At the CSRC's regular press conference held on September 24, the spokesperson announced that the CSRC and the public security organs had recently seized a number of major cases of market manipulation. At present, the relevant personnel are suspected of manipulating the stock prices of "Nanling Minbang", "Jinchuang Group" and "Haozhi Electromechanical" and have made significant progress. In the above case, because the private equity big V Ye was involved, the Nanling Minbang stock price manipulation case obviously attracted more attention.
In May this year, private equity big V Ye broke the news on Weibo that an A-share listed company had conspired with the disk to carry out "market value management" and "sit on the bank", which caused widespread concern in the market. Because it was revealed that there were public funds, securities company asset management, etc. involved in the market value management of listed companies, bought stocks, and extracted from them, it set off waves in the stock market. Since public funds and securities company asset management both play the role of generational financial management, and the scale is huge, the financial strength is strong, once the revelation is true, the negative impact will be self-evident.
According to a spokesman for the China Securities Regulatory Commission, from August 2020 to December 2020, Liu Mouye's gang controlled dozens of securities accounts by means of stock allocation and entrusted financial management, and was suspected of manipulating "Nanling Minbang" stocks through centralized capital advantages, shareholding advantages and continuous trading, and illegally profited tens of millions of yuan; Ye actively provided relevant help and suggestions when he knew that Liu Mouye and others manipulated the price of "Nanling Minbang" stocks, creating favorable conditions for manipulating the market and seeking illegal benefits. Ye's own exposé was not "detonated", but Ye was arrested for suspected market manipulation, and the farce of "stealing chicken is not a reverse erosion of a handful of rice" was also staged again.
Just like insider trading, market manipulation is also a "cancer" in the capital market, and the regulatory authorities have maintained a high-pressure posture of "zero tolerance" for many years, and have always been the object of severe crackdown. It is worth noting that the previous market manipulation cases are often manipulation gangs using capital advantages, shareholding advantages, or using information advantages to manipulate the market, but from the cases reported by the CSRC this time, the allocation intermediaries, market brokers, stock market "black mouths" and other collusion involved in each other, and the formation of a gray and black interest chain.
If it is only the manipulation of the gang to use the advantages of funds, shareholdings or information to manipulate the market, the facts of the case are obviously much simpler, but from the cases investigated and handled by the CSRC in recent years, the chain of interests behind the market manipulation cases is getting longer and longer. Objectively speaking, if there are no certain interested parties in it, the harm of market manipulation cases may be much smaller.
For example, the allocation intermediary is undoubtedly the provider of funds. Without capital, market manipulation will be difficult. Manipulating the market requires a large amount of money, and even if the allocation intermediary does not participate in the manipulation of the market, its capital allocation behavior, that is, the act of providing funds, also promotes the manipulation behavior of the manipulative gang, which is both a link in the chain of interests and a veritable accomplice.
Another example is the market broker and the stock market "black mouth", which can often play a very important role in market manipulation cases. Like Ye Mou in the Nanling civil explosion case, he not only provided real help, but also offered advice. It is not only an accomplice to the manipulation of the market, but also objectively speaking, it is also the implementer of the manipulation of the market.
The chain of interests in manipulating the market is getting longer and longer, and similar cases have become the type of illegality that the CSRC has focused on cracking down on in recent years. Personally, I believe that severely cracking down on market manipulation behavior, in which the gray and black interest chain can not be spared, this is the most basic attitude of "zero tolerance" for illegal and untrustworthy behavior, and it is also the proper meaning of cracking down on market manipulation behavior.
Objectively speaking, even if the "black mouth" of the capital allocation intermediary, market broker and stock market does not participate in the manipulation of the market, the role of the relevant parties in it cannot be erased, and sometimes it is even decisive. Therefore, to severely crack down on market manipulation, capital allocation intermediaries, market brokers and stock market "black mouths" and other interest chains involved in it, also need to bear responsibility, and absolutely can not be easily let go. Otherwise, it is an connivance for violators.
Personally, I think that several cases reported by the CSRC are of typical significance, and to crack down on market manipulation violations, it is necessary to make the manipulating gang bear the corresponding legal responsibility, and it must also make the stakeholders pay a heavy price.