百秒拉抬股价，火速出货收割，这家私募被重罚

Core Viewpoint - The article discusses the repeated regulatory violations of Zhejiang Haokun Shengfa Asset Management Co., Ltd. (Haokun Shengfa), highlighting its manipulative trading practices and the consequences faced from the North Exchange [2][5][11]. Group 1: Regulatory Violations - Haokun Shengfa has been penalized for engaging in abnormal trading behaviors, specifically for manipulating the stock price of "Huawi Design" through a strategy of price lifting followed by rapid selling [2][8]. - The North Exchange has imposed a three-month trading restriction on Haokun Shengfa's accounts due to severe violations, marking it as a frequent offender in the regulatory landscape [2][5]. - Previous infractions include a warning from the Zhejiang Securities Regulatory Bureau for failing to adhere to internal trading protocols and engaging in price manipulation [5][9]. Group 2: Trading Manipulation Details - The manipulation involved significant price increases, with "Huawi Design" experiencing a cumulative price increase of 68.07% over two days, triggering regulatory scrutiny [8]. - Specific instances of manipulation included buying 436,700 shares worth 10.1374 million yuan within 104 seconds, accounting for 67.90% of the total trading volume during that period [8]. - Following the price lifting, Haokun Shengfa executed reverse selling, completing a closed-loop operation of price manipulation [8][9]. Group 3: Company Background and Governance - Haokun Shengfa, established in June 2016, manages assets between 2 billion to 5 billion yuan and has faced governance and compliance issues, including being listed in the business anomaly directory multiple times [6][10]. - The company has a registered capital of 10 million yuan, with only 50% paid in, and has a small workforce of 15 employees, raising concerns about its operational integrity [10]. - The firm has been involved in legal disputes, including a court case related to a rental contract, further indicating potential governance issues [10]. Group 4: Industry Context - The article notes that Haokun Shengfa is not an isolated case, as many private equity firms have faced penalties for similar manipulative practices, particularly in the North Exchange and New Third Board [11][13]. - Factors contributing to these violations include low market capitalization, high retail investor participation, and relaxed trading limits, which create an environment conducive to manipulation [11][12]. - Regulatory bodies have been enhancing monitoring and compliance measures to address these issues, with new guidelines established to better detect and penalize manipulative trading behaviors [14][15].