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, and finally today,Shi and other manipulation gangsWas arrested and brought to justice.
7month23On May, 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”, and the transaction amount reached30More than 100 million yuan, suspected of constituting a crime of market manipulation, has been transferred to the public security organs for criminal responsibility.
After seeing the above notification from the China Securities Regulatory Commission, Ye FeiTo the media，“The law is very fair. The Securities Regulatory Commission must enforce the law strictly and investigate violations of the law. This gave me a sigh of relief.”
According to the report of the China Securities Regulatory Commission,Since this year5month16Since the initiation of the investigation procedures for the suspected manipulation of the stock prices of “Zhongyuan Household” and “Litong Electronics” related accounts on Japan, the inspection department of the China Securities Regulatory Commission has stepped up its investigation work and made significant progress.
2020year9Month to2021year5In May, Shi and other manipulating gangs controlled dozens of securities accounts and used illegal methods such as continuous trading and reversal to raise the stock prices of “Zhongyuan Home Furnishing” and “Litong Electronics”. The transaction amount reached30More than 100 million yuan, the relevant behavior has reached the criminal prosecution standards, 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 marketThe principle of “three publics” 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.”(eleven)》’S legal empowerment, accelerate the handling of cases, and continue to purify the market ecological environment.
5month, Ye FeiReportZhongyuan Home FurnishingManipulating stock prices, Kicking off the hidden rules of listed companies manipulating stock prices.
“The other party didn’t pay the deposit10%, At the beginning, it was said that the lock-up was held on behalf of the guarantee, and the margin was raised.30%the above. As a result, not only was it not locked, but it was also shipped directly to us without paying a deposit. Through Weibo, Ye Fei publicly bombarded Zhongyuan Home Furnishing and Panfang for “settlement and repayment”, and revealed that he had brought in public fund managers and brokerage asset managers, but he became a successor.
5month13In the evening of the day, Zhongyuan Household urgently issued a clarification announcement, saying 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.
5month14Early in the morning, Ye Fei announced that the first recording of the Zhongyuan Home Furnishing incident was released that day, and there were probably hundreds of pieces of information.G, Involving listed companies, brokerages, public offerings, private placements, and asset management of brokerages 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 bigV, Brokerage firms, and private equity and other conspiracy to manipulate the stock price, what kind of routine? 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“Representative of private grassroots private equity”,1994Years rely on2Ten thousand yuan entered the capital market.
Public information shows that Ye Fei is a trader of private equity funds.2007Won the first place in the China Stock Market Civil Expert Competition for the year, and appeared in major media as a special lecturer in finance and securities.2010In the year Yitian Investment was established, Ye Fei served as the general manager of the company and started the road of private equity fund wealth management.4Years later, he resigned from the position of general manager of Yitian Investment.2020year8In September, he withdrew from the position of legal representative and the company’s senior management personnel filed, and Zhang Wenke became the new legal representative.
5month14On the day, the Shell Finance reporter found through the China Foundation Association that Ye Fei’s Yitian Investment had already2019year5month24Japan was cancelled by the Association. Ye Fei was not seen in the list of private equity fund managers.
The reporter saw that Etian Investment’s official website still records his“Brilliant record”,2015Etian Yali managed by Ye Fei3No. Fund’s cumulative income in the first half of the year reached351%, Is 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.
2015year9In September, the China Securities Regulatory Commission notified that Ye Feiyu2015year5month13Day to6month30Japan, using the advantages of concentrated funds to buy continuously in the late trading stage, manipulate “Xinwei Group”, “Jinxi Axle”, “Jianghuai Automobile”, “Automobile”, “Zhongqingbao”, etc.5Stock price, total forfeiture2600More than ten thousand yuan.
Arrived2016year8Month, the China Securities Regulatory Commission notified2016In the first half of the year, the private equity fund special inspection law enforcement situation, Ye Fei and its subsidiary Yitian Investment appeared on the list of administrative supervision measures, and Ye Fei was also the only individual notified of the supervision measures in this special inspection.
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 FeizaiThe “Condemnation Article” stated,3At the end of the month, 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.30%the above.After he found public fund managers and brokerage asset managers to buy this stock, this stock went on a “horrified” market, and it fell in three days.30%。
Reporter combing Ye Fei5month14According to the video file released on Japan, the whole process involved a lot of intermediaries, including Ye Fei at least5An intermediary, but the stocks continued to fall, and the intermediaries refused to accept responsibility. “They were very sincere at the time, and they just bought1500Million.And from the beginning to the end did not say to receive the goods, promise7Points. “
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 raise the stock to a suitable point.20%or30%Shipped when.
“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 generally20%about.Zhang Qing gave an example that one party wants to pay3000Ten thousand yuan worth of goods will be sold600Ten thousand yuan of deposit. “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 in market value management are high or low, depending on the specific target quality, liquidity, etc., probably in5%-20%between.
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, which may involve rat warehouses. Some people are not firm. As soon as you pull the stock price, it will run away. For example, everyone agrees to raise the price.30%When it’s time to ship, after someone receives the deposit, it may be pulled10%Just ran away. “Zhang Qing said that when the parties have more frequent or concentrated shipments, 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 pick up a ticket and I will give you15%、20%About the margin. 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, and the major shareholders sometimes promise to make money, but in reality, most of them turn out to be a chicken feather. “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. “
“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, such as a20100 million plates of small and medium stocks are traded at 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.5month14In response to this incident, a spokesperson for the China Securities Regulatory Commission said,5month13On the same day, the Shanghai Stock Exchange started investigating relevant accounts and issued a “Supervisory Work Letter” to the company in the afternoon of the same day, requesting the company to conduct self-inspection and truthfully disclose relevant information. 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
With Zhongyuan Home FurnishingThe “market value management” event continued to ferment, Shenwan Hongyuan, Tianfeng Securities, Minsheng Securities and Hengtai Securities4Securities companies and related personnel have been involved one after another.Although the latter three brokerages have all denied this, but5month17Throughout the day, brokerage stocks continued to diverge, 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’s stock price fell3.11%. 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 are the self-operated business and asset management business of securities companies“Step on thunder.” Among the securities firms involved, Tianfeng Securities’ financial report showed that2020The self-operated business grew steadily in the year, and it was still the main source of revenue, realizing operating income19Billion yuan, a year-on-year increase38.16%。2020The company’s asset management business achieved revenue in the year8.73Billion yuan, a year-on-year increase12.60%, The fund scale of entrusted clients for asset management business is1502.67100 million 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 of2021year4month23day,25Listed brokers disclosed2020The total scale of entrusted management assets, total6.3Trillion yuan, down year-on-year13%. 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.”
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 bigVYe 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.
5month16On the same day, 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 an investigation into the relevant accounts for suspected manipulation of the stock prices of Litong Electronics and Zhongyuan Household. 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 combed and saw that2020The Securities Regulatory Commission issued a total of96There are fines for the main reasons for manipulation of the securities market.10Zhang, the manipulated stocks involve Yuetai shares, Zhengping shares, etc.Among them, there are private equity institutions that manipulate the number of stocks to reach10only.
In addition, for the entire year of last year, the second, third, and fourth fines of the CSRC in terms of fines and forfeitures were all cases of securities market manipulation, and the fines and forfeitures exceeded2100 million yuan, of which, Wu Lianmo was fined and confiscated for manipulating the “Kay Ruide” case5.13100 million yuan.
Market manipulation is usually manifested as improper trading behavior that affects market transaction prices, transaction volume, and interferes with the formation of normal prices. The more common manipulation techniques include continuous trading, agreed trading, and trading between accounts that you actually control (commonly known as“On the contrary”), 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 combed and saw that Wu Lianmo manipulatedThe “Kreide” case involved both transactional manipulation and information manipulation.As the actual controller and chairman of a listed company, Wu Lianmo uses his own identity to control Credder’s release of a series of favorable information to boost the stock price, and uses its capital advantage to continue trading and reverse transactions. Borrowing includes33AHOMOSOther people’s accounts including sub-accounts buy and sell Kairuide stocks, during which a total profit is made8532.19Ten thousand yuan.
2021Issued by the China Securities Regulatory Commission1The ticket number is also a market manipulation case. Xiong Mochang and Wu Guorong control196Individual accounts manipulate “Warburg Pincus”, and the account group loses money during the manipulation period3.24100 million yuan, the total amount of penalties by the China Securities Regulatory Commission390Ten thousand yuan.
The Shell Finance reporter sorted out his manipulation techniques and saw that Wu Guorong used his control196A securities account, taking advantage of capital and shareholding, uses intraday continuous trading, and trades “Warburg Pincus shares” between accounts that they actually control, which 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.
editChen LiReturn to Sohu to see more