投入数亿元 上海知名投资机构连同他人操纵股价 搞了1年多倒亏173万元 不服监管处罚起诉证监局！法院判了

Core Viewpoint - The Shanghai Financial Court upheld the administrative penalty imposed by the Shanghai Securities Regulatory Bureau on Shanghai Certain Consulting Company and its executive Liu Mouyu for market manipulation, marking the first administrative case of its kind in Shanghai [1][3]. Group 1: Case Background - The Shanghai Securities Regulatory Bureau found that Shanghai Certain Consulting Company and a third party, Jin Mou Shun, colluded to manipulate the trading price and volume of K stock, violating Article 203 of the 2005 Securities Law [1][3]. - The penalties included a fine of 1.2 million yuan for both Shanghai Certain Consulting Company and Jin Mou Shun, and a warning with a fine of 500,000 yuan for Liu Mouyu [1][3]. Group 2: Court's Ruling - The court determined that there was clear evidence of a shared intent between Liu Mouyu and Jin Mou Shun to manipulate the market, supported by trading patterns and fund flows [3][4]. - The private fund accounts involved ranked first in trading volume for 43 trading days during the manipulation period, with K stock price increasing by 12.62%, deviating from the Shanghai Composite Index by 22.03% [3][12][13]. Group 3: Market Manipulation Details - The manipulation occurred from December 19, 2017, to April 8, 2019, with distinct phases including stock accumulation, price lifting, price maintenance, and eventual liquidation [9][10][11][15][16]. - During the second phase, the involved accounts held 4.05% of total shares and accounted for 33.80% of market trading volume, with significant trading activity indicating manipulation [11][12]. Group 4: Regulatory Perspective - The court emphasized that market manipulation undermines the normal price discovery mechanism and violates regulatory requirements, thus justifying the penalties imposed by the Shanghai Securities Regulatory Bureau [4][17].