A few days ago, the CSRC spokesperson Gao Li said at a press conference of the CSRC that the CSRC and the public security organs have recently uncovered a number of major cases of market manipulation. At present, relevant personnel are suspected of manipulating Nanling Civil Explosion , Jinchuang Group , and Haozhi Electromechanical Stock Price Cases have made significant progress .
It is worth noting that , who previously broke the news and reported other people’s market manipulation on the Weibo , claimed to be a “hero” in combating stock market crimes, and has been involved in the case of _span _span. Was arrested by the public security organs.
Since the beginning of this year, the China Securities Regulatory Commission has repeatedly emphasized that it will continue to adhere to the "zero tolerance" work policy. always regards the protection of the interests of investors, especially small and medium investors, as the starting point and foothold of capital market supervision . In the next step, the China Securities Regulatory Commission will consolidate and improve the coordination mechanism with the public security and judicial organs to severely crack down on false information disclosure, financial fraud, and market manipulation in the name of market value management and other vicious and criminal activities.
three cases of market manipulation investigation of this case there has been progress
According to Gao Li introduced,Since the beginning of this year, the China Securities Regulatory Commission has used the Coordination Working Group on Combating Capital Market Illegal Activities as a platform and special law enforcement actions as the starting point to further deepen law enforcement cooperation with the public security and judicial organs. Illegal and criminal activities .
Recently, following the investigation of Shi and others manipulating the stock price of Zhongyuan Home Furnishing and , the Securities Regulatory Commission and the public security organs rely on the clue joint research and judgment mechanism, combined with the exchange to monitor and discover the situation. Initiate joint investigations of a number of vicious market manipulation cases in accordance with the law, and as a key case in the special law enforcement action of the China Securities Regulatory Commission in 2021, we will focus on the deployment of forces, strengthen law enforcement cooperation, and accelerate case breakthroughs. At present, relevant personnel are suspected of manipulating the Nanling Civil Bombing and other cases have made significant progress.
According to investigations, from August 2020 to December 2020, Liu Mouye group controlled dozens of securities accounts by means of stock allocation and entrusted wealth management, suspected of using centralized funds and holding shares Advantages such as continuous trading and other means manipulated Nanling's explosive stocks, and illegally made tens of millions of yuan; Ye Mou actively provided relevant help and suggestions in order to manipulate the market when he knew that Liu Mouye and others manipulated the price of Nanling's explosive stocks. Create favorable conditions and seek illegal benefits.
Since 2019, the Liu Moulong group and the Yan Mou group have been suspected of manipulating the stock prices of Jinchuang Group and Haozhi Electromechanical through continuous trading and reverse . The amount involved is huge. The investigation also found that Individual employees in individual institutions are suspected of using their positions to facilitate the transfer of benefits and manipulating groups .
"In view of the violations of the above-mentioned personnel meeting the standards for criminal prosecution, I will transfer clues to the relevant cases to the public security organs in accordance with the law. Recently, the China Securities Regulatory Commission has cooperated with the public security organs to carry out joint actions to manipulate the market in three cases in one fell swoop The main suspected criminals in the case were arrested and brought to justice.” Gao Li said.
It is worth mentioning that Yemou among the suspected criminals was Ye Fei who broke the news that Zhongyuan Home was suspected of manipulating stock prices in May. On May 13 this year, Ye Fei publicly broke the news that the A-share listed company Zhongyuan Home Furnishing found the ordering party in the name of "market value management". He acted as an intermediary to match the order, but the ordering party relied on the account afterwards. While exposing relevant evidence, he also named Litong Electronics and other companies.
On May 16, the China Securities Regulatory Commission initiated investigations into the case of suspected manipulation of the stock prices of Zhongyuan Home Furnishing and Litong Electronics. On July 23, the China Securities Regulatory Commission in a regular press conference The latest development of the case was notified.
At that time, the relevant person in charge of the China Securities Regulatory Commission stated that the China Securities Regulatory Commission had cooperated with the public security organs to carry out joint operations and had arrested and brought several major suspected criminals in Guangdong, Beijing, Hebei and other places in one fell swoop. Related investigation work has been fully launched.
the SFC website screenshot
clear market value management and market manipulation border
Today,Following the arrest of Ye Fei, a "heritor" who reported that many listed companies were suspected of manipulating stock prices, the "pseudo-market value management" in a gray area has once again attracted market attention, and at the same time it has ushered in more stringent supervision.
uses the market value management as a basis for manipulating the market and insider trading. The use of "pseudo market value management" to obtain illegal benefits is the focus of the SFC's long-term crackdown1 s It severely disrupts the fairness and order of the capital market, severely interferes with the functioning of the capital market, seriously damages the legitimate rights and interests of investors, and is not conducive to the improvement of the quality of listed companies.
The Securities Regulatory Commission stated that all parties in the market should form a correct understanding of market value management. There is a clear boundary and essential difference between market value management in compliance with laws and regulations and market manipulation and other violations. To correctly grasp the legal boundaries of the market value management of listed companies, we should strictly abide by the "three red lines" and "three principles":
"three red lines" _strong11 including strong information about listed companies is strictly prohibited: _strong11 , Must not control the pace of information disclosure, and must not disclose selective information or false information to deceive investors; second, it is strictly forbidden to conduct insider trading or manipulate stock prices to obtain illegal benefits and disrupt the "three public" order of the capital market; third, it is strictly forbidden to harm the interests of listed companies And the legitimate rights and interests of small and medium investors.
"Three Principles" includes: First, the subject is qualified.The subject of market value management must be a listed company or other qualified subject permitted by law. Unless expressly authorized by laws and regulations, controlling shareholders, actual controllers, directors, supervisors, and other subjects may not implement market value management in their own name. The second is the real name of the account. Accounts for direct securities transactions must be real-name accounts of listed companies or other entities permitted by law. The third is full disclosure. Information must be truthfully, accurately, complete, timely, and fairly disclosed in accordance with current regulations. Information must not be manipulated, and there must be no drawer agreement.
At the same time, the China Securities Industry Association, China Futures Association, China Association of Listed Companies and China Securities Investment Funds Association jointly released "Management Proposal", issued a nine-point proposal to all listed companies and their controlling shareholders, actual controllers, directors, supervisors, and securities, fund and futures operating institutions and their practitioners. includes reverence for the market, reverence for the rule of law, reverence for professionalism, reverence Investors, strengthen cultural construction, improve corporate governance, etc. .
Regarding how to further crack down on such violations, Guo Ruiming, deputy director of the Listing Department of the Securities Regulatory Commission, said that will further build comprehensive monitoring, high-efficiency investigations, multi-departmental collaboration, and three-dimensional tracking. Responsible comprehensive law enforcement system strictly cracks down on violations of laws and regulations such as market manipulation in the name of market value management.
"On the one hand,Adhere to the ‘zero tolerance’ policy, pay close attention to market dynamics, account linkage, and abnormal transactions, crack down on market manipulation, insider trading and other illegal activities, strengthen the connection of executions, and strengthen law enforcement deterrence. On the other hand, adhere to the principles of marketization and rule of law, improve the relevant information disclosure system , further improve market transparency and effectiveness, and actively create a policy environment conducive to long-term value enhancement for listed companies. "Guorui Ming added.
always keep the pressure up law enforcement
" of the three cases is the SFC and the Police The organized crimes of market manipulation that have been seized by the agencies reflect the collusion between manipulating gangs, capital intermediaries, market brokers, and the “black mouths” of the stock market. These cases have been cracked down by the China Securities Regulatory Commission in recent years with “zero tolerance”. Focus on types of violations. Gao Li said at the press conference earlier.
Zhu Yiyi, a lawyer at Guohao Lawyers (Shanghai), said that market manipulation has seriously undermined the order of the capital market and infringed the legitimate rights and interests of investors. It will "zero tolerance" to crack down on a number of major cases of market manipulation that have been uncovered, releasing strong supervision signals for such violations of the capital market, which will help prevent and resolve related financial risks and purify the market ecology.
In recent years,The regulatory authorities have further stepped up efforts to crack down on illegal and criminal activities in the capital market . On July 9, the data disclosed by the China Securities Regulatory Commission showed that as of July 9 this year, since 2020, the China Securities Regulatory Commission has initiated 90 market manipulation investigations and 160 insider trading cases, accounting for 52% of the new cases in the same period; There were 176 administrative penalties for market manipulation and insider trading cases, with a total fines of more than 5 billion yuan; 41 clues to suspected market manipulation crimes and 123 insider trading cases were transferred to the public security organs, accounting for 76% of the total number of transferred cases, and criminal suspects were transferred 330 people.
On September 18, the Procuratorate of the Supreme People’s Procuratorate in the China Securities Regulatory Commission was inaugurated and established to further promote the overall improvement of capital market law enforcement and criminal justice The convergence has strengthened the joint force in cracking down on illegal and criminal securities, and once again released a clear signal of "zero tolerance" for illegal and criminal acts in the capital market.
It is understood that in the next step, the Securities Regulatory Commission will continue to implement the "Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the law", and earnestly implement the requirements of the first meeting of the Working Group on Combating Illegal Activities in the Capital Market. Consolidate and improve the coordination mechanism with the public security and judicial authorities, give full play to the joint efforts of all parties, always maintain a high-pressure situation in law enforcement, and severely crack down on false information disclosure and financial fraud, market manipulation in the name of market value management, insider trading and other vicious illegal criminal activities , Persist in full-coverage monitoring, full-chain crackdowns, and full-scale accountability, vigorously urge all parties in the market to abide by the law, effectively protect the legitimate rights and interests of investors, and maintain the healthy and stable development of the capital market.
Source: Economic Daily
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