智通财经网·2026-01-19 13:06Core Viewpoint - The Zhejiang Securities Regulatory Commission has issued an administrative penalty decision against Jin Yongrong for engaging in reverse trading and "hat manipulation" after publicly recommending stocks, revealing significant misconduct in the securities market. Group 1: Background and Influence - Jin Yongrong, born in 1988, has gained substantial recognition in the securities investment field through his "Jin Huo" account on the Xueqiu platform, where he published stock recommendations and engaged with audiences across various platforms including Taoguba, WeChat, and Xiaohongshu [1][2]. - As of April 2025, the "Jin Huo" account had over 107,000 followers, with an average reading of 1.3 million per post from September 2024 to April 2025, indicating a significant influence on the market [1][2]. Group 2: Manipulative Actions - Between September 2, 2024, and April 16, 2025, Jin Yongrong publicly recommended 32 stocks while simultaneously executing large reverse sell transactions on the same day or the following day, totaling approximately 630.59 million yuan in trading volume and yielding illegal gains of about 41.62 million yuan [1][2]. - The actions of Jin Yongrong were characterized by a clear contradiction between his public recommendations and subsequent selling activities, which were executed shortly after the recommendations [6][9]. Group 3: Regulatory Findings - The Zhejiang Securities Regulatory Commission determined that Jin Yongrong's activities constituted public stock recommendations, as his posts were widely disseminated and influenced investor behavior [8]. - The commission noted that the trading activities aligned with the typical characteristics of "hat manipulation," where the direction of trading was opposite to the recommendations made [9].