According to the Zhitong Finance App, *ST Meishang (300495.SZ) announced that Wang Yingyan, the controlling shareholder of the company, received the “Advance Notice of Administrative Penalties and Market Ban” issued by the China Securities Regulatory Commission on March 27, 2023. The notice states:

From June 12, 2018 to July 3, 2020, Wang Yingyan and Ji Yun controlled the account group involved in the case, concentrated capital advantages and shareholding advantages, continuously traded “Meishang Ecology” and manipulated the “Meishang Ecology”. The above actions of Wang Yingyan and Ji Yun are suspected of constituting the manipulation of the securities market as stipulated in section 55 (1) (1) of the Securities Law. Wang Yingyan and Ji Yun divided labor, collaborated, and cooperated with each other in the process of manipulating the “Meishang Ecology”, and were common violators of the law. Among them, Wang Yingyan is the initiator and decision maker of the manipulation. She arranged transaction deposits, was responsible for borrowing some accounts, played a leading role, and should bear the main responsibility. Ji Yun is the perpetrator of the manipulation. He is responsible for borrowing some accounts and should bear secondary responsibility.

The China Securities Regulatory Commission plans to fine Wang Yingyan and Ji Yun 8 million yuan, of which Wang Yingyan was fined 5 million yuan and Ji Yun was fined 3 million yuan. Furthermore, it is proposed to decide that Wang Yingyan will be banned from entering the market for 5 years.