Stock Code: 002723

搜索
Search

at

img RMB

logo
The Case of "Investor Protection · Clear Rules and Knowledge of Risks" —— Nothing can be generalized with rhetoric and rational analysis in order to get the truth
The Case of "Investor Protection · Clear Rules and Knowledge of Risks" —— Nothing can be generalized with rhetoric and rational analysis in order to get the truth
See more information
The Case of "Investor Protection · Clear Rules and Knowledge of Risks" —— Nothing can be generalized with rhetoric and rational analysis in order to get the truth

金莱特

金莱特
金莱特
Check category

News

>
>
>
The Case of "Investor Protection · Clear Rules and Knowledge of Risks" —— Beware of the Traps in the "Limit Limit"

The Case of "Investor Protection · Clear Rules and Knowledge of Risks" —— Beware of the Traps in the "Limit Limit"

  • Categories:Fairness
  • Author:
  • Origin:
  • Time of issue:2017-06-17 14:42
  • Views:

(Summary description)

The Case of "Investor Protection · Clear Rules and Knowledge of Risks" —— Beware of the Traps in the "Limit Limit"

(Summary description)

  • Categories:Fairness
  • Author:
  • Origin:
  • Time of issue:2017-06-17 14:42
  • Views:
Information
China's stock market has a daily limit of 10%, and investors usually interpret the daily limit as the market's optimistic expectations for the stock. The criminals use the psychology of "chasing up" of investors to artificially create a "price limit" to attract investors to follow the trend and buy up the stock price. Once the manipulator flees, the stock price will lose support and even continue to plunge, making the pursuit of high buying The small and medium-sized investors who have entered the market have become "receivers."
 
Let's take Tang Moumou as an example to look at the way of the daily limit manipulator. In three trading days, he completed the entire process of "opening a warehouse-pulling up-shipping" that manipulated "X" and made an illegal profit of 36.34 million yuan.
 
3On March 23, 2015, Tang Moumou bought 2.14 million shares of "X" with a transaction value of 41.44 million yuan and an average transaction price of 19.37 yuan to complete a position. The next day, Tang Moumou, from 10:42 in the morning, at a price of 18.91 yuan to a daily limit of 21.32 yuan and 100 times the total declaration of other investors in the same grade, pulling the "X" share price in just 31 minutes To the daily limit, the increase range reached 12.7%. Before the noon closing, "X" opened the daily limit briefly. Tang Moumou again pushed the stock price to the daily limit within 5 minutes with the daily limit price and the purchase volume exceeding 55 times the selling price. After the market opened in the afternoon, Tang Moumou continued to declare to buy 29.76 million shares at the limit price, forming a huge pile of orders to seal the stock price on the limit board.
 
 
 
Figure 1 On March 24, the stock price of “X” was raised to the daily limit and the daily limit was closed.
 
During the open auction on March 25, Tang Mou declared to buy 7 million shares at a price of 23.45 yuan (9.77% higher than the previous closing price), which was close to half of the market ’s declared purchase amount in the same period, and at 9:19:48 All cancellations before. According to the trading rules, orders cannot be cancelled after 9:20. Obviously, the purpose of Tang Moumou is not to close the deal, but to mislead other uninformed investors into thinking that buying is turbulent and follow up to raise the opening price. Sure enough, the "X" opened at the price of 22.8 yuan, an increase of 6.94%. Tang Moumou achieved the goal and immediately reversed the shipment. He successively sold the previous shares at the price of 22.8 to 21.24 yuan, and the "X" price oscillated downward on the 25th, closing at 21.21. Investors who follow up at the opening of the market can only hope that the "travel" is sighing, and Tang Moumou has already made a lot of money.
 
 
Figure 2 "X" share price trend on March 25
 
The trading behavior of the manipulators active on the daily limit board is obviously different from that of normal investors. After successfully raising the stock price, they immediately sell in reverse, or cancel a large number of orders to avoid real transactions, reflecting their intention to deceive other investors. Those who follow suit buy without real investment purpose. This behavior violates the provisions of Article 77 of the Securities Law prohibiting separate or through conspiracy, centralized capital advantage, holding advantage continuous trading, or other means to manipulate the price or volume of securities trading, constituting the "Securities Law" Article 203 Of course, it is difficult to escape the scrutiny of the Securities and Futures Commission of the market manipulation situation. In 2014 and 2015, Tang Moumou was successively penalized by the Securities and Futures Commission for administrative manipulation. Shanghai-Hong Kong Stock Connect continued to manipulate A-share stocks, "one foot high, one foot high". In 2017, the Securities and Futures Commission once again brought Tang and other people to justice, and issued a total of 1.2 billion fines before and after.
 
Tang Moumou's behavior tells us that the daily limit may not be "happy", and may be buried in a scam. Investors should not blindly chase rising stocks with irrational price changes. They must comprehensively examine the company's operating performance and development prospects, pay attention to information disclosure of listed companies or the situation in the same industry, and pay attention to whether the company's intrinsic value has changed. Without the support of these "fundamentals", the stock price will rise and fall suddenly, which may be a surprise. Once they fall into the “trap” set by the offender, they will suffer severe losses. Suppose that investor Xiaoming was misled by Tang Moumou's manipulation. He did n’t buy it because of the daily limit. He could n’t help but buy 1 million yuan “X” at the opening price of 22.8 yuan on March 25. Nearly 70,000 yuan. Therefore, investors should establish and adhere to the concept of value investment. An important way to avoid losses is not to blindly chase the rise, not to participate in excessive market speculation, to form good investment habits, and to properly manage and prevent investment risks.

Address: No.21, Jintong Road, Tangxia Town, Pengjiang district, Jiangmen City Tel: 0750-7173000

 

Copyright © kennede electronics mfg Co., Ltd 粤ICP备11054496号 Powered by 300.cn Manager