Beijing News Shell Financial News On October 27, 2021, the Shanghai No. 1 Intermediate People's Court (hereinafter referred to as the Shanghai No. 1 Intermediate People's Court) publicly pronounced a verdict in accordance with the law on the case of the defendant unit Beibadao Group Co., Ltd. (hereinafter referred to as the Beibadao Group), the defendant Lin Qingfeng and 8 other people for manipulating the securities market (including the judgment of the defendant Gongxue by means of online video), and fined the Beibadao Group RMB300 million for the crime of manipulating the securities market (the following currencies are all IN RMB) Lin Qingfeng was sentenced to eight years and six months' imprisonment and fined 10 million yuan for the crime of manipulating the securities market; Lin Yuting, Li Junmiao, and seven defendants were sentenced to fixed-term imprisonment of five years and six months to one year and seven months respectively for the crime of manipulating the securities market, and fined between one million yuan and 200,000 yuan.
After trial, it was ascertained that the defendant Lin Qingfeng was the actual controller of the North Badao Group. Since the second half of 2016, in order to gain a capital advantage and shareholding advantage in the securities market, Lin Qingfeng instructed defendants Lin Yuting, Li Junmiao, He Yinghua and others to contact defendant Zhang Dinghai and other capital allocation intermediaries to obtain huge funds and a large number of securities accounts at a ratio of 1:3 to 1:10. Among them, Zhang Dinghai illegally provided more than 1.098 billion yuan of funds to the North Badao Group, and 119 securities accounts of others. Lin Qingfeng concentrated the above-mentioned capital allocation funds and other people's securities accounts, together with some of the north eight channel group's own funds and actually controlled securities accounts, arranged for the north eight road group and the group's subsidiary Xiamen Six Lakes Yacht Club Co., Ltd. employee defendants Cai Yongdong and Huang Huikuang as the backbone of the trading team, in Xiamen, Shanghai, Kunming and other places, using hundreds of computers and wireless network cards and other equipment that are not real-name registration, continuously trading stocks or trading stocks between their own actual control accounts, affecting the stock trading price and trading volume.
From February 14, 2017 to March 30, 2017, Beibadao Group used 333 securities accounts to hold more than 30% of the total number of shares in circulation of "Jiangyin Bank" in the same period, and the cumulative trading volume of "Jiangyin Bank" for 33 consecutive trading days reached more than 30% of the total trading volume of the securities in the same period. By May 9 of the same year, the account group controlled by the Beibadao Group had illegally profited more than 301 million yuan.
The Shanghai First Intermediate People's Court held that the defendant unit Beibadao Group and the defendant Lin Qingfeng and seven other directly responsible supervisors and other directly responsible personnel, together with Zhang Dinghai, a capital allocation intermediary, concentrated their capital advantages and shareholding advantages to continuously buy and sell, manipulate the securities market, and affect the price and volume of securities transactions, and their acts have constituted the crime of manipulating the securities market, and the circumstances are particularly serious. Based on the facts, nature, circumstances and degree of social harm in the whole case, the Shanghai First Intermediate People's Court made the above judgment in accordance with law.
A total of 15 people, including the defendant's family, observed the verdict.
Edited by Song Yuting