Tianshan Bio May Be Involved In "New Type" Stock Price Manipulation: 70% Of The Per Capita Share Holding Falls Sharply, And Manipulation Behavior Remains To Be Confirmed

On September 9, the three major indexes of a shares closed down, but the sentiment of speculation in the market dropped significantly. Previously, all the 30 low-priced stocks on the gem had gone green, while some "demon stocks" such as Jianrui Huaneng and tengbang international, which had been stir fried earlier, fell more than 10%.

On the same day, the most hyped Tianshan biological, long group, Yu diamond suspension verification. 21st century economic reporter learned from the Shenzhen stock exchange that the Shenzhen stock exchange is comprehensively investigating the transactions of Tianshan biological and other companies, and found that some transactions may be suspected of new stock price manipulation.

As soon as the news came out, it immediately attracted wide attention from the market.

Specifically, individual investors represented by hot money and retail investors are the main drivers of this speculation. According to the data released by the Shenzhen Stock Exchange, after the resumption of trading on September 2, the buyers were mainly individual investors, accounting for more than 97% of the purchase amount. In the same way, after the opening on September 8, Yu diamond and long group also released classified trading statistics of investors. Among them, during the period of serious abnormal fluctuation of Yu diamond, individual investors accounted for 97.14%; during the period of serious abnormal fluctuation, the proportion of individual investors buying accounted for 97.48%.

"At present, these three stocks (Tianshan biological, rectangular group, Yu diamond) are still in the verification stage, and there is no conclusion. Take Tianshan biology as an example. Retail investors are mainly buying and selling. Individual investors account for more than 97% of the total purchase amount. The sentiment of following the trend is relatively heavy. In particular, the growth enterprise market (GEM) is allowed to limit the rise and fall to 20%. There is a possibility of stock price manipulation. " Zhang Zixue, a professor at China University of political science and law, said.

Stock manipulation needs to be identified

However, as there is no further information on stock price manipulation, the market has not yet reached a conclusion on whether it involves illegal activities.

According to Zhang Zixue, stock manipulation is mainly divided into two ways. One is information-based manipulation, such as spreading some inside information to cooperate with shareholders in stock price speculation. But at present, taking Tianshan biological as an example, the company has been warning risks to the outside world and repeatedly clarified that the proportion of beef cattle fattening business of the company is very small.

"When it comes to short-term trading, for example, if there is a kind of short-term trading manipulation, such as quick entry and exit manipulation, there may be another type of quick investment manipulation Zhang Zixue said.

However, due to various reasons, from the existing cases, the single short-term transaction is less likely to be identified as stock price manipulation. "If short-term trading is coordinated with other methods, such as false declaration, self purchase and self-sale, or mutual counter party transactions, stock price manipulation may be involved. From the existing cases, there are not many ways to use one method for transactional manipulation, and most of them are comprehensive use of multiple methods. " Zhang Zixue pointed out.

It is worth mentioning that although it remains to be verified whether some transactions are involved in violations of laws and regulations, in the view of many market participants, this has accumulated a lot of risks.

According to the public data, the scattered shareholding and low trading amount are indeed the important characteristics of some of the above-mentioned stock transactions. Taking Tianshan biological as an example, on September 8, the average transaction amount of Tianshan bio was 41000 yuan, and the number of participants was 55200, which was 13.46 times that of 4100 households on August 19; the number of shareholding households increased significantly, and the shareholding concentration decreased significantly, with the number of shareholding increased from 13800 on August 19 to 48900 on September 7, and the number of shares held per household decreased from 23200 shares to 6400 shares, a drop of 72.4%, which was the top 100 shares The shareholding ratio of the top two circulating shareholders decreased from 9.86% to 6.64%.

"The number of shares held by each household has decreased significantly. It is not ruled out that some hot money actively" ignite "to attract retail investors to enter the market to take over the offer." The investment director of a private equity firm in South China pointed out in an interview.

Yang Ruyi, executive director of Chunshi capital and head of the securities investment business department, also pointed out: "the theme + low price stocks attract all the active funds in the market to participate in the speculation of the gem, but the boom will decline. With the deepening of registration system and the increase of stock supply, the final rise of stock price still needs the support of performance. From the experience of the science and technology innovation board, the science and Technology Innovation Board will gradually return to stable within one month after the initial trial, and the gem will also tend to be stable in the future. "

Investor structure may lead to speculation

People pointed out that the current round of investors, such as venture capital market, is more and more agitated.

"The essence of speculation is to constantly attract investors to enter the market through the board effect and other means. This time, using small tickets as a breakthrough, the pressure on the cost of capital will be relatively small. Why did the former Kechuang board not have such a situation? First, because of the large amount of subject matter, the turnover rate is not enough, and because there is a threshold of 500000 investors, the undertaking strength may not be enough." The investment director said.

Gong Xiaolin, executive chairman and Secretary General of Zhejiang Ma Federation, also said: "compared with the science and technology innovation board, the threshold of GEM investors is indeed lower. The investors in the science and technology innovation board are mainly institutional investors and medium and high net worth customers, while there are a large number of small and medium-sized investors participating in the gem. However, we can't think that the speculation space of gem is larger than that of sci-tech innovation market. "

In Gong Xiaolin's view, the most direct reason why some small bills and low-priced stocks on the gem have increased greatly recently is due to the plate rotation caused by valuation differences. Of course, the recent deregulation of the growth enterprise market has also objectively improved the activity and volatility of trading. But these are normal market trading behaviors, and the main problem is not the trading system itself.

"In terms of medium and long-term factors, the reason why gem fluctuates greatly and goes up and down sharply is that the proportion of small and medium-sized investors is still relatively high, and it is easier to adopt the trading means of chasing up and killing down the decline." Gong Xiaolin said.

It is worth mentioning that with the increasing speculation, the regulatory authorities have also introduced various measures to guide the market to return to rationality and value investment.

In March, Shenzhen Stock Exchange will be closely monitored. At the same time, it reminds investors that they should enhance risk awareness, participate in trading rationally and in compliance with regulations, avoid blindly following the trend of speculation, and avoid the psychology of opportunistic speculation. Subsequently, due to the abnormal fluctuation of stock trading, Tianshan biological, Henan diamond and rectangular group's shares were suspended for verification since the opening of the market on September 9. In the view of many people, this regulatory "click" will guide the market to return to rationality and encourage value investment.

"From the perspective of individual stocks, there are three main reasons for the large increase of stock price in the short term: first, there are major favorable factors in the fundamentals; second, hot money speculation based on concept theme; third, illegal operation such as stock price manipulation by insiders. From the perspective of regulation, suspension verification and big data tracking can effectively crack down on illegal manipulation, protect the legitimate rights and interests of small and medium-sized investors, and promote the rational and stable development of the market. " Gong Xiaolin said.