How does the mysterious account manipulate the stock price?

Revealing the process of mysterious account manipulation of stock price: involving billions of funds and manipulating hundreds of accounts.

Last year, China's capital market investigated and dealt with many major cases. Today, we will pay attention to an illegal case of manipulating hundreds of accounts with billions of funds, which became the focus of inspection by the CSRC last year.

20 16, in the stable stock market, the stock price of a company rose abnormally continuously, which eventually triggered an alarm from the big data monitoring system of Shenzhen Stock Exchange. Within four months, the stock rose by 100%.

According to the preliminary analysis of market monitors, there is a puzzling doubt behind the soaring share price of this company named "Dalian Electric Porcelain": it is not supported by any significant good news. What kind of power is driving this strange inflation? Investigators collected more than 400 daily trading stock data through the system and analyzed them one by one. After layers of screening, more than 200 personal accounts were initially locked. The most suspicious thing is that they never buy or sell other stocks, but only stare at the stock of "Dalian Electric Porcelain" and speculate over and over again. This is far from the normal operation behavior of ordinary shareholders.

Staff of Shenzhen Stock Exchange: And the profit of the account is amazing. By the end of 2065438+February 2006, the book profit of these accounts had exceeded 600 million when we reported.

More than 200 personal accounts, only one stock is speculated, and everyone is a stock god who competes for money? With such doubts, the investigators of the inspection department closely monitored these more than 200 suspected accounts and found the mysterious black hand hidden behind the scenes from numerous transaction traces. Li Weiwei, a stock trader who calls himself "the first trader in North China".

Investigator of China Securities Regulatory Commission: He placed orders frequently, and his bank account also had a large amount of funds, so it was listed as the focus of an investigation at that time.

Behind the scenes, the big fish case continues to escalate.

The abnormal trading behavior of more than 200 personal accounts made the case handlers initially judge that this was a hot money case. However, just as the investigators were about to start the on-site investigation, a big fish suddenly jumped out-the Shenzhen Stock Exchange system suddenly monitored that there was an institutional account of 654.38 billion yuan in Shanghai, and the "Dalian Electric Porcelain" stock of day trading was much more turbulent than more than 200 personal accounts.

Through the registration information, the investigator found that the address marked by the investor behind the fund account was the same as that of a company called Fuxing Group. Investigators turned their attention to Fuxing Group. At this time, a more unexpected situation appeared. The identity of Zhu Yidong, the head of Fuxing Group, turned out to be very special. He is the son of the actual controller of Dalian Electric Porcelain listed company.

The three men attacked at the same time and started on-site investigation.

The actual controller of "Dalian Electric Porcelain" is Chairman Zhu Guancheng. The appearance of his son Zhu Yidong made the case handlers realize that this case is far more complicated than the original case. What is the relationship between Zhu Yidong's appearance and his father's listed company? Is he connected with more than 200 suspicious accounts initially discovered?

After mastering the corresponding evidence, the case-handling personnel decided to start on-site investigation. Before departure, the case handlers showed us three lines: the location of the listed company "Dalian Electric Porcelain"-the office of Dalian and Zhu Yidong's personal company-Shanghai, Li Weiwei suspected of manipulating more than 200 accounts-the registered company is in Beijing. On the morning of the same day, the investigators were divided into three roads and suddenly appeared at the addresses locked in advance in Dalian, Shanghai and Beijing.

In Dalian, the case handlers met Zhu Guancheng, the chairman of the listed company, and found that he was not familiar with the affairs of the listed company at all. From the company's secretary to other staff, Zhu Guancheng has retired, and his son Zhu Yidong is responsible for the actual operation of the company. In other words, Zhu Yidong is the decision-maker of all information of listed companies.

On the other hand, in Beijing, which was locked in advance, the investigators closed their eyes and found no Li Weiwei. People who are familiar with Li Weiwei can't find his trace.

Zhu Yidong did not appear in Fuxing Group in Shanghai.

Even other responsible persons of the company made excuses not to show up, but the pace of handling cases did not stop. At the repeated request of inspectors, Song, the head of the securities investment department of Fuxing Group, finally appeared, but when asked, he claimed that he knew nothing about buying and selling shares of Dalian Electric Porcelain.

But the details of Song still make people see what he is hiding. The investigator found that Song's office was obviously cleaned, even the mobile phone he provided was cleaned up, and even his home phone number was not saved. However, when the investigation entered the second day, Song suddenly lost contact. At the same time, the whole office of Fuxing Group was empty, and the mobile phones of Zhu Yidong, Song and other related personnel were all turned off.

Breakthrough, breakthrough, key evidence, nowhere to hide.

Unexpected soft confrontation appeared, and the case handlers continued to compare the information obtained by the three places in an orderly manner. More investigators look for clues and collect evidence from those involved.

On the fourth day of on-site investigation, a group of important clues did not escape the eyes of the case handlers: in Beijing, the case handlers learned that Li Weiwei had been trading for others in a hotel in Shanghai; On the other side of Shanghai, the investigators found a huge hotel bill from a staff member of Fuxing Group, on which Li Weiwei's name was clearly marked. The chain of evidence between Beijing and Shanghai is precisely connected. Next, this five-star hotel near Shanghai Hongqiao Airport became the focus of investigation.

According to the hotel's check-in records, the guest's name is Li Weiwei, and it is a presidential suite contracted for a long time. The signing account of the presidential suite fee shows that it was Fuxing Group, which was headed by Zhu Yidong, who spared no expense to package this presidential suite. What are the unknown secrets hidden in this presidential suite?

Investigator of CSRC: We found a computer at the scene, which contains the ordering software of dozens of securities companies, and there are also some account usage records in the computer. More than 20 packing lists purchased in the same batch were also found in the hotel room of the party concerned.

Through technical comparison, the investigation team confirmed that this computer, together with more than 20 computers purchased in the same batch, is the equipment used for centralized trading and ordering of "Dalian Electric Porcelain" stocks.

Strong concealment, suspected of manipulating nearly 500 accounts.

After several rounds of field investigation, inspectors have more and more written evidence and materials, but it also means that the subsequent analysis workload has also increased geometrically.

With the deepening of the case, the investigation team found that the case was very concealed.

Investigator of CSRC: In order to avoid the monitoring of this exchange, a number of accounts will be used today. He will change it soon after using it, so he will not use this batch anymore, and then switch to the next batch and continue this transaction.

At this moment, the suspected accounts are no longer just the original more than 200 suspicious accounts floating on the water. The number of suspected accounts surged to as many as 600, which were scattered and hidden in 78 brokers, using two-thirds of the total number of brokers in the country and located in more than 20 provinces and cities.

After professional comparison and analysis, the investigators finally locked 495 accounts, and clearly sorted out the relationship between accounts and the context of capital exchanges. These evidences conflict with other evidences of external investigation and confirm the fact of illegal business operation.

Sort out the evidence and solve the mystery one by one.

After sorting out the interviewers' conversations, the investigators solved the mystery one by one, and the truth of the case slowly surfaced.

After combing and analyzing the relevant evidence, the investigation team found that Song Moumou, the head of Fuxing Group Securities, was obviously lying when cooperating with the investigation.

Investigator of CSRC: In fact, he is a very important core figure in this case. He is the head of the securities investment department of Fuxing Group. Mainly implement the instructions of Zhu Yidong, the boss of Fuxing Group, including docking with fund-raising institutions, Li Weiwei and other personnel and participating in reconciliation.

In the later period when the suspects bought and sold shares of "Dalian Electric Porcelain", whenever they concentrated on buying, the company would issue a favorable announcement to push up the stock price. This is closely related to Zhu Yidong who actually controls this listed company.

Investigators of the CSRC: The secretaries of listed companies, including several people from Fuxing Group, said that they contacted listed companies and said that the information came from Zhu Yidong, and they were all entrusted by Zhu Yidong to do this.

When the case handlers basically sorted out the context of the case, Zhu Yidong himself returned to the mainland from Hong Kong and admitted the above operation to the case handlers.

2065438+In May 2006, Zhu Yidong authorized Song Moumou and Zheng Moumou to purchase shares of "Dalian Electric Porcelain" by way of capital allocation; In June, Zheng introduced the so-called "the first trader in North China" to Zhu Yidong for trading; After the two sides agreed on how to divide it, the funds arrived in July and began to trade "Dalian Electric Porcelain"; They use their own financial advantages and control over the information disclosure of "Dalian Electric Porcelain" to wait for an opportunity to release their interests and help them make profits.

It's a good idea to steal a chicken with your own chicken gizzards.

In this case, Zhu Yidong asked Li Weiwei, known as "the first trader in North China", to operate secretly with hundreds of accounts, that is, hundreds of small fish we saw in the big net. Then why did a big fish control billions of dollars later? This turned out to be Zhu Yidong's "taking risks with his own body", allowing his company to set up a fund and start his own stock trading.

In the course of trading, Li Weiwei did not allocate funds according to the proportion agreed in advance, but raised leverage privately and used the extra money to buy and sell other stocks. After Zhu Yidong found out, he gave a warning, but Li Weiwei didn't listen to the command, and the share price of "Big Electric Porcelain" fluctuated greatly. Zhu Yidong used the money in his company account to maintain the stock price. 2065438+At the end of February, 2007, another stock bought by Li Weiwei exploded and fell twice in a row, and the fund-raising account was also forced to close by investors.

After the liquidation, the share price of "Dalian Electric Porcelain" plummeted due to a large number of selling, and Zhu Yidong had to suspend trading in the name of major asset restructuring, which also made many small and medium-sized investors quilt.

After completing the relevant procedures, the CSRC will impose administrative penalties on the parties to this case according to law. Since last year, the CSRC has also severely punished a number of actual controllers of listed companies, such as Zhu Dehong and Que Wenbin, who also released favorable information with the intention of influencing the stock price. The regulatory authorities once again reminded that the market should not be manipulated in the name of market value management, otherwise it will be severely punished according to law.