Cao Zhongming'S Talk About The Elimination Of Zhuang Stocks

Last Friday, the China Securities Regulatory Commission announced that it would impose administrative penalties on 12 cases of manipulation of the securities market, whether it was the total amount of penalty or the penalties imposed on a single case.

Obviously, this is not only a severe blow by regulators to market irregularities, but also a warning to those who want to take risks.

However, if the intention is to eliminate the Zhuang stocks through the sky price penalty, I think it is open to question.

A is not only a monster stock but also a solid stock.

In July 9th of this year, the stock price of tri A dropped to 9.88 yuan on the decline of inertia, but in August 13th its stock price reached 51.99 yuan, or more than 4 times, during which only 26 trading days were used.

Obviously, no matter from the fundamentals of the listed companies or the market environment at the time, they do not support the performance of A, then there is only one reasonable explanation.

And so is the fact.

The supervision department issued a ticket for the violators of special A and others. I think there are several aspects worth paying attention to.

First, although the absolute amount of punishments for violators is huge, compared with the relevant provisions of the securities law, the regulatory authorities impose a 3 fold fine on illegal gains, and there is still a certain distance between the penalties imposed by the law and 5 times the maximum penalty. Relatively speaking, 3 times fines are only "compromise".

If the punishment is 5 times the top penalty, what will the result be?

The two is to manipulate share prices, in addition to breaking the rules.

Besides, it also violated the relevant provisions of the criminal law.

After the CSRC has imposed administrative sanctions against the violators in accordance with the securities law, the judiciary should also allow the offenders to bear criminal responsibility. But up to now, the stock price manipulation has not yet taken precedent for criminal liability.

Three, considering the factors of tax and commission, securities trading is a negative game. Since it manipulated stock prices and manipulators also get huge profits, it is clear that investors are losing money. Investors should be compensated because of the manipulation of stock prices by investors who violate the rules, and investors should be compensated at this stage.

In fact, even if

It is intended to impose a high price ticket on violators who control A, but the market still seems to be following suit.

On the first two trading days of the week, the stock market had a two consecutive "one" limit, and on Wednesday and Thursday, it continued to stop trading.

This actually shows that even if there is a sky high ticket, its deterrent effect is equally limited.

As a matter of fact, before the regulatory authorities investigated and dealt with a lot of Zhuang stocks, the Zhuang stocks did not disappear in the market, but in fact, they could not disappear.

Even under the pressure of "zero" tolerance in the regulatory authorities, Zhuang stocks are still ghosting in the market, just changing their way of "survival".

Although administrative penalties for regulatory authorities also cost violators a certain price, there is no doubt that they are not all.

Therefore, it is impossible to eliminate the Zhuang stocks only through the form of fines or even fine penalties.

If the market manipulators are subject to the administrative penalty imposed by the regulatory authorities for fines, they will also bear criminal liability and compensate the investors for their civil liabilities. Then the cost of violating the regulations will be greatly increased, and the cost of violators will be greater, which will greatly enhance the deterrent effect.

Only in this context can the market stocks be really reduced.