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"Market Manipulation" theme (4): Trends have mystery, don't be superstitious about daily limit

  • 浏览次数:
  • 日期:2017-07-31 00:00

(Summary description)

"Market Manipulation" theme (4): Trends have mystery, don't be superstitious about daily limit

(Summary description)

Information

“市场操纵”主题(四):趋势制造有玄机,不要迷信涨停板

["Investor Protection · Clear Rules, Know Risks" Series]

 

Source: Investment Education Center of Shenzhen Stock Exchange

Many people are happy to teach their relatives and friends this "investment experience": the daily limit of the securities at the close of the day indicates that the market demand for the securities is strong, and the next trading day is likely to continue to rise. If the number of unexecuted buy orders at the price of the daily limit at the close of the market is greater, the probability of a rise in the next trading day will be greater, and there will even be a daily limit of multiple consecutive days. According to this type of experience, some investors spend a lot of money and energy to chase daily limit stocks. However, do daily limit stocks really have stable income guarantee?
 
Recently, the penalties issued by the China Securities Regulatory Commission have revealed to us that illegal entities have used investors’ superstitious psychology of daily limit stocks to create market manipulation methods for the price limit trend and obtain huge profits. The main steps include:
 
l Steadily build positions in related stocks;
 
l Deliberately guide the stock price to approach or reach the daily limit;
 
l Under the circumstance that knowing that the probability of a transaction is small, continue to use the increase to limit the price to apply for a large amount of purchase;
 
l After achieving the purpose of attracting other investors to buy, take the opportunity to sell at a high position to make a profit.
 
The details of the case are as follows:
 
Ma XX and Cao XX are the heads of W Investment Company and S Private Equity Fund, respectively. W Investment Company and S Private Equity Fund share office locations. Ma XX and Cao XX jointly control a total of 38 personal and trust accounts (hereinafter referred to as the "account group"), and conspired to make profits by manipulating the stock price of A stock.
 

From July 5 to July 12, 2016, the account group manipulated the lifting and opening period of A shares. From July 5 to 8, the stock price was relatively stable, and the account portfolio included the purchase of 9,005,900 A shares. On July 11, the account group began to create a daily limit trend: 14:03:18 to 14:06:13. After raising the stock price to the daily limit, it continued to declare buy orders at the daily limit price, and a total of 29 transactions totaling 6.093 million shares were subscribed. As of the close of the day, the untraded limit-price buy orders of the account group reached 5,748,600 shares, accounting for 51.73% of the total market untraded limit-price buy orders. See the chart below for the stock price trend on July 11:

“市场操纵”主题(四):趋势制造有玄机,不要迷信涨停板

On July 12, the account team copied the trading method on July 11: 14:29:13 to 14:32:34. After raising the stock price to the daily limit, it continued to declare buy orders at the daily limit price. A total of 23 purchase orders totaled 509.86. Million shares. As of the close of the day, the number of untraded daily limit price buy orders in the account group reached 3.9363 million shares, accounting for 49.14% of the total market untraded limit price buy orders. A slight difference from July 11 is that on July 12, the account group began to ship during the process of pulling up, and the net sold 1,911,600 shares that day. See the chart below for the stock price trend on July 12:

On July 13th and 14th, trading of A shares was suspended due to abnormal trading fluctuations. On the day when trading resumed on July 15, the stock price fell by the limit. The account group sold 94.73% of the number held on that day, and the position was reduced from 10.4385 million shares to 486,900 shares; on July 18, the account group liquidated all the stocks, and the stock price fell 6.48% . From July 5 to July 18, 2016, in just 8 trading days, the stock went out of a trend of rapid rise and fall, as shown in the figure below:

“市场操纵”主题(四):趋势制造有玄机,不要迷信涨停板

Article 77 of the Securities Law prohibits market manipulation and lists four manipulation methods. In this case, Ma XX and Cao XX violated the provisions of items (1), (3), and (4) of the first paragraph. They were "alone or through collusion, pooled capital advantage, shareholding advantage or Use information superiority to unite or continuously buy and sell, manipulate securities transaction prices or securities transaction volume", "make securities transactions between accounts actually controlled by oneself, affect securities transaction prices or securities transaction volume" and "manipulate the securities market by other means."
 
The illegal entity in this case made a profit of 22.88 million yuan in 8 trading days by manipulation, and was eventually confiscated by the China Securities Regulatory Commission, and fined a total of 68.65 million yuan. In A stock trading, if investors follow suit and buy on July 12 or 15, they are likely to suffer a large loss in a short period of time, and there is even no chance to stop the loss under the limit state. Therefore, for stocks with irrational changes in prices, investors should comprehensively analyze the company’s operating conditions, compare it horizontally and vertically with companies in the same industry, and find the basis for the intrinsic value of the stock. Don’t blindly follow the rise, or be superstitious about the daily limit, and avoid participating in stocks. Excessive speculation in the market has formed good investment habits.
 
(Disclaimer: The information in this column does not constitute any investment advice. Investors should not use such information to replace their independent judgment or make decisions based solely on such information. The contributors require the information in this column to be accurate and reliable, but not It does not make any guarantees for its accuracy, completeness and timeliness, nor is it liable for losses caused by the use of the information in this column.)

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