Worst bookmaker in history – using 44 accounts to speculate on a stock with 10.3 billion yuan, a huge loss of 500 million yuan and a 3 million yuan fine jqknews

Original title: The worst bookmaker in history? Using 44 accounts to speculate on a stock, buy and sell of 10.3 billion, a huge loss of 500 million and a fine of 3 million …

It really is a bargain!

An updated administrative fine decision on the China Securities Regulatory Commission website on December 4 shows that between February 28, 2017 and February 22, 2018, the party involved Liu XiaodongEffective controlThe group of accounts involved in the case used ongoing transactions and manipulated transactions between accounts actually controlled by themselves.Demei Chemical“, the cumulative number of shares purchased during the period reached 370 million shares, and the transaction amount reached 10.308 billion yuan.CirculationThe percentage of shares was 42.75% and the total transactionLost529 million yuan.

The SFC will manipulate Liu Xiaodong “Demei Chemical“The behavior of the stock was investigated and heard, and the China Securities Regulatory Commission ruled: Liu Xiaodong was fined 3 million yuan. The China Securities Regulatory Commission website was updated the same day.marketThe entry ban shows that the China Securities Regulatory Commission has decided to ban Liu Xiaodong from entering the lifetime securities market.

　　Manipulate with 44 accounts “Demei Chemical“

According to the administrative sanction decision of the China Securities Regulatory Commission, from February 28, 2017 to February 22, 2018, Liu Xiaodong controlled 16 personal securities accounts such as “Hu Mouxia” and “Fangzheng East Asia.ConfidenceLimited responsabilitythe company-Founder of East Asia · Yingtai ValueSingle Trust Fund“Etc. 28 single fund fiduciary securities accounts (hereinafter collectively referred to as groups of accounts) for securities transactions.

With the assistance of Lu Moqi and Li Mojie, Liu Xiaodong raised 2.65 billion yuan, including 550 million yuan in personal securities account funds.Trust accountFunding of 2.1 billion yuan. In the collectionTrust planIn the account, each collective trust plan is 300 million yuan, of which the entrusted amount of the priority trustee is 200 million yuan, the entrusted amount of the sub-category A trustee is 50 million yuan and the entrusted amount of sub-category B trustee is both For 50 million yuan. The aforementioned personal securities accounts and subordinated B-funds of the collective fund trust plan amounted to 900 million yuan, coordinated and raised by Lu Mouqi, and financed by “Huang Mouhuang” and “Fang Moucheng”.bankThe account was transferred to “Chen Mouzhong”, “Liao Mou”, “Chen Mouhua”, etc. Currently controlled by Liu XiaodongbankLiu Xiaodong then arranged for Tan Mou to transfer the accounts to the individual and fiduciary securities involved in the case.

　　Exposure to manipulation

According to the administrative sanction decision, in the period from February 28, 2017 to February 22, 2018, Liu Xiaodong effectively controlled the group of accounts involved in the case and manipulated “Demei Chemical” through ongoing transactions and cross-account transactions that he actually controlled. , Cumulatively purchased 370,166,755 shares,DealThe total amount was 5419371720 yuan, 370.596.755 shares were sold cumulatively, and the turnover was 4888327717 yuan. At the beginning of the period, he held 430,000 shares of “Demei Chemical” and at the end of the period he no longer held “Demei Chemical”. The total loss of the transaction was 529 million yuan.

　　Method 1: Concentrated Capital Advantage, Equity Ownership Advantage, Continuous Trading

During the period from February 28, 2017 to February 22, 2018, Liu Xiaodong had the behavior of continuously buying and selling “Demei Chemical” with the advantages of centralized funds and participation in the controlling accounts group. In 242 trading days, the group of accounts held “Demei Chemical”Shares OutstandingQuantity mattersNegotiable sharesThere were 228 trading days with a ratio of more than 5%, equal to 94.21% of 242 trading days, of which the number of tradable shares held on 17 August 2017 reached the highest, 135 million shares , equal to 42.75% of the marketable shares, equal toTotal equityThe percentage reached 32.1%.

Out of 242 trading days, the account group ranked first in terms of purchase volume with 172 trading days, equal to 71.07% of 242 trading days; the top three in terms of subscription volume had 194 trading days, equal to 242 trading days. 80.17%; 119 trading days ranked first in sales volume, accounting for 49.17% of 242 trading days; the top three in the sales volume ranking had 147 trading days, accounting for 60.74% of 242 trading days.

Group trading of accounts on the same dayVolume(To removeIn front ofTrading volume) accounted for more than 10% of the market trading volume, 215 trading days, accounting for 88.84% of 242 trading days; over 20%, 187 trading days, accounting for 77.27% of 242 trading days; over 30% 159 trading days, equal to 65.70% of 242 trading days. Among them, as of August 2, 2017, the trading volume of the account group represented the highest ratio of the market trading volume at 91.85%.

The account group’s daily purchase volume (excluding reverse purchase volume) accounted for more than 10% of the market volume, 176 trading days, or 72.73% of the 242 trading days; over 20%, 147 trading days, equal to 242 60.74% of each trading day; 118 trading days accounted for 48.76% of 242 trading days over 30%. Among them, as of August 8, 2017, account group purchase volume represented the highest ratio of market volume at 75.18%.

The sales volume of the group of accounts on the day (excluding scalping volume) accounted for more than 10% of the market volume, 121 trading days, accounting for 50% of 242 trading days; 97 trading days, equivalent to 242 more than 20% 40.08% of each trading day; 77 trading days over 30%, equivalent to 31.82% of 242 trading days. Among them, on January 5, 2018, account group sales volume represented the highest ratio of market volume at 75.35%.

From February 28, 2017 to February 22, 2018, the account group submitted a purchase applicationpriceHigher than the previous marketfinal priceThe number of entrusted buying shares that is greater than the first level sales commission price immediately prior to the declaration represented 63.83% of its total buying shares and the maximum increase was 2.54 yuan; the purchase price was higher than immediately prior to the declaration The number of purchase shares entrusted at the fifth tier sales commission price represented 33.22% of the total number of shares purchased, with a maximum increase of 1.85 yuan ; the number of buy orders was greater than the total number of orders sold at the first level on the market immediately prior to the declaration. The number of purchase shares awarded represented 79.38% of the total number of shares purchased; the number of buying shares entrusted was greater than the total number of applications for the top five markets sold at the time before the demand represented the total number of shares purchased.The increase greater than 31.55% is 3,133 times the total amount of the sales declared in the previous tranche and 100 times the total amount of sales declared in the first five tranches; the purchase price is higher than the price of the fifth tranche of sell orders immediately prior to the declaration. And the number of entrusted purchases is greater than the total amount of the first five sales on the market at the time before application, which represents 21.91% of the total number of purchases.

　　Method 2: Securities Transactions Between Actually Controlled Accounts

During the period from February 28, 2017 to February 22, 2018, Liu Xiaodong had a total of 132 trading days to trade “Demei Chemical” between accounts under his effective control, with a total of 58,373,187 shares traded. The trading volume in the group of accounts on the same day accounted for more than 3% of the market volume, 81 trading days, accounting for 33.47% of 242 trading days; over 10%, 45 trading days, equivalent to 18.60% of 242 trading days; 20% have 20 trading days, equivalent to 8.26% of 242 trading days. Among them, on June 29, 2017, the ratio of intra-account trading volume to market trading volume reached the highest ratio of 35.72%.

Liu Xiaodong actually controlled 44 securities accounts. During the period in question, he traded a large number of “Demei Chemicals” with high frequency. The purchase price and quantity of purchases were abnormally high. Combined with his ongoing business behavior, he conducted transactions between accounts that he actually controlled. Full judgment of the behavior, Liu Xiaodong’s intention to manipulate “Demei Chemical” is obvious.

During the period that Liu Xiaodong traded “Demei Chemical” through the group of controlling accounts, the share price of “Demei Chemical” went from 10.84 yuan on February 28, 2017 (the previous day’s closing price) to 14.4 yuan on January 31, 2018 (same day) Closing price), with a cumulative increase of 32.84%. During the period, the share price rose to 17.03 yuan on August 25, 2017. Over the same period, the index of small and medium-sized composite panels rose by 9.41%, while the share price of “Demei Chemical “fell by 23.43%.Chemical industry(882409) rose 2.75%, the “Demei Chemical” share price increase diverged by 30.09 percentage points.

The above illegal facts, relevant information on opening securities accountsCash flowEvidence such as water, commissioned transaction flow, IP / MAC address, transcripts of personnel inquiries and transaction data provided by the exchange are sufficient to confirm.

The Securities Regulatory Commission believes that based on the facts, nature, circumstances andsocietyUnder the provisions of Article 203 of the 2005 Securities Act, the CSRC decided to impose a fine of 3 million yuan on Liu Xiaodong.

The market ban decision letter from the Securities Regulatory Commission website shows that Liu Xiaodong will be banned from the life securities market. Starting the day the Securities Regulatory Commission announced its decision, within the period Prohibited, no one may continue to carry out securities business in the original institution or serve as the original listed company or unlisted company.publicDirectors of the company,SupervisorExcept for senior management positions, you are not permitted to engage in securities business in other institutions or perform functions as directors, supervisors or directors of other listed companies or unlisted public companies.

(Source: Daily Economic News)

(Responsible publisher: DF407)