雪球“大V”操纵市场！荐股后大量反向卖出，违法所得超4000万元，证监会出手了

Core Viewpoint - The case of Jin Yongrong highlights the issue of market manipulation in China's securities market, where he illegally profited approximately 41.62 million yuan through stock recommendations followed by significant sell-offs, leading to a total penalty exceeding 83 million yuan and a three-year market ban [2][4]. Group 1: Background and Actions - Jin Yongrong, known for his stock trading success and significant following on platforms like Xueqiu, engaged in stock recommendations while simultaneously executing large reverse sell transactions [3][4]. - His account on Xueqiu had over 107,000 followers, with an average post reading of 1.3 million times from September 2024 to April 2025, indicating substantial influence in the securities investment field [3][5]. Group 2: Regulatory Findings - The Zhejiang Securities Regulatory Bureau found that Jin Yongrong's actions constituted market manipulation as he recommended 32 stocks and then sold them shortly after, with total transaction amounts around 630 million yuan [4][5]. - The regulatory body determined that his behavior violated Article 192 of the Securities Law, leading to the confiscation of illegal gains and a fine totaling over 83 million yuan [4][5]. Group 3: Defense and Rebuttal - Jin Yongrong attempted to argue that he lacked the influence to affect the market and that his posts did not constitute recommendations, but these claims were dismissed by the regulatory authority [5][6]. - The Zhejiang Securities Regulatory Bureau maintained that his actions were clearly manipulative, and the penalties were deemed appropriate based on the severity of the violations [6][7]. Group 4: Legal and Market Implications - Legal experts emphasize that market manipulation undermines the core principles of price discovery in capital markets, potentially harming investor confidence and market integrity [7].