Jincheng Pharm(SZ:300233) Sou Hu Cai Jing·2025-12-12 16:46Core Viewpoint - The investigation into Jincheng Pharmaceutical's actual controller, Zhao Yeqing, concluded with his resignation and a formal penalty from the China Securities Regulatory Commission (CSRC) for stock manipulation, resulting in a fine of 1.5 million yuan and a four-year market ban [1][7]. Group 1: Investigation and Penalty - Zhao Yeqing, along with Wang Zhen and Liu Feng, was found to have manipulated Jincheng Pharmaceutical's stock from August 2017 to February 2020, using 104 accounts over nearly 600 trading days [3][5]. - The manipulation involved significant trading activity, with the account group holding an average of 18.58 million shares, representing 5.68% of the company's circulating shares, and reaching a peak of 32.09 million shares, or 9.04% [5][6]. - Despite the extensive manipulation, the 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 [7]. Group 2: Impact on Stock Price - During the manipulation period, the account group demonstrated a strong buying intent, accounting for 17.29% of the market's buying volume 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% rise in the ChiNext Index [5][6]. - The manipulation included 214 days of trading between accounts controlled by the same individuals, with some days seeing transaction volumes exceeding 30% of the market's total [6]. Group 3: Resignation and Company Position - On the same day as the penalty announcement, Zhao Yeqing resigned from all positions within Jincheng Pharmaceutical, holding 2.88% of the company's shares at the time [8][9]. - The company emphasized that the administrative penalty only pertains to Zhao Yeqing personally and does not affect the company as a whole, indicating no major violations that would lead to forced delisting [9].