"Investor protection, clear rules, know risks" case-"tail market" boosts hidden mysteries blindly chasing fluctuations and traps

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日期：2017-07-07 00:00

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"Investor protection, clear rules, know risks" case-"tail market" boosts hidden mysteries blindly chasing fluctuations and traps

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Categories:Investor protection promotion
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日期：2017-07-07 00:00
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“投资者保护·明规则、识风险”案例 ——“尾市”拉升藏玄机盲目追涨落陷阱

Source: China Securities Regulatory Commission www.csrc.gov.cn

In stock market trading, everyone is accustomed to calling the trading hours before the close of the market the "end market." Since the closing price has an index meaning that affects the opening trend of the next day, and the trading in the end market is relatively thin, the time period is short, and the amount of funds required to affect the stock price is small, the end market manipulation has become one of the common market manipulation techniques. This kind of manipulation is highly deceptive and confusing. Investors who don’t know the truth are easily attracted by the rapid rise in the stock price in the late trading, and mistakenly believe that the stock has strong expectations of rising, so that they blindly chase high, as everyone knows, just in time. The trap of the operator.

Ren XX is used to this kind of technique. Ren XX has been engaged in block trading activities for a long time, and his business model is to buy stocks reduced by shareholders of listed companies through block trading at a discount, and quickly sell them in the secondary market to make a difference. In order to achieve high-priced shipments in the secondary market, Ren Moumou repeatedly raised the closing price at the end of the market the day before the reduction, and reduced the holdings at a high price the next day. Take the "X" he manipulated from November 23 to 24, 2011 as an example:

On November 23, 2011, Ren Moumou bought 450,000 shares of "X" through a block transaction at a transaction price of 28.32 yuan and a purchase amount of 12,744,000 yuan, completing the position.

During the closing period on November 23, 2011 (14:56:24 to 14:59:28), in order to increase the stock price in a short period of time, Ren Moumou declared a large number of 4 purchases of "X" totaling 63,000 shares, accounting for the late market stage The proportion of market bids was as high as 75.54%; the commission price rose from 29.60 yuan to 32.00 yuan, each of which was higher than the first buy price on the market at that time, and the stock price rose from 29.35 yuan to 30 yuan to close in three minutes. The increase was 2.21%. (See below)

“投资者保护·明规则、识风险”案例 ——“尾市”拉升藏玄机盲目追涨落陷阱

On November 24, 2011, after achieving the goal of manipulating the stock price, Ren XX sold all the 500,000 shares of "X" he held, causing the stock price to fluctuate and fall on that day. Ren XX earned nearly 300,000 yuan through three minutes of manipulation in the tail market. (See below)

“投资者保护·明规则、识风险”案例 ——“尾市”拉升藏玄机盲目追涨落陷阱

In fact, normal investors are optimistic about the investment value of a certain stock, even if they buy during the end of the market, it is still a legal act. The illegal nature of Ren's behavior is that he buys a lot of stocks to increase the closing price and trick investors into following suit. Once the goal is successful, he will immediately take the opportunity to cash out, which is not the real trading purpose. Such behavior violates the provisions of Article 77 of the Securities Law that prohibits manipulation of the securities market by other means, and constitutes a market manipulation situation in Article 203 of the Securities Law, which will surely be severely punished by the regulatory authorities. From 2011 to 2014, the China Securities Regulatory Commission imposed penalties on him twice and issued a fine of more than 300 million yuan.

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 situation of the market, industry, and company, and be alert to market manipulators making waves and creating false prosperity. If you blindly follow the trend and speculate, it can easily be used by market manipulators and cause heavy losses. Take this case as an example. Suppose that investor Xiao Ming was tempted by the rapid rise in the stock price of the last market and bought at the closing price of 30 yuan, with a loss of 3% the next day. I would like to remind investors that there may be unexplainable stock price changes during the end of the market. There may be some strangeness. Following the trend, chasing the rise and killing the fall is actually a knife and blood, and be careful that the "pie" falling from the sky becomes a "trap" for market manipulators. ", become a high-ranking man of the market manipulator.

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Categories:Investor protection promotion

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