Editor’s note:1990seabet best gambling site11month26日，Shanghai Stock Exchange was established。Today，The development of China’s stock seabet best gambling site has come a long way20seabet best gambling site。Although there have been twists and turns，But in the supervisor、With the joint efforts of investors, listed companies and all sectors of society，China’s stock market has always been making steady progress。
20Year，From scratch，From "crossing the river by feeling for the stones" to seabet best gambling site、The regulatory system continues to improve，China’s stock market has become a barometer of economic development，The total market value ranks second in the world；formed includeAshares,Bshares,Small and medium-sized board、Multi-level seabet best gambling site structures such as GEM；Listed companies have grown from a dozen to more than a dozen2000Home,AThe number of stock accounts has exceeded1.4100 million households.
Recently，Opinions on Combating and Preventing and Controlling Insider seabet best gambling site in the Capital Market in accordance with the Law by the China Securities Regulatory Commission and other departments forwarded by the General Office of the State Council，Comprehensive deployment to combat insider seabet best gambling site。Established in the stock market20Anniversary，Start the "tough battle" against insider seabet best gambling site，Indicates that for China’s capital market, which is about to enter “adulthood”，Insider seabet best gambling site is still an unavoidable problem on the road to growth。
The bookmaker once had all the power and became a "landmine" for investors
Market Manipulation、Insider seabet best gambling site and other illegal activities，It has always been a problem that has plagued the development of global capital markets。Same，China’s capital market from the first day of its birth，The unremitting struggle against illegal activities began。
In the first few years when the seabet best gambling site was immature，An ordinary "little person" may also cause an uproar in the stock seabet best gambling site。Early investors may still remember the "Su Sanshan" incident。1993seabet best gambling site，Li, a cadre of the Materials Bureau of a county in Hunan Province, embezzled public funds，Use personal account for stock speculation，Buy a large amount of Su Sanshan shares，But he was quickly trapped。In order to prevent the embezzlement of public funds from being exposed，Li fabricated false news that a company wanted to acquire Su Sanshan，And spread the news to listed companies and media。After a newspaper in Hainan published this false news，Causing Su Sanshan’s stock price to skyrocket in a single day，Li took the opportunity to sell the stocks he held。
With the rapid expansion of seabet best gambling site scale，It is difficult for such a "ridiculous" incident to happen again，The stock seabet best gambling site has begun to become a stage for some "crocodiles"。Public investors have a vivid name for these people - bankers。
Over a long period of time，Study the dealer’s entry and exit，Is the main basis for small and medium investors to buy and sell a stock。“Build a position、Pull up、Shipping”，Becomes the main mode for seabet best gambling site makers to manipulate the seabet best gambling site。Those years，The "system-building movement" is surging。"Delong series"、"Kelong series"、"Department of Chinese Science and Technology"、"Nongkai Series"、"Hongyi Department"、The "Chaohua Clique"...the manipulator behind it once dominated the stock seabet best gambling site，Now most of them have disappeared into thin air。
2000End of the seabet best gambling site，The famous market maker Zhongke Ventures suddenly experienced a "cliff-like" decline，Continuous10The limit drop is shocking。Later verified，The amount of illegal funds in this case is as high as54100 million yuan, the "bookmaker" opened after raising huge sums of money1500shareholder accounts，Self-sale and purchase without transferring ownership，And by publishing false information about listed companies，To manipulate securities seabet best gambling site prices。
In the following years, those once star seabet best gambling site makers collapsed one after another.2004seabet best gambling site，The crisis in Xinjiang Delong, known as the “No. 1 Stock Market Bank”, broke out，His Hunan Torch、Alloy Investment and Tunhe Shares all fell by the limit continuously，It also marks the basic end of the era of Zhuanggu as the protagonist。
Also，From Northeast Medicine to Qiongminyuan，From Zhangjiajie to Zheng Baiwen，From Hongguang Industrial to Lantian Shares，From Yinguangxia to McCote，Frauds of listed companies also occurred one after another in those years，Become a "landmine" that brings heavy losses to investors。
Market violations show new characteristics，Mergers, acquisitions and reorganizations have become the “hardest hit area” for seabet best gambling site information cases
2005year later，With the basic completion of the share-seabet best gambling site reform，The capital market has begun to enter the era of full circulation，The new market environment also brings new characteristics to insider seabet best gambling site。
After full market circulation，Involving asset injection、There are more and more listed companies undergoing mergers, acquisitions and reorganizations such as overall listings，This also brought about a significant increase in seabet best gambling site information，Mergers, acquisitions and reorganizations have become the “hardest hit areas” with frequent seabet best gambling site information cases。The Zhongshan Public Utility Case that was just exposed this year is such a typical case。Zhongshan Public Utilities was formerly known as Foshan Xinghua, the first commercial listed company in Guangdong，Later acquired by Zhongshan Public Utilities Group，And changed its name to Public Technology。2007seabet best gambling site7month，Public Technology absorbs and merges Utility Group through share exchange，And used the new shares to acquire the water supply assets of five township water supply companies，The company’s stock price has therefore continued to rise16daily limit。The huge increase creates opportunities for insider seabet best gambling site，This year7month，Zhongshan Public Utility Announcement，The company’s former chairman and former general manager were criminally detained on suspicion of leaking inside information。
There is investigation indicating，Most insider transactions involve directors of listed companies and their major shareholders、Supervisors or senior executives are involved。In the Liaohe Textile insider seabet best gambling site case，You, the secretary to the board of directors of a listed company, personally handles millions of funds，Trying to make a fortune from the restructuring news。In the Tianshan Textile Insider seabet best gambling site Case，Yao Moumou, general manager of Kaidi Investment, and deputy general manager Cao Moumou, the company's largest shareholder, leaked restructuring information to others，Insider seabet best gambling site behavior that led to large purchases of "Tianshan Textile" stocks。
Not only that，In our country，Listed companies are mostly restructured from state-owned enterprises，The decision-making and approval chain for mergers, acquisitions and reorganizations is too long，Also leads to the continuous expansion of the scope of insiders。In an insider seabet best gambling site case investigated by the regulatory authorities，There are as many insiders involved500Multiple people。Insider seabet best gambling site together，The subjects involved may include individuals、Enterprise、Public Official、Reorganizer、Executives of listed companies、Intermediaries, etc.。
Take the reorganization of Gaochun Ceramics as an example，Liu Mou, former director of Nanjing Economic Commission2009seabet best gambling site2Month Solstice4On behalf of Nanjing Municipal Economic Commission, he participated in the reorganization of Gaochun Ceramics，During the period，He informed his wife of the undisclosed restructuring information，And bought Gaochun Ceramics stocks many times to make huge profits。The case has been heard publicly by the court，Became the first case in my country in which a state agency employee was held criminally responsible for insider seabet best gambling site。
There is still a long way to go to purify the market，To prevent and control insider seabet best gambling site, we need to launch a “people’s war”
Number indicates，In recent years, the crackdown on insider seabet best gambling site has continued to increase。According to introduction，2008, the China Securities Regulatory Commission has investigated insider seabet best gambling site295, accounting for 1% of new cases45%. This seabet best gambling site1—10In January, the number of officially filed insider seabet best gambling site cases reached42piece.
However，Compared to the more severe situation，The limited number of fines may only be the "tip of the iceberg" of insider seabet best gambling site。With the launch of innovative tools such as stock index futures，Insider seabet best gambling site is also more hidden、Complexity。Insider seabet best gambling site must be fundamentally curbed，Really purifying the capital market，There is no doubt that a sustained “protracted war” is needed。
Improving relevant laws and regulations，Increase penalties for insider seabet best gambling site，In order to form sufficient deterrence。People may still remember，2002seabet best gambling site，The regulatory authorities confiscated illegal gains from four companies that manipulated the stock price of Yi'an Technology4.49100 million yuan and fine4.49Heavy fine of 100 million yuan。However，When the ticket is issued，These four companies have long become empty shells，Punishment cannot be achieved。In actual cases in recent years，Punishments for insider seabet best gambling site are mostly administrative penalties and fines，The illegal income that can be recognized may only be a part of its real income，Serious imbalance between illegal benefits and illegal costs，There are endless numbers of people who dare to try the law。
Prevention and Control of Insider seabet best gambling site，We still need to launch a “people’s war”。There are legal provisions in foreign securities markets，Civil Penalty for Insider seabet best gambling site10%Rewards to whistleblowers，Mobilize social forces to combat insider seabet best gambling site，To make up for the lack of regulatory power。As understood，Our country will also explore the establishment of an insider registration system。
Some experts believe，Encourage reporting，Especially insider reporting，This will create a social atmosphere in which “everyone shouts and beats” insider seabet best gambling site，Important for curbing insider seabet best gambling site。
Twenty years of stock seabet best gambling site events (link)
（１）1990seabet best gambling site11month26日，Shanghai Stock Exchange was officially established，This is the first stock exchange established in mainland China since the founding of the People's Republic of China。
（２）1990seabet best gambling site12month1, Shenzhen Stock Exchange was established.
（３）1991seabet best gambling site8month1, the first convertible corporate bond, Qiong Energy, was issued.
（４）1992seabet best gambling site2month21Day, firstBShanghai Vacuum Electronic Devices Co., Ltd., a listed company, issued shares to foreign investors for the first time。
（５）1992seabet best gambling site5month21日，Shanghai Stock Exchange cancels stock seabet best gambling site price limit，Shanghai Composite Index gapped higher and opened higher1260.32points, up from the previous day104.27%, crossing a thousand points for the first time.
（６）1992seabet best gambling site10month12, the State Council decided to establish the China Securities Regulatory Commission.
（７）1993seabet best gambling site8month20, Zibo Fund, the first listed investment fund, was launched.
（8）1995seabet best gambling site1month3Day, startingT+1seabet best gambling site system (stocks or funds bought by investors on the same day cannot be sold on the same day)。
（9）1995seabet best gambling site3month，The securities seabet best gambling site officially entered the government work report after more than four years of development。
（10）1996seabet best gambling site12month16日，沪、seabet best gambling site of stocks listed on Shenzhen Stock Exchange，The price increase or decrease shall not exceed the closing price of the previous day10%.
（11）1998seabet best gambling site4month28Japan, Liao materialsABecome the first in China’s securities seabet best gambling siteST(referring to domestic listed companies losing money for two consecutive years，Company with stocks subject to special treatment。
（12）1999seabet best gambling site7month1, the Securities Law came into effect.
（13）2001seabet best gambling site7month26日，The reduction of state-owned shares officially begins in the issuance of new shares，Stock seabet best gambling site plummeted。
（14）2001seabet best gambling site10month22, the method for reducing state-owned shares was suspended.
（15）2005seabet best gambling site4month29日，China Securities Regulatory Commission issued the "Notice on Issues Concerning the Pilot Program of Share-seabet best gambling site Reform of Listed Companies"，Share share reform reform officially launched，Meaning that stocks that could not be listed and circulated before, including state-owned shares, have obtained the right to be listed and circulated。
（16）2008seabet best gambling site4month20日，At a time when non-reduction of large and small holdings has become the target of public criticism，"Guiding Opinions on Lifting the Transfer of Stock Shares of Listed Companies" issued，China Securities Regulatory Commission stipulates that non-reduction of holdings exceeding the total share capital1%of，Must be transferred through bulk seabet best gambling site system，The size and non-reduction of holdings are regularly disclosed on the website of Zhongdeng Company。
（17）2008seabet best gambling site6month20日，The last stock to be converted into a warrant - China Southern Airlines put warrant expires，Share reform warrants have completely withdrawn from the capital seabet best gambling site since then。
（18）2009seabet best gambling site10month30On the 32682_32695th day, the GEM officially opened,28The spectacular scene of all stocks rising，It also broke the historical record of multiple stocks issuing simultaneously in the Chinese stock seabet best gambling site。
（19）2010seabet best gambling site3month31日，Shenzhen、The Shanghai Stock Exchange accepts margin seabet best gambling site and securities lending transaction declarations from securities firms，Margin and securities lending transactions have officially entered the market operation stage。
（20）2010seabet best gambling site4month16, the stock index futures contract, which has been in preparation for many years, was officially listed for seabet best gambling site.
(Source: People's Daily Online, Xu Zhifeng)