Recently, the China Securities Regulatory Commission (CSRC) disclosed that after careful investigation, it successfully ascertained the relevant facts in the illegal manipulation incident of Jinyi Culture. According to the results of the investigation, the persons involved in the case, Hu Yu, Zhong Cong, Li Weiwei, and Zhu Yidong, have the following illegal facts:
First of all, in terms of account control, from 2007 to August 2018, Zhong Cong, as the actual controller of Jinyi Culture, served as the chairman and general manager of the company. Hu Yu is a customer and friend of Zhong Cong, and the two cooperated to establish Anhui Jinjun Jewelry*** On June 26, 2017, Hu Yu proposed to Zhong Cong to let Zhu Yidong carry out "market value management" of Jinyi Culture, and Zhong Cong agreed. Hu Yu met Li Weiwei through Zhu Yidong and introduced him to Zhong Cong. Zhong Cong agreed with Han to participate in Li Weiwei's "Market Value Management Seminar" as a subordinate. In addition, Zhong Cong had made payments between Shanghai Jinyi ** Jewelry*** and Hu Yu's bank account through Shanghai Jinyi Culture Holdings, in which he paid Hu Yu 10.9 million yuan through Shanghai Jinyi Company on the one hand, and delivered about 100 million yuan in kind ** to Hu Yu through Shanghai Jinyi Company on the other hand. In addition, Zhong Cong also signed a "loan contract" with Song Moujie, a capital allocation intermediary, and agreed that Song Moujie would provide 100 million yuan of funds for the purchase of Jinyi Culture. From December 7, 2017 to May 28, 2018, Hu Yu paid a total of 26.6 billion yuan of capital allocation margin and interest, and entrusted Li Weiwei and Zhu Yidong to carry out specific ** transactions Jinyi Culture.
Secondly, in terms of manipulating Jinyi Culture, the statistical results show that during the manipulation period, there were 49 trading days, and the account group participated in the transaction for 47 trading days, with a total of 204,135,550 shares and an amount of 31,690,058,14308 yuan, and sold 195,821,550 shares at the same time, with an amount of 28,799,412,28881 yuan. As of the survey date, the account group still held 8,314,000 shares. During the manipulation period, the accumulated loss of the account group amounted to 2,356,965,2105 yuan. The specific manipulation behavior is as follows:
First of all, it has repeatedly used the capital advantage and shareholding advantage of the account group to carry out joint or continuous trading. During the manipulation period, there were 22 trading days on which the account group's holdings accounted for more than 3% of the outstanding share capital, and 12 trading days when the shares held by the account group accounted for more than 5% of the outstanding share capital, and the average ratio of the outstanding shares held by the account group to the outstanding share capital was 409%。Among them, the peak of shareholding reached on May 17, 2018, and the number of shares held reached 3,296430,000 shares, accounting for 580%, accounting for 395%。
Secondly, the account group has conducted a large number of auctions** and sells for many times, accounting for 35 trading days with more than 10% of the market auction volume, and 30 with more than 20%;At the same time, there were 24 trading days that accounted for more than 10% of the market's auction buying volume, and 22 trading days that accounted for more than 20%. If the inverted volume is excluded, there are 32 trading days when the account group's auction buying volume accounts for more than 10% of the market bidding buying volume, and 21 trading days when it exceeds 20%. There were 18 trading days when the auction sell volume of the account group accounted for more than 10% of the market auction sell volume, and 13 trading days when the auction sell volume of the account group exceeded 20%. During the manipulation period, the account group also repeatedly raised the stock price by means of large-amount, multiple, continuous, and ** declarations, resulting in a large ** stock price during or at the end of the session. A total of 22 intraday pulls occurred in the account group, with the highest pull-up occurring on February 2, 2018, reaching 608%。At the same time, during the pull-up period from December 7, 2017 to January 24, 2018, the ratio of buy volume to market volume in the account group was 3208%, and the proportion of the subscription volume at a price not lower than the market ask price or market price to the subscription volume of the account group is 5792%。
In addition, there is a large number of reverse trading behaviors in the account group during the manipulation. Of the 47 trading days in which it participated, 39 trading transactions took place, totaling 13,731940,000 shares.
In addition, in terms of reverse trading, the account group had reversed trading in 33 of the 47 trading days in which it participated, with a total of 7,194 trading volumes290,000 shares, the proportion of the inverted proportion to the market volume reached 949%。Among them, the inverted proportion exceeded 10% in 15 trading days, and the inverted proportion reached the highest in February 1, 2018 at 4612%。
According to statistics, during the manipulation period, "Jinyi Culture" accumulated 5179%。In the same period, the small and medium-sized board composite index accumulated 536%, and the deviation between the two reached 4643 percentage points. Among them, during the period from December 7, 2017 to January 24, 2018, "Jinyi Culture" accumulated 3493%, while the small and medium-sized board composite index accumulated 193 per cent, with a deviation of 33 percentage points. From January 25, 2018 to May 28, 2018, "Jinyi Culture" accumulated 5117%, while the small and medium-sized board composite index accumulated 688%, and the deviation between the two reached 4429 percentage points.
Hu Yu and Zhong Cong provided the capital allocation margin for Jinyi Culture, while Hu Yu, Li Weiwei and Zhu Yidong controlled the use of account groups during the manipulation period, used the advantages of funds and shareholdings to conduct joint or continuous trading, and traded between accounts under their actual control, thus affecting the transactions of Jinyi Culture**. Based on the available evidence, the determination of the above-mentioned illegal facts is more credible.
The above is the disclosure of the illegal manipulation of Jinyi Culture. We call on all sectors to remain highly vigilant against market manipulation and jointly safeguard a fair, transparent and orderly capital market. 100 help plan