ST中昌实控人操纵股票被罚 辩称“稳定股价”？

Core Viewpoint - The actual controller of ST Zhongchang, Chen Jianming, was fined 34 million yuan for manipulating the company's stock, which the company believes is unfair, claiming the intent was to "stabilize the stock price" [1][2]. Group 1: Legal Violations - The actual controller's stock pledge faced the risk of forced liquidation, prompting the chairman and general manager to attempt to "stabilize the stock price" to prevent a decline [1]. - The chairman used 101 accounts to frequently buy and sell the company's stock, which constitutes several legal violations: using others' accounts for trading, manipulating stock prices, and potential insider trading [1][2]. - The chairman's trading involved 2.8 billion yuan in transactions, resulting in profits exceeding 14 million yuan, indicating clear stock price manipulation [1]. Group 2: Insider Trading Concerns - There is ambiguity regarding whether insider trading occurred, as it is difficult for investors to determine if the chairman used undisclosed information during stock transactions [2]. - In mature markets, the burden of proof lies with the chairman to demonstrate the absence of insider trading; failure to do so may lead to a presumption of insider trading [2]. Group 3: Investor Implications - The chairman's claim of acting to stabilize the stock price does not exempt him from liability for stock price manipulation, which primarily served to protect his own interests rather than those of investors [2]. - Investors who suffered losses due to the chairman's actions may have grounds for legal compensation, as the regulatory authority has issued a penalty decision [2]. - Caution is advised for investors in poorly performing ST stocks, as speculative behavior can lead to significant losses due to potential price manipulation by large funds [3].