Popular:Yaxia car Hengli Industry LeTV Internet Café
Published on 2018-11-02 12:17:41 Share it web version
                        Wang Fatong manipulated the stock price and was fined 1.389 billion yuan by the Securities and Futures Commission.
Source: Securities Times Author: Chen Wenbin editor: dongfangcaifuwang

The CSRC announced the administrative penalty decision, penalizing Wang Fatong’s actions in controlling the shares of Rutong, Qingyuan and Yazheng. The total amount of illegal gains from Wang Fatong was 346 million yuan and a fine of 1.043 billion yuan was imposed.

K map 603036_1

K map 603628_1

K map 603389_1

China Securities Regulatory Commission Administrative Punishment Decision (Wang Fatong)

[2018] 104

Party: Wang Fatong, male, born in December 1967, residential address: Ruian City, Zhejiang Province.

Pursuant to the relevant provisions of the Securities Law of the People's Republic of China (hereinafter referred to as the "Securities Law"), I will manipulate the shares of Jiangsu Rutong Petroleum Machinery Co., Ltd. (hereinafter referred to as Rutong) and Qingyuan Technology (Xiamen). The company's (hereinafter referred to as Qingyuan) and Yazheng Home Furnishing Co., Ltd. (hereinafter referred to as Yazheng Home) stocks were investigated and tried, and the parties were informed of the facts, reasons, basis and parties for making administrative punishments. The rights enjoyed by law. At the request of the parties, I will hold a hearing and listen to his statement and defense. After review, I will re-notify according to law. The parties did not apply for a hearing and statement and defense. The case has been investigated and the trial has ended.

It has been found that Wang Fatong has the following illegal facts:

I. Wang Fatong controls the use of securities accounts

Securities account trading terminal hardware information (IP, MAC, hard disk serial number, order mobile phone number), capital transactions, witness testimony and other evidence shows that 314 securities accounts such as "Xie Mou" are closely related and controlled by Wang Fatong. . Wang Fatong used 344 securities accounts such as “Xie Mou” to use his own funds and fund-raising funds to manipulate the prices of “Rutong Shares”, “Qingyuan Shares” and “Ya Zhen Home” in Shanghai and other places.

Second, Wang Fatong manipulated the price of "Rutong shares"

During the period from January 3 to March 14, 2017, Wang Fatong controlled the use of 227 securities accounts in 344 securities accounts, concentrated on shareholding advantages and capital advantages, and continuously traded “Rutong shares” and in its actual A large number of transactions between the controlled securities accounts are “Rutong Shares” and the price of “Rutong Shares” is manipulated.

(1) Manipulation process

From January 3 to January 17, 2017, the account team involved bought 2,991,416 shares of “Rutong Shares” and sold 1,228,912 shares. On January 17, 2017, it held 1,762,504 shares of “Rutong Shares”, accounting for 0.87% of the total share capital, accounting for 3.47% of the non-restricted shares, and holding the stock market value of RMB 36,378,082.56.

From January 18th to February 15th, 2017, the account team involved bought 45,843,378 shares of “Rutong Shares” and sold 17,766,633 shares. On February 15, 2017, it held 29,839,249 shares of “Rutong Shares”, accounting for 14.67% of the total share capital, accounting for 58.69% of the non-restricted shares, and holding the stock market value of 1,101,963,465.57 yuan. During the period, the closing price of “Rutong Shares” rose from 20.64 yuan to 36.93 yuan, an increase of 78.92%. In the same period, the Shanghai Composite Index rose by 3.35%, and the deviation from the Shanghai Composite Index was 75.57%.

From February 16 to March 14, 2017, the account team involved bought 21,096,712 shares of “Rutong Shares” and sold 50,935,961 shares.

(2) Manipulation means

1. Capital advantage

From January 3 to March 14, 2017, the account group involved in the "Rutong shares" has a total of more than 20 million yuan in 27 trading days, more than 50 million yuan in 19 trading days, more than 100 million yuan There are 9 trading days. On February 22, 2017, the transaction amount reached a maximum of 207.523 million yuan.

2, shareholding advantage

From January 3 to March 14, 2017, the account group holding “Rutong Shares” accounted for more than 10% of the non-restricted shares outstanding for 26 trading days, more than 20% of the 24 trading days, more than 30 % has 22 trading days, more than 40% have 20 trading days, more than 50% have 14 trading days, and the highest proportion on February 10, 2017 reaches 59.07%.

3. Continuous trading

During the 46 trading days from January 3 to March 14, 2017, the account group had traded “Rutong Shares” (accounting for 93.48%) for 43 trading days, and the transaction volume accounted for 13.69% of the market turnover. There are 27 trading days with more than 10%, 18 trading days with more than 20%, 3 trading days with more than 30%, and 1 trading day with more than 40%. On February 9, 2017, the transaction volume accounted for the highest proportion of market turnover of 40.15%.

4. Trading between securities accounts that you actually control

The account group involved trading 10,488,915 shares of “Rutong Shares” between the actual controlled securities accounts on 29 trading days, and the number of “Rutong Shares” traded between the actual controlled securities accounts accounted for more than 5% of the market turnover on the day. There are 9 trading days, more than 10% have 3 trading days, and the highest proportion on February 9, 2017 is 22.12%.

In addition, the account group involved in the case of early, intraday and late trading prices.

(3) Manipulation results

The closing price of “Rutong Shares” rose from 24.49 yuan on December 30, 2016 to 35.64 yuan on March 14, 2017, an increase of 45.53%. The highest increase during the period was 133.16%, and the amplitude was 202.12%.

The account team involved bought 69,931,506 shares from January 3 to March 14, 2017, with a purchase amount of 2,372,556,771.58 yuan, 69,931,506 shares sold, and a sales amount of 2,723,582,034.47 yuan. The remaining shares were zero. In accordance with the FIFO method and deducting taxes and fees, Wang Fatong manipulated the price of “Rutong Shares” for a profit of 346,324,980.52 yuan.

Third, Wang Fatong manipulated the price of "Qingyuan shares"

During the period from February 20 to May 11, 2017, Wang Fatong controlled the use of 229 securities accounts in 344 securities accounts, concentrated on shareholding advantages and capital advantages, and continuously traded “Qingyuan shares” and controlled them. A large number of transactions between the securities accounts "Qingyuan shares", the price of "Qingyuan shares".

(1) Manipulation process

From February 20 to April 14, 2017, the account team involved bought 75,930,729 shares of “Qingyuan Shares” and sold 58,607,275 shares. On April 14, 2017, it held 17,267,154 shares of “Qingyuan Shares”, accounting for 6.31% of the total share capital, accounting for 25.23% of the non-restricted shares, and holding the stock market value of 743,350,979.70 yuan. During the period, the closing price of “Qingyuan Shares” rose from 20.44 yuan to 43.05 yuan, an increase of 110.62%. In the same period, the Shanghai Composite Index rose by 1.37%, and the deviation from the Shanghai Composite Index was 109.25%.

From April 17 to May 11, 2017, the account team involved purchased 1,424,800 shares of “Qingyuan Shares” and sold 17,925,954 shares.

(2) Manipulation means

1. Capital advantage

There are 29 trading days for the account group to buy "Qingyuan shares" worth more than 10 million yuan, 20 trading days for more than 50 million yuan, and 10 trading days for more than 100 million yuan.

2, shareholding advantage

The account group holding “Qingyuan Shares” accounted for more than 10% of the non-restricted shares in circulation, with 32 trading days, and the highest proportion on March 30, 2017 reached 28.64%.

3. Continuous trading

During the 52 trading days from February 20 to May 11, 2017, the account group in the case had traded “Qingyuan Shares” (accounting for 96.15%) in 50 trading days, and the transaction volume accounted for 7.97% of the market turnover. There are 27 trading days in which the turnover accounts for more than 10%, 14 trading days in more than 15%, 7 trading days in more than 20%, and 1 trading day in more than 30%. On April 10, 2017, the transaction volume accounted for the highest proportion of market turnover of 30.75%.

4. Trading between securities accounts that you actually control

The account group involved in the case had 31 trading days to trade "Qingyuan shares" between the actual controlled securities accounts, a total of 10,041,195 shares, and the number of "Qingyuan shares" traded between the actual controlled securities accounts accounted for more than 5 of the market volume on the day. % has 7 trading days, and the highest proportion on April 13, 2017 reached 10.06%.

In addition, the account group involved in the case of early, intraday and late trading prices.

(3) Manipulation results

The closing price of “Qingyuan Shares” rose from 20.44 yuan on February 17, 2017 to 43.05 yuan on April 14, an increase of 110.62%. From April 25 to May 11, 2017, the closing price of “Qingyuan Shares” rose by 39.24%, with an amplitude of 134.43%.

The account team involved held zero shares of “Qingyuan Shares” from February 20 to May 11, 2017. During the period, it bought 77,355,529 shares, the purchase amount was 2,612,056,110.25 yuan, and 76,533,229 shares were sold during the period. The selling amount was 2,527,266,518.09 yuan. According to the FIFO method and deducting taxes and fees, Wang Fatong manipulated the actual loss of “Qingyuan Shares” at a price of RMB 79,240,003.28 and the remaining shares at the end of the period of 766,000 shares. As of May 11, 2017, the book value of the held shares was RMB 11,019,899.65.

Fourth, Wang Fatong manipulated the price of “Ya Zhen Home”

During the period from February 20 to June 1, 2017, Wang Fatong controlled the use of 261 securities accounts in 344 securities accounts, concentrated on shareholding advantages and capital advantages, and continuously traded “Ya Zhen Home” and controlled it. A large number of transactions between the securities accounts "Ya Zhen Home", manipulate the price of "Ya Zhen Home".

(1) Manipulation process

From February 20 to February 21, 2017, the account team involved bought 7,792,124 shares of “Ya Zhen Home” and sold 1,198,300 shares. On February 21, 2017, it held 6,593,824 shares of “Ya Zhen Home”, accounting for 3.01% of the total share capital, accounting for 12.04% of the non-restricted shares, and holding the stock market value of RMB 168,340,326.72. During the period, the closing price of “Ya Zhen Home” rose from 22.10 yuan to 25.53 yuan, an increase of 15.52%. In the same period, the Shanghai Composite Index rose by 1.59%, and the deviation from the Shanghai Composite Index was 13.93%.

From February 22 to March 2, 2017, the account team involved bought 2,419,801 shares of “Ya Zhen Home” and sold 8,491,655 shares. On March 2, 2017, 521,970 shares of “Ya Zhen Home” were held, accounting for 0.24% of the total share capital and 0.95% of the non-restricted shares.

From March 3 to April 14, 2017, the account team involved bought 46,055,528 shares of “Ya Zhen Home” and sold 34,391,323 shares. On April 14, 2017, it held 12,186,175 shares of “Ya Zhen Home”, accounting for 5.57% of the total share capital, accounting for 22.26% of the non-restricted shares, and holding the stock market value of 427,978,466 yuan. The closing price of “Ya Zhen Home” rose from 24.41 yuan to 35.12 yuan, an increase of 43.88%. In the same period, the Shanghai Composite Index rose 0.50%, and the deviation from the Shanghai Composite Index was 43.38%.

From April 17 to June 1, 2017, the account team involved bought 1,742,026 shares of “Ya Zhen Home” and sold 13,888,701 shares.

(2) Manipulation means

1. Capital advantage

There are 29 trading days for the account group to buy "Ya Zhen Home" for more than 20 million yuan, 15 trading days for more than 50 million yuan, and 3 trading days for more than 100 million yuan.

2, shareholding advantage

The account group accounted for 28 trading days, which accounted for more than 10% of non-restricted shares. There were 12 trading days for more than 20%, and the highest ratio was 22.94% for March 31, 2017.

3. Continuous trading

During the 69 trading days from February 20 to June 1, 2017, the account group had “Asian Home” (accounting for 84.06%) in 58 trading days, and the transaction volume accounted for 7.24% of the market turnover. There are 23 trading days in which the turnover accounts for more than 10%, 5 trading days in more than 20%, and 1 trading day in more than 30%. On April 18, 2017, the transaction volume accounted for the highest proportion of market turnover reached 38.56%.

4. Trading between securities accounts that you actually control

The account group involved trading 7,579,023 shares of “Ya Zhen Home” between the actual controlled securities accounts in 39 trading days. The number of “Ya Zhen Home” traded between the actual controlled securities accounts accounted for more than 5% of the market volume on the day. There are 3 trading days, more than 10% have 2 trading days, and the highest proportion on April 13, 2017 is 14.23%.

In addition, the account group involved has the situation of pulling up the opening price and the intraday share price.

(3) Manipulation results

The closing price of “Ya Zhen Home” rose from 22.10 yuan on February 17, 2017 to 35.12 yuan on April 14, an increase of 58.91%, and the highest increase during the period was 69.05%.

The account team involved held zero shares of “Ya Zhen Home” from February 20 to June 1, 2017. During the period, it bought 58,009,479 shares, the purchase amount was 1,801,618,494.10 yuan, and 57,969,979 shares were sold during the period. The selling amount was 1,724,177,786.07 yuan. According to the FIFO method and deducting taxes and fees, Wang Fatong manipulated the actual loss of “Ya Zhen Home” at a price of RMB 79,121,451.27, and held 39,500 shares at the end of the period. As of June 1, 2017, the book value of the held shares was RMB 27,733.40.

The above facts have relevant securities account trading terminal hardware information (IP, MAC, hard disk serial number, order mobile phone number), securities account data, bank account information, securities account transaction data, relevant personnel query transcripts, exchange-related data information and other evidence Proof is enough to identify.

In summary, Wang Fatong used capital advantages, shareholding advantages, continuous trading and a large number of transactions between the securities accounts he actually controlled, such as “Rutong Shares”, “Qingyuan Shares” and “Ya Zhen Home”, violating the Securities Law. The provisions of Paragraphs 1 and 3 of the first paragraph of Article 77 constitute the act of manipulating the securities market as described in Article 203 of the Securities Law.

The parties and their agents put forward in the hearing and statement defense: First, Wang Fatong used multiple accounts to trade "Rutong shares", "Qingyuan shares" and "Ya Zhen Home", but Wang Fatong was not subjectively Deliberately manipulate the above stocks. In addition, Wang Fatong believes that “Rutong Shares” has a high investment value and decided to purchase the above-mentioned stocks in large quantities, which is a normal market behavior. As for the above stocks, the stock price fluctuates due to the large purchase of Wang Fatong. Second, Wang Fatong’s manipulation of 227 securities accounts does not coincide with the existence of objective facts, which leads to the determination of the amount of profit and the actual number of securities accounts being controlled incorrectly. Third, the illegal income did not deduct the amount of the loss, and requested to determine the illegal income according to the actual profit of Wang Fatong. Fourth, the party’s manipulation is a first-time offender, and the request is punishable by double the illegal income.

I would think: First, the subjective deliberateness of manipulation. Wang Fatong used the capital allocation intermediary to use 227, 229 and 261 securities accounts respectively, using the shareholding advantage, capital advantage, continuous trading and large amount of transactions between the controlled securities accounts, such as “Rutong Shares” and “Qingyuan Shares”. The three stocks of "Ya Zhen Home" have affected the price and trading volume of the above stocks, misled the investment decisions of other investors, disrupted the order of the securities market, and violated the first paragraph of Article 77 of the Securities Law. The provisions of the third paragraph constitute the situation described in Article 203 of the Securities Law, which is sufficient to determine that Wang Fatong manipulated the price of “Rutong Shares”, “Qingyuan Shares” and “Ya Zhen Home”.

Second, regarding account control relationships. All accounts have transaction terminal hardware information (IP, MAC, hard disk serial number or mobile phone number, etc.) coincidence, capital exchanges (third-party depository bank funds directly or indirectly from or to Wang Fa copper and its family members), Two types of evidence supporting the identification of self-identified evidence (witness testimony, party statement, fund-raising agreement, mobile phone screen capture, etc.) are supported by two or more types of evidence. According to statistics, 344 households have 316 households with hardware information overlap (including 69 households using mobile phone numbers), 258 accounts with funds related to accounts, and 263 households with self-identified evidence; For the two types of evidence, there are 230 accounts with hardware information overlap and capital account associations. There are 270 accounts with hardware information overlap and there are self-identified evidence. There are funds related to each other and 212 for self-identified evidence. Households; 184 households satisfying the three types of evidence at the same time. In summary, 344 accounts, including 101 accounts that the parties did not recognize, were controlled by Wang Fatong. The facts were clear and the evidence was sufficient.

Third, the calculation of illegal income. In this case, Wang Fatong handled a total of three stocks, and each manipulation was independent. Therefore, the illegal income should also be calculated independently.

Fourth, regarding the magnitude of the penalty. Wang Fatong used 344 securities accounts to manipulate three stocks. The illegal gains were huge and the behavior was bad, which seriously disrupted the order of the securities market and seriously damaged the interests of investors. I will fully consider the facts, nature, circumstances and social harm of the parties' illegal acts and make administrative punishments.

In summary, I will not accept the above arguments.

According to the facts, nature, plot and social harm of Wang Fatong's illegal acts, according to the provisions of Article 203 of the Securities Law, I will decide:

1. For Wang Fa copper to manipulate the price behavior of “Rutong Shares”, confiscate the illegal income of 346,324,980.52 yuan and impose a fine of 1,038,974,941.56 yuan;

2. A fine of 2,000,000 yuan will be imposed on Wang Fatong’s manipulation of the price of “Qingyuan Shares”;

3. A fine of 2,000,000 yuan was imposed on Wang Fadong’s manipulation of the price of “Ya Zhen Home”.

In summary, the confiscation of Wang Fatong’s illegal proceeds was 346,324,980.52 yuan and a fine of 1,042,974,941.56 yuan.

The above-mentioned parties shall, within 15 days from the date of receipt of this penalty decision, send the fines and confiscations to the China Securities Regulatory Commission (finance remittance account), the bank of deposit: CITIC Bank Head Office Sales Department, account number: 711101018800000162, by the bank Directly handed over to the state treasury, and sent a copy of the payment certificate with the name of the party to the China Securities Regulatory Commission Inspection Bureau for the record. If the party is dissatisfied with this penalty decision, it may apply to the China Securities Regulatory Commission for administrative reconsideration within 60 days from the date of receipt of the penalty decision letter, or directly to the jurisdiction within 6 months from the date of receipt of the penalty decision letter. The people’s court of the right filed an administrative lawsuit. During the reconsideration and litigation, the above decision will not be suspended.

China Securities Regulatory Commission

October 30, 2018

(Article source: Securities Times)

Published on 2018-11-02 12:17:57
                            it is good
Published on 2018-11-02 12:17:57
                            Lying
Published on 2018-11-02 12:18:01
Published on 2018-11-02 12:18:01
                            Ok!
Published on 2018-11-02 12:18:03
                            That!
Published on 2018-11-02 12:18:05
                            it is good
Published on 2018-11-02 12:18:13
                            Hahaha.
Published on 2018-11-02 12:18:14
                            Who is this person?
Published on 2018-11-02 12:18:14
                            Beautiful work
Published on 2018-11-02 12:18:14
                            Read
Published on 2018-11-02 12:18:15
                            Good to do well
Published on 2018-11-02 12:18:15
                            Good punishment
Published on 2018-11-02 12:18:16
                            Punished well, murdered fucking
Published on 2018-11-02 12:18:16
                            Really rich
Published on 2018-11-02 12:18:16
                            awesome
Published on 2018-11-02 12:18:18
                            Can
Published on 2018-11-02 12:18:24
                            it is good
Published on 2018-11-02 12:18:24
                            Who is he
Published on 2018-11-02 12:18:25
                            like
Published on 2018-11-02 12:18:25
                            can not read it
Published on 2018-11-02 12:18:26
                            Big heart
Published on 2018-11-02 12:18:26
                            Shocked, earned more than 300 million
Published on 2018-11-02 12:18:26
                            Who is so rich?
Published on 2018-11-02 12:18:27
                            Great
Published on 2018-11-02 12:18:28
                            Who is the penalty money?
Published on 2018-11-02 12:18:29
Published on 2018-11-02 12:18:30
                            Niubi
Published on 2018-11-02 12:18:30
                            Should be severely punished
Published on 2018-11-02 12:18:31
                            like
Comment on this topic
The post is gone! How to do?
Author: You will not be publishedlog in |5 seconds registration Author:, welcome to leave a messagedrop out |Post a new topic
                Tip: All information, comments, etc. published by users in the community represent only personal opinions, and have nothing to do with the position of this website, and do not constitute any investment advice for you. Users should make their own decisions on securities investment and bear the corresponding risks based on their own independent judgment."Review of Self-discipline Management Commitment"
Source: Securities Times Author: Chen Wenbin editor: dongfangcaifuwang

The CSRC announced the administrative penalty decision, penalizing Wang Fatong’s actions in controlling the shares of Rutong, Qingyuan and Yazheng. The total amount of illegal gains from Wang Fatong was 346 million yuan and a fine of 1.043 billion yuan was imposed.

K map 603036_1

K map 603628_1

K map 603389_1

China Securities Regulatory Commission Administrative Punishment Decision (Wang Fatong)

[2018] 104

Party: Wang Fatong, male, born in December 1967, residential address: Ruian City, Zhejiang Province.

Pursuant to the relevant provisions of the Securities Law of the People's Republic of China (hereinafter referred to as the "Securities Law"), I will manipulate the shares of Jiangsu Rutong Petroleum Machinery Co., Ltd. (hereinafter referred to as Rutong) and Qingyuan Technology (Xiamen). The company's (hereinafter referred to as Qingyuan) and Yazheng Home Furnishing Co., Ltd. (hereinafter referred to as Yazheng Home) stocks were investigated and tried, and the parties were informed of the facts, reasons, basis and parties for making administrative punishments. The rights enjoyed by law. At the request of the parties, I will hold a hearing and listen to his statement and defense. After review, I will re-notify according to law. The parties did not apply for a hearing and statement and defense. The case has been investigated and the trial has ended.

It has been found that Wang Fatong has the following illegal facts:

I. Wang Fatong controls the use of securities accounts

Securities account trading terminal hardware information (IP, MAC, hard disk serial number, order mobile phone number), capital transactions, witness testimony and other evidence shows that 314 securities accounts such as "Xie Mou" are closely related and controlled by Wang Fatong. . Wang Fatong used 344 securities accounts such as “Xie Mou” to use his own funds and fund-raising funds to manipulate the prices of “Rutong Shares”, “Qingyuan Shares” and “Ya Zhen Home” in Shanghai and other places.

Second, Wang Fatong manipulated the price of "Rutong shares"

During the period from January 3 to March 14, 2017, Wang Fatong controlled the use of 227 securities accounts in 344 securities accounts, concentrated on shareholding advantages and capital advantages, and continuously traded “Rutong shares” and in its actual A large number of transactions between the controlled securities accounts are “Rutong Shares” and the price of “Rutong Shares” is manipulated.

(1) Manipulation process

From January 3 to January 17, 2017, the account team involved bought 2,991,416 shares of “Rutong Shares” and sold 1,228,912 shares. On January 17, 2017, it held 1,762,504 shares of “Rutong Shares”, accounting for 0.87% of the total share capital, accounting for 3.47% of the non-restricted shares, and holding the stock market value of RMB 36,378,082.56.

From January 18th to February 15th, 2017, the account team involved bought 45,843,378 shares of “Rutong Shares” and sold 17,766,633 shares. On February 15, 2017, it held 29,839,249 shares of “Rutong Shares”, accounting for 14.67% of the total share capital, accounting for 58.69% of the non-restricted shares, and holding the stock market value of 1,101,963,465.57 yuan. During the period, the closing price of “Rutong Shares” rose from 20.64 yuan to 36.93 yuan, an increase of 78.92%. In the same period, the Shanghai Composite Index rose by 3.35%, and the deviation from the Shanghai Composite Index was 75.57%.

From February 16 to March 14, 2017, the account team involved bought 21,096,712 shares of “Rutong Shares” and sold 50,935,961 shares.

(2) Manipulation means

1. Capital advantage

From January 3 to March 14, 2017, the account group involved in the "Rutong shares" has a total of more than 20 million yuan in 27 trading days, more than 50 million yuan in 19 trading days, more than 100 million yuan There are 9 trading days. On February 22, 2017, the transaction amount reached a maximum of 207.523 million yuan.

2, shareholding advantage

From January 3 to March 14, 2017, the account group holding “Rutong Shares” accounted for more than 10% of the non-restricted shares outstanding for 26 trading days, more than 20% of the 24 trading days, more than 30 % has 22 trading days, more than 40% have 20 trading days, more than 50% have 14 trading days, and the highest proportion on February 10, 2017 reaches 59.07%.

3. Continuous trading

During the 46 trading days from January 3 to March 14, 2017, the account group had traded “Rutong Shares” (accounting for 93.48%) for 43 trading days, and the transaction volume accounted for 13.69% of the market turnover. There are 27 trading days with more than 10%, 18 trading days with more than 20%, 3 trading days with more than 30%, and 1 trading day with more than 40%. On February 9, 2017, the transaction volume accounted for the highest proportion of market turnover of 40.15%.

4. Trading between securities accounts that you actually control

The account group involved trading 10,488,915 shares of “Rutong Shares” between the actual controlled securities accounts on 29 trading days, and the number of “Rutong Shares” traded between the actual controlled securities accounts accounted for more than 5% of the market turnover on the day. There are 9 trading days, more than 10% have 3 trading days, and the highest proportion on February 9, 2017 is 22.12%.

In addition, the account group involved in the case of early, intraday and late trading prices.

(3) Manipulation results

The closing price of “Rutong Shares” rose from 24.49 yuan on December 30, 2016 to 35.64 yuan on March 14, 2017, an increase of 45.53%. The highest increase during the period was 133.16%, and the amplitude was 202.12%.

The account team involved bought 69,931,506 shares from January 3 to March 14, 2017, with a purchase amount of 2,372,556,771.58 yuan, 69,931,506 shares sold, and a sales amount of 2,723,582,034.47 yuan. The remaining shares were zero. In accordance with the FIFO method and deducting taxes and fees, Wang Fatong manipulated the price of “Rutong Shares” for a profit of 346,324,980.52 yuan.

Third, Wang Fatong manipulated the price of "Qingyuan shares"

During the period from February 20 to May 11, 2017, Wang Fatong controlled the use of 229 securities accounts in 344 securities accounts, concentrated on shareholding advantages and capital advantages, and continuously traded “Qingyuan shares” and controlled them. A large number of transactions between the securities accounts "Qingyuan shares", the price of "Qingyuan shares".

(1) Manipulation process

From February 20 to April 14, 2017, the account team involved bought 75,930,729 shares of “Qingyuan Shares” and sold 58,607,275 shares. On April 14, 2017, it held 17,267,154 shares of “Qingyuan Shares”, accounting for 6.31% of the total share capital, accounting for 25.23% of the non-restricted shares, and holding the stock market value of 743,350,979.70 yuan. During the period, the closing price of “Qingyuan Shares” rose from 20.44 yuan to 43.05 yuan, an increase of 110.62%. In the same period, the Shanghai Composite Index rose by 1.37%, and the deviation from the Shanghai Composite Index was 109.25%.

From April 17 to May 11, 2017, the account team involved purchased 1,424,800 shares of “Qingyuan Shares” and sold 17,925,954 shares.

(2) Manipulation means

1. Capital advantage

There are 29 trading days for the account group to buy "Qingyuan shares" worth more than 10 million yuan, 20 trading days for more than 50 million yuan, and 10 trading days for more than 100 million yuan.

2, shareholding advantage

The account group holding “Qingyuan Shares” accounted for more than 10% of the non-restricted shares in circulation, with 32 trading days, and the highest proportion on March 30, 2017 reached 28.64%.

3. Continuous trading

During the 52 trading days from February 20 to May 11, 2017, the account group in the case had traded “Qingyuan Shares” (accounting for 96.15%) in 50 trading days, and the transaction volume accounted for 7.97% of the market turnover. There are 27 trading days in which the turnover accounts for more than 10%, 14 trading days in more than 15%, 7 trading days in more than 20%, and 1 trading day in more than 30%. On April 10, 2017, the transaction volume accounted for the highest proportion of market turnover of 30.75%.

4. Trading between securities accounts that you actually control

The account group involved in the case had 31 trading days to trade "Qingyuan shares" between the actual controlled securities accounts, a total of 10,041,195 shares, and the number of "Qingyuan shares" traded between the actual controlled securities accounts accounted for more than 5 of the market volume on the day. % has 7 trading days, and the highest proportion on April 13, 2017 reached 10.06%.

In addition, the account group involved in the case of early, intraday and late trading prices.

(3) Manipulation results

The closing price of “Qingyuan Shares” rose from 20.44 yuan on February 17, 2017 to 43.05 yuan on April 14, an increase of 110.62%. From April 25 to May 11, 2017, the closing price of “Qingyuan Shares” rose by 39.24%, with an amplitude of 134.43%.

The account team involved held zero shares of “Qingyuan Shares” from February 20 to May 11, 2017. During the period, it bought 77,355,529 shares, the purchase amount was 2,612,056,110.25 yuan, and 76,533,229 shares were sold during the period. The selling amount was 2,527,266,518.09 yuan. According to the FIFO method and deducting taxes and fees, Wang Fatong manipulated the actual loss of “Qingyuan Shares” at a price of RMB 79,240,003.28 and the remaining shares at the end of the period of 766,000 shares. As of May 11, 2017, the book value of the held shares was RMB 11,019,899.65.

Fourth, Wang Fatong manipulated the price of “Ya Zhen Home”

During the period from February 20 to June 1, 2017, Wang Fatong controlled the use of 261 securities accounts in 344 securities accounts, concentrated on shareholding advantages and capital advantages, and continuously traded “Ya Zhen Home” and controlled it. A large number of transactions between the securities accounts "Ya Zhen Home", manipulate the price of "Ya Zhen Home".

(1) Manipulation process

From February 20 to February 21, 2017, the account team involved bought 7,792,124 shares of “Ya Zhen Home” and sold 1,198,300 shares. On February 21, 2017, it held 6,593,824 shares of “Ya Zhen Home”, accounting for 3.01% of the total share capital, accounting for 12.04% of the non-restricted shares, and holding the stock market value of RMB 168,340,326.72. During the period, the closing price of “Ya Zhen Home” rose from 22.10 yuan to 25.53 yuan, an increase of 15.52%. In the same period, the Shanghai Composite Index rose by 1.59%, and the deviation from the Shanghai Composite Index was 13.93%.

From February 22 to March 2, 2017, the account team involved bought 2,419,801 shares of “Ya Zhen Home” and sold 8,491,655 shares. On March 2, 2017, 521,970 shares of “Ya Zhen Home” were held, accounting for 0.24% of the total share capital and 0.95% of the non-restricted shares.

From March 3 to April 14, 2017, the account team involved bought 46,055,528 shares of “Ya Zhen Home” and sold 34,391,323 shares. On April 14, 2017, it held 12,186,175 shares of “Ya Zhen Home”, accounting for 5.57% of the total share capital, accounting for 22.26% of the non-restricted shares, and holding the stock market value of 427,978,466 yuan. The closing price of “Ya Zhen Home” rose from 24.41 yuan to 35.12 yuan, an increase of 43.88%. In the same period, the Shanghai Composite Index rose 0.50%, and the deviation from the Shanghai Composite Index was 43.38%.

From April 17 to June 1, 2017, the account team involved bought 1,742,026 shares of “Ya Zhen Home” and sold 13,888,701 shares.

(2) Manipulation means

1. Capital advantage

There are 29 trading days for the account group to buy "Ya Zhen Home" for more than 20 million yuan, 15 trading days for more than 50 million yuan, and 3 trading days for more than 100 million yuan.

2, shareholding advantage

The account group accounted for 28 trading days, which accounted for more than 10% of non-restricted shares. There were 12 trading days for more than 20%, and the highest ratio was 22.94% for March 31, 2017.

3. Continuous trading

During the 69 trading days from February 20 to June 1, 2017, the account group had “Asian Home” (accounting for 84.06%) in 58 trading days, and the transaction volume accounted for 7.24% of the market turnover. There are 23 trading days in which the turnover accounts for more than 10%, 5 trading days in more than 20%, and 1 trading day in more than 30%. On April 18, 2017, the transaction volume accounted for the highest proportion of market turnover reached 38.56%.

4. Trading between securities accounts that you actually control

The account group involved trading 7,579,023 shares of “Ya Zhen Home” between the actual controlled securities accounts in 39 trading days. The number of “Ya Zhen Home” traded between the actual controlled securities accounts accounted for more than 5% of the market volume on the day. There are 3 trading days, more than 10% have 2 trading days, and the highest proportion on April 13, 2017 is 14.23%.

In addition, the account group involved has the situation of pulling up the opening price and the intraday share price.

(3) Manipulation results

The closing price of “Ya Zhen Home” rose from 22.10 yuan on February 17, 2017 to 35.12 yuan on April 14, an increase of 58.91%, and the highest increase during the period was 69.05%.

The account team involved held zero shares of “Ya Zhen Home” from February 20 to June 1, 2017. During the period, it bought 58,009,479 shares, the purchase amount was 1,801,618,494.10 yuan, and 57,969,979 shares were sold during the period. The selling amount was 1,724,177,786.07 yuan. According to the FIFO method and deducting taxes and fees, Wang Fatong manipulated the actual loss of “Ya Zhen Home” at a price of RMB 79,121,451.27, and held 39,500 shares at the end of the period. As of June 1, 2017, the book value of the held shares was RMB 27,733.40.

The above facts have relevant securities account trading terminal hardware information (IP, MAC, hard disk serial number, order mobile phone number), securities account data, bank account information, securities account transaction data, relevant personnel query transcripts, exchange-related data information and other evidence Proof is enough to identify.

In summary, Wang Fatong used capital advantages, shareholding advantages, continuous trading and a large number of transactions between the securities accounts he actually controlled, such as “Rutong Shares”, “Qingyuan Shares” and “Ya Zhen Home”, violating the Securities Law. The provisions of Paragraphs 1 and 3 of the first paragraph of Article 77 constitute the act of manipulating the securities market as described in Article 203 of the Securities Law.

The parties and their agents put forward in the hearing and statement defense: First, Wang Fatong used multiple accounts to trade "Rutong shares", "Qingyuan shares" and "Ya Zhen Home", but Wang Fatong was not subjectively Deliberately manipulate the above stocks. In addition, Wang Fatong believes that “Rutong Shares” has a high investment value and decided to purchase the above-mentioned stocks in large quantities, which is a normal market behavior. As for the above stocks, the stock price fluctuates due to the large purchase of Wang Fatong. Second, Wang Fatong’s manipulation of 227 securities accounts does not coincide with the existence of objective facts, which leads to the determination of the amount of profit and the actual number of securities accounts being controlled incorrectly. Third, the illegal income did not deduct the amount of the loss, and requested to determine the illegal income according to the actual profit of Wang Fatong. Fourth, the party’s manipulation is a first-time offender, and the request is punishable by double the illegal income.

I would think: First, the subjective deliberateness of manipulation. Wang Fatong used the capital allocation intermediary to use 227, 229 and 261 securities accounts respectively, using the shareholding advantage, capital advantage, continuous trading and large amount of transactions between the controlled securities accounts, such as “Rutong Shares” and “Qingyuan Shares”. The three stocks of "Ya Zhen Home" have affected the price and trading volume of the above stocks, misled the investment decisions of other investors, disrupted the order of the securities market, and violated the first paragraph of Article 77 of the Securities Law. The provisions of the third paragraph constitute the situation described in Article 203 of the Securities Law, which is sufficient to determine that Wang Fatong manipulated the price of “Rutong Shares”, “Qingyuan Shares” and “Ya Zhen Home”.

Second, regarding account control relationships. All accounts have transaction terminal hardware information (IP, MAC, hard disk serial number or mobile phone number, etc.) coincidence, capital exchanges (third-party depository bank funds directly or indirectly from or to Wang Fa copper and its family members), Two types of evidence supporting the identification of self-identified evidence (witness testimony, party statement, fund-raising agreement, mobile phone screen capture, etc.) are supported by two or more types of evidence. According to statistics, 344 households have 316 households with hardware information overlap (including 69 households using mobile phone numbers), 258 accounts with funds related to accounts, and 263 households with self-identified evidence; For the two types of evidence, there are 230 accounts with hardware information overlap and capital account associations. There are 270 accounts with hardware information overlap and there are self-identified evidence. There are funds related to each other and 212 for self-identified evidence. Households; 184 households satisfying the three types of evidence at the same time. In summary, 344 accounts, including 101 accounts that the parties did not recognize, were controlled by Wang Fatong. The facts were clear and the evidence was sufficient.

Third, the calculation of illegal income. In this case, Wang Fatong handled a total of three stocks, and each manipulation was independent. Therefore, the illegal income should also be calculated independently.

Fourth, regarding the magnitude of the penalty. Wang Fatong used 344 securities accounts to manipulate three stocks. The illegal gains were huge and the behavior was bad, which seriously disrupted the order of the securities market and seriously damaged the interests of investors. I will fully consider the facts, nature, circumstances and social harm of the parties' illegal acts and make administrative punishments.

In summary, I will not accept the above arguments.

According to the facts, nature, plot and social harm of Wang Fatong's illegal acts, according to the provisions of Article 203 of the Securities Law, I will decide:

1. For Wang Fa copper to manipulate the price behavior of “Rutong Shares”, confiscate the illegal income of 346,324,980.52 yuan and impose a fine of 1,038,974,941.56 yuan;

2. A fine of 2,000,000 yuan will be imposed on Wang Fatong’s manipulation of the price of “Qingyuan Shares”;

3. A fine of 2,000,000 yuan was imposed on Wang Fadong’s manipulation of the price of “Ya Zhen Home”.

In summary, the confiscation of Wang Fatong’s illegal proceeds was 346,324,980.52 yuan and a fine of 1,042,974,941.56 yuan.

The above-mentioned parties shall, within 15 days from the date of receipt of this penalty decision, send the fines and confiscations to the China Securities Regulatory Commission (finance remittance account), the bank of deposit: CITIC Bank Head Office Sales Department, account number: 711101018800000162, by the bank Directly handed over to the state treasury, and sent a copy of the payment certificate with the name of the party to the China Securities Regulatory Commission Inspection Bureau for the record. If the party is dissatisfied with this penalty decision, it may apply to the China Securities Regulatory Commission for administrative reconsideration within 60 days from the date of receipt of the penalty decision letter, or directly to the jurisdiction within 6 months from the date of receipt of the penalty decision letter. The people’s court of the right filed an administrative lawsuit. During the reconsideration and litigation, the above decision will not be suspended.

China Securities Regulatory Commission

October 30, 2018

(Article source: Securities Times)