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Three Individuals Fined 8 Million Yuan for Market Manipulation, Banned from Securities Trading
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On September 24, the China Securities Regulatory Commission (CSRC) disclosed an administrative penalty decision against three individuals—Chen Huan, Zhou Houlu, and Li Pingping—for manipulating the securities market. Between February 20, 2023, and August 1, 2024, the trio controlled and used multiple securities accounts belonging to others. They employed tactics such as concentrating capital and shareholding advantages to conduct continuous trading, as well as trading between accounts under their actual control, to influence the prices and trading volumes of related stocks. The CSRC determined that these actions constituted market manipulation. The regulator imposed a total fine of 8 million yuan (approximately $1.1 million), with Chen Huan and Li Pingping each fined 3 million yuan, and Zhou Houlu fined 2 million yuan. Additionally, the CSRC imposed a ban on securities market trading for each individual: three years for Chen Huan and Li Pingping, and two years for Zhou Houlu.
Source report
September 24 — The China Securities Regulatory Commission (CSRC) has issued an administrative penalty decision against three individuals—Chen Huan, Zhou Houlu, and Li Pingping—for engaging in securities market manipulation.
According to the CSRC, between February 20, 2023, and August 1, 2024, the three individuals controlled and used multiple third-party securities accounts. They employed the following manipulative tactics:
- Concentrating capital and shareholding advantages to conduct continuous buying and selling
- Executing trades between accounts under their actual control
These actions affected the prices and trading volumes of relevant stocks, constituting securities market manipulation.
The CSRC has imposed the following penalties:
- Total fine: 8 million yuan
- Chen Huan: 3 million yuan
- Li Pingping: 3 million yuan
- Zhou Houlu: 2 million yuan
- Trading bans:
- Chen Huan: 3-year ban from securities trading
- Li Pingping: 3-year ban
- Zhou Houlu: 2-year ban
Source
财联社Eastern
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CSRC Fines Three Individuals 8 Million Yuan for Stock Manipulation Despite Zero Profit