AKShare - Stock Data - Detailed Records of Senior Executives' Shareholding Changes

Author’s Message This update introduces the stock data interface for detailed records of senior executives’ shareholding changes. Detailed records of senior executives’ shareholding changes refer to transaction logs documenting purchases and sales of company shares by top-level management personnel—such as CEOs, CFOs, and board members. These records hold certain reference value for investors, as executives, being insiders, possess deeper insights into the company’s operational status and future prospects. By analyzing executives’ trading behavior, investors may gauge internal confidence in the company and assess its forward-looking development potential. Such detailed records typically include the following information: 1. Transaction Date: The specific date on which the executive bought or sold shares. 2. Executive’s Name: The name of the executive conducting the share transaction. 3. Executive’s Position: The executive’s role within the company—for example, CEO, CFO, etc. 4. Transaction Type: The nature of the share transaction—primarily categorized as purchase, sale, or grant. 5. Transaction Price: The price per share at which the executive purchased or sold. 6. Transaction Volume: The number of shares purchased or sold. 7. Post-Transaction Holdings: The total number of shares held by the executive after this transaction. By analyzing these detailed records, investors can glean the following insights: 1. Executive Confidence: A substantial purchase of company shares by executives over a given period may signal strong confidence in the company’s future growth. Conversely, large-scale share sales may indicate caution or skepticism regarding the company’s outlook. 2. Insider Information: Changes in executive shareholdings may reflect non-public information. For instance, if an executive purchases shares shortly before the company announces major positive news, it may suggest prior awareness of such developments. 3. Equity Incentives: Grant-type transactions in executive shareholding changes are often linked to the company’s equity incentive plans. Companies commonly use instruments such as stock options or restricted stock awards to align executive performance with corporate objectives. In summary, detailed records of senior executives’ shareholding changes constitute an important information source for investors, aiding in the assessment of internal confidence and future prospects. However, investors should bear in mind that such records are not determinative; comprehensive analysis must also incorporate financial statements, market conditions, and other relevant factors. Related video tutorials have been released: “AKShare – Beginner Level – Usage Guide”, “AKShare – Beginner Level – Practical Applications”, “AKShare – Source Code Analysis”, and “Open-Source Project Spotlight”. For course descriptions and subscription, please click “Read Original Article”! The AKShare VIP Discussion Group warmly welcomes you! To join, simply reply “Join Group” in the official WeChat account! Updated Interface: ・ "stock_hold_management_detail_cninfo" # Detailed Records of Senior Executives’ Shareholding Changes Detailed Records of Senior Executives’ Shareholding Changes Interface: stock_hold_management_detail_cninfo Target URL: webapi.cninfo.com.cn/#... Description: China Securities Regulatory Commission (CSRC) Information Network – Data Center – Thematic Statistics – Shareholder Capital Structure – Detailed Records of Senior Executives’ Shareholding Changes

Don’t Misinterpret the New Short-Term Trading Regulations: Selling Shares Within Six Months After Equity Incentives Still Violates the Rules | Securities Compliance, Issue No. 1

By Attorney Zhou Fen, Taihe Tai (Shenzhen) Law Firm Yesterday afternoon, the secretary of the board of directors of a listed company called me to discuss the newly issued “Several Provisions on Short-Term Trading Supervision,” released over the weekend. The call was prompted by ambiguity in Clause 6—the exemption clause concerning equity incentives. Article 6: The following acts resulting in changes to the quantity of securities shall not constitute short-term trading, except where illegal gains are obtained through informational advantages or other improper means: (i) Conversion of preferred shares; (ii) Exchange, redemption, or put-back of exchangeable corporate bonds; (iii) Conversion, redemption, or put-back of convertible corporate bonds; (iv) Subscription, purchase, or redemption of exchange-traded funds (ETFs). Securities quantity changes arising from ETFs fully tracking index composition—whether due to index rebalancing or investor subscription/purchase/redemption—are exempted; (v) Non-trading events such as judicial enforcement, inheritance, or donation; (vi) Gratuitous transfer of state-owned shares pursuant to decisions made by state-owned share administration authorities; (vii) Granting, registration, or exercise of equity incentive restricted shares or stock options by listed companies or NEEQ-listed companies; (viii) Purchase of remaining unsold shares by securities firms following underwriting. … The most exciting aspect of the new regulations is undoubtedly Article 6, which exempts twelve categories of circumstances from short-term trading restrictions. Pursuant to Subparagraph (vii), the following conclusion is readily drawn: For shareholders holding 5% or more of shares, as well as directors, supervisors, and senior management (“designated persons”), engaging in granting, registration, or exercise of equity incentives within six months after selling shares will no longer constitute short-term trading. However, a critical question remains: After receiving equity incentive grants, registrations, or exercising options, may designated persons sell their shares within six months? May they immediately sell shares upon registration or vesting? Indeed, Class II restricted shares become freely tradable upon vesting, and stock options likewise permit immediate sale post-exercise—neither carries a lock-up period. How, then, should Subparagraph (vii) of Article 6 be interpreted—is it a one-way or two-way exemption? In my view, it is strictly a one-way exemption: Following granting, registration, or exercise of equity incentives, designated persons remain prohibited from selling shares within six months; otherwise, such sales would still constitute short-term trading. My reasoning is as follows: 1. Reading Subparagraph (vii) of Article 6 holistically, the provision states that changes in securities quantity arising from equity incentive granting, registration, or exercise do not constitute short-term trading. Since granting, registration, and exercise all result in an increase in securities quantity, the exemption logically applies only unidirectionally: i.e., a prior sale (decrease in securities quantity), followed by a subsequent increase (via granting, registration, or exercise), does not constitute short-term trading. 2. The regulation does not state that equity incentive granting, registration, or exercise is excluded from the definition of “purchase”; it merely declares such acts exempt from constituting “short-term trading.” Per Article 5, any act involving payment of consideration that increases securities quantity qualifies as a “purchase.” Article 5: “Purchase” and “sale” refer respectively to acquiring securities through payment of consideration (increasing securities quantity) or disposing of securities to obtain consideration (reducing securities quantity). The timing of purchase or sale is determined by the securities registration date, unless otherwise stipulated by laws or administrative regulations. If granting, registration, or exercise is deemed a “purchase,” then any sale within six months thereafter inevitably constitutes short-term trading.