【西街观察】牛散没有特权

Core Viewpoint - The regulatory authority has taken a strong stance against market manipulation, exemplified by the recent penalty of nearly 77 million yuan imposed on a well-known investor, Tu Wenbin, for manipulating stock prices through illegal means [1][2]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has consistently maintained a high-pressure regulatory environment, targeting fraudulent activities such as market manipulation, which are seen as detrimental to the interests of small investors [2][3]. - The penalties for market manipulation have increased in severity, with previous cases resulting in fines of approximately 335 million yuan and 470 million yuan for other violators [1][3]. Market Manipulation Techniques - Market manipulators often employ straightforward tactics, including continuous trading, price manipulation, and false trading activities, to disrupt normal trading order and artificially influence stock prices [2][3]. - The use of large capital by certain investors, referred to as "bulls," provides them with an advantage, but this does not grant them immunity from legal repercussions [2]. Regulatory Tools and Technology - The regulatory body has enhanced its enforcement capabilities through the use of advanced technologies such as big data and cloud computing, which improve the ability to detect and address violations in the capital market [3]. - The focus is not only on individual investors but also extends to major shareholders, institutional investors, and quantitative funds, indicating a broad approach to regulatory enforcement [3]. Market Stability - The actions taken against market manipulation are aimed at preserving the integrity of the capital market and protecting investor rights, thereby contributing to overall market stability [2][3].