6On the 6th of this month, the China Securities Regulatory Commission disclosed the administrative penalty decision, andJinsuichun used the advantages of holding and capital advantages to influence the relevant stock prices through multiple accounts controlled by others, through continuous trading, trading between accounts controlled by himself, and other means. The China Securities Regulatory Commission decided to fine and confiscate it a total of 106 million yuan and adopt a five-year ban on the securities market.
Fine-out of over 100 million yuan + ban on the securities market for 5 years
The administrative penalty decision shows that it was found that during the case, Jin Suichun used the advantages of holding and capital through multiple accounts controlled by him, and influenced the prices of the relevant stocks through continuous trading and trading between accounts controlled by himself. The total illegal income was 53.02 million yuan.
Jin Suichun's manipulation is serious, violating the provisions of Article 55, Paragraph 1, Paragraph (1) and (3) of the Securities Law, and constitutes the situation of market manipulation as described in Article 192 of the Securities Law.
Jin Suichun put forward the defense opinions on account identification and manipulation period. After review, some of the relevant defense opinions on account identification were adopted, and other defense opinions were not adopted.
In accordance with the facts, nature, circumstances and degree of social harm of the parties' illegal behavior, and in accordance with the provisions of Article 221 of the Securities Law and the Provisions on the Prohibited Entry of the Securities Market (CSRC Order No. 185), the CSRC decided to confiscate the illegal income of 53.02 million yuan, and impose a total fine of 106 million yuan. At the same time, Jinsuichun has adopted a five-year ban on the securities market.
" billion yuan" fines appear frequently
Since this year, the China Securities Regulatory Commission has issued several "billion yuan" fines to manipulate the market. In February this year, Yang made a profit of 140 million yuan for manipulating multiple stocks such as "Anel", and was fined 280 million yuan; Xie made a profit of 81.4526 million yuan for manipulating multiple stocks such as "Yu Sanxia A", and was fined 177 million yuan.
In mid-May, the China Securities Regulatory Commission disclosed that He Kunru controlled the use of multiple securities accounts, concentrated the advantage of funds, and manipulated related stocks by "closing the daily limit", with a total profit of 147 million yuan. Based on the facts, nature, circumstances and social harm of the parties' illegal behavior, the China Securities Regulatory Commission decided to confiscate He Kunru's illegal income of 147 million yuan and impose a fine of 147 million yuan.
In recent years, the China Securities Regulatory Commission has continued to increase its law enforcement efforts. Data disclosed by the China Securities Regulatory Commission recently showed that in 2024, the China Securities Regulatory Commission strictly investigated and handled 739 securities and futures violations in accordance with the law and made 592 penalty decisions. Among them, there were 178 insider trading cases and 71 market manipulation cases, accounting for 24% and 10% respectively.
At the 2025 "May 15 National Investor Protection Promotion Day" event, Chen Huaping, Vice Chairman of the China Securities Regulatory Commission, said that it is necessary to crack down on illegal securities and futures activities in accordance with the law, create a safe investment environment for investors, and concentrate on cracking down on illegal acts that seriously infringe on the interests of small and medium-sized investors such as insider trading and market manipulation.
Source: China Fund News
