Jincheng Pharm(SZ:300233) Sou Hu Cai Jing·2025-12-12 06:41Core Viewpoint - The chairman of Jincheng Pharmaceutical, Zhao Yeqing, has resigned following a formal penalty from the China Securities Regulatory Commission (CSRC) for stock manipulation, which included a fine of 1.5 million yuan and a four-year market ban [1][6]. Summary by Sections Announcement of Resignation and Penalty - Zhao Yeqing submitted his resignation as chairman and other board positions due to personal reasons, coinciding with the issuance of the CSRC's administrative penalty decision [1][7]. - The penalty includes a fine of 1.5 million yuan for Zhao Yeqing, with additional fines for co-conspirators Wang Zhen and Liu Feng, totaling 3 million yuan [6]. Details of Stock Manipulation - From August 18, 2017, to February 10, 2020, Zhao Yeqing, along with Wang Zhen and Liu Feng, manipulated Jincheng Pharmaceutical's stock using 104 accounts over nearly 600 trading days, resulting in a loss of approximately 7.39 million yuan [2][4]. - The account group held an average of 18.58 million shares, representing 5.68% of the company's circulating shares, with a peak holding of 32.09 million shares, or 9.04% [4]. Impact on Stock Price - During the manipulation period, the account group exhibited significant buying interest, accounting for 17.29% of the market's buy orders and 23.02% of the market's trading volume at certain times, leading to a stock price increase of 21.30% compared to a 2.90% increase in the ChiNext index [4][5]. Evidence and Regulatory Findings - The CSRC found sufficient evidence of coordinated manipulation, including transaction records and witness testimonies, and rejected the defendants' claims of lack of intent and other defenses [6][9]. - The investigation and hearing process lasted over a year, with the CSRC's decision marking the conclusion of the investigation into Zhao Yeqing's actions [9].