After more than two years, there has been the latest progress in Ye Fei's case.
Recently, the Qingdao Intermediate People's Court (hereinafter referred to as the "Qingdao Intermediate Court") released a number of typical cases of *** crimes, one of which is the case of network boss Ye and others manipulating the ** market, Qingdao Intermediate People's Court sentenced him to three years in prison and a fine of 500,000 yuan for the crime of manipulating the ** market.
*Times Brokerage China reporter learned that the above-mentioned "Ye" is Ye Fei. The Qingdao Intermediate People's Court believes that this case is a frequent case of "black mouth" market manipulation. In order to obtain illegal benefits, the persons involved in the case used their influence to hype up concepts, market hotspots, etc., through a variety of communication platforms, directly or indirectly recommending**, and then committing the crime of manipulating the market. This kind of crime deviates from the principle of free competition and supply and demand in the market, and is extremely harmful.
In May 2021, Ye Fei, the former private equity champion Yitian Investment, exposed the "shady" of taking over through his Weibo "Ye Fei Private Equity Champion Straight Talk", claiming that the "market value management" partner of the listed company did not pay the final payment, and the public offering **, which was contacted by him as the "receiver", suffered losses due to the stock price. On September 25, 2021, this newspaper took the lead in reporting that Ye Fei was arrested by the public security organs. At that time, Ye Fei, who had reported market manipulation by others and claimed to be a "hero" in the fight against "pseudo market value management", was found by the China Securities Regulatory Commission and the public security organs to be suspected of vicious market manipulation.
Ye Fei was sentenced to three years in prison.
According to the Qingdao Intermediate People's Court, Ye knew that Liu and others were manipulating a listed company, and after collusion, it was decided that Liu would provide funds, and Ye would organize institutions and personnel to investigate the listed company, publish a research report, and then contact Ye to hype the company's concept of developing advantageous industries, trick investors into buying the company, and help Liu and others make a profit of more than 2,900 yuan. Ye's behavior constituted the crime of market manipulation. In view of Ye's accomplice and confession, the Qingdao Intermediate People's Court sentenced him to 3 years in prison and a fine of 500,000 yuan for the crime of manipulating the market.
The Qingdao Intermediate People's Court believes that this case is a frequent case of "black mouth" market manipulation. In order to obtain illegal benefits, the persons involved in the case used their influence to hype up concepts, market hotspots, etc., through a variety of communication platforms, directly or indirectly recommending**, and then committing the crime of manipulating the market. This kind of crime deviates from the principle of free competition and supply and demand in the market, and is extremely harmful. The court reminded practitioners that they must strengthen their awareness of law-abiding and must not use their influence or popularity to undermine the normal trading order of the market. At the same time, the majority of small and medium-sized investors should keep their eyes open and not be misled, so as not to cause losses.
After more than two years, Ye Fei's case finally came to an end.
The last time Ye Fei appeared in the public eye was in 2021.
On September 25, 2021, this newspaper took the lead in reporting that Ye Fei was arrested by the public security organs. At that time, Ye Fei, who had reported market manipulation by others and claimed to be a "hero" in the fight against "pseudo market value management", was found by the China Securities Regulatory Commission and the public security organs to be suspected of a vicious market manipulation case.
According to the investigation by the China Securities Regulatory Commission, from August 2020 to December 2020, Liu Mouye's gang controlled dozens of ** accounts by means of capital allocation and entrusted financial management, and was suspected of manipulating the "Nanling Civil Explosion" by means of continuous trading of concentrated capital advantages and shareholding advantages, etc., and illegally made tens of millions of yuanYe Fei knew that Liu Mouye and others were manipulating the "Nanling Civil Explosion"**, and actively provided relevant help and suggestions to create favorable conditions for market manipulation and seek illegal benefits. Since 2019, Liu Moulong's gang and Yan's gang are suspected of manipulating "Jinchuang Group" and "Haozhi Electromechanical" respectively through continuous trading, reversal, etc., and the amount involved in the case is huge. The investigation also found that the employees of individual institutions were suspected of taking advantage of their positions to facilitate the transfer of benefits from gangs. In view of the fact that the illegal acts of the above-mentioned persons meet the standards for criminal prosecution, the CSRC will transfer the relevant case clues to the public security organs in accordance with the law. Subsequently, the China Securities Regulatory Commission cooperated with the public security organs to carry out a joint operation, and arrested the main suspects in three market manipulation cases in one fell swoop, including Ye Fei.
This is a case of organized and organized market manipulation and illegal crimes jointly seized by the China Securities Regulatory Commission and the public security organs, reflecting the gray and black interest chain of collusion between the manipulation gang and the allocation of capital intermediaries, market brokers, and "black mouths", and is the key type of illegal action that the CSRC has "zero tolerance" cracked down.
In the following months, a number of listed companies such as Haozhi Electromechanical and Jinchuang Group announced that the company's executives were investigated by the China Securities Regulatory Commission on suspicion of market manipulation.
The "pseudo market value management" was strictly supervised, and 3 people were fined and confiscated 6600 million yuan.
The essence of "pseudo market value management" is to manipulate the market in the name of market value management. In recent years, the China Securities Regulatory Commission (CSRC) has seriously investigated and dealt with illegal acts that seriously disrupt market order, such as market manipulation. In response to the manipulation cases of "pseudo market value management", the China Securities Regulatory Commission (CSRC) insisted on the word "stability" on the one hand, and on the other hand, insisted on full coverage and all-round accountability, and continued to strictly supervise and crack down on "pseudo market value management".
Recently, executives of listed companies have been fined for "pseudo market value management".
On December 18, Jintuo Co., Ltd. issued an announcement that Wu Quan, the controlling shareholder and actual controller of the company, received the "Administrative Penalty Decision" and "Market Ban Decision" issued by the China Securities Regulatory Commission. Looking back on the incident, Jintuo Co., Ltd. disclosed the "Announcement on the Controlling Shareholder and Chairman of the Board of Directors Receiving the Notice of Investigation from the China Securities Regulatory Commission" on October 28, 2020.
According to the investigation of the China Securities Regulatory Commission, Chen Lei, Wu Quan, executive chairman of Junru Assets, and Lin Jianwu, chairman of Huihai Hongrong, constituted market manipulation. In June 2017, Chen Lei asked the employees of Junru Assets to make a market value management plan for Jintuo shares, and planned to contact the major shareholders of Jintuo shares to cooperate in market value management. Lin Jianwu and Wu Quan, chairman and actual controller of Jintuo Co., Ltd., are friends. From late July to early August 2017, Chen Lei and Lin Jianwu communicated many times on the market value management of Jintuo shares and the cooperation between the two parties, and signed an agreement, stipulating that Lin Jianwu would help Junru Assets and Wu Limited reach a market value management cooperation with Jintuo shares, and Chen Lei promised to distribute the relevant proceeds to Lin Jianwu as a return. During this period, through the intermediary of Lin Jianwu, Chen Lei successfully contacted Wu Quan, the major shareholder and actual controller of Jintuo Co., Ltd., and the three parties cooperated to carry out the market value management project of Jintuo Co., Ltd.
On August 7, 2017, the employees of Junru Assets updated the progress status of the market value management project of Jintuo shares to "complete the signing and raise funds". After that, the market value management cooperation project of Jintuo entered the substantive operation stage.
According to the investigation of the China Securities Regulatory Commission, from November 6, 2017 to April 29, 2019, Chen Lei, Wu Quan, and Lin Jianwu controlled and used the account group involved in the case to manipulate the transaction of "Jintuo Shares" by concentrating capital advantages and shareholding advantages through continuous trading and trading of shareholding advantages, trading between accounts under actual control, and using information advantages to affect stock prices. During the period, the share price of "Jintuo shares" was **1993%, and the GEM Composite Index **1855%, deviation 3848 percentage points. After calculation, Chen Lei, Wu Quan, and Lin Jianwu made a profit from manipulating behavior6.5 billion yuan.
The China Securities Regulatory Commission decided to confiscate a total of 16.5 billion yuan, and imposed a penalty of 4A fine of $9.6 billion, with a total of 6 illegal gains and fines6.1 billion yuan. At the same time, it was decided to impose a five-year market ban on Chen Lei and Wu Liang.
The China Securities Regulatory Commission (CSRC) has clearly pointed out that all parties in the market should have a correct understanding of market value management, and that there is a clear boundary and essential difference between market value management in accordance with laws and regulations and market manipulation and other violations of laws and regulations. Listed companies should earnestly improve their awareness of compliance, operate in compliance with the law, operate in compliance with the law, use capital market tools to reasonably improve the level of corporate operation and governance under the premise of compliance with laws and regulations, and resolutely resist "pseudo market value management". The China Securities Regulatory Commission will adhere to the "zero tolerance" policy, pay close attention to market dynamics, account linkage, abnormal transactions, crack down on market manipulation, insider trading and other violations of laws and regulations, strengthen the connection between executions and punishments, and strengthen law enforcement deterrence. Adhere to the principles of marketization and rule of law, improve the relevant information disclosure system, further improve market transparency and effectiveness, and actively create a policy environment conducive to long-term value enhancement for listed companies.
The China Securities Regulatory Commission (CSRC) said that to correctly grasp the legality boundary of the market value management of listed companies, it should strictly abide by the "three red lines" and "three principles".
Specifically, the "three red lines": first, it is strictly forbidden to manipulate the information of listed companies, not to control the pace of information disclosure, and not to disclose selectively or falsely to deceive investors;Second, it is strictly forbidden to engage in insider trading or manipulate stock prices to seek illegal benefits and disrupt the order of the "three publics" in the capital marketThird, it is strictly forbidden to harm the interests of listed companies and the legitimate rights and interests of small and medium-sized investors.
Three principles": First, the subject is qualified. The entity of market value management must be a listed company or other qualified entity permitted by law, and unless expressly authorized by laws and regulations, controlling shareholders, actual controllers, directors, supervisors, and other entities shall not implement market value management in their own name. The second is the real name of the account. The account for direct trading must be a real-name account of a listed company or other entities permitted by law. Third, the disclosure is sufficient. Information must be disclosed truthfully, accurately, completely, in a timely and fair manner in accordance with current regulations, without manipulation of information and without drawer agreements.
Editor-in-charge: Wang Lulu.
Proofreading: Zhu Tianting.