According to an administrative punishment decision recently updated on the CSRC website, the CSRC has filed a case for investigation and trial of Hu Kan's manipulation of Zhejiang Meilun Elevator Co.Ltd(603321) shares, decided to confiscate Hu Kan's illegal income of 9.7 million yuan and impose a fine of 29.11 million yuan.
According to the investigation of the CSRC, from January 24, 2019 to February 13, 2019, Hu Kan controlled the use of "Ye" and other 27 securities accounts borrowed from Chen (hereinafter referred to as account group) to trade " Zhejiang Meilun Elevator Co.Ltd(603321) ".
From January 24, 2019 to February 13, 2019, the account group continuously traded " Zhejiang Meilun Elevator Co.Ltd(603321) ". The number of shares traded in the account group accounted for an average of 20.08% of the market trading volume of the shares, of which the turnover accounted for more than 15% in 9 trading days and more than 20% in 6 trading days. The turnover accounted for the highest on January 28, reaching 30.1%. The proportion of circulating shares held by the account group in the circulating share capital of the share reached an average of 4.38%, including more than 5% in four trading days. On January 31, the proportion of circulating shares held by the account group reached a peak of 8.87%.
The CSRC disclosed that from January 24, 2019 to January 31, 2019, the main trading method of the account group was centralized purchase, and large orders were reported to increase the share price. On January 24, the account group began to push up the share price, holding 0 shares at the beginning of the period and 2085100 shares on the same day. On January 31, the account group held 10295231 shares, reaching the peak. During this period, the account group applied for 52760800 shares in the continuous bidding stage, of which 39555400 shares were applied for at least the selling price, accounting for 74.97% of the number of account group applications in the continuous bidding stage, and 23285108 shares were applied for at least the selling price, accounting for 20.52% of the total market turnover. From January 24 to January 31, the share price of " Zhejiang Meilun Elevator Co.Ltd(603321) " rose by 28.28%, and the Shanghai Composite Index rose by 0.14% over the same period, deviating by 28.14 percentage points. From February 1 to February 13, 2019, the main trading method is to continuously report and sell after raising the stock price within a day, so as to quickly complete the shipment. On February 1, the account group held 5679733 shares. On February 13, all the account groups were sold. From February 1 to February 13, the share price of " Zhejiang Meilun Elevator Co.Ltd(603321) " fell by 2.05% and the Shanghai Composite Index rose by 5.28% over the same period, deviating by 7.33 percentage points.
The CSRC determined that during the period involved, the account group had the behavior of influencing the stock trading price by means of reverse, false declaration, intraday limit, intraday lifting, reverse trading and so on.
From January 24, 2019 to February 13, 2019, the account group transaction " Zhejiang Meilun Elevator Co.Ltd(603321) " purchased 39708715 shares in total, with a purchase transaction amount of 336034488.63 yuan, sold 39708715 shares in total, and a sales transaction amount of 346296369.02 yuan. After calculation, the profit of the account group is 9703791.85 yuan.
The CSRC believes that Hu Kan's above actions constitute manipulation of the securities market.
(China Securities Journal · China Securities Network)
