The late-end straight-line daily limit of Industrial Bank, which occurred on the last trading day of 2023 (December 29, 2023), was finally given on the evening of January 6 after verification by the Shanghai Stock Exchange.
According to the notice issued by the Shanghai Stock Exchange, the ** account under the name of Fujian Port Group Co., Ltd. constituted an abnormal trading behavior of pulling up the stock price in the ** call auction stage in the process of trading Industrial Bank, and decided to impose a disciplinary punishment of restricting trading for 6 months on the ** account under the name of Fujian Port Group Co., Ltd. and its four subsidiaries, and at the same time recorded this disciplinary punishment in the *** market integrity file.
The six-month restriction on trading and the inclusion in the integrity file is already the most severe punishment that the SSE can impose at the SSE's level. It is understood that this is already a top-level disciplinary decision made at the exchange level for abnormal trading behaviors under normal circumstances. Therefore, in dealing with the matter of the Industrial Bank's late price limit, the Shanghai Stock Exchange has done its best.
However, it is obvious that the handling of the incident of the Industrial Bank's ** tail price limit should not stay at the level of disciplinary punishment, but should be dealt with in accordance with the law. In fact, the fact that IB ** pulled the price limit at the end of December 29, 2023 is obviously illegal, whether it is intentional or oolong, but objectively it constitutes a manipulation of the stock price of IB, allowing the stock price of IB to change from normal trading**1478 yuan, instantly raised to 16The price limit of 21 yuan pulled up the stock price by 143 yuan, a rise of 968%。
The reason why the share price of Industrial Bank was able to rise by 968%, which is due to the increase in the concentration of capital advantages of Fujian Port Group Co., Ltd. In the call auction stage, the account under the name of Fujian Port Group declared 31 transactions of the stock at the price limit, totaling 1813510,000 shares, with a turnover of 1330670,000 shares, amounting to 21,570180,000 yuan, accounting for 99% of the total trading volume of the stock during the call auction99%。Therefore, in the first call auction stage, it is obvious that Fujian Port Group concentrates its capital advantage to pull up the stock price. And this kind of operation is more intentional, not the "oolong finger" behavior that some ** speculated. This practice of Fujian Port Group clearly constitutes the manipulation of the stock price of Industrial Bank.
In fact, the Fujian Port Group's manipulation of the stock price of Industrial Bank is also motive. Relevant information shows that from August 1, 2022 to November 30, 2023, the institution and its subsidiaries have cumulatively increased their holdings of shares in Industrial Bank to 55.9 billion shares. As of November 30, 2023, the institution and its subsidiaries held 58.1 billion shares of Industrial Bank, accounting for 280%。From the analysis of the time point of the increase, the average range of Fujian Port Group's increase in the holdings of Industrial Bank** is 13Between 72 yuan and 17 yuan, if the share price of IB is not raised, then the share price of IB** held by the institution may be in a state of loss, and the share price of IB will be reduced to 16 on the last trading day of 202321 yuan, so that the IB** held by the institution may get rid of the fate of loss, and may even generate investment income. This is most likely the reason why the institution has raised the stock price of Industrial Bank.
Based on the fact that Fujian Port Group manipulated the stock price of Industrial Bank, the investigation and punishment of this matter should not stay at the level of disciplinary punishment by the Shanghai Stock Exchange, but should be investigated and dealt with by law enforcement agencies in accordance with the law. According to Article 192 of the "** Law", if the market is manipulated, it shall be ordered to dispose of the illegally held ** in accordance with the law, confiscate the illegal gains, and impose a fine of not less than one time but not more than ten times the illegal gains;where there are no unlawful gains or the unlawful gains are less than 1,000,000,000 RMB, a fine of between 1,000,000,000 and 10,000,000 RMB is to be imposed If the unit manipulates the market, it shall also give a warning to the person in charge who is directly responsible and other persons who are directly responsible, and impose a fine of not less than 500,000 yuan but not more than 5 million yuan.
As far as Fujian Port Group's manipulation of the stock price of Industrial Bank is concerned, whether there are illegal gains still needs to be investigated by the law enforcement department before a conclusion can be made. In fact, even if there are no illegal gains, Fujian Port Group can be fined between 1 million and 10 million yuan. In addition, since the manipulation of the stock price of Industrial Bank by Fujian Port Group is an act of "unit manipulation of the market", it can also "give a warning to the person in charge who is directly responsible and other persons who are directly responsible, and impose a fine of not less than 500,000 yuan but not more than 5 million yuan". And such a fine is obviously much more severe than the disciplinary punishment at the Shanghai Stock Exchange level. Therefore, it is expected that the law enforcement agencies of the securities regulatory authorities will intervene in the handling of the incident of the end price limit of IB and deal with it in accordance with the law.