Du Kunwei's Interpretation Of Stock Market Behind Joint Stock Ownership

Public fund private equity fund chiefs in the 14 year -15 period, there is a common interest, that is, "hold together to warm up", and Baotuan heating stocks are often irrational rise, for example, in the first half of the big bull stock have joint stock ownership problem, the so-called Baotuan heating, that is.

A "conspiracy of attack and defense" has been established, according to media reports, that is, a secret tacit agreement between the institutional investors and large investors involved in the stock holding time.

The idea of operation is to have a very attractive person in the market. It can mobilize large funds and influence the mainstream of the market, then enter the substantive stage of operation. First, select a good enough listed company. Secondly, organize an exchange meeting to introduce the situation to the interested institutions. Three, the various channels of participation will start collecting chips.

Four, convenor will contact a group of analysts to write research reports and organize various people to investigate.

It can be said to be a way of speculation in the interest sharing.

Although it is quite common in the current market and widely questioned by the market, the damage to the market is also very huge, and the loss to investors is also very huge. So far, no case has been investigated by the SFC, not to mention being fined by the SFC, which is closely related to the law enforcement concept of the SFC. The main reason is that public funds are the main source of public funds, and the influence of investigation and prosecution is far-reaching. Secondly, it is difficult to detect illegal facts by hiding the heating behavior. But the market has a saying that all crimes under the big data are pparent.

It has always been emphasized that it is necessary to maintain a high pressure on illegal market activities and find that it is not tolerated. We believe that we should not ignore the joint stock ownership problem that has been questioned by market critics, and also provide a pparent and fair environment for the market.

In view of the great difficulty of joint stock investigation, we can only reduce the market speculation by increasing the cost of illegal offenses. That is, once the facts of stock price manipulation are verified, the punishment will be 5 times the upper limit.

It is precisely because the big man is involved in the organization that the market will turn into the market, and then there will be power to push up the share price before there will be a super Bull Stock.

But the harm of this kind of behavior is also at a glance, first of all, there is no hard agreement.

If the alliance is broken, the stock price will break down, and the stock price will go down. In the end of June, the stock price slump will start with some super stocks, which is also a joint stock holding unit, and a big drop will be followed by a continuous limit. Secondly, the main funds will be deeply involved. The advantage of the capital will be deliberately guided and strengthened, so that the share price will be operated according to the main train of thought, so as to achieve the purpose of deceive the market and attract investors to follow suit. Its essence is a looting of investors' interests.

Therefore, this behavior should arouse the attention of the market and be widely questioned by the market. The regulatory authorities should also attach great importance to it and crack down on it because it is a sharp manipulation of stock prices.

The 77 provision of the securities law prohibits any person to manipulate the securities market under the following means: (1) concentrating the advantages of capital, holding shares or making use of collusion alone or through collusion.

Joint or continuous trading, manipulating securities trading prices or trading volume of securities; (two) colluding with others, exchanging securities pactions with each other at a predetermined time, price and manner, affecting securities trading prices or trading volume of securities; it is obvious that holding up heating violates the relevant provisions of the securities law, convening conventions to discuss what price to intervene at what price to ship. It is an illegal act of colluding with others, trading securities in a predetermined time, price and way, affecting securities trading prices or trading volume of securities, and is an illegal act that collusion "centralized capital advantage, shareholding advantage or joint or continuous trading of information advantage, manipulating securities trading prices or securities trading volume".

This behavior also violates the determination of the agreed trading manipulation in the guidelines for the identification of insider trading in the securities market (Trial Implementation). The twenty-fourth rule considers that "collusion with others" means that 2 or more actors have reached a common meaning in order to manipulate the securities market.

This way of holding up heating also violates the information manipulation of the guidelines. The twenty-second article can be identified as continuous trading manipulation under the following circumstances: (1) centralized capital advantage, shareholding advantage or information advantage; (two) joint buying and selling of securities or continuous buying and selling of securities; (three) affecting securities trading prices or securities trading volume.

The convener convenes everybody's goal is to gather everybody's fund as an organic whole, increases the fund quantity, this is the utilization.

Manipulating stock prices, the second is the convener looking for analysts to write an analysis report that fits their interests to achieve the purpose of affecting the market. This is to manipulate the stock price by information dominance. Three, after we have reached an alliance, we start to build positions gradually, which is a continuous trading of securities. Four, this behavior has affected the price of securities trading and the volume of securities trading.

After that, let the analyst make a recommendation report that is favorable to the rise of share price. This is a kind of illegal behavior that affects the investors to buy stocks by using the influence of analysts. It violates the guidelines of cap robbing pactions. The guideline stipulates that the following situations can be considered as hat grabbing manipulation: (1) the perpetrator is a securities company, a securities consulting institution, a professional intermediary agency and its staff; (two) the perpetrator makes public evaluation, prediction or investment suggestions for the relevant securities or their issuers and listed companies; (three) the trader makes or purchases relevant securities before making public evaluation, forecasting or investment proposals, (four) the actor makes profits through the open evaluation, prediction or investment proposal in the paction of the related securities. In addition, this tug of heating is a typical hat robbing paction. Conveners build a warehouse for everyone.