KJS(SH:601579) 证券时报·2026-02-11 10:16Core Viewpoint - The article discusses the first administrative lawsuit in Shanghai related to market manipulation, where Shanghai Securities Regulatory Commission (SSRC) imposed penalties on Shanghai Certain Consulting Company and its personnel for manipulating stock prices of K stock through collusion and concentrated trading activities [2][3][4]. Summary by Sections Case Background - The case involves Shanghai Certain Consulting Company and Liu Mouyu, who were penalized by SSRC for manipulating the market by colluding with Jin Mouchun to influence the trading price and volume of K stock [3][4]. - The SSRC imposed a fine of 1.2 million yuan on both the consulting company and Jin Mouchun, while Liu Mouyu received a warning and a fine of 500,000 yuan [3]. Allegations and Findings - The SSRC found that from December 2017 to October 2018, the consulting company and Jin Mouchun engaged in activities to maintain K stock prices, which included using funds from affiliated companies to buy K stock [4]. - The trading activities involved three private equity funds that repeatedly bought and sold K stock, which was deemed as market manipulation [4]. Court Ruling - The Shanghai Financial Court supported the SSRC's decision, stating that the evidence showed a clear intent to manipulate the market, as the trading volume and price movements were abnormal [5]. - During the manipulation period, the private equity accounts ranked first in trading volume on 43 trading days, with K stock price increasing by 12.62%, deviating from the Shanghai Composite Index by 22.03% [5]. Market Management Context - Market management is defined as a strategic behavior by listed companies to enhance investment value and shareholder returns, which should adhere to regulatory requirements and not involve price manipulation or insider trading [6]. - The court concluded that the actions taken by the consulting company did not align with the principles of market management and disrupted normal trading order, thus justifying the administrative penalties imposed by the SSRC [6].