CSRC published an administrative penalty finding that Chen Huan, Zhou Houlu and
Li Pingping manipulated the securities market from Feb 20, 2023 to Aug 1, 2024
by controlling multiple third-party securities accounts and using concentrated
capital and shareholdings, repeated buy-sell trades and inter-account
transactions to affect stock prices and volumes. The regulator fined the three a
combined 8.0 mln yuan (Chen and Li 3.0 mln yuan each; Zhou 2.0 mln yuan) and
imposed securities-trading bans of 3 years, 3 years and 2 years, respectively.