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"Market Manipulation" Theme (2): There is something strange about the continuous rise, and there is an illusion of active trading
Source: Shenzhen Stock Exchange Investor Education Center
In stock trading, most investors are highly vigilant about stocks whose stock prices have increased in a single day or with excessive amplitude, and believe that if there is no favorable announcement or favorable policy information, there is suspicion of market manipulation in stocks with large increases or amplitudes. larger. It is not easy to identify whether there is market manipulation in the trading of stocks that have a small increase or amplitude in a single day, but have gone out of a beautiful upward trend for a period of time. Many investors have such questions: If you just continuously buy and sell a stock without a significant impact on the stock price in a single day, could it also constitute market manipulation? The following case can answer this question.
From July 10 to August 28 , 2015 , the K-line trend of stock " X " is shown in the following figure:
In more than a month, the stock price of stock "X" has risen continuously. Is the value of the company discovered, or is there another story about the transaction? The CSRC’s penalty decision revealed the reasons for the stock’s rise: Zhongxin Fuying, a private equity fund management company, operates 11 securities accounts including “ A Trust – Hongying No. 206 ” as an investment consultant. The actual investment decision is made by Li XX is in charge; Wu XX controls 18 trust accounts and 4 personal accounts including " A Trust - Phoenix Huaxiang No. 2" . Zhongxin Fuying and Wu Moumou conspired to trade the stock " X " together for profit. During the 35 trading days from July 10th to August 28th , the accounts controlled by Zhongxin Fuying and Wu Moumou did not obviously trigger daily indicators of short - term manipulation such as pulling, suppressing, and false declarations. The trading behavior actually made a profit of 147 million yuan and 174 million yuan respectively. The CSRC determined that the illegal acts of Zhongxin Fuying and Wu Moumou's controlled accounts to conduct transactions include:
1. Continuous trading
- The buying volume accounted for more than 10% of the market volume for 25 trading days, for more than 20% for 18 trading days, and for more than 30% for 6 trading days.
- There are 29 trading days for the purchase amount of more than 10 million yuan , 12 trading days for the purchase amount of more than 50 million yuan, and 6 trading days for the purchase amount of more than 100 million yuan .
- The sales volume accounted for more than 10% of the market volume for 13 trading days, for more than 20% for 7 trading days, and for more than 60% for 2 trading days.
- Hold stock "X" for more than 10% of its outstanding shares for 13 trading days.
2. Transactions between accounts under actual control
- 7.12 million shares of "X" were traded between the securities accounts it actually controlled , accounting for more than 5% of the market trading volume for 5 trading days.
Article 77(1) and (3) of Article 77 of the Securities Law stipulates two types of market manipulations, which are "individually or through conspiracy, concentrating capital advantage, shareholding advantage or taking advantage of information advantage. Joint or continuous buying and selling", and "securities transactions between accounts that are actually controlled by oneself", actions that affect the price or volume of securities transactions. In this case, Zhongxin Fuying and Wu Moumou carried out these two types of behaviors at the same time. The period of continuous trading manipulation is generally long, and the transactions between accounts that are actually controlled by oneself do not actually transfer the ownership of stocks, but only create the illusion of active trading. Compared with short-term manipulation such as pulling and suppressing, continuous trading manipulation and trading manipulation between accounts that are actually controlled are more concealed, and it requires careful analysis and judgment to identify illegal acts.
When investing in the market, investors should follow a rational investment method that conforms to the law of value, conduct a calm analysis based on the market, industry and company conditions, and be alert to being deceived by the false prosperity of active trading and slow rising created by market manipulators, resulting in investment losses.
(Disclaimer: The information in this column does not constitute any investment advice, and investors should not substitute such information for their independent judgment or make decisions based solely on such information. Contributors strive for the accuracy and reliability of the information contained in the articles in this column, but do not It does not make any guarantee for its accuracy , completeness and timeliness , nor does it take responsibility for the loss caused by the use . )