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Three individuals fined 8 million yuan for market manipulation, banned from securities market
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According to a disclosure by the China Securities Regulatory Commission (CSRC), three individuals—Chen Huan, Zhou Houli, and Li Pingping—have been fined a total of 8 million yuan for manipulating the securities market. The CSRC's administrative penalty decision states that between February 20, 2023, and August 1, 2024, the three individuals controlled and used multiple securities accounts belonging to others. They employed tactics such as concentrating capital and shareholding advantages to continuously trade, and conducted transactions between accounts they controlled, thereby influencing 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 Houli, and 3 million yuan for Li Pingping. Additionally, due to the severity of their violations, Chen Huan and Li Pingping were banned from trading in the securities market for three years, while Zhou Houli received a two-year ban. The bans prohibit them from directly or indirectly trading any listed or listed securities on the stock exchange.
Source report
Date: [Not specified in original]
Source: Dahe Caixin
The China Securities Regulatory Commission (CSRC) has imposed a total fine of 8 million yuan on three individuals—Chen Huan, Zhou Houli, 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, the three individuals:
- Controlled and used multiple securities accounts belonging to others
- Engaged in continuous trading by leveraging concentrated capital and shareholding advantages
- Conducted transactions between accounts under their own control
These actions were found to have influenced the prices and trading volumes of relevant stocks. The CSRC noted that no illegal gains were generated from the transactions.
Legal Basis
The CSRC determined that the conduct of Chen Huan, Zhou Houli, and Li Pingping constituted market manipulation as defined under Article 192 of the Securities Law of the People's Republic of China.
Penalties Imposed
Based on the nature, circumstances, and social harm of the violations, the CSRC decided:
- Total fine: 8 million yuan
- Chen Huan: 3 million yuan
- Zhou Houli: 2 million yuan
- Li Pingping: 3 million yuan
Trading Bans
Given the severity of the violations, the CSRC also imposed market trading bans:
- Chen Huan and Li Pingping: Prohibited from trading in the securities market for 3 years
- Zhou Houli: 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 any securities exchange, either directly, under aliases, or through the names of others.
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