① The Shenzhen Stock Exchange issued a trading restriction decision and imposed trade restrictions on investor Chen Guo; ② The securities account under Chen Guo's name held 700 shares of “Zhongtong Bus” until May 21, and all declarations were withdrawn during the period of rapid rise in stock prices.
Financial Services Association, May 22: The Shenzhen Stock Exchange issued a trading restriction decision and imposed trade restrictions on investor Chen Guo. According to reports, Chen Guo released early predictions on Zhongtong Bus stock price fluctuations on an online platform on May 21. These predictions were then highly consistent with actual stock price trends.
It was discovered that the securities account under Chen Guo's name held 700 shares of “Zhongtong Bus” before May 21, and all declarations were withdrawn during the period of rapid rise in stock prices. Because of its fabrication and dissemination of false information, misleading other investors to trade and disrupting the order of the securities market. The circumstances were serious, the Shenzhen Stock Exchange decided to restrict trading for 15 days on its securities account.
Below is the full text of the trade restriction decision:
Trade Restricted Decision (Chen Guo)
According to the decision, at 12:46 on May 21, 2024, Chen Guo posted in the “Zhongtong Bus Stock Discussion” community under the screen name “Guo Er won't trade stocks” on the Tonghuashun platform, saying, “I am Zhuang 1.20 to stop rising.” From 13:12 to 13:20, the stock price of “Zhongtong Bus” rose rapidly to a standstill and remained until the close, drawing market attention.
It was discovered that the securities account under Chen Guo's name held 700 shares of “Zhongtong Bus” until May 21. At 10:29:25 on May 21, the investor declared the sale of 700 shares of “Zhongtong Bus” at a price close to the closing price of 11.87 yuan/share. During the rapid rise in the stock, all declarations were withdrawn at 13:17:17.
The investor fabricates and spreads false information, misleads other investors to trade, and disrupts the order of the securities market. This is a situation listed in section 6.1 of the “Shenzhen Stock Exchange Trading Rules” (5), and the circumstances are serious.
According to section 6.8 of the “Shenzhen Stock Exchange Trading Rules”, the firm decided to restrict trading on securities accounts under Chen Guo's name from May 22, 2024 to June 5, 2024, that is, to restrict the relevant accounts from trading all stocks listed and traded on the firm during the above period.
If the parties have objections to the above measures restricting transactions, they may apply to the firm for review within 15 trading days from the date of receipt of this decision. The firm will not stop implementing this measure during the review period.
Recently, there have been many “accurate prediction” incidents in the A-share market, which have attracted great attention from the market and regulators. Last night, the Shanghai Stock Exchange and the Shenzhen Stock Exchange took precise measures to crack down on “accurate prediction” behavior on the Internet. Zhongtong Bus and Nanjing Chemical Fiber were successively notified by the exchange.
In these incidents, regulators acted quickly, showing zero tolerance for market manipulation. At the same time, investors were reminded to enhance their ability to recognize online information, pay attention to investment risks, and trade in compliance and prudent transactions.