Home » Ye Fei’s report became clear!Manipulating gangs were arrested and brought to justice, the hidden rules for manipulating stock prices are trembling | China Securities Regulatory Commission | Zhongyuan Home Furnishing | Stock Price_ Sina News

Ye Fei’s report became clear!Manipulating gangs were arrested and brought to justice, the hidden rules for manipulating stock prices are trembling | China Securities Regulatory Commission | Zhongyuan Home Furnishing | Stock Price_ Sina News

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Original title: Ye Fei’s report came to light!Manipulating gangs were arrested and brought to justice. The unspoken rules for stock price manipulation are shaking

Two months ago, the big V Ye Fei made the sentence “fish die and net broke” and disclosed to the public that Zhongyuan Home Furnishing was suspected of manipulating stock prices.

After the incident, the China Securities Regulatory Commission quickly filed a case for investigation. Finally, today, Shi and other manipulating gangs were arrested and brought to justice.

On July 23, the China Securities Regulatory Commission notified the latest development of the “Report by Ye Fei”! Shi and others manipulated the stock prices of “Zhongyuan Home Furnishing” and “Litong Electronics” with a transaction amount of more than 3 billion yuan. They were suspected of constituting a market manipulation crime and have been transferred to the public security organs for criminal responsibility.

After seeing the aforementioned report from the China Securities Regulatory Commission, Ye Fei told the media, “The law is fair, and the China Securities Regulatory Commission must enforce the law strictly and investigate violations of the law. This gave me a sigh of relief.”

  Shi and others manipulate the market

  Transaction amount reached3 billionSuspected of criminal history, a certain manipulating group was arrested and brought to justice

According to a report from the China Securities Regulatory Commission, since the initiation of the investigation procedures for the suspected manipulation of the stock prices of “Zhongyuan Household” and “Litong Electronics” in the relevant accounts on May 16 this year, the inspection department of the China Securities Regulatory Commission has stepped up its investigation work and made significant progress.

From September 2020 to May 2021, Shi and others manipulated gangs to control dozens of securities accounts, and used continuous trading, reversal and other illegal methods to raise the stock prices of “Zhongyuan Home” and “Litong Electronics”, with a transaction amount of more than 30 The relevant behavior has reached the standard for prosecution of criminal cases and is suspected of constituting a crime of market manipulation. The investigation also found that individual personnel of relevant financial institutions were suspected of bribery crimes by non-state employees.

The China Securities Regulatory Commission transferred the above-mentioned suspected criminal cases and clues to the public security organs for further investigation of criminal responsibility.

Recently, the China Securities Regulatory Commission has cooperated with public security organs to carry out joint operations, arresting and bringing to justice a number of suspected criminals in Guangdong, Beijing, Hebei and other places in one fell swoop, and related investigations have been fully launched.

Gao Li said that market manipulation severely undermines the principle of “three equity” in the market and seriously infringes on the legitimate rights and interests of investors, and must be resolutely cracked down. In response to market manipulation cases, the China Securities Regulatory Commission further strengthened the comprehensive analysis and judgment of clues, strengthened the coordination of administrative and criminal law enforcement, and resolutely found one, strictly and promptly re-investigated one according to law, and resolutely transferred the suspected crime to the public security organ. In the next step, the China Securities Regulatory Commission will resolutely implement the “Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law” jointly issued by the Central Committee and the State Council, strengthen cooperation with public security agencies, and make full use of the “Securities Law” and “Criminal Law Amendments.” (11)” legal empowerment, accelerate the handling of cases, and continue to purify the market ecological environment.

  Who is Ye Fei?

  6Manipulated years ago5Stocks have been fined2600Dowan

In May, Ye Fei reported that Zhongyuan Home Furnishing manipulated the stock price, kicking off the hidden rules of listed companies to manipulate the stock price.

“The other party paid less than 10% of the deposit. At the beginning, they said that they would lock the warehouse on behalf of the guarantee and give the deposit, and the price rose by more than 30%. As a result, not only was it not locked, but it was shipped directly to us without paying the deposit.” Through Weibo, Ye Fei publicly bombarded Zhongyuan Home Furnishings and Panfang for “settlement and reliance”, and revealed that he had brought in public fund managers and brokerage asset managers, but became a successor.

On the evening of May 13, Zhongyuan Household urgently issued a clarification announcement, stating that it had not entrusted the company’s related parties to purchase the company’s stock and carry out “market value management.” As soon as the company responded, Ye Fei broke the news to continue to upgrade.

In the early morning of May 14, Ye Fei released news that the first recording of the Zhongyuan Home Furnishing incident was released that day. The data probably still has several hundred Gs, involving listed companies, brokerages, public offerings, private placements, and brokerage asset management in the chain. . In addition to Zhongyuan Home Furnishing, he also named Visionox and Haozhi Electromechanical, and threatened that the company has many more.

What kind of circle does the market value management of listed companies have? Why are you being exposed to black and eating black? If big Vs, brokerage firms, and private equity conspire to manipulate stock prices, what kind of routines are there? Although there are multiple suspicions in the incident, industry insiders told the Beijing News Shell Finance reporter that it is not uncommon for listed companies to manage market value in the industry, and multi-party participation in this game often ends up just like a feather.

First of all, who is Ye Fei?

Ye Fei, a financial blogger with more than one million fans, was once known as the “representative of private grassroots private equity.” In 1994, he entered the capital market with 20,000 yuan.

Public information shows that Ye Fei is a trader of private equity funds. He won the first place in the China Stock Market Civil Expert Competition in 2007. He has appeared in major media as a special financial and securities lecturer. Yitian Investment was established in 2010, and Ye Fei served as the company’s general manager, starting the path of private equity fund wealth management. After 4 years, he resigned from the position of general manager of Yitian Investment. In August 2020, he withdrew from the position of legal representative and the company’s senior management personnel filed. Zhang Wenke became the new legal representative.

On May 14, the Shell Finance reporter found through the China Foundation Association’s inquiry that Ye Fei’s Yitian Investment had been cancelled by the Association on May 24, 2019. Ye Fei was not seen in the list of private equity fund managers.

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The reporter saw that the official website of Etian Investment still recorded his “brilliant record”. In 2015, the Etian Yali No. 3 Fund managed by Ye Fei reached 351% in the first half of the year, making it the semi-annual champion of the National Sunshine Private Equity Fund. However, in the year when Ye Fei ushered in a bright moment, a series of “black box operations” also dragged him off the altar.

In September 2015, the China Securities Regulatory Commission notified that from May 13 to June 30, 2015, Ye Fei manipulated “Xinwei Group” and “Jinxi Axle” by means of continuous purchases at the end of the market with the advantage of concentrated funds. The prices of 5 stocks including “Jianghuai Automobile”, “Automobile” and “Zhongqingbao” totaled more than 26 million yuan.

In August 2016, the China Securities Regulatory Commission notified the enforcement of the special inspection of private equity funds in the first half of 2016. Ye Fei and its subsidiary Yitian Investment appeared on the list of administrative supervision measures, and Ye Fei was the only one notified in this special inspection. Individuals who take regulatory measures.

In the next few years, Ye Fei went to court with clients because he promised to lose money by speculating in stocks. The reporter combed and saw that some of his property had been frozen by the court, the company was required to rectify by the supervisory authority, and I was also interviewed by the supervisory authority.

  How to play?

  Major shareholders reduce their holdings and cash out to find someone to take overPrivate placement“Guarantee price” closed20%Margin

Ye Fei stated in the “condemnation” that at the end of March, the market value manager of Zhongyuan Home Furnishing Co., Ltd. found him through several intermediaries, and asked for funds to cooperate with the lock-up, and the lock-up held the guarantee on behalf of the deposit, and the market rose by 30%. the above. After he found public fund managers and brokerage asset managers to buy this stock, the stock went on a “horrified” market, and it fell by 30% in three days.

The reporter combed through the video file released by Ye Fei on May 14 and saw that the whole process involved a lot of intermediaries, including at least five intermediaries, including Ye Fei, but the stocks continued to fall, and the intermediaries refused to take responsibility. “They were very sincere at the time, saying they bought 15 million. And they didn’t say to receive the goods from start to finish, and promised 7 points.”

The so-called market value management is the manipulation of stock prices in the capital market. Industry insider Wang Lei (pseudonym) told reporters that it is a common phenomenon in the industry for listed companies to conduct market value management, and many public and private offerings will be offered to others. However, this method of Zhongyuan Home Furnishing is still a relatively clumsy gameplay in the ecological chain.

“Usually when the major shareholders of listed companies want to reduce their holdings and cash out, they will introduce the so-called market value management team to find private equity and public offerings to achieve cooperation, so as to prevent the stock price from falling too much.” Zhang Qing (a pseudonym) from the industry told the Shell Finance reporter that the listed company This kind of gameplay is mainly worried that no one will pick up when the major shareholder sells the stock, and may face a decline in the stock price or even a limit, so someone needs to support it.

According to Zhang Qing, the best solution for major shareholders to reduce their holdings is through block transactions, which are received by public offerings and then locked, but such transactions will be discounted. Therefore, a common practice in the industry is to find some private equity, and the two parties agree to first pull up the stock to a suitable point, which is usually 20% or 30% of the time.

“People who do this kind of thing are stragglers, and one person has many accounts.” Zhang Qing told Shell Finance reporter that this kind of operation logic is not complicated, “I’m looking for you to do market value management, and you say you can buy one. 100 million, then I have to verify the capital and see that you do have money and an account, and then give you a deposit. Normally, after you receive the goods, you have to take a screenshot of me or I see from the shareholder register that you have indeed taken over, and then give You hold the fee and so on.”

The margin is generally around 20%. For example, Zhang Qing said that if one party wants to deliver 30 million yuan, a 6 million yuan deposit must be paid. “When I ship, you have to pick it up. After receiving it, you can leave or stay to digest the chips in the market. When you wash out the chips, the transaction is complete.”

In this regard, Wang Lei said that the fees for helping listed companies to manage market value vary depending on the quality and liquidity of the specific target, which is probably between 5% and 20%.

  Is it common to eat black?

  Participants are more difficult to speak“Wu De” “Someone received a deposit, and the stock price reached10%Just ran away”

According to industry insiders, the circle of market value management is very small and the risks are high.

“Sometimes, the intermediary finds several institutions to enter, among which may involve rat warehouses. Some people are not firm. As soon as you pull the stock price, it ran away. For example, when everyone agrees to increase the price by 30%, some people will ship the goods. After receiving the deposit, it may be pulled up to 10% and then ran away.” Zhang Qing said that when the parties ship more frequently or concentrated, it is easy to form a stampede, causing some people to lose a lot, and then they will seek compensation from the major shareholders.

For the participants, Zhang Qing introduced that although there are public and private placements, there are more private placements. Generally, public offerings will be held for a period of time after participation. For traders of public offerings, it means a huge amount of gray income.

“If you are a public offering trader, I will let you receive a ticket, and I will give you a deposit of 15% and 20%. The trader may collect the money through relatives and friends.” Zhang Qing said frankly that the deposit guarantees that the other party will basically not lose money. , The major shareholders sometimes promise to make the bottom line, but in reality, most of the results are just like chicken feathers. “If you lose, he won’t make up for you, and you don’t dare to ask for it, because the incident itself is not compliant.”

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“This is something you can’t get on the table. There are many risks and uncertainties in the entire chain, and some rely on trust.” He said that some private equity does not emphasize martial arts, and it is common to not accept orders after receiving a deposit. . “The deposit will not be refunded. This is also a scam. You may even say that you have lost money and ask you for money.”

Industry insiders pointed out that most of the targets for stock price manipulation have the characteristics of small total market value and poor liquidity. For example, a 2 billion plate of small and medium stocks trades 8 million per day.

According to Zhang Qing, Xu Xiang once belonged to a big-time figure in the circle, and he can generally support it with strong funds, and he can also cooperate in-depth with listed companies. For example, a stock sells for ten yuan, and with the cooperation of the good news of the listed company, it can be pulled up to fifty or sixty yuan, igniting the sentiment of retail investors and then shipping. “Small private equity is relatively a one-shot deal, with short-term benefits in the middle, and even said, I took it today, and it’s almost possible to leave tomorrow.” Zhang Qing said.

In fact, the regulator’s attitude is very clear. On May 14th, in response to the incident, the CSRC spokesperson said that on May 13th, the Shanghai Stock Exchange started investigating related accounts and issued a “Letter of Supervision Work” to the company in the afternoon of the same day, requesting the company to conduct a self-inspection. Disclose relevant information truthfully. The dispatched agency of the China Securities Regulatory Commission has interviewed the company and related parties and initiated the verification process. A spokesperson for the China Securities Regulatory Commission stated that “zero tolerance” for market manipulation and insider trading in the name of market value management will be severely investigated and dealt with in accordance with the law, and those suspected of crimes will be promptly transferred to the public security organs.

“Now that the supervision is strict, there are relatively few similar phenomena. Everyone is in a conservative and cautious state, and they are beginning to transform. And many people in the circle are playing hacks, either they are out of money, or they are triangle debts. You owe me money, and I owe him. Money and so on.” Zhang Qing said that with strict regulations, including restrictions on holdings reduction, the current market will develop towards a positive trend.

  Ye Fei broke the news and pulled out4Brokerage

  “Lying Gun” self-operated and asset management business

As the “market value management” incident of Zhongyuan Home Furnishing continued to ferment, four securities companies including Shenwan Hongyuan, Tianfeng Securities, Minsheng Securities and Hengtai Securities and related personnel were successively involved. Although the latter three brokerages have all denied this, brokerage stocks continued to diverge throughout the day on May 17, and the stock prices of the companies involved, Tianfeng Securities and Shenwan Hongyuan, both fell. Among them, Tianfeng Securities led the decline of brokerage stocks. 3.85%, Shenwan Hongyuan shares fell 3.11%. A reporter from the Beijing News noted that securities companies were involved in the self-operated business and asset management business of direct-referred securities firms.

Behind the manipulation of stock prices is the “stepping on thunder” of the brokerage’s self-operated business and asset management business. Among the securities firms involved, the financial report of Tianfeng Securities shows that in 2020, the self-operated business will continue to grow steadily and remain the main source of revenue, achieving operating income of 1.9 billion yuan, a year-on-year increase of 38.16%. In 2020, the company’s asset management business achieved revenue of 873 million yuan, an increase of 12.60% year-on-year, and the scale of entrusted client funds for the asset management business was 150.267 billion yuan.

Similar to Tianfeng Securities, in recent years, proprietary and asset management businesses have become more prominent among the five major business segments of securities firms. At the same time, many industry insiders said that self-operated business has become a watershed in the performance of securities firms. The asset management business is also experiencing the same trend of differentiation. Li Xing, chief market analyst at Yuekai Securities Research Institute, said that as of April 23, 2021, 25 listed securities firms disclosed the total scale of assets under management in 2020, totaling 6.3 trillion yuan, a year-on-year decrease of 13%. Specifically, the overall asset management scale of leading brokerage firms remained relatively stable, and some small and medium-sized brokerage firms experienced a larger decline.

Securities industry veteran Wang Jianhui said that among the five major sectors of the securities industry, brokerage, investment banking and other businesses are mainly divided according to market share, and the business is relatively stable. For proprietary business, if the judgment of the institution is consistent with the direction of market operation, related business development The effect is good. If it is judged that it is not able to lead the market, the related performance will lag behind.

“In the first quarter, the market adjusted, and the adjustment time exceeded the expectations of some institutions. The market operation direction is different from the previous judgment.” Wang Jianhui said, “Under the situation of relatively tidy market conditions, self-operated business has therefore become a watershed in the performance of securities firms. In addition. It also shows that the homogeneity of the brokerage industry’s business has not fundamentally changed, especially for small and medium-sized brokerages.”

According to industry insiders, the self-operated business of small and medium brokerage firms is relatively highly dependent on individual traders or teams. That is, if a small and medium brokerage company has a good trader or team, its performance in this field will be more outstanding, and if the trader or team performs abnormally, the business will fluctuate significantly.

For the asset management business, the management methods of the securities firm’s asset management business and public funds, including some private funds, need more differentiation. At present, the asset allocation and operating philosophy of the former are different from the latter two, but the overall lack of characteristics. “At present, the asset management business of the brokerage firm is still focusing on the scale of the investment, and the management fee charged by the management base is enlarged as the main source of income.”

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The Matthew effect in the brokerage industry has continued to strengthen. Wang Jianhui believes that small and medium brokerages have the possibility of overtaking on these two business lines. “If small and medium-sized brokerages really have a good talent training mechanism and internal distribution mechanism, and can continuously introduce outstanding individuals and teams, they can maintain a unique position in self-operated business.”

  Manipulation of the market becomes the worst-hit area for violations

  “Enchanted” trading now has a new way to play

Weibo big V Ye Fei broke the news and unveiled the tip of the iceberg in market value management. The list of companies suspected of manipulating stock prices has been updated, and supervision continues to shine.

On May 16, the China Securities Regulatory Commission announced that in response to recent media reports that related parties were suspected of conspiring to commit illegal acts and other issues, based on the exchange’s verification, the China Securities Regulatory Commission decided to file a case on the relevant accounts for suspected manipulation of the stock prices of Litong Electronics, Zhongyuan Home Furnishing, etc. survey. This is the second time the SFC has responded to this matter within three days.

Market manipulation has become the hardest hit area for violations of laws and regulations in the securities market, and it is also the focus of supervision. The Beijing News Shell Finance reporter sorted out and saw that in 2020, the China Securities Regulatory Commission issued 96 fines, 10 fines for manipulation of the securities market, and the manipulated stocks involved Yuetai shares, Zhengping shares, etc. Among them, there are private equity institutions manipulating the number of stocks up to 10.

In addition, for the entire year of last year, the second, third, and fourth fines of the China Securities Regulatory Commission for confiscated amounts were all cases of securities market manipulation, and the fines were all over 200 million yuan. Among them, Wu Lianmo was confiscated in the case of manipulation of “Karid” 513 million yuan.

Market manipulation is usually manifested as improper trading behaviors that affect market transaction prices and transaction volumes, and interfere with the formation of normal prices. Common manipulation techniques include continuous trading, agreed transactions, and transactions between accounts that they actually control (commonly known as “rights”). ”), false declarations, etc.

Shell Finance reporter sorted out and noticed that most of the market manipulation cases involved the above-mentioned tactics, which are generally referred to as transactional manipulation. In addition, information-based manipulation is also a method that has gradually increased in recent years. It refers to the fact that actors release misleading information by controlling the timing, content, and rhythm of information release, which affects investors’ trading decisions, thereby affecting market prices and trading volume. It generally includes tactics such as hat-grabbing transactions, bewitching transactions, major event manipulation, and manipulation using information superiority.

The reporter sorted out and saw that Wu Lianmo’s manipulation of the “Kay Ruide” case involved both transaction-based manipulation and information-based manipulation. As the actual controller and chairman of the listed company, Wu Lianmo uses his own identity to control the release of a series of favorable information to raise the stock price, and uses the capital advantage to continue buying and selling, reverse transactions, and borrow other accounts including 33 HOMOS sub-accounts. During the trading of Kairuide stock, a total profit of 85,321,900 yuan was obtained.

The “No. 1 ticket” issued by the China Securities Regulatory Commission in 2021 is also a market manipulation case. Xiong Mochang and Wu Guorong controlled 196 accounts to manipulate “Warburg Pincus”. During the manipulation, the account group lost 324 million yuan, and the China Securities Regulatory Commission imposed a total of 3.9 million yuan on the two.

A reporter from Shell Finance and Economics combed through his manipulation techniques and saw that Wu Guorong used 196 securities accounts under his control to take advantage of capital and shareholding advantages, using intraday continuous trading, and trading securities between accounts he actually controlled. “Ping shares” affects the stock trading price and volume.

The Supreme People’s Procuratorate and the China Securities Regulatory Commission pointed out that with the development of the securities market, the professionalism and concealment of market manipulation has increased significantly, and the manipulation methods have been renovated. The newly revised Securities Law and related judicial interpretations have further clarified common manipulation methods, lowered the conviction standard, and comprehensively increased the punishment. Judicial authorities must accurately understand the changes in the methods and means of manipulative securities crimes, and in accordance with the provisions of the law and judicial interpretations, severely investigate all kinds of behaviors that manipulate securities trading prices and trading volumes, and endanger the order of the securities market.

Fan Linbo of the Administrative Punishment Committee of the China Securities Regulatory Commission pointed out that the characteristics of the penalties imposed by the China Securities Regulatory Commission on manipulation of the securities market include: Situations continue to emerge; the number of accounts controlled and used by the parties is stable, but the account structure is becoming more complicated.

In market manipulation cases, the accounts used by the parties often include the accounts of others. At the same time, another tendency is that the parties begin to gradually use trust product accounts and asset management accounts that are conducive to hiding the real investor background and have capital leverage to implement manipulation. In addition, due to the high profits of manipulation, some parties have repeatedly performed manipulations, and some people have been transferred to Hong Kong, China for cross-border manipulation after being punished by the China Securities Regulatory Commission.

At present, the determination of the control relationship, the subjective intention of manipulation, and the impact of manipulation on the price and volume of securities transactions are all key issues for administrative penalties imposed by the regulatory authorities. Among them, it is a difficult problem to prove the influence of the party’s behavior on the price of securities. The CSRC generally adopts the idea of ​​comparison and determination, which is to compare the changes in the price of the securities involved with other reference objects.

Fan Linbo believes that in practice, there are many factors that affect the price and volume of securities, including macro factors, industry factors, issuer fundamentals, market sentiment, individual stock price and other technical reasons, and even the reputation of the parties themselves will also affect the price of securities. The amount has an impact.

Editor in charge: Zhu Xuesen SN240

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