Group 1: Legal and Regulatory Developments - The Shenzhen Municipal People's Procuratorate has initiated public prosecution against 80 individuals involved in illegal fundraising activities related to Dingyifeng Asset Management Co., Ltd. and its affiliates [1] - The China Securities Regulatory Commission (CSRC) has imposed penalties exceeding 1 billion yuan on Yu Han for manipulating the stock of "Doctor Glasses," with evidence showing a price increase from 13.72 yuan to 37.81 yuan, a rise of 175.58% during the manipulation period [4][5] Group 2: Consumer and Market Reactions - Multiple consumers reported forced refunds from Libai's official flagship store due to incorrect pricing, with products listed at significantly lower prices than intended, leading to customer dissatisfaction [2] - Libai acknowledged the issue as an internal operational oversight and has initiated process upgrades to prevent future occurrences, offering compensation to affected customers [2] Group 3: Industry Trends - The upcoming 2026 Spring Festival is expected to drive outbound tourism, with Thailand emerging as the most popular destination, surpassing Japan, which has seen a significant decline in flight availability [6][7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has confirmed that Yu Han engaged in market manipulation, resulting in significant penalties and a three-year ban from the securities market [1][2]. Summary by Relevant Sections Market Manipulation Details - From June 3, 2019, to August 15, 2024, Yu Han controlled 67 securities accounts to manipulate the stock price and trading volume of "Doctor Glasses" through continuous buying and selling and matched transactions [1][2]. - The total illegal gains from Yu Han's actions amounted to 5.11 billion yuan [1][2]. Penalties Imposed - The CSRC decided to confiscate Yu Han's illegal gains of 5.11 billion yuan and imposed an additional fine of 5.11 billion yuan, bringing the total penalty to 10.23 billion yuan [1][2]. - Yu Han has been banned from participating in the securities market for three years [1][2]. Trading Activity Analysis - During the manipulation period, Yu Han's accounts participated in trading on 1,252 trading days, with 83 days showing significant trading activity [6]. - The accounts bought a total of 110,666,468 shares, amounting to approximately 2.11 billion yuan, and sold 101,705,668 shares for about 2.15 billion yuan [6]. - On 181 trading days, the buying volume exceeded 10% of the market's total trading volume, and on 45 days, it exceeded 20% [6]. Impact on Stock Price - The stock price of "Doctor Glasses" increased from 13.72 yuan per share to 37.81 yuan per share during the manipulation period, representing a rise of 17.58% [14]. - In contrast, the Shenzhen Composite Index fell by 9.36% during the same period, highlighting the significant impact of Yu Han's actions on the stock's performance [14].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 余韩在陈述和申辩意见中提出：其不具备操纵市场的主观故意，客观上也没有实施操纵市场的行为。实 际控制账户组的数量认定有误，其只实际控制使用9个账户，且对部分账户的控制时间较短。其实际控 制账户组的行为，未对"博士眼镜"股票价格产生实质性影响。综上，请求依法从轻或减轻处罚。 图片来源：证监会网站截图 经证监会查明，2019年6月25日至2024年8月16日（以下简称"操纵期间"），余韩控制使用"陈某某"等67 个账户（以下简称"账户组"）交易"博士眼镜"。 操纵期间，余韩通过集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进行交易等手段操 纵"博士眼镜"，影响股票交易价格和交易量。 一是集中资金优势、持股优势连续买卖。操纵期间共1252个交易日，账户组在837个交易日参与交易。 买入成交量占市场成交量的比例超过10%的有181个交易日，超过20%的有45个交易日。账户组期初持 有0股，期末持有871.41万股，日均持有1391.33万股，占流通股的13.64%，1026个交易日持仓占流通股 比例超过10%，150个交易日持股占流通股 ...

1月23日，证监会发布了2026年的1号罚单。 罚单显示，2019年6月至2024年8月期间，余韩控制使用67个账户交易"博士眼镜"股票。其间"博士眼 镜"股票价格从13.72元/股上涨至37.81元/股，涨幅达175.58%，余韩违法所得为5.1亿元，被证监会罚没 10.2亿元。这是近几年少有的大额罚单。 暴赚超5亿元 经查明，当事人余韩存在以下违法事实。 上述事实，有相关人员询问笔录、情况说明、证券账户资料、银行账户资料、交易数据等证据证明，足 以认定。 余韩操纵"博士眼镜"行为违反《证券法》第五十五条第一款第一项、第三项的规定，构成《证券法》第 一百九十二条规定所述的操纵证券市场行为。 被罚没10.2亿元 余韩在陈述和申辩意见中提出： 第一，其不具备操纵市场的主观故意，客观上也没有实施操纵市场的行为。 第二，实际控制账户组的数量认定有误，其只实际控制使用9个账户，且对部分账户的控制时间较短。 2019年6月25日至2024年8月16日(以下简称操纵期间)，余韩控制使用"陈某某"等67个账户(以下简称账户 组)交易"博士眼镜"。 操纵期间，余韩通过集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进 ...

1月23日，证监会发布了2026年的1号罚单。 罚单显示，2019年6月至2024年8月期间，余韩控制使用67个账户交易"博士眼镜"股票。其间"博士眼镜"股票价格从13.72元/股上涨至37.81元/股，涨幅达175.58%，余 韩违法所得为5.1亿元，被证监会罚没10.2亿元。这是近几年少有的大额罚单。 暴赚超5亿元 经查明，当事人余韩存在以下违法事实。 2019年6月25日至2024年8月16日(以下简称操纵期间)，余韩控制使用"陈某某"等67个账户(以下简称账户组)交易"博士眼镜"。 操纵期间，余韩通过集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进行交易等手段操纵"博士眼镜"，影响股票交易价格和交易量。 首先是集中资金优势、持股优势连续买卖。操纵期间共1252个交易日，账户组在837个交易日参与交易，累计竞价买入1.106亿股，金额21.1亿元，累计竞价卖 出1.017亿股，金额21.54亿元，买入成交量占市场成交量的比例超过10%的有181个交易日，超过20%的有45个交易日。账户组期初持有0股，期末持有871.41万 股，日均持有1391.33万股，占流通股的13.64%，1026个交易 ...

近日，中国证监会网站披露的行政处罚决定书（〔2026〕1号）显示，因操纵证券市场，证监会决定没收余韩违法所得约5.11亿元，并处以等额罚款，罚 没合计金额超过10.2亿元。 经查明，当事人余韩存在以下违法事实： 2019年6月25日至2024年8月16日（以下简称"操纵期间"），余韩控制使用"陈某某"等67个账户交易"博士眼镜（300622）"。操纵期间，余韩通过集中资金 优势、持股优势连续买卖，在自己实际控制的账户之间进行交易等手段操纵"博士眼镜"，影响股票交易价格和交易量。 操纵期间，"博士眼镜"股票价格从13.72元每股上涨至37.81元每股，涨幅达175.58%。同期，深证成指下跌9.36%，偏离184.94个百分点。 行政处罚决定书披露了余韩操纵"博士眼镜"的手法： 一方面，余韩集中资金优势、持股优势连续买卖。操纵期间共1252个交易日，账户组在837个交易日参与交易，累计竞价买入110606468股，金额 2109994422.84元，累计竞价卖出101705668股，金额2153634223.91元，买入成交量占市场成交量的比例超过10%的有181个交易日，超过20%的有45个交 易日。账户组期 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a penalty exceeding 1 billion yuan on individual Yu Han for manipulating the stock market of "Doctor Glasses," resulting in illicit profits of approximately 510 million yuan [1][6][17]. Summary by Sections Manipulation Details - From June 25, 2019, to August 16, 2024, Yu Han controlled 67 accounts to trade "Doctor Glasses," using methods such as concentrated capital and stock advantages to manipulate the stock price and trading volume [1][11]. - During the manipulation period of 1,252 trading days, the account group participated in trading on 837 days, buying a total of 110,606,468 shares for approximately 2.11 billion yuan and selling 101,705,668 shares for about 2.15 billion yuan [2][12]. Trading Activity - The account group held an average of 13,913,349 shares, representing 13.64% of the circulating shares, with over 10% holdings on 1,026 trading days and over 20% on 150 trading days [2][12]. - Between June 25, 2019, and May 14, 2021, the account group ranked first in buying volume on 132 trading days and in selling volume on 77 trading days, with total buy transactions of 67,105,837 shares worth approximately 1.19 billion yuan [3][13]. - From May 17, 2021, to January 2, 2024, the account group ranked first in buying volume on 141 trading days and in selling volume on 126 trading days, with total buy transactions of 37,556,631 shares worth about 806 million yuan [4][14]. Impact on Stock Price - The manipulation led to a significant increase in the stock price of "Doctor Glasses," which rose from 13.72 yuan per share to 37.81 yuan per share, marking a 175.58% increase, while the Shenzhen Composite Index fell by 9.36% during the same period [7][16]. Regulatory Findings - The CSRC found sufficient evidence to confirm Yu Han's intent to manipulate the stock market, rejecting his claims of lacking subjective intent and asserting that his actions had a substantial impact on the stock price and trading volume [6][16]. - The CSRC decided to confiscate Yu Han's illicit gains of approximately 510 million yuan and impose an equal fine, totaling over 1 billion yuan [8][17].

1月23日，中国证监会发布行政处罚决定书（〔2026〕1号），认定余韩操纵证券市场行为成立。 | | | | | 繁體 English | | []移动端 合 微博 ▲ 微信 占 无障碍 | | --- | --- | --- | --- | --- | --- | --- | | 中国证券监督管理委员会 CHINA SECURITIES REGULATORY COMMISSION | | | | | | 请输入关键字 O | | (公)首页 血 机构概况 | 宣 新闻发布 | 国 政务信息 | 烈 办事服务 | | 曰 互动交流 | 000 统计信息 同 专题专栏 | | ♀ 当前位置：首页 > 政务信息 > 政府信息公开 > 主动公开 > 按主题查看 > 行政执法 > 行政处罚 | | | | | | | | 索 引 号 bm56000001/2026-00000872 | | | | ਜੋ 类 | 行政处罚;行政处罚决定 | | | 发布机构 | | 发文日期 | 2026年01月09日 | | --- | --- | --- | --- | | 名 称 | 中国证券监督管理委员会行政处罚决定书 | | ...

经证监会调查，2019年6月25日至2024年8月16日（以下简称操纵期间），余韩控制使用"陈某某"等67个 账户（以下简称账户组）通过集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进行交易 等手段操纵"博士眼镜"，影响股票交易价格和交易量，账户组共有212个交易日在交易"博士眼镜"，成 交量占市场成交量比例超过10%的有12个交易日，最高达到25.32%。经测算，余韩操纵"博士眼镜"违法 所得为5.11亿元。 余韩在陈述和申辩意见中提出，其不具备操纵市场的主观故意，客观上也没有实施操纵市场的行为；实 际控制账户组的数量认定有误，其只实际控制使用9个账户，且对部分账户的控制时间较短；其实际控 制账户组的行为，未对"博士眼镜"股票价格产生实质性影响。综上，请求依法从轻或减轻处罚。 经复核，证监会认为，在案证据足以证明余韩存在操纵"博士眼镜"股票的主观意图。操纵期间，余韩通 过集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进行交易等手段操纵"博士眼镜"，影 响"博士眼镜"股票交易价格和交易量，余韩控制使用67个证券账户，本案非当事人控制使用期间的交易 数据并未纳入涉案交易数据。余韩的操纵行为对 ...

Group 1 - The core issue involves the manipulation of the stock market by Yu Han, leading to significant financial penalties and a ban from the securities market for three years [1][3]. - The China Securities Regulatory Commission (CSRC) has determined that Yu Han manipulated the stock of "Doctor Glasses" using 67 accounts from June 25, 2019, to August 16, 2024, affecting trading prices and volumes [3][4]. - The total illegal gains from the manipulation of "Doctor Glasses" were calculated to be approximately 510.89 million yuan, resulting in a total fine and confiscation of 1.022 billion yuan [1][4].