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Three Individuals Fined 8 Million Yuan for Securities Market Manipulation, Banned from Trading
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The China Securities Regulatory Commission (CSRC) has imposed a total fine of 8 million yuan on three individuals—Chen Huan, Zhou Houlu, and Li Pingping—for manipulating the securities market. According to a CSRC administrative penalty decision, between February 20, 2023, and August 1, 2024, the three individuals controlled multiple securities accounts belonging to others. They used methods including concentrating capital and shareholding advantages to continuously trade, and conducting transactions between accounts they controlled, to influence the prices and trading volumes of relevant stocks. The CSRC determined that these actions constituted market manipulation under Article 192 of the Securities Law. The fines were allocated as 3 million yuan for Chen Huan, 2 million yuan for Zhou Houlu, and 3 million yuan for Li Pingping. Additionally, due to the severity of their violations, Chen Huan and Li Pingping received a 3-year ban from trading in the securities market, while Zhou Houlu received a 2-year ban. The bans prohibit them from directly or indirectly trading any listed or listed securities on stock exchanges.
Source report
Date: [Not specified in original]
The China Securities Regulatory Commission (CSRC) has imposed a total fine of 8 million yuan on three individuals—Chen Huan, Zhou Houlu, and Li Pingping—for manipulating the securities market, according to a recently disclosed administrative penalty decision.
Details of the Violation
During the period from February 20, 2023, to August 1, 2024, Chen Huan, Zhou Houlu, and Li Pingping controlled and used multiple securities accounts belonging to others. They engaged in the following manipulative practices:
- Concentrating capital advantages and shareholding advantages to conduct continuous buying and selling
- Executing trades between accounts under their own control
These actions affected the prices and trading volumes of relevant stocks. No illegal gains were generated from the transactions.
CSRC Determination
The CSRC found that the conduct of Chen Huan, Zhou Houlu, and Li Pingping constituted securities market manipulation as defined under Article 192 of the Securities Law of the People's Republic of China.
Penalties Imposed
Based on the facts, nature, circumstances, and social harm of the violations, the CSRC decided:
- Total fine: 8 million yuan
- Chen Huan: 3 million yuan
- Zhou Houlu: 2 million yuan
- Li Pingping: 3 million yuan
Trading Prohibitions
Given the severity of the violations, the CSRC also imposed market trading bans:
- Chen Huan: Prohibited from trading in the securities market for 3 years
- Li Pingping: Prohibited from trading in the securities market for 3 years
- Zhou Houlu: Prohibited from trading in the securities market for 2 years
The bans take effect from the date of the CSRC's decision. During the prohibition period, the individuals are not permitted to trade any listed or挂牌 securities on securities exchanges, either directly, under aliases, or through others' accounts.
Editor: Tao Jiyan | Reviewer: Li Zhen | Supervisor: Gu Zheng
Source
大河财立方Eastern
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CSRC Fines Three Individuals 8 Million Yuan for Stock Manipulation Despite Zero Profit