Controlling 71 securities accounts and manipulating 4 stocks by various means, with a total profit of more than 200 million yuan... A decision on administrative punishment issued by the CSRC on December 8 revealed a new case of market manipulation. After 70, pan rizhong manipulated four stocks, including " Zhejiang Tiantie Industry Co.Ltd(300587) " " Zhejiang Jiaao Enprotech Stock Co.Ltd(603822) " " Digiwin Software Co.Ltd(300378) " " Tianjin Ringpu Bio-Technology Co.Ltd(300119) ", which constituted the act of "manipulating the securities market". The CSRC confiscated pan rizhong's illegal income of 223 million yuan, imposed a fine of 223 million yuan, and confiscated 446 million yuan.
This case set a new record of fines and confiscations for market manipulation by the CSRC in 2021. According to the statistics of the shell finance reporter of the Beijing News, so far this year, the CSRC has issued a total of 10 tickets for manipulating the securities market, of which 4 tickets have a fine of more than 100 million yuan. Securities market manipulation cases are still the "big ticket" high incidence area of fines issued by the CSRC.
Uncover the secret of manipulation: build a warehouse first, lift it, and then ship it, and conduct a reverse transaction
According to the information released by the CSRC, there are two sources of accounts controlled by Pan rizhong, one is to borrow some securities accounts by himself, and the other is to borrow some securities accounts through capital allocation intermediary, controlling and using 71 securities accounts in total. The number of accounts used to manipulate each stock is more than 30, and the highest is 49.
Pan rizhong's manipulation of the four stocks " Zhejiang Tiantie Industry Co.Ltd(300587) " " Zhejiang Jiaao Enprotech Stock Co.Ltd(603822) " " Digiwin Software Co.Ltd(300378) " " Tianjin Ringpu Bio-Technology Co.Ltd(300119) " is basically the same: centralizing capital advantages, continuous trading with shareholding advantages and trading between accounts under his actual control affect the stock trading price and trading volume, so as to achieve profitability.
Take Zhejiang Tiantie Industry Co.Ltd(300587) as an example, from December 19, 2018 to March 1, 2019, pan rizhong controlled the use of 31 accounts, concentrated capital advantages and shareholding advantages to continuously buy and sell " Zhejiang Tiantie Industry Co.Ltd(300587) ", built warehouses first and then shipped, resulting in a large deviation between " Zhejiang Tiantie Industry Co.Ltd(300587) " stock price and market index.
The period from December 19, 2018 to February 22, 2019 (41 trading days in total) is the stage of position building and lifting. The account group controlled by Pan rizhong bought 9.6383 million shares, with a purchase transaction amount of 206 million yuan, sold 696800 shares and a sales transaction amount of 15.5123 million yuan. For 16 trading days, the number of " Zhejiang Tiantie Industry Co.Ltd(300587) " held by the account group accounted for more than 5% of the total circulating share capital. The number of shares whose purchase price is not lower than the selling price or market price of the account group is 9372500 shares, accounting for 43.10% of the total purchase volume of the account group in the same period; In five trading days, 14813700 shares were reported to be purchased at the limit price. During this period, the share price of " Zhejiang Tiantie Industry Co.Ltd(300587) " rose from 15.84 yuan / share to 27.71 yuan / share, an increase of 74.94%. Over the same period, the gem composite index rose by 12.60% with a deviation of 62.34 percentage points.
After the stock price rose, pan rizhong began to "ship" from February 25 to March 1, 2019 (a total of 5 trading days). The account group bought 2126800 shares, with a purchase turnover of 63.2549 million yuan, sold 11.0684 million shares and a sales turnover of 292 million yuan. During this period, the share price of " Zhejiang Tiantie Industry Co.Ltd(300587) " fell from 27.71 yuan / share to 23.46 yuan / share, down 15.34%. Over the same period, the gem composite index rose by 7.66%, deviating by 23 percentage points.
In addition, pan rizhong also conducted transactions between accounts under his actual control. On January 31, 2019, the inverted volume of account group accounted for 12.14% of the trading volume of Zhejiang Tiantie Industry Co.Ltd(300587) market bidding.
Pan rizhong made a profit of 37.4505 million yuan by affecting the transaction price and volume of " Zhejiang Tiantie Industry Co.Ltd(300587) ".
Pan rizhong manipulated the other three stocks in a similar way to Zhejiang Tiantie Industry Co.Ltd(300587) . He manipulated " Zhejiang Jiaao Enprotech Stock Co.Ltd(603822) ", "300378}" and " Tianjin Ringpu Bio-Technology Co.Ltd(300119) " to make profits of 33.6443 million yuan, 133 million yuan and 19.3742 million yuan respectively.
has no intention of manipulation? CSRC: you can't be exempted because you don't know the law and don't know the law
The CSRC held a hearing on November 12, 2021. During the hearing, pan rizhong and his agent argued that pan rizhong did not have the intention to manipulate the securities market, pan rizhong was not highly educated, did not understand the securities trading rules and relevant laws and regulations, and did not know the trading mode of the stocks involved.
In addition, pan rizhong also argued that his actual profit was much lower than the amount recognized in the prior notice, and the amount of illegal income recognized in the prior notice did not deduct the allocation interest, transaction costs and pan rizhong's losses on other stocks.
After review, the CSRC believes that the parties have the subjective intention to manipulate the market. In order to carry out manipulation, pan rizhong borrowed securities accounts through self borrowing or capital allocation intermediary, controlled and used 71 securities accounts, concentrated capital advantages and shareholding advantages, and used continuous trading, Contrarian and other means to affect the trading price and trading volume of the above four stocks, disturbing the order of the securities market, which is enough to determine that pan rizhong has the intention to manipulate the above four stocks. As the main body of the market, knowing and abiding by the law is the basic requirement; Those who have committed an illegal act cannot be exempted from responsibility because they do not understand the law and do not know the law. Pan rizhong and his agents' ignorance of laws and regulations and the nature of transaction behavior do not constitute a reason for exemption.
The CSRC also proposed that the calculation of illegal income in this case was correct. Illegal income refers to all the income obtained by the parties through manipulation. The illegal income calculated in this case has been deducted from relevant transaction taxes. The illegal income proposed by Pan rizhong and his agent should be deducted from the capital allocation cost, which has no legal basis.
Since the illegal acts took place before the new securities law came into force, finally, according to Article 203 of the securities law of 2005, the CSRC imposed a penalty on Pan rizhong, confiscated a total of 223 million yuan of illegal income from pan rizhong, imposed a fine of 223 million yuan, and confiscated a total of 446 million yuan.
There are large fines for market manipulation cases frequently this year 4 fines and confiscations exceed {1 billion yuan
Pan rizhong's case set a record for the highest amount of fines and confiscations for market manipulation by the CSRC this year.
The shell finance reporter of the Beijing News found that since 2021, cases of manipulating the securities market have still been the "big ticket" high incidence area of fines issued by the CSRC, and RMB 100 million fines have been frequently issued.
According to the reporter's statistics, as of December 9, the CSRC has issued a total of 10 tickets for manipulating the securities market in 2021. Among them, the confiscated amount of four tickets exceeded 100 million yuan.
The latest case of Pan rizhong's market manipulation has the highest amount of fines and confiscations, reaching 446 million yuan. There are also the cases of Zhang Fei and Zhang Xiong manipulating " Shandong Hongyu Agricultural Machinery Co.Ltd(002890) ", gaozongyi manipulating " Lily Group Co.Ltd(603823) " and Gaopeng manipulating " Fujian Jinsen Forestry Co.Ltd(002679) ". The parties in the three cases were fined and confiscated between 110 million yuan and 130 million yuan.
In addition, Chen Shaojun and Huang Zhijun manipulated the " Suzhou Goldengreen Technologies Ltd(002808) " case and were fined and confiscated more than 94 million yuan; Chen Jianming, Xie Jing and Hu Kan were fined and confiscated more than 34 million yuan in the case of manipulating "Zhongchang data".
In fact, the trend of the CSRC gradually increasing punishment for the manipulation of the securities market has already begun to appear. In 2020, according to the statistics of the shell finance reporter of the Beijing News, among all the fines issued by the CSRC, the second, third and fourth in the amount of fines and confiscations were cases of securities market manipulation, and the amount of fines and confiscations in the three cases exceeded 200 million yuan. Among them, Wu lianmo was fined and confiscated a total of 513 million yuan in the case of manipulating "kairuide"; Meng Qingshan and Yang Huixing were fined and confiscated a total of 226 million yuan in the case of manipulating " Meihua Holdings Group Co.Ltd(600873) "; Fujian Xucheng Asset Management Co., Ltd. was fined and confiscated a total of 212 million yuan for manipulating " Yangzhou Yaxingmotor Coach Co.Ltd(600213) " and other ten stocks.
(Beijing News)
