s holding period > 2 years, the real estates located outside of Beijing, Shanghai, Guangzhou and Shenzhen will be exempted for VAT. The residential real estates located in these regions will be exempted but not for the non-residential real estates.  

Personal income from the renting/leasing of residential real estates will be subject to 1.5% VAT.

The supplies of residential real estates between individuals are normally exempted for VAT purpose in other tax jurisdictions. A rational approach probably is that a Capital Gain Tax shall be adopted rather than VAT.

Construction Sector

The simplified tax method (3%) can be applied in the following circumstances:

(1)  A general VAT taxpayer does not purchase materials or only purchases auxiliary materials for the construction works. The taxpayer only charges labour service fees and management fees.

(2)  The project owner purchases all or part of the equipment, materials and energy set. A general VAT taxpayer mainly supplies labour services to the construction works. 

(3)  A general VAT taxpayer provides construction services to the old projects (commencement date before 1 May 2016)

(4)  A small scale VAT taxpayer.

The biggest problem in China construction industry is that many suppliers in this sector are not registered as general VAT taxpayers and they cannot produce VAT invoices. The other common issue is that labour costs accounts for a large percentage of the total costs. A typical cost model in China construction sector is:

(1)  Raw materials 60% (normally the suppliers of concrete and steel may provide VAT invoices that are about 45% of total costs).

(2)  Construction machinery 5% (VAT invoices available)

(3)  Labour costs 30% (no VAT)

(4)  Financing cost 5% (no VAT)

The costs with VAT invoices are only about 50% of the total construction costs. Obviously, the players in this industry will face short term tax burden due to the unavailability of sufficient VAT input credits. However, the new VAT rules will push all the construction companies to regulate its accounting and taxation systems. In the long term, only the players that follow the good industrial practices shall survive.

Financial Services   

The VAT on financial services is generally exempted in other VAT systems. China has taken a unique approach by imposing VAT on the following financial services:

· Loan services

· Direct charge financial services

· Insurance

· Financial commodity transfer (net sales approach available)  

The interest on deposit and the compensations from insurance payout will not be subject to VAT. There are certain incomes exempted for VAT:

· Interests from inter-bank lending, interests from uniformed borrowing and returning, interests from government debentures and local government debts etc.

· Earning from the trading in China stock exchange markets through “QFII”. Personal income from trading in financial commodity

· Income from the personal life insurance with duration of 1 year or more

·Income from the authorized credit guarantee services been provided to small-medium sized entities

· The liquidation transactions of a closed financial institution

A special clause is that the taxpayers cannot claim any VAT input credit on the loan interest and any other cost that is related to the lending service. Therefore, the VAT flow fully stops on the lender’s side.

By considering that the VAT input credits will be available for offsetting in the financial service sector, the 6% VAT rate seems not going to create more tax burden. We believe that the application of extensive VAT rules in financial service is a radical approach and it has subverted our traditional practice in this field. It will be also difficult to calculate the “value-added” amount in the complicated modern financial commodity transfers.    

Lifestyle Services

6% VAT will be applied to the following lifestyle services:

· Culture and sports service

· Education and medical service

· Tourism and entertainment service

· Catering and accommodation service

· Resident’s daily service

· Other lifestyle service

VAT exemption will be applied to the governmental authorized public education and medical providers. A general VAT taxpayer who provides culture and sports service may opt for the simplified tax method. The net sales approach is only available to the tourism operators. We found that the VAT flow is also blocked in the following circumstances:

(1) Taxpayers cannot claim VAT input credit on the purchased entertainment service

(2) Taxpayers cannot claim VAT input credit on the purchased catering service

(3) Taxpayers cannot claim VAT input credit on the purchased resident daily service

Due to the availability for VAT input credits, and many small scale VAT taxpayers may adopt the simplified tax method. We expect that the new VAT rules won’t have big financial impact on the lifestyle services.

After a quick review of the new VAT rules applicable to the four big sectors, we saw that the Chinese government had taken positive steps with commitment to minimize the tax for businesses. The replacement of BT with VAT is certainly a right approach. However, the new VAT system seems to be very complicated with uncertainties. Some rules are not consistent with the global VAT practices. The new VAT system still has some characteristics of the old BT regime. Further modifications and amendments will be necessary in order to make the new VAT system “pure” and “operable”.    

近日，神州龙芯研发的MPOS终端设备G30正式通过《银联卡受理终端安全规范 Q/CUP 007-2014》，获得中国银联颁发的“银联卡受理终端产品安全认证证书”。MPOS终端设备G30作为一款基于智能手机等移动设备的创新型移动互联支付终端，具有易携带、易操作、易维护、智能化等特点，可为小微商户提供一站式收款解决方案，应用前景广阔。

神州龙芯MPOS终端设备G30通过银联安全认证

按照国家相关政策和规范要求，移动支付产品在推向市场前须通过中国银联安全认证。MPOS终端设备G30是继互联网支付终端后，我公司又一款通过银联安全认证的产品，产品已完全达到银联安全标准，下一步即可面向市场进行推广。MPOS终端设备G30的推出丰富了公司产品种类，进一步推动了公司市场化、产业化进程。

日前，神州龙芯获得海淀园军民融合预研项目资金支持。该专项资金是为支持民口企业提高军民融合创新发展水平，促进军工科技成果转化和民口企业参与国防、军队建设所设立的专项资金。获得该项资金支持是对公司在军民融合技术创新方面的有力鼓舞和肯定。

军民融合发展，是兴国之举，是强军之策。神州龙芯以服务国防安全和经济发展为使命，在军民融合技术领域谋求发展，既是对龙芯自主知识产权技术的推广应用，也是履行企业政治责任、经济责任与社会责任的神圣使命。未来，公司将秉承“团结创新，敬业奉献”的龙芯精神，在国防现代化建设中再创辉煌、再立新功！