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In addition, defense lawyers also believe that the manipulation of the stock market filing standards must meet two 10%: that is to buy shares of total trading volume of stock transactions accounted for more than 10%, the amount of money buying and selling stocks to finance the sale of the stock more than 10% of the total. Both have reached 10 percent, to constitute the crime of manipulation. Wang Jianzhong stock trading volume and trading volume of stock funds did not reach 10%, less than 1%. Therefore, the filing did not meet the standard in criminal cases, not filingNHL Hats, it can not judgments.

In this regard, the prosecution that, on 10% of the amount and proportion of specific crimes, the traditional market manipulation is convicted of a legal standard. Such as Wang Jianzhong for ways to manipulate the market to grab a hat act, whether convicted, not its amount and proportion of shares traded for the criteria, but by their behavior characteristics, the nature of identification. The lawyers said the stock price manipulation to determine the standard for a lot of money for the operation of a stock, and Wang Jianzhong precisely the behavior is different, is a new type of market manipulation, has its new features.

March 27, 2007, the China Securities Regulatory Commission issued a "stock market manipulation act a guide (Trial)", which for the "grab the hat trade manipulation" is defined as: securities companies, securities consulting agencies, professional intermediaries and its staff, buy, sell or hold the relevant securities and the securities or issuers, publicly listed companies to make the assessment, prediction, or investment advice in order to get through the expected market volatility of economic interests.

Duici Pepper said: "Although the court issued the transfer of the Commission" recognized stock market manipulation guidelines (Trial) ", but because the file has not been published, only as a reference to internal operations, so the court can not refer to."

The court ultimately is based on Article 182 of the Criminal Code, paragraph 1, item 4, "in other ways manipulate the stock market" to make the verdict. Strictly speaking, this is a "catch-all clause", the existing criminal law and Commission regulations did not "grab hat" methods to manipulate the stock market for well-defined circumstances, the court only in accordance with the terms of the similar behavior found.

V. Wang Jianzhong investors will have the benchmark results of civil cases significance

125 million yuan, the fine is so far out of China's securities market for the largest individual tickets, the first case of "black mouth of the stock market," jailed for 7 years, no doubt for the purification of the investment environment, maintaining the interests of investors of great significance.

Currently, a variety of media information on the stock analysts, numerous reports recommended stocks, a huge number, but mixed, mingled with similar Wang Jianzhong such "stock black mouth" recommended stocks completely out of their own needs, motives purely to seek illegal interests. "The majority of investors view this information, to learn to analyze, to conduct an independent judgments, to have its own investment philosophy and principles, to avoid 'hear the wind is the wind, listen to the rain the rain', and guard against blindly follow." Pepper said.

Pepper warning that stock analysts release information on units and individuals, to have ethics, we should take a responsible attitude to investors in order to promote the sound development of China's securities market for the purpose of orderly and released the study. If in order to reap illegal profits, and illegal means, the end may suffer not only the economic damage, may also face severe criminal sanctions.

In recent years, the Commission has been to "the stock market black mouth" keep the pressure up, but then Luliang, Sun Chenggang, "take the lead in Big Brother" to today's Kin Chung, Peter, "the stock market black mouth" after another, and change the situation varied, healthy operation of the market pose significant hazards.

Relevant departments of China Securities Regulatory Commission official said, in such cases, the illegal use of another person accounts often operate, concealed, can not easily be found. In addition to securities investment consulting agencies, securities companies, there are a number of such acts. Advisory body to even some matching funds for the recommended stocks lift stock prices, to deceive investors into selling them again after.

The official said that "the stock market black mouth" modus used are becoming more sophisticated, not only law enforcement agencies need to intensify efforts to investigate the securities, and more need to include public security, justice, information technology, financial institutions and other sectors actively cooperate with, investors should have a warning, recognizing that the nature of stock market investments, put down by the stock market "flourishes" of the dream.

July 25, also in the Beijing Second Intermediate People's Court, Beijing shareholders Wang Kin Chung, Peter prosecution of market manipulation cases in civil court for compensation. Wang claimed, he was mistakenly believed the Beijing premiere release of the "real Nuggets report" and a series of securities investment advisory report, were repeatedly bought Citic Bank [4.36 -0.23% share it research report], China Petrochemical [7.16 0.28% of shares it research report]New York Yankees Hats, Vanke A [8.45 -1.17% share it research report] and other stocks, and the resulting huge losses, so Wang Kin Chung, Peter filed for the court to order compensation for their investment losses of RMB 10 million yuan .

The case against Wang, Pepper said Wang v. Wang Jianzhong, although the case is still pending, but expected outcome of the case will be a benchmark for future investors rights significance.