中经记者 孙汝祥 夏欣 北京报道 日前，上海金融法院对上海市首例因操纵证券市场受行政处罚而涉诉的行政案件，作出一审判决，支持 上海证监局作出的行政处罚决定。 原告认为，其交易K股票系正常投资和市值管理，请求法院撤销该行政处罚决定。 法院则表示，操纵股价、内幕交易等行为是市值管理过程中应当严格禁绝的行为。案涉操纵行为既不符 合市值管理的监管要求，又客观扰乱了证券市场正常交易秩序，被告上海证监局依法作出行政处罚决 定，依法应予支持。 接受《中国经营报》记者采访的律师认为，从证监部门作出行政处罚决定，到法院判决支持，体现了执 法机关和司法机关对"伪市值管理"的合力精准打击，也警示从业者无论以何种说辞行操纵市场之实，都 将被追究法律责任。 法院认定原告操纵市场 日前，上海金融法院对原告上海某咨询管理有限公司（以下简称"上海某咨询公司"）、刘某宇诉被告上 海监管局行政处罚决定一案进行审理。上海证监局相关负责人出庭应诉。 对此，上海证监局作出《行政处罚决定书》，对上海某咨询公司处以120万元罚款；对金某顺处以120万 元罚款；对刘某宇给予警告，并处以50万元罚款。 上海某咨询公司、刘某宇不服该《行政处罚决定书》，向上海市 ...

Group 1 - The actual controller of Zhengyuan Wisdom, Chen Jian, was sentenced to three years in prison with a probation period of three and a half years for manipulating the securities market, along with a fine of 6.5 million yuan [2][6][7] - Chen Jian is currently not serving as a director or senior management personnel in the company, and the company's daily operations are reported to be normal and unaffected by the judgment [2][6][7] - The company has been actively disclosing information regarding the legal situation of its actual controller, including announcements on November 9, 13, and 20, 2023, about the measures taken against Chen Jian [2][6][7] Group 2 - Zhengyuan Wisdom reported a revenue of approximately 768 million yuan for the first three quarters of 2025, representing a year-on-year increase of 2.35%, while the net profit attributable to shareholders decreased by 31.99% to approximately 6.83 million yuan [3][8] - The company focuses on educational information technology and provides comprehensive solutions for smart campuses, utilizing emerging ICT technologies [3][8] - On February 2, 2025, the company approved a plan to repurchase shares, allowing for a maximum reduction of 2% of the total share capital through centralized bidding [3][8] Group 3 - On December 9, 2025, the company executed its first share reduction through centralized bidding, selling 11,000 shares, which accounted for 0.01% of the total share capital, generating approximately 203,500 yuan [4][9] - The shares were sold at an average price of 18.5 yuan per share, with the highest and lowest prices being 18.53 yuan and 18.45 yuan, respectively [4][9] - As of January 31, 2026, the company had not conducted any further reductions of repurchased shares, with a total of 11,000 shares already reduced [4][9]

Core Viewpoint - The case represents the first administrative lawsuit in Shanghai regarding market manipulation, highlighting the regulatory boundaries of legitimate versus illegitimate market value management [3][13]. Summary of Violations - The main entities involved include Shanghai Dengcheng Consulting Management Co., Ltd., its president Liu Mouyu, and Jin Mouchun, the legal representative of Jinggong Group. The case revolves around a series of illegal transactions from December 2017 to April 2019 aimed at maintaining the stock price of "Huaijishan" and mitigating stock pledge risks [4][14]. - The manipulation process was divided into four stages: building positions, raising prices, maintaining prices, and liquidating positions. During the price-raising phase, the involved accounts ranked first in trading volume for 43 trading days, with over 40% of the buying volume in 20 trading days. The stock price of "Huaijishan" increased by 12.62%, significantly deviating from the Shanghai Composite Index's decline of 22.03% during the same period [5][15]. - The Shanghai Securities Regulatory Commission imposed fines totaling 2.4 million yuan on the involved parties, with 1.2 million yuan each for Jin Mouchun and Shanghai Dengcheng Consulting, and a 500,000 yuan fine for Liu Mouyu [6][16]. Administrative Litigation - Following the penalties, Shanghai Dengcheng Consulting and Liu Mouyu filed an administrative lawsuit against the Shanghai Securities Regulatory Commission, claiming their actions constituted legal market value management rather than market manipulation [6][16]. - The Shanghai Financial Court elevated the case, which became the first administrative lawsuit stemming from a market manipulation penalty, drawing significant attention from the capital market [7][16]. Court Ruling - The court ruled against Shanghai Dengcheng Consulting and Liu Mouyu, supporting the regulatory penalties. The court found their defenses lacked sufficient factual and legal support, noting that the timing of fund transfers and trading activities was highly correlated, and the involved funds violated basic investment diversification principles [8][17]. - The court emphasized that the so-called "legitimate market value management" was essentially a guise for market manipulation, and even if the manipulation resulted in losses, it did not absolve them of legal responsibility [8][18]. Core Controversy - The case clarifies the legal boundaries between "legitimate market value management" and "illegitimate market value management," dispelling two common misconceptions in the capital market: that market manipulation must result in profits to be prosecuted, and that one can evade liability by claiming market value management [9][18]. - The ruling sends a clear regulatory signal that the space for illegitimate market value management will continue to shrink, with enhanced regulatory scrutiny and tighter compliance requirements for the private equity industry [9][18].

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].

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: Administrative Penalty Details - The Shanghai Securities Regulatory Bureau found that Shanghai Certain Consulting Company and a third party, Jin Mou Shun, conspired to manipulate the trading price and volume of K stock, violating Article 203 of the 2005 Securities Law [2][18]. - 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 [2][18]. Group 2: Court's Rationale - The court determined that there was clear evidence of a shared intent between Liu Mouyu and Jin Mou Shun to maintain K stock's market value through public market transactions, supported by the flow of funds [3][17]. - The private equity fund's concentrated trading activities in K stock, which deviated from normal investment practices, were deemed to have disrupted the normal trading order of the securities market [4][3]. Group 3: Market Manipulation Evidence - During the manipulation period from December 19, 2017, to April 8, 2019, the involved accounts ranked first in trading volume for 43 trading days, with over 40% market share on 20 days [3][12]. - K stock's price increased by 12.62% during the manipulation period, significantly diverging from the Shanghai Composite Index, which increased by only 22.03% [13][3]. Group 4: Background of the Companies Involved - Shanghai Certain Consulting Company, also known as Shanghai Dengcheng Consulting Management Co., was previously named Shanghai Taihehui Asset Management Co., with Liu Mouyu as its president [6][8]. - Jin Mou Shun was the legal representative and chairman of Jinggong Group Co., Ltd., involved in the trading of K stock [6][8].

Core 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].

Core Viewpoint - The actual controller of Beiliangong, Ma Xuejun, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected market manipulation, marking the second investigation within a month [2][5]. Group 1: Company Background - Beiliangong was established in 2001 and went public on the Sci-Tech Innovation Board in July 2021, focusing on the design, research, development, production, sales, and service of smart portable health hardware, including products like neck and eye massagers [2]. - Ma Xuejun has been leading the company since its inception and currently holds a direct shareholding of 37.51%, controlling a total of 49.38% of the company's shares [2]. Group 2: Regulatory Issues - Ma Xuejun has previously faced regulatory inquiries due to fund occupation issues, including the misappropriation of 16.69 million yuan through employee loans and transferring 54 million yuan via related enterprises [3]. - In 2024 alone, the total amount of funds occupied reached 85.93 million yuan, with some amounts still unpaid by the end of the period [4]. Group 3: Financial Performance - Beiliangong reported a revenue of 1.085 billion yuan and a net profit of only 10.25 million yuan in its 2024 annual report, while the 2025 Q3 report indicated total assets of 676 million yuan and liabilities of 398 million yuan, leaving shareholders' equity at 278 million yuan [4]. - The company has faced continuous losses, with a projected net profit loss of 84 million to 105 million yuan for the entire year of 2025, and has received performance inquiry letters from the Shanghai Stock Exchange for four consecutive years, highlighting ongoing issues with information disclosure compliance [4].

Core Viewpoint - The actual controller of Shenzhen Beiliang Technology Co., Ltd., Ma Xuejun, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected market manipulation, following a previous investigation for information disclosure violations, raising concerns about the company's governance and financial stability [2][3]. Group 1: Company Performance and Financial Outlook - Beiliang announced a significant expected loss for the fiscal year 2025, projecting a net profit attributable to shareholders of between -105 million and -84 million yuan, contrasting sharply with a profit of 10.25 million yuan in the same period last year [2][3]. - The company attributes this drastic change in performance to a transitional period in its business strategy, leading to revenue decline and unmet expectations regarding sales expenses, alongside fixed costs not being reduced accordingly [3]. Group 2: Governance and Regulatory Issues - The focus has shifted from individual events to a systemic risk assessment of the company's governance structure, as Ma Xuejun holds multiple key positions (Chairman and General Manager), leading to concerns about decision-making transparency and internal control failures [3]. - The CSRC's investigations have progressed from issues of information disclosure compliance to potential personal misconduct affecting market fairness, indicating a deeper scrutiny of Ma Xuejun's actions [3][4]. Group 3: Market Reactions and Investor Sentiment - Following Ma Xuejun's share reduction of approximately 6.47 million yuan shortly before the investigations, there are strong market suspicions regarding the timing and implications of this transaction, particularly whether it involved undisclosed information [5]. - The company is also facing a patent infringement lawsuit with a claim of 10 million yuan, adding to the negative perception and compounded crisis image, which challenges the management's ability to maintain investor confidence [6].

Core Viewpoint - The company Beilingsong (688793.SH) disclosed that its actual controller, Ma Xuejun, received a notice of investigation from the China Securities Regulatory Commission (CSRC) for suspected market manipulation, which is not expected to significantly impact the company's daily operations [1][2]. Group 1: Investigation and Regulatory Actions - On February 4, 2026, Beilingsong received a notice from the CSRC regarding Ma Xuejun's investigation for suspected market manipulation [1]. - Previously, on December 25, 2025, the company and Ma Xuejun were also notified by the CSRC for suspected violations of information disclosure laws [2]. Group 2: Shareholding Structure - As of November 20, 2025, the major shareholders of Beilingsong include Ma Xuejun with a 37.51% stake, followed by Ningbo Heting Investment Co., Ltd. with 7.49%, and Wang Naiqing with 5.6% [3]. - The sixth largest shareholder is China Bank Co., Ltd. - Baoying Core Advantage Flexible Allocation Mixed Securities Investment Fund, holding 1.98% [2][3]. Group 3: Financial Information - Beilingsong raised a total of 422 million yuan during its IPO, with a net amount of 359 million yuan after deducting issuance costs, which was 138 million yuan less than the originally planned net fundraising amount [4]. - The company initially intended to raise 497 million yuan for projects including marketing network construction, R&D center upgrades, and operational capital [4]. Group 4: Company Background - Beilingsong, established in 2000 and located in Shenzhen, Guangdong Province, primarily engages in the rubber and plastic products industry, with a registered capital of approximately 859.45 million yuan [5].

Core Viewpoint - The company, Beilingsong (688793), is under investigation by the China Securities Regulatory Commission (CSRC) for alleged market manipulation by its actual controller, Ma Xuejun, which may impact investor confidence and market perception of the company [2][4]. Group 1: Investigation Details - On February 4, the company received a notice from the CSRC regarding the investigation of Ma Xuejun for suspected market manipulation [2]. - The investigation pertains solely to Ma Xuejun as an individual and is not expected to significantly affect the company's daily operations, with Ma continuing to fulfill his duties [4]. Group 2: Company Background - Beilingsong is a national high-tech enterprise that focuses on the innovation, research, and development of health products, primarily engaged in the design, production, and sales of smart portable massagers [4]. - The company went public on the Sci-Tech Innovation Board in 2021 [4]. Group 3: Financial Performance - The company anticipates a net loss for the fiscal year 2025, projecting a net profit attributable to shareholders of between -1.05 billion to -840 million [4]. - The expected net profit after deducting non-recurring gains and losses is projected to be between -920 million to -710 million [4]. - The decline in revenue and profit is attributed to strategic adjustments in response to industry trends and market conditions, alongside increased fixed costs and ineffective sales expense management [5].