2026年1月23日，中国证监会网站公布2026年1号罚单，自然人余韩因操纵证券市场遭严厉处罚。 据披露，在长达5年多的时间里，余韩通过集中资金优势、持股优势连续买卖等手段，控制使用67个账 户操纵博士眼镜（300622.SZ）股价，非法获利约5.1亿元。证监会对余韩"没一罚一"，合计罚没约10.2 亿元，同时对其采取3年证券市场禁入措施。 近年来，监管部门对资本市场各类违法行为持续保持"零容忍"态势。2026年1月15日，中国证监会召开 系统工作会议，要求坚持依法从严，进一步严肃市场纪律，坚决打击财务造假、操纵价格、内幕交易等 恶性违法行为，同时畅通行政刑事衔接机制。 操纵股价被罚没逾10亿元 余韩，男。在证监会披露的行政处罚决定书中，这是余韩仅有的身份信息。 行政处罚决定书显示，2019年6月25日至2024年8月16日，余韩通过集中资金优势、持股优势连续买卖， 在自己实际控制的账户之间进行交易等手段操纵博士眼镜，影响股票交易价格和交易量。 操纵期间共1252个交易日，余韩控制"陈某某"等67个账户（下称"账户组"）在837个交易日参与交易， 累计竞价买入约1.1亿股，金额约21.1亿元，累计竞价卖出1. ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a record penalty of 10.22 billion yuan on Yu Han for manipulating the stock market, marking a significant shift in regulatory enforcement against long-term, high-yield manipulation strategies [1][4][5]. Group 1: Penalty Details - The CSRC has confiscated illegal gains of 5.11 billion yuan from Yu Han and imposed an equal fine, totaling 10.22 billion yuan [1][3]. - Yu Han is subject to a three-year ban from the securities market and a three-year prohibition on trading, preventing him from engaging in any securities business or holding positions in any securities issuer during this period [3][4]. Group 2: Manipulation Techniques - The manipulation occurred from June 25, 2019, to August 16, 2024, involving 67 accounts controlled by Yu Han, which were used to trade shares of "Doctor Glasses" [2][5]. - During the manipulation period, the accounts bought 111 million shares worth 2.11 billion yuan and sold 102 million shares worth 2.15 billion yuan, with significant trading volume impacting market prices [2][5]. - The stock price of "Doctor Glasses" increased from 13.72 yuan to 37.81 yuan, a rise of 175.58%, while the Shenzhen Composite Index fell by 9.36%, indicating a significant deviation from market trends [3][5]. Group 3: Regulatory Implications - The case is seen as a landmark penalty that signals the end of the "sitting庄模式" (manipulative trading model) under the new registration system and big data monitoring [1][4]. - The penalty structure of "confiscation plus fine" is expected to become a norm in the future, with potential for even harsher penalties [5]. - The CSRC's decision highlights three traditional manipulation tactics: concentrated capital and stock advantages, self-buying and selling, and timing trades with favorable company news [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a fine exceeding 1 billion yuan on an individual named Yu Han for manipulating the stock of "Doctor Glasses" through illegal trading practices [2][3][4]. Group 1: Regulatory Actions - The CSRC has initiated an administrative penalty against Yu Han for manipulating the securities market, resulting in a total fine and confiscation of 1.022 billion yuan [3][4]. - In addition to financial penalties, Yu Han has been banned from the securities market for three years due to the severity of his actions [4]. - This case marks a significant enforcement action by the CSRC, reflecting a "zero tolerance" approach to market manipulation and illegal trading practices [4][18]. Group 2: Market Impact - The manipulation led to a dramatic increase in the stock price of "Doctor Glasses," which rose by 175.58% during the manipulation period, contrasting with a 9.36% decline in the Shenzhen Composite Index [12][16]. - The trading activities involved 67 accounts, with a total of 12,506 trading days, significantly impacting the stock's trading volume and price [9][10][11]. - The case is noted as the largest penalty for a natural person manipulating the securities market in 2023, raising the stakes for similar future cases [4][18]. Group 3: Company Background - "Doctor Glasses" was established in 1993 and became the first listed company in China's eyewear retail industry in 2017 [6]. - The stock has experienced significant volatility, with price fluctuations recorded from 2019 to 2026, including a notable increase of 162.1% in one year [6]. - As of January 23, 2026, the stock price was 34.48 yuan per share, with a total market capitalization of 7.856 billion yuan [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a record fine exceeding 1 billion yuan on an individual named Yu Han for manipulating the stock of "Doctor Glasses," marking a significant escalation in regulatory actions against market manipulation [2][3][11]. Group 1: Regulatory Actions - The CSRC has issued an administrative penalty decision against Yu Han, who was found to have manipulated the stock market from June 25, 2019, to August 16, 2024, using 67 accounts to trade "Doctor Glasses" [2][11]. - The total penalty imposed on Yu Han amounts to 1.022 billion yuan, which includes the confiscation of illegal gains of 511 million yuan and an equal fine [2][3]. - In addition to financial penalties, Yu Han has been banned from the securities market for three years due to the severity of his actions [2][11]. Group 2: Market Impact - The manipulation led to a significant increase in the stock price of "Doctor Glasses," which rose from 13.72 yuan to 37.81 yuan, representing a 175.58% increase during the manipulation period [14]. - The stock's trading volume was heavily influenced by Yu Han's actions, with 181 trading days where the buying volume exceeded 10% of the market's total volume [9][10]. - The stock has shown a mixed performance over the years, with notable fluctuations, including a 162.1% increase in one year and a subsequent decline of 18.74% [6]. Group 3: Industry Context - The case is seen as a significant example of the CSRC's intensified crackdown on market manipulation, aligning with the regulatory body's "zero tolerance" policy for such activities in 2026 [2][16]. - The regulatory environment is becoming increasingly stringent, with a focus on maintaining market stability and preventing excessive speculation [16][17]. - The actions taken against Yu Han are expected to deter speculative trading and encourage a return to fundamental investment strategies among investors [17].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a total fine of 1.022 billion yuan on Yu Han for manipulating the securities market, which includes the confiscation of illegal gains and a fine of the same amount [1]. Group 1: Penalty Details - The CSRC's administrative penalty decision was disclosed on January 23, 2026, as the first penalty of the year [1]. - Yu Han's illegal gains from market manipulation amounted to 510,892,270.94 yuan, leading to a total penalty of 1.022 billion yuan [1]. - A three-year ban from the securities market has been imposed on Yu Han due to the severity of the violations [1]. Group 2: Manipulation Methods - From June 25, 2019, to August 16, 2024, Yu Han controlled and used 67 accounts to trade shares of "Doctor Glasses" [1]. - The manipulation involved strategies such as concentrated capital advantages and trading between accounts under his control to influence stock prices and trading volumes [1].

1月23日，证监会发布了2026年的1号罚单。 罚单显示，2019年6月至2024年8月期间，余韩控制使用67个账户交易"博士眼镜"股票。其间"博士眼 镜"股票价格从13.72元/股上涨至37.81元/股，涨幅达175.58%，余韩违法所得为5.1亿元，被证监会罚没 10.2亿元。这是近几年少有的大额罚单。 暴赚超5亿元 经查明，当事人余韩存在以下违法事实。 上述事实，有相关人员询问笔录、情况说明、证券账户资料、银行账户资料、交易数据等证据证明，足 以认定。 余韩操纵"博士眼镜"行为违反《证券法》第五十五条第一款第一项、第三项的规定，构成《证券法》第 一百九十二条规定所述的操纵证券市场行为。 被罚没10.2亿元 余韩在陈述和申辩意见中提出： 第一，其不具备操纵市场的主观故意，客观上也没有实施操纵市场的行为。 第二，实际控制账户组的数量认定有误，其只实际控制使用9个账户，且对部分账户的控制时间较短。 2019年6月25日至2024年8月16日(以下简称操纵期间)，余韩控制使用"陈某某"等67个账户(以下简称账户 组)交易"博士眼镜"。 操纵期间，余韩通过集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进 ...

1月23日，证监会发布了2026年的1号罚单。 罚单显示，2019年6月至2024年8月期间，余韩控制使用67个账户交易"博士眼镜"股票。其间"博士眼镜"股票价格从13.72元/股上涨至37.81元/股，涨幅达175.58%，余 韩违法所得为5.1亿元，被证监会罚没10.2亿元。这是近几年少有的大额罚单。 暴赚超5亿元 经查明，当事人余韩存在以下违法事实。 2019年6月25日至2024年8月16日(以下简称操纵期间)，余韩控制使用"陈某某"等67个账户(以下简称账户组)交易"博士眼镜"。 操纵期间，余韩通过集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进行交易等手段操纵"博士眼镜"，影响股票交易价格和交易量。 首先是集中资金优势、持股优势连续买卖。操纵期间共1252个交易日，账户组在837个交易日参与交易，累计竞价买入1.106亿股，金额21.1亿元，累计竞价卖 出1.017亿股，金额21.54亿元，买入成交量占市场成交量的比例超过10%的有181个交易日，超过20%的有45个交易日。账户组期初持有0股，期末持有871.41万 股，日均持有1391.33万股，占流通股的13.64%，1026个交易 ...

近日，中国证监会网站披露的行政处罚决定书（〔2026〕1号）显示，因操纵证券市场，证监会决定没收余韩违法所得约5.11亿元，并处以等额罚款，罚 没合计金额超过10.2亿元。 经查明，当事人余韩存在以下违法事实： 2019年6月25日至2024年8月16日（以下简称"操纵期间"），余韩控制使用"陈某某"等67个账户交易"博士眼镜（300622）"。操纵期间，余韩通过集中资金 优势、持股优势连续买卖，在自己实际控制的账户之间进行交易等手段操纵"博士眼镜"，影响股票交易价格和交易量。 操纵期间，"博士眼镜"股票价格从13.72元每股上涨至37.81元每股，涨幅达175.58%。同期，深证成指下跌9.36%，偏离184.94个百分点。 行政处罚决定书披露了余韩操纵"博士眼镜"的手法： 一方面，余韩集中资金优势、持股优势连续买卖。操纵期间共1252个交易日，账户组在837个交易日参与交易，累计竞价买入110606468股，金额 2109994422.84元，累计竞价卖出101705668股，金额2153634223.91元，买入成交量占市场成交量的比例超过10%的有181个交易日，超过20%的有45个交 易日。账户组期 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a penalty exceeding 1 billion yuan on individual Yu Han for manipulating the stock market of "Doctor Glasses," resulting in illicit profits of approximately 510 million yuan [1][6][17]. Summary by Sections Manipulation Details - From June 25, 2019, to August 16, 2024, Yu Han controlled 67 accounts to trade "Doctor Glasses," using methods such as concentrated capital and stock advantages to manipulate the stock price and trading volume [1][11]. - During the manipulation period of 1,252 trading days, the account group participated in trading on 837 days, buying a total of 110,606,468 shares for approximately 2.11 billion yuan and selling 101,705,668 shares for about 2.15 billion yuan [2][12]. Trading Activity - The account group held an average of 13,913,349 shares, representing 13.64% of the circulating shares, with over 10% holdings on 1,026 trading days and over 20% on 150 trading days [2][12]. - Between June 25, 2019, and May 14, 2021, the account group ranked first in buying volume on 132 trading days and in selling volume on 77 trading days, with total buy transactions of 67,105,837 shares worth approximately 1.19 billion yuan [3][13]. - From May 17, 2021, to January 2, 2024, the account group ranked first in buying volume on 141 trading days and in selling volume on 126 trading days, with total buy transactions of 37,556,631 shares worth about 806 million yuan [4][14]. Impact on Stock Price - The manipulation led to a significant increase in the stock price of "Doctor Glasses," which rose from 13.72 yuan per share to 37.81 yuan per share, marking a 175.58% increase, while the Shenzhen Composite Index fell by 9.36% during the same period [7][16]. Regulatory Findings - The CSRC found sufficient evidence to confirm Yu Han's intent to manipulate the stock market, rejecting his claims of lacking subjective intent and asserting that his actions had a substantial impact on the stock price and trading volume [6][16]. - The CSRC decided to confiscate Yu Han's illicit gains of approximately 510 million yuan and impose an equal fine, totaling over 1 billion yuan [8][17].

1月23日，中国证监会发布行政处罚决定书（〔2026〕1号），认定余韩操纵证券市场行为成立。 | | | | | 繁體 English | | []移动端 合 微博 ▲ 微信 占 无障碍 | | --- | --- | --- | --- | --- | --- | --- | | 中国证券监督管理委员会 CHINA SECURITIES REGULATORY COMMISSION | | | | | | 请输入关键字 O | | (公)首页 血 机构概况 | 宣 新闻发布 | 国 政务信息 | 烈 办事服务 | | 曰 互动交流 | 000 统计信息 同 专题专栏 | | ♀ 当前位置：首页 > 政务信息 > 政府信息公开 > 主动公开 > 按主题查看 > 行政执法 > 行政处罚 | | | | | | | | 索 引 号 bm56000001/2026-00000872 | | | | ਜੋ 类 | 行政处罚;行政处罚决定 | | | 发布机构 | | 发文日期 | 2026年01月09日 | | --- | --- | --- | --- | | 名 称 | 中国证券监督管理委员会行政处罚决定书 | | ...