Core Viewpoint - The case of individual Yuhan manipulating the stock price of "Doctor Glasses" (300622.SZ) has concluded, resulting in severe legal penalties, highlighting the regulatory authority's commitment to combating long-term and covert market manipulation [2][5]. Group 1: Case Overview - Yuhan's manipulation activities spanned over five years, from June 25, 2019, to August 16, 2024, covering 1,252 trading days, making it one of the longest and most complex cases of individual market manipulation [2][3]. - The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision, confiscating Yuhan's illegal gains of 510.89 million yuan and imposing an equal fine, totaling 1.02178 billion yuan [2][3]. Group 2: Manipulation Techniques - Yuhan utilized 67 securities accounts, including 12 under his name, to conduct continuous trading and wash trading, achieving illegal profits of 510.89 million yuan [3][4]. - The manipulation process was divided into three phases: accumulation and initial price increase (June 2019 to May 2021), high-level wash trading and price maintenance (May 2021 to January 2024), and gradual liquidation (January to August 2024) [3][4]. Group 3: Market Impact - During the manipulation, Yuhan's accounts held over 10% of the circulating shares for more than 1,000 trading days, with 150 days exceeding 20%, providing a significant advantage for price manipulation [4]. - The stock price of "Doctor Glasses" rose from 13.72 yuan per share to 37.81 yuan per share, a total increase of 175.58%, while the Shenzhen Composite Index fell by 9.36%, indicating a significant deviation of 184.94 percentage points [4]. Group 4: Regulatory Response - The CSRC rejected Yuhan's defense claims of lacking intent and minimal impact on stock prices, affirming the direct causal relationship between his actions and the abnormal price fluctuations [5]. - The successful prosecution of Yuhan serves as a warning to investors and underscores the regulatory body's determination to maintain fairness and justice in the capital market, especially in the context of ongoing registration system reforms [5].

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 | | ...