The chairman of the operation of the securities market is fined for one million

Cover Journalist Zhu Ning

After a lapse of 6 months, the Securities Regulatory Commission finally punished the chairman of Shengxing Co., Ltd. suspected of the stock market manipulation case. On the evening of September 12, Shengxing shares issued an announcement saying that the company recently received one of the actual controller and chairman Lin Yongxian informed that due to the suspected violation of the relevant provisions of the Securities Law, it constituted the operation of the securities market. Lin Yongxian fined 1 million yuan.

Looking back at the stock price of Shengxing's secondary market, before Lin Yongxian was investigated by the China Securities Regulatory Commission, the stock price of Shengxing shares had a discharge from November 10, 2021 to November 30, 2021. In the case of relatively stable news, the company's stock price rose from the lowest price of 5.28 yuan on November 10, 2021, and reached the highest 8.73 yuan on November 30, 2021, with a maximum cumulative increase of 65.34%.

At that time, the market suspected that the company's stock price was manipulated. Subsequently, on March 12 this year, Shengxing shares disclosed the announcement that the company received the "Notice of File C case" by the China Securities Regulatory Commission on March 10th. Chairman Lin Yongxian was suspected of manipulating the securities market, and the China Securities Regulatory Commission decided to investigate it.

Until yesterday (September 12), Shengxing received a notification from Lin Yongxian that he was informed that he received the "Administrative Penalty Promise" from the China Securities Regulatory Commission on September 8, 2022. Lin Yongxian was suspected of violating the provisions of Article 55, paragraph 1, paragraph 1 and 3 of the Securities Law of the People's Republic of China, and constituted the manipulating securities market behavior described in Article 192 of the Securities Law. According to Article 192 of the Securities Law, the China Securities Regulatory Commission plans to impose a fine of 1 million yuan in Lin Yongxian.

The company stated that the above -mentioned punishment decision involved only Lin Yongxian's individual, which has nothing to do with the company's daily business management and business activities, and will not have a significant impact on the company's daily operations. The company will continue to pay attention to the progress of the matter, and strictly fulfill the information disclosure obligations in accordance with relevant laws and regulations.

On September 13, as of the afternoon closing, Shengxing's shares rose 4.65%to 5.63 yuan per share.

- END -