Jincheng Pharm(SZ:300233) Mei Ri Jing Ji Xin Wen·2025-12-11 15:17Core Viewpoint - The investigation into Jincheng Pharmaceutical's stock manipulation case has concluded, resulting in penalties for the company's actual controller, Zhao Yeqing, who resigned on the same day the decision was announced [1][6]. Group 1: Investigation and Findings - The investigation revealed that from August 18, 2017, to February 10, 2020, Zhao Yeqing, along with Wang Zhen and Liu Feng, manipulated Jincheng Pharmaceutical's stock using a network of 104 accounts [2][5]. - During the manipulation period of 595 trading days, the account group participated in trading on 502 days, significantly impacting the stock's trading price and volume [2][3]. - The account group held an average of 18.58 million shares daily, representing 5.68% of the company's circulating shares, with a peak holding of 32.09 million shares, or 9.04% [2]. Group 2: Stock Price Impact - The manipulation led to a notable increase in stock price, with a 21.30% rise from February 1 to April 26, 2018, while the ChiNext index only increased by 2.90% during the same period [2]. - The account group executed "self-buying and selling" transactions for 214 days, with transaction volumes exceeding 10% of the market volume on 76 days, and reaching as high as 45.65% on one day [3]. Group 3: Financial Outcomes and Penalties - Despite the extensive manipulation, the account group incurred a total loss of approximately 7.39 million yuan, with total buying and selling amounts of about 2.134 billion yuan and 1.870 billion yuan, respectively [3]. - The China Securities Regulatory Commission (CSRC) rejected the defendants' claims of lacking intent to manipulate and imposed fines totaling 3 million yuan, with Zhao Yeqing fined 1.5 million yuan and receiving a 4-year market ban [5][6]. - Zhao Yeqing's resignation from all positions within the company was announced simultaneously with the penalty, emphasizing that the administrative punishment only affects him personally and does not impact the company [6].