中国证券法上短线交易的法律规制

李鲜花 ( Li Xian-hua ),刘秋彤 ( Liu Qiu-tong ) 건국대학교 법학연구소 2020 一鑑法學 Vol.0 No.46

자본시장의 발전에 따라 증권거래상의 부당거래행위도 증가하고 있는데, 회사 내부자의 미공개 중요정보이용행위를 규제하기 위하여 중국 증권법 상에서는 단기매매차익회수제도를 도입하고 있다. 이와 같은 제도는 증권시장의 건전한 발전과 투자자보호를 위하여 긍정적인 역할을 하고 있다. 중국 2019년 신 증권법에서는 단기매매차익회수규정에 대하여 비교적 큰 개정을 하였는데, 본 고에서는 신 증권법상의 해당 규정과 결부하여 아래와 같은 내용을 살펴보기로 한다. 첫째, 신구 증권법 상의 해당 규정을 비교하면서 단기매매차익반환의 규제대상·객체·객관요건·귀책사유 등과 결부하여 중국의 단기매매차익 회수요건에 대한 법적 및 이론적 요건들을 분석하였다. 둘째, 단기매매 차익회수권의 행사에 관한 현재 여러 가지 수익확정방식과 행사기간에 관한 주장들을 정리하고 이에 대한 저자의 주장을 제시하고 있다. 또한 이 부분에서는 중국 입법상 단기매매차익의 행사절차와 관련하여 최근의 “전국 법원 민상사재판업무회의개요” 제25조 주주대표소송의 해당 규정과 결부하여 단기매매차익회수절차에 관한 여러가지 문제점과 최근의 입법동향을 분석하고 있다. 셋째, 중국 신 증권법상 단기매매차익회수의 적용예외에 관한 규정을 살펴보았다. 2019년 신 증권법 제44조에서는 “국무원 증권감독관리기구에서 규정한 기타 상황”에 적용예외를 둔다고 처음으로 명확히 규정하였다. 이와 같은 규정은 실무 상의 요구를 반영하였고, 나중에 구체적인 규정에 두는데 전제를 마련하였다. 본 고에서는 중국의 실제 상황과 입법을 분석하고 미국의 실무경험과 입법을 참고한 기초 상에서 단기거래차익반환의 예외 규정을 구체화할 것을 제안하고 있다. 마지막으로 본 고에서는 중국의 단기거래 법적규제에 관하여 총괄적인 평가를 하고 그 중 보완할 부분과 대책을 제시하고 있다. Due to the rapid development of the capital market economy, the internal personnel of the company are often affected by various factors such as interest driven, short-term trading phenomenon occurs frequently and is extremely harmful. Countries around the world have regulated this short-term trading behavior in succession, and the securities law of China has also carried out detailed regulations. The legal regulating of the short-term trading is a kind of deterrence insider to comply with the requirements of the law is forbidden to use the means of the position and damage the interest of the company, through the way of establishing deter mechanism to the legislative purpose of maintaining a fair and just market, enhance the confidence of investors, to guard against insider trading, promote the company’s business management and construct a green financial environment. This paper tries to compare the old and new “securities law” as the Angle of view, on the short-term trading in system as the research object, first introduced the related regulation of short-term trading legislation development, clear the relevant provisions of the new “securities law” for short-term trading to make major changes, and in the existing legal system, it puts forward the elements of the identification of short-term transactions, and defines short-term transactions from the subject, object, objective elements and the principle of liability. Second through the introduction of short-term trading in right to determine the trading behavior of yield calculation and compare different calculation during exercise way to select the most suitable one, can make our short-term trading regulation to mature, is conducive to protect the interests of the company is the most basic is to protect the basic rights of a company investors, combined with a new “securities law” the relevant provisions of, again to further in the exercise of right of procedure, including the national work conference on court in civil and commercial trial summary article 25 more detailed prepositional procedure of shareholder representative litigation rules, drawn to the trial practice of unity. In 2019 the new “securities law” the 44th increased “other circumstances stipulated by the securities regulatory agency under the State Council”, reflect the need of judicial practice, for our country specific reserved space saving type is determined, at the same time in the study and analysis of relevant legal system, on the basis of using the experience of the mature market in the United States put forward the perfect our short-term trading in saving Suggestions and countermeasures. In the last part, the author makes an analysis on the system of short-term trading earnings in China, points out the deficiencies and puts forward some Suggestions to improve the law in order to look forward to a more harmonious and fair market environment.

Angiographic Follow-up of Cerebral Aneurysms with Guglielmi Detachable Coils (GDCs) Embolization, an analysis of 143 cases with 152 aneurysms

Ming-Hua Li,Young-Li Wang,Bin-Xian Gu,Chun Fang,Ying-Sheng Cheng,Wu Wang 대한인터벤션영상기술학회 2004 대한인터벤션영상기술학회지 Vol.7 No.1

Determination of Protein, Fat, Starch, and Amino Acids in Foxtail Millet [Setaria italica (L.) Beauv.] by Fourier Transform Near-Infrared Reflectance Spectroscopy

Xiu-Shi Yang,Li-Li Wang,Xian-Rong Zhou,Shaomin Shuang,Zhi-Hua Zhu,Nan Li,Yan Li,Fang Liu,San-Cai Liu,Ping Lu,Guixing Ren,Chuan Dong 한국식품과학회 2013 Food Science and Biotechnology Vol.22 No.6

Quantitative detection of protein, fat, starch,and amino acids in foxtail millet using Fourier transformnear-infrared spectroscopy (NIRS) was investigated. Foxtail millet samples (n=259) were analyzed using NIRS. Spectral data were linearized with data from chemicalanalyses. Calibration models were established using apartial least-squares (PLS) algorithm with cross-validation. Optimized models were tested using external validation setsamples with coefficients of determination in the externalvalidation (R2val) of >0.90. Residual predictive deviation(RPD) values were nearly equal to or >2.5 for crudeprotein, alanine, aspartic acid, glutamic acid, isoleucine,leucine, and serine. However, for glycine, histidine,phenylalanine, proline, threonine, tyrosine, and valine, theR2val values were >0.83 and RPD values were nearly equalto or >2.0. For crude fat, total starch, arginine, and lysine,the R2val values were >0.70 and RPD values were >1.5. NIRS is a rapid determination tool for foxtail milletbreeding, and for quality control.

Latest Pleistocene crustal cannibalization at Baekdusan (Changbaishan) as traced by oxygen isotopes of zircon from the Millennium Eruption

Cheong, Albert Chang-sik,Sohn, Young Kwan,Jeong, Youn-Joong,Jo, Hui Je,Park, Kye-Hun,Lee, Youn Soo,Li, Xian-Hua Elsevier 2017 Lithos Vol.284 No.-

<P><B>Abstract</B></P> <P>The silicic volcanism of Baekdusan (Changbaishan), which is on the border between North Korea and China, was initiated in the Late Pleistocene and culminated in the 10th century with a powerful (volcanic explosivity index=7) commendite–trachyte eruption commonly referred to as the “Millennium Eruption.” This study presents oxygen isotope data of zircon in trachydacitic pumices ejected during the Millennium Eruption, together with whole-rock geochemical and Sr–Nd–Pb isotopic data that manifest once again the A-type and EM1 affinities of the Millennium Eruption magma. The zircon crystals, dated by previous studies at ca. 12–9ka, show a moderate inter-grain variation in δ<SUP>18</SUP>O from 3.69‰ to 5.03‰. These values are consistently lower than the normal mantle range, and interpreted to have resulted from the digestion of meteoric-hydrothermally altered intracaldera rocks in the shallow magma chamber beneath Baekdusan just prior to the crystallization of the zircons, rather than from derivation from low-δ<SUP>18</SUP>O sources deep in the mantle. The whole-rock geochemical/isotopic considerations suggest that the magma mainly self-cannibalized the earlier erupted volcanic carapace around the magma chamber. This study highlights the usefulness of zircon oxygen isotopes for characterizing past volcanic activity that has now been commonly eroded away and implies that the generation of Yellowstone-type low-δ<SUP>18</SUP>O magma is not a rare phenomenon in large-volume silicic eruptions.</P> <P><B>Highlights</B></P> <P> <UL> <LI> O isotopes of zircons from the Baekdusan Millennium Eruption were analyzed. </LI> <LI> The zircons yielded δ<SUP>18</SUP>O values consistently lower than the mantle range. </LI> <LI> These low values indicate an involvement of hydrothermally altered intracaldera rocks. </LI> <LI> Low-δ<SUP>18</SUP>O magmas may have been produced commonly in large-volume silicic eruptions. </LI> </UL> </P> <P><B>Graphical abstract</B></P> <P>[DISPLAY OMISSION]</P>

Separation of arenols from a low-temperature coal tar by liquid-liquid extraction

Hua-Shuai Gao,Zhi-Min Zong,Zheng Yang,Dao-Guang Teng,Xiu-Hua Sun,Li Yan,Xian-Yong Wei,Qing-Jie Guo,Tian-Sheng Zhao,Hong-Cun Bai 한국화학공학회 2020 Korean Journal of Chemical Engineering Vol.37 No.5

Low-temperature coal tar (LTCT) is a sticky liquid mixture produced mainly from coal pyrolysis, which contains various value-added chemicals (VACs). Liquid-liquid extraction is considered as one of the green and effective ways to explore the organic composition and separate the VACs from LTCT. Herein, petroleum ether, methanol, and carbon disulfide were used to extract arenols from a LTCT. As a result, the relative content and absolute content of arenols extracted from the LTCT are ca. 96.3% and 85.9%, respectively. Among them, p-cresol is predominant, accounting for 22.2%. The isolated contents of arenols are up to 84.6%. Moreover, a kilogram-scale operation was carried out under the same conditions, which offers a potential application in industrial production.

Antioxidant Flavone Glycosides from the Root of Pteroxygonum giraldii

Li, Bao-Lin,Yang, Zhan-Jun,Jiang, Lin-Ling,Zhang, Xi-Quan,Gu, Hong-Mei,Wang, Hui-Chun,Tian, Xian-Hua Korean Chemical Society 2009 Bulletin of the Korean Chemical Society Vol.30 No.7

Two new flavone glycosides, giraldiin A and B, together with three known compounds, annulatin, myricetin 3-O-$\alpha$- L-rhamnopyranoside and gallic acid, were isolated from the ethanol extract of the root of Pteroxygonum giraldii Damm. et Diels. The structures of giraldiin A and B are designated as 3'-($\alpha$-L-arabinopyranosyloxy)-4',5,5',7- tetrahydroxy-3-methoxyflavone and 4'-($\beta$-D-glucopyranosyloxy)-5,5',7-trihydroxy-2',3-dimethoxyflavone, respectively, on the basis of detailed spectroscopic analyses. The free radical scavenging activity of giraldiin A was evaluated by decolouring spectrophotometry of pentamethine cyanine dye (Cy5) with $Fe^{2+}-H_2O_2$ Fenton radical generating system. The results indicated the hydroxyl free radical scavenging activity of giraldiin A (E$D_{50}$ = 23.7 nmol/mL) is higher than that of some known antioxidants such as rutin, puerarin, daidzein and 2,6-di-tertbutyl-4-methylphenol.

Physiological character and molecular mapping of leaf-color mutant wyv1 in rice (Oryza sativa L.)

Xian-chun Sang,Li-kui Fang,Yuenyong Vanichpakorn,Ying-hua Ling,Peng Du,Fang-ming Zhao,Zheng-lin Yang,Guang-hua He 한국유전학회 2010 Genes & Genomics Vol.32 No.2

The seed of an excellent indica restorer line Jinhui10 (Oryza sativa L. ssp. indica) was treated by ethyl methanesulfonate (EMS); a leaf-color mutant displaying distinct phenotype throughout development grown in paddy field was identified from the progeny. The mutant leaf showed white-yellow at seedling stage and then turned to yellow-green at tillering stage, after that, virescent color appeared until to maturity. The mutant was thus temporarily designed as wyv1. The chlorophyll contents decreased significantly and the changing was consistent with the chlorotic level of wyv1 leaves. Chlorophyll fluorescence kinetic parameters measured at the seedling stage showed that co-efficiency of photochemical quenching (qP),actual photosystem II efficiency (ΦPS II), electron transport rate (ETR) and initial chlorophyll fluorescence level (Fo), net photosynthetic rate (Pn) and maximum photochemical efficiency (Fv / Fm) significantly decreased in severe chlorotic leaf of the mutant compared with that of wild type. However,no significant differences were observed for Pn and Fv/Fm between virescent leaf and normal green leaf. Genetic analysis suggested that the mutant phenotype was controlled by a single recessive nuclear gene which was finally mapped between SSR marker Y7 and Y6 on rice chromosome 3 based on F2 population of Xinong1A / wyv1. Genetic distances were 0.06 cM and 0.03 cM respectively, and the physical distance was 84kb according to the sequence of indica rice 9311. The results must facilitate map-based cloning and functional analysis of WYV1 gene.

Epirubicin Inhibits Soluble CD25 Secretion by Treg Cells Isolated from Diffuse Large B-cell Lymphoma Patients

Li, Lan-Fang,Wang, Hua-Qing,Liu, Xian-Ming,Ren, Xiu-Bao Asian Pacific Journal of Cancer Prevention 2013 Asian Pacific journal of cancer prevention Vol.14 No.3

Objective: To investigate the effect of epirubicin on soluble CD25 (sCD25) secretion by CD4+CD25+ regulatory T (Treg) cells isolated from diffuse large B-cell lymphoma (DLBCL) patients. Methods: Treg cells were isolated from the peripheral blood mononuclear cells isolated from the newly diagnosed DBLCL patients. The concentration of sCD25 in the supernatant was determined with a commercial sCD25 (IL-2R) enzyme-linked immunosorbent assay (ELISA) kit. The fluorescence intensity of CD25 was detected by flow cytometry. Results: Cell survival rate was significantly decreased along with the increase of epirubicin concentration after treatment for 24 h. There was also a significant difference in the concentration of sCD25 between the epirubicin group and the control group (P<0.01). A positive correlation between the Treg cells survival rate and the concentration of sCD25 was detected (r=0.993, P<0.01). When equal numbers of CD4+CD25+ Treg cells of the epirubicin group and the control group were cultured for another 24 h without epirubicin the CD25 fluorescence intensity on the surface of Treg cells was obviously higher in the epirubicin group than that in the control group (P<0.01), while the sCD25 concentration in the supernatant in the epirubicin group was significantly lower than that in the control group (P<0.05). Conclusion: Epirubicin may improve the body's immune functions by inhibiting the sCD25 secretion by Treg cells in DLBCL patients.

Contextual Bag-of-Words for Visual Categorization

Teng Li,Tao Mei,In-So Kweon,Xian-Sheng Hua IEEE 2011 IEEE transactions on circuits and systems for vide Vol.21 No.4

<P>Bag-of-words (BOW), which represents an image by the histogram of local patches on the basis of a visual vocabulary, has attracted intensive attention in visual categorization due to its good performance and flexibility. Conventional BOW neglects the contextual relations between local patches due to its Naïve Bayesian assumption. However, it is well known that contextual relations play an important role for human beings to recognize visual categories from their local appearance. This paper proposes a novel contextual bag-of-words (CBOW) representation to model two kinds of typical contextual relations between local patches, i.e., a semantic conceptual relation and a spatial neighboring relation. To model the semantic conceptual relation, visual words are grouped on multiple semantic levels according to the similarity of class distribution induced by them, accordingly local patches are encoded and images are represented. To explore the spatial neighboring relation, an automatic term extraction technique is adopted to measure the confidence that neighboring visual words are relevant. Word groups with high relevance are used and their statistics are incorporated into the BOW representation. Classification is taken using the support vector machine with an efficient kernel to incorporate the relational information. The proposed approach is extensively evaluated on two kinds of visual categorization tasks, i.e., video event and scene categorization. Experimental results demonstrate the importance of contextual relations of local patches and the CBOW shows superior performance to conventional BOW.</P>

Effects of graphite additives in electrolytes on the microstructure and corrosion resistance of Alumina PEO coatings

Guo-Hua Lv,Huan Chen,Wei-Chao Gu,Wen-Ran Feng,Li Li,Er-Wu Niu,Xian-Hui Zhang,Si-Ze Yang 한국물리학회 2009 Current Applied Physics Vol.9 No.3

In the present work, graphite grains of different sizes were added into the electrolyte to prepare ceramic coatings on aluminum by plasma electrolytic oxidation (PEO). Scanning electron microscopy (SEM) coupled with an energy dispersive X-ray analysis system (EDX), Raman spectroscopy and X-ray diffractometer (XRD) were used to characterize the coatings. A three-electrode system was used to evaluate the corrosion performances of the coatings in a 3.5 wt.% NaCl solution. It was found that the morphology and corrosion performance of the coatings were significantly influenced by the size of the graphite grains. Compared with bigger graphite grains, finer ones were involved in the oxidation process and embedded within the ceramic coatings, which made the coatings less porous and more compact. Thus, the corrosion resistance of the coatings with embedded graphite grains was greatly improved. In the present work, graphite grains of different sizes were added into the electrolyte to prepare ceramic coatings on aluminum by plasma electrolytic oxidation (PEO). Scanning electron microscopy (SEM) coupled with an energy dispersive X-ray analysis system (EDX), Raman spectroscopy and X-ray diffractometer (XRD) were used to characterize the coatings. A three-electrode system was used to evaluate the corrosion performances of the coatings in a 3.5 wt.% NaCl solution. It was found that the morphology and corrosion performance of the coatings were significantly influenced by the size of the graphite grains. Compared with bigger graphite grains, finer ones were involved in the oxidation process and embedded within the ceramic coatings, which made the coatings less porous and more compact. Thus, the corrosion resistance of the coatings with embedded graphite grains was greatly improved.