CSRC: Individual Wang Zheng manipulated the trading price of relevant stocks through market manipulation, false reporting, and price manipulation, resulting in a fine of 38 million yuan.

The administrative penalty decision of the China Securities Regulatory Commission (CSRC) shows that an investigation has been launched into the illegal and irregular activities of manipulating the securities market by individual Wang Zheng. After investigation, it was found that the individual had the following illegal facts: From August 17 to November 4, 2022, the individual controlled and used 7 securities accounts to influence the trading prices of related stocks through methods such as manipulation, false reporting, and limit price hikes, with a total illegal gain of 12,876,432.07 yuan. The CSRC believes that the individual's actions violate the provisions of Article 55(1)(1), (4), and (8) of the Securities Law, constituting market manipulation as described in Article 192 of the Securities Law. First, the evidence in the case mutually confirms that the accounts involved were controlled and used by the individual. Second, the individual's actions violate the provisions of Article 55 of the Securities Law, and the punishment for such behaviors is in line with the CSRC's enforcement practices. The individual created a false impression of market activity by manipulating stock prices to attract other investors to trade, then profited from reverse trading, showing intentional manipulation. Third, taking into account the facts, nature, circumstances, and market harm of this case, the penalty in this case is appropriate. Therefore, the defense opinions of the individual are not accepted. Based on the facts, nature, circumstances, and extent of social harm of the individual's illegal acts, in accordance with Article 192 of the Securities Law, the CSRC has decided to confiscate the illegal gains of Wang Zheng amounting to 12,876,432.07 yuan, and impose a fine of 25,752,864.14 yuan.