China News Service, May 16th. According to news from the website of the China Securities Regulatory Commission on the 16th, in response to recent media reports that related parties are suspected of conspiring to commit illegal acts and other issues, based on the exchange’s verification results, the China Securities Regulatory Commission decided to suspect related accounts for manipulation of Litong Electronics and Zhongyuan Home furnishings and other stock prices are filed for investigation.
The China Securities Regulatory Commission pointed out that market manipulation seriously infringes on the legitimate rights and interests of investors and disrupts market order, and that such market “cancers” must be resolutely eradicated.
In recent years, some lawbreakers have used shareholding, capital, information, and technological advantages to conspire and manipulate cases from time to time.
The China Securities Regulatory Commission will list such violations as the focus of its inspection and enforcement actions. Since 2020, the China Securities Regulatory Commission has filed investigations into 65 suspected market manipulation violations. Wang manipulated "Kaiying Network" and Wu Momo manipulated "Kaiying". A batch of vicious market manipulation behaviors that seriously disrupted the market order have been severely investigated and dealt with.
In the next step, the China Securities Regulatory Commission will resolutely implement the central government’s overall requirements for strictly cracking down on illegal securities activities in accordance with the law, continue to maintain a “zero tolerance” attitude towards illegal market manipulation and other illegal activities, and crack down on all kinds of market manipulations that recklessly act and evade supervision. The CSRC will thoroughly investigate and strictly deal with public security organs in accordance with the law and will not tolerate the conduct or participation of listed companies and actual controllers, private equity funds, public equity funds and other related institutions and individuals.
The progress of investigation and handling of relevant cases will be announced by the China Securities Regulatory Commission in a timely manner.
Image source: Screenshot of the CSRC website