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Investor protection, clear rules, and risk awareness case-beware of the traps in the "up limit"

Investor protection, clear rules, and risk awareness case-beware of the traps in the "up limit"

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  • Time of issue:2017-07-01 00:00
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(Summary description)

Investor protection, clear rules, and risk awareness case-beware of the traps in the "up limit"

(Summary description)

  • Categories:News Center
  • Author:
  • Origin:
  • Time of issue:2017-07-01 00:00
  • Views:
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“Investor Protection·Clear Rules, Recognize Risk”Case——Beware of Traps in “Rising Limit”
China Securities Regulatory Commission www.csrc.gov.cn Time: 2017-06-16 Source:

   my country’s stock market has an intraday 10% limit on the ups and downs. Investors usually interpret the daily limit as the market’s optimistic expectations for the stock. Criminals take advantage of investors’ psychology of “chasing the rise” to artificially create “limits” to attract investors to follow the trend to buy and push up the stock price. Once the manipulator makes a profit, the stock price will lose support and even continue to plummet. Make small and medium investors who chase high buys become "receivers".

   Let's take Tang XX as an example to take a look at the methods of the daily limit manipulators. He completed the entire process of manipulating "X" within three trading days of "building a position-lifting-shipping", and illegally made 36.34 million yuan in profits.

   On March 23, 2015, Tang Moumou bought 2.14 million shares of “X” with a transaction amount of 41.44 million yuan and an average transaction price of 19.37 yuan, completing the position. On the second day, Tang Moumou started at 10:42 in the morning, with a price ranging from 18.91 yuan to the daily limit price of 21.32 yuan and 100 times the total amount declared by other investors in the same stall. In just 31 minutes, the “X” stock price Pulled to the daily limit, an increase of 12.7%. Before the close of the market at noon, "X" briefly opened the daily limit, and Tang Moumou again pushed the stock price to the daily limit within 5 minutes with the daily limit price and 55 times the purchase amount exceeding the selling price. After the market opened in the afternoon, Tang continued to declare to buy 27.96 million shares at the daily limit price, forming a huge pile of orders to seal the stock price on the daily 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 opening call auction on March 25, Tang Moumou 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 buying volume during the same period, and at 9:19:48 All orders were cancelled before. According to the trading rules, orders cannot be withdrawn after 9:20. Obviously, Tang's purpose is not to make a real deal, but to mislead other unsuspecting investors that the buying order is surging and follow up to raise the opening price. Sure enough, "X" opened at 22.8 yuan that day, an increase of 6.94%. Tang Moumou achieved his goal and shipped in the opposite direction after the market opened. He successively sold his previous holdings at a price of 22.8 yuan to 21.24 yuan. On the 25th, the price of "X" fluctuated downward and closed at 21.21 yuan. Investors who followed up at the opening may only be able to look forward to the "market" and sigh, but Tang XX has already made a lot of money.

  

  

  Figure 2 March 25“X”Time-sharing trend of stock prices

There is a clear difference between the trading behaviors of manipulators active on the daily limit and normal investors. They sell in the reverse direction after successfully raising the stock price, or withdraw a large number of orders to avoid real transactions, reflecting their intention to lure other investments Those who follow the trend to buy, but have no real investment purpose. This behavior violates the provisions of Article 77 of the "Securities Law" which prohibits the continuous trading of capital advantages, shareholding advantages, alone or through collusion, or manipulation of securities transaction prices or securities trading volume by other means, and constitutes the "Securities Law" Article 203: Of course, it is difficult to escape the eyes of the Securities Regulatory Commission for market manipulation. In 2014 and 2015, Tang Moumou was punished twice by the Securities Regulatory Commission for market manipulation. In order to evade supervision, Tang Moumou moved to Hong Kong and passed The Shanghai-Hong Kong Stock Connect continued to manipulate A-share stocks, "the magic is one foot high, and the road is high". In 2017, the China Securities Regulatory Commission once again brought Tang and others to justice, and issued a total of 1.2 billion yuan in fines.

  Tang's behavior tells us that the daily limit may not be "Xi Da Pu Ben", and it may be a scam. Investors should not blindly chase stocks with irrational changes in price. They should comprehensively examine the company's operating performance and development prospects, pay attention to the 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 suddenly rose to the limit, which might be strange. Once you fall into the "trap" set by the offender, you will suffer serious losses. Suppose that investor Xiao Ming was misled by Tang's manipulative behavior, and because he did not buy the daily limit the day before, he could not help but buy 1 million yuan of “X” at the opening price of 22.8 yuan on March 25, and he would lose money on that day. It's 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 gains, not to participate in excessive market speculation, to form good investment habits, and to properly manage and prevent investment risks.

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