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然短线小能手
2021-02-23
$老虎证券(TIGR)$
发现了真的很多人把股市当赌场。今晚预计还要跌
然短线小能手
2021-02-05
$老虎证券(TIGR)$
今天盘前状态不太对,这2天是不是要开始回调了
然短线小能手
2021-02-05
$老虎证券(TIGR)$
有谁能解释一下老虎最近大涨的逻辑么
然短线小能手
2021-02-18
$老虎证券(TIGR)$
之前以为会涨实数学艺不精,美债收益率上升导致大家对风险系数高的股倾向减弱,会导致这种透支未来估值的股票会回踩,最主要的是影响股价的罪魁祸首是大资金,散户根本无法左右股价的下跌
然短线小能手
2021-02-17
$老虎证券(TIGR)$
今天大概率高开持平,甚至高开低走
然短线小能手
2021-02-19
$老虎证券(TIGR)$
冷静分析后发现,文中所说选择实力较强的证券公司开展试点,首先国家会把第一批试点这种好机会给老虎证券这种民营企业么?在国内老虎证券在证券公司中算实力较强么?试点落地又要多久?其次老虎的市盈率已经处于600左右,明年老虎的营收能同比增长1000%么?我保持悲观态度。老虎的估值由于各种原因已经被透支了许多了,特斯拉这种长期营收快速增长,未来稳定提高收益的公司才1000多的市盈率。老虎就算明年利润同比增长1000%市盈率都还有60。再往后呢?美国经过一年时间的复苏,势必要开始停止无限宽松,上调银行利率。这必然影响到美股走势从而影响用户交易热情。当然,这次消息总归还是利好的,短期上涨是肯定的,但也请各位谨慎持有,不要盲目追涨
然短线小能手
2021-02-18
$老虎证券(TIGR)$
证明一下自己是真研究明白了,上个图。开盘直接把call期权给买盘了,顺手还找了个低价位买了半仓put,剩半仓是为了留资本,做的一个价值投资
然短线小能手
2021-02-05
$哔哩哔哩(BILI)$
还好昨天出了,看不懂为什么老是跌。明明快手都站稳股价了
然短线小能手
2021-02-05
$快手-W(01024)$
想空,可惜没胆子
然短线小能手
2021-02-18
$老虎证券(TIGR)$
美债利率2月16号尾盘大幅上涨影响了美国股市从而影响美股券商。17号尾盘回调部分利率导致股价开始回弹。今日基本是要上涨的节奏了
然短线小能手
2021-02-25
$哔哩哔哩(BILI)$
今天能翻红么
然短线小能手
2021-02-17
$老虎证券(TIGR)$
盘前买卖双方筹码差不多,都比较少。从昨天高开高走猜测是在制造恐慌吸收筹码,如果大头肯下本钱开盘砸个阴柱今天大概率下跌,否则低开高走。隔壁情况很相似
然短线小能手
2021-02-08
$老虎证券(TIGR)$
怎么盘前没人交易,隔壁都起飞了
然短线小能手
2021-02-04
$老虎证券(TIGR)$
快手暗盘被老虎卡在这,第几次出类似情况了?就这还能猛涨?
然短线小能手
2021-02-18
$老虎证券(TIGR)$
研究了一天终于研究明白为嘛跌了,今天要涨看好吧
然短线小能手
2021-02-25
$哔哩哔哩(BILI)$
这盘后啥情况?都还没发财报呢就都冲锋了。为啥不盘中进
然短线小能手
2021-02-25
$哔哩哔哩(BILI)$
收入超预期,亏损比预期小,各方面数据亮眼,我是比较满意的。今天又刚回调完,明天不涨说不过去了吧
然短线小能手
2021-02-23
$老虎证券(TIGR)$
成长股都在跌,市盈率越高跌的越狠。上周四就预测是这么个结果。没搞懂的赶紧去研究吧,这一波得20以下见了
然短线小能手
2021-02-19
$老虎证券(TIGR)$
来自外汇局的背刺
然短线小能手
2021-02-05
$老虎证券(TIGR)$
买的很少,29有3w手卖出,今晚是不是要扭头了。都跟我说要涨,可是看盘不对劲啊
去老虎APP查看更多动态
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目前业绩难以支撑股价","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360990523097104","isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":331514493653104,"gmtCreate":1721942899330,"gmtModify":1721942900867,"author":{"id":"3570054026441248","authorId":"3570054026441248","name":"然短线小能手","avatar":"https://static.tigerbbs.com/462d358e400aa95e16027cbc1dac1909","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570054026441248","authorIdStr":"3570054026441248"},"themes":[],"htmlText":"说说你对这篇新闻的看法...","listText":"说说你对这篇新闻的看法...","text":"说说你对这篇新闻的看法...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/331514493653104","repostId":"2453077166","repostType":2,"repost":{"id":"2453077166","pubTimestamp":1721816882,"share":"https://www.laohu8.com/m/news/2453077166?lang=&edition=full","pubTime":"2024-07-24 18:28","market":"hk","language":"zh","title":"活久见!操纵港股多人入重刑!手法粗糙?监管转向?一文揭露不为人知的背后真相","url":"https://stock-news.laohu8.com/highlight/detail?id=2453077166","media":"智通财经APP","summary":"香港市场,被许多人戏称“庙小妖风大,池浅王八多”。妖股盛出,庄家横行,而监管雷声大雨点小,极难见到因操纵股价最终被入刑的事件发生,更妄谈重刑出手。是香港证券监管转向了?在早前,香港证监会就表示,案中何铭轩、孙文在证监会调查后先于2017年、2019年离港,目前二人已被列入证监会网站上《法院下令逮捕的人士》一栏内,证监会促请公众举报二人的行踪。据香港证监会调查指出,正利控股于","content":"<p>香港市场,被许多人戏称“庙小妖风大,池浅王八多”。 妖股盛出,庄家横行,而监管雷声大雨点小,极难见到因操纵股价最终被入刑的事件发生,更妄谈重刑出手。</p><p>然而,近期一则刚刚宣判的港股操纵股价的入刑重案,却大大刷新了我们对于港股市场和港股监管的看法。</p><p>这背后的真相,是坐庄者手法粗糙?是香港证券监管转向了?还是另有隐情呢?</p><p>这是一篇给你揭开蛛丝马迹的文章,特别是你耐心看到第三章,一定会另你对港股市场的庄家江湖有更深刻的认知。</p><p><strong>第一章:案件始末</strong></p><p><strong>案件实际上从6年前就开始发酵了。</strong></p><p>2017年,香港证监会针对一个利用监管盲点操控市场获利的关联公司网络,启动史上最大规模的调查,并预告会进行民事及刑事诉讼。该会将这一网络称为“邪恶集团”。</p><p>2020年8月,该会向5人展开刑事法律程序,指控其串谋就正利股份进行虚假交易。案件将在原讼法庭由陪审团作审讯,成为这类就《证券及期货条例》所订明罪行而在原讼法庭审理的第一起刑事检控案件。</p><p>经过长达2000天的漫长司法过程,3名被告薛伊琪、林颖琪、谭焯衡,被控一项串谋进行虚假交易罪的罪名成立,被判入狱4年4个月至6年8个月。<strong>这个量刑程度接近市场操纵行为的量刑上限(监禁10年)。</strong></p><p>证监会控罪指——3人于2016年3月29日至2016年9月7日期间,与孙文、何铭轩及其他身份不详的人一同串谋发出或致使发出<a href=\"https://laohu8.com/S/03728\">正利控股</a>有限公司证券的买卖盘,就该正利控股在香港联合交易所有限公司营办的证券市场交易的证券,意图使其具有或相当可能具有造成交投活跃的虚假或具误导性表象的效果。</p><p><strong>然而,早有人已经金蝉脱壳了。</strong>在早前,香港证监会就表示,案中何铭轩、孙文在证监会调查后先于2017年、2019年离港,目前二人已被列入证监会网站上《法院下令逮捕的人士》一栏内,证监会促请公众举报二人的行踪。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d73c99dbdca51dce9144172aef56366\" tg-width=\"1080\" tg-height=\"918\"></p><p>据香港证监会调查指出,正利控股于 2016 年 3 月 29 日在香港创业板挂牌,配售价定为 0.283 港元,首日交易即暴涨近 7 倍至 2.26 港元, 7 月 13 日更创下 5.98 港元的高峰,爆炒 20 倍。</p><p>此后股价在高位维持,直到9月6日,正利的股价仍为4.5港元,但第二天9月7日,突然单日暴跌逾90%至0.45港元。这种暴跌在港股市场虽然已经投资者见怪不怪,但证监会认为,这是在正利控股上市前就已被策划和展开的操纵计划。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b81895529bef6baeec07a858bbd9c940\" tg-width=\"1080\" tg-height=\"642\"></p><p>根据早前报道,有专家证人分析指,有156个股票户口主导正利控股的股票交易,买入78%股票,再出售78%股票,当中61%的交易,均是这156个户口之间互相买卖,而在整个案发时段内,正利控股有九成的交易皆牵涉这156个户口。</p><p>这批户口在案发期间交易近10亿股,但他们持有的股份占比没有太大改变,一直维持在456万至700万股之间,净卖出量只有214万股,买入和卖出的股份亦大致相同,令正利控股看起来维持活跃的交易活动,直至股价暴跌的9月7日,上述156个户口突然抛售1.937亿股。</p><p>有关操纵交易活动于2016年的超过五个月期间内发生,获取超过1.24亿港元的非法利润。</p><p><strong>第二章:港股关于操纵证券市场的法律规定</strong></p><p>市场操纵行为也就是俗称的“坐庄”。但是如果要给操纵市场下一个严格的定义,应该是怎样的?</p><p>根据香港证监会旗下设立的“投资者及理财教育委员会”(简称“投委会”)所公开发布的投教内容显示,操控市场是指:<strong>“有人借着进行市场活动来干预某证券或衍生工具的实际供求,从而就该证券或衍生工具的价格或交投量营造出虚假或误导性的表象。”</strong></p><p>操控市场者,凭借着推高、压低或稳定某证券的价格,以营造出虚假或误导性的市场情况。此外,他们亦会透过互相买卖对方的证券,但有关的交易并不涉及实益拥有权的转让,即虚售交易,从而制造出交投活跃的假象,误导投资者。</p><p>而市场操纵者会受到怎样的惩罚?事实上,关于证券市场操纵的相关立法,早在2003年港府推出《证券及期货条例》的时候就开始了。</p><p><strong>关于市场操纵的处罚,一般分为民事和刑事两种途径。</strong></p><p>其中<strong>民事案件</strong>可通过\"市场失当行为审裁处\"进行处理,包括操纵市场、内幕交易、以及散播虚假及误导性数据等。该审裁处会以民事举证准则作出裁决,并可施加多种民事制裁,例如下令违规者交出所赚取的利润、发出“停止及终止令”及“冷淡对待令”,以及撤销违规者出任公司董事等。</p><p>而<strong>刑事案件</strong>,由证监会提出检控,如果证据充分,一经定罪,操控市场者可被判最高入狱10年及罚款1,000万元。刑事与民事的界定,取决于案件情节的轻重。</p><p>针对市场操纵案件的处理和判罚,每年都会有许多起,<strong>但那些情节不严重的普遍量刑较轻,以罚款和短期监禁为主。</strong>且大部分监禁都会缓期执行。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ba62a349b1fe067395651c5b5494652\" tg-width=\"1080\" tg-height=\"642\"></p><p>但是,<strong>当涉案金额较大或涉及重要<a href=\"https://laohu8.com/S/FISI\">金融机构</a>与上市公司的市场适当行为案件,量刑会相对较重。</strong>至今为止也积累了不少名度普遍较高的判例。</p><p>例如2009年<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>前董事总经理杜军涉<a href=\"https://laohu8.com/S/01205\">中信资源</a>股份的内幕交易案件,区域法院重判监禁7年及罚款2300万港元。该案件后期上诉庭加入了赔偿投资者的考虑,减少了罚款的金额。</p><p>另一宗引人注目的大案是老虎基金(亚洲)内幕交易案。香港证监会指控老虎基金亚洲涉嫌在2008年12月至2009年1月期间,于<a href=\"https://laohu8.com/S/601988\">中国银行</a>和<a href=\"https://laohu8.com/S/601939\">建设银行</a>的三次配售项目中,进行内幕交易和虚假交易。</p><p>此案香港证监会展开了长期而艰苦跨境追查,被告老虎基金也进行了顽强的上诉。最终,2013年香港终审法院同样判老虎基金亚洲败诉,向投资者支付逾4000万港元民事赔偿,并且勒令基金和其中一名高管四年内不得买卖证券。</p><p>近年来,香港当局对于打击坐庄、操纵股价的政策加码节奏非常明显。例如在2022年的一桩证监会与廉政公署(ICAC)联手查处“唱高散货”、并拘捕8人的案件时,证监会法规执行部董事魏弘福表示,“打击社交媒体唱高散货计划一直且仍然是证监会其中一项首要执法工作。”</p><p>魏弘福说:刚刚采取的执法行动向公众传达了一个明确信息,就是证监会对于上市公司的股东及高层人员以及证监会持牌经济人参与这些操纵性计划,绝不姑息,因为他们的失当行为损害到少数股东的权益和香港金融市场的声誉。</p><p>面对此案件,一向低调的廉署也罕见面向公众发声。一位副廉政专员兼执行处首长则表示,“涉及贪污的市场适当行为本质上较为复杂,廉署将继续与证监会保持紧密联系,维护香港的廉洁国际金融中心地位。”</p><p>除了与廉署合作,香港证监会也与警方展开合作。2021年3月,香港证监会与警务处联合行动,代号“双壁行动”打击高唱散货集团,动用超过160名人员,搜查全港27个地点,以洗黑钱或诈骗罪名拘捕12人,且在行动前就冻结了63个证券账户,被冻结资产达8.6亿港元。</p><p><strong>第三章:真干货!香港常见操控套路及规避监管手段</strong></p><p>在过去,香港市场一度成为庄家的极乐园,香港市场妖股横行,散户哀嚎遍野,所以在港股有了“韭菜还没露头就被连根拔起,市场快只剩下镰刀互砍”的说法,这也是近年来港股流动性越来越差,不断边缘化的重要诱因。</p><p>在港股市场,这些庄家或者主力玩家,联同他资金方甚至伙同公司一起操纵股价,制造活跃的成交量吸引散户注意,有散户入场后,就收网获利了结,引起股价暴跌。</p><p><strong>一般来说,在所谓坐庄的过程中,庄家的账户分为两类,持仓户和拉升户。</strong></p><p>持仓户的是初始持有的货,基础就需要掌控流通盘的30%,越集中越好。用拉升户(持有现金)按照计划来扫货,为了拉升股价吸引注意,也会安排一些持仓较少的持仓户模仿散户来提供流动性。</p><p><strong>在一个周期之后,持仓户和出货户会出现盈利,而拉升户会浮亏</strong>,为了不引起注意,会让持仓户用卖出所得现金反手买入拉升,让之前拉升的账户出现浮盈。两者往复循环,由于一般来说股价是在趋势性上涨的过程中,所以账户很难出现亏损,某个账户在一段时间内的交易也具有一致性,监管也很难指证账户交易问题。</p><p>主持仓和主要拉升的户模仿了大户的对手交易,随着股价的上涨逐步散出,一些小的持仓户模仿散户在不断打短差盈利,生态就和正常交易类似。</p><p>但天下没有不散的筵席,坐庄的股票一般是基本面比较拉胯的,能短期炒作一时,难以长久。<strong>所以最终会在一定的关键时间节点前后,坐庄集团选择集体获利离场。</strong>而离场手法的选择就非常关键,最好的模式是有序离场,缓慢下跌,或者震荡式下跌,跌一段拉一波,跌一段拉一波,玩得好的甚至可以让散户充分接盘。</p><p>但如果庄家玩得不好,就会出现内讧,在离场的时候发生踩踏,自相残杀。这种多半会议单日暴跌大几十个点收场——其实也就等于收不了场。因为这种情况多半会上新闻,然后被证监会盯上,最后迎来监管重拳。</p><p>所以,其实对于坐庄而言,如何规避监管是一个非常现实的问题。当然,对于我们而言,搞清庄家的手法,也可以在投资中避免中招,提升投资者的避雷能力。</p><p><strong>第四章:揭秘!庄家的手册和手法</strong></p><p>虽然近年来港股监管有趋严趋势,但因为相关法律制度设计及实际执行力度和效率,导致这类行为并没有得到有效遏制。更为令人发指的是,港股市场的庄家都修成了前年老妖,可谓道高一丈,魔高一丈。</p><p>接下来,智通财经APP不惜冒追杀风险,泣血揭露的庄家规避手法,相信也是市面上首次有人如此详细揭露!请耐心看下去,一定震撼你三观!</p><p><strong>(1)人头多、散、老、装</strong></p><p><strong>操盘未动,人头先行。在庄家的江湖,人头成为了决定成败的一半。</strong></p><p><strong>人头要多。</strong>开具足够多的人头户,导致交易不会就限在少数几个账户倒来倒去,订单流是透明的,监管发现老是几个户互相交易来交易区,那很快就被露馅。所以,人头多成为庄家的必备条件。以正利控股为例,本次指控三名被告人通过操纵156个账户获益。</p><p><strong>人头要散。</strong>人头散首先指的是不同人开户,而不是一个人多户,否则很快会露出马脚。在过去,很多人头都是从“村子”里搜集过来,往往一查身份都是一个地方来的。而为了规避监管,现在的许多名义人头,实际上他们的户籍、居住地甚至国籍做到了五湖四海,五大洲七大洋。有人开玩笑说,要是有<a href=\"https://laohu8.com/S/300894\">火星人</a>,火星人也要被开发成人头了。这样的情况下,监管就变得更加困难,举证也变得更加困难。</p><p><strong>人头要老。</strong>越老的人头就越容易被伪装成是实际交易的投资者,来认定其实人头户就会变得更加困难。所以,在庄家市场上,甚至以老人头数的多少,成为了衡量其实力的重要标志。</p><p><strong>人头要装。</strong>老人头固然重要,但是如果一个人头开户时间够长,但从来没有交易,或者多年来都是奇怪的一些小票交易,同样容易被盯上。所以,人头养蛊者就会让这些人头时不时去少量交易一些大票,制造是普通投资者的假象,同样这样的大票的波动性较小,因此造成的养户冲击成本就会变得小很多。</p><p><strong>(2)交易席位——挂羊头卖狗肉</strong></p><p>由于港股会披露席位,很多投资者也会关注席位的变动,所以庄家要造成热火朝天的假象,就秒变处女座人格,在户头分布上可谓费尽心机。</p><p>比如,开一些大行的户伪装被外资看好,成为了这些庄家的常用手法。更有甚者,香港券商之间,还用一种借道做法,明明你是A券商户头,却在用B券商的席位来交易(这种B券商往往是大行),虽然增加了成本,但却更有迷惑性,尤其是在拉升出货的阶段,被伪装成大行疯狂买入的假象。而市场投资者往往有大行迷信,自然更容易引起跟风效应。</p><p>此外,一些中大型互联网券商也成为人头滋生的地方。因为这些券商用户多,在挂单上本来显示的席位频率就高,隐藏在这些里面,更不容易被发现其行动轨迹,特别是在当日盘中更不容易发现。</p><p><strong>(3)IP、Mac地址——伪装者的游戏</strong></p><p>由于现在IT系统逐渐发达,如果不同账户在同一个IP地址段,用同一台设备,地理位置接近,下单的时候,尤其是交易方向相反的订单就很容易被监控。所以一般庄家也会通过多台设备,一些软件来伪造不同段的IP地址,物理位置也可以通过软件实现完美伪装。</p><p><strong>(4)打乒乓球的背后真相</strong></p><p>由于港股市场长期枯竭性,成交量成为了衡量是否进入的重要标志。此外,大多数基金在选取股票池时候,为了防止买入后无法退出,成交量成为是否可以买该股票的必要条件。</p><p>另外, 很多被动指数基金或者标准不仅有市值,还有流动性要求。 因而,伪装成交量,俗称打乒乓球成为这些庄家的必备功课。</p><p>为了达标成交要求,庄家也会做一些不同账户之间的左手倒右手操作。为了掩饰这一点,会把日内和某个阶段成交做的相对均匀但又有一定的波动。更有甚者,这些庄家抓住散户心理,为把这只坐庄标的打扮成散户心中的白莲花,把散户喜欢玩弄的各种技术形态也做得完美贴切。</p><p>此次正利控股于2016年9月7日单日暴跌90%,一哄而散,从坐庄的角度来看属于操作拙劣,坐庄集团内部没有协调好,导致自我踩踏。你这样一暴跌,结果就是想让证监会不来查你都很难了。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77930895e16287feb70e9fc3006123e8\" tg-width=\"1080\" tg-height=\"921\"></p><p><strong>末章:正道直行,才得光明</strong></p><p>港股市场过去曾经是老千纵横的地方,坐庄、炒壳、发布虚假消息、唱高散货等失当行为遍地横行,投资者一不小心就会被股东、庄家、以及大户联合收割。特别是近年来,结合互联网与即时通讯,坐庄行为也在演进,“微信女”、“杀猪盘”等模式也开始渗透到港股。</p><p>此次针对操控“正利控股”股价的“5人坐庄集团”的近乎顶格判罚的举动,彰显出香港证监会与港府打击证券市场失当行为的决心和手段,将保护中小投资者这句话落到实际行动,而非仅仅是口号。</p><p>这起股价操控案,起自2016年,到今天判决结果出来,中间经历了长达八年的时间。正所谓天网恢恢,疏而不漏。</p><p>任何市场参与者都应该正道直行。作为上市公司,应当尊重法律,洁身自好,把精力和才华放在企业经营与财富的创造上。而作为投资者,应当尊重市场规律,投资于优秀的股份,坚持长期主义,才是股票投资的长远之道。</p><p> 责任编辑:安东</p>","source":"jinrongjie_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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href=https://hk.jrj.com.cn/2024/07/24182841768083.shtml><strong>智通财经APP</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>香港市场,被许多人戏称“庙小妖风大,池浅王八多”。 妖股盛出,庄家横行,而监管雷声大雨点小,极难见到因操纵股价最终被入刑的事件发生,更妄谈重刑出手。然而,近期一则刚刚宣判的港股操纵股价的入刑重案,却大大刷新了我们对于港股市场和港股监管的看法。这背后的真相,是坐庄者手法粗糙?是香港证券监管转向了?还是另有隐情呢?这是一篇给你揭开蛛丝马迹的文章,特别是你耐心看到第三章,一定会另你对港股市场的庄家江湖有...</p>\n\n<a href=\"https://hk.jrj.com.cn/2024/07/24182841768083.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"http://imgcloud.jrjimg.cn/2024/07/weixin/one_20240724182820523.jpg","relate_stocks":{"HSCEI":"国企指数"},"source_url":"https://hk.jrj.com.cn/2024/07/24182841768083.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2453077166","content_text":"香港市场,被许多人戏称“庙小妖风大,池浅王八多”。 妖股盛出,庄家横行,而监管雷声大雨点小,极难见到因操纵股价最终被入刑的事件发生,更妄谈重刑出手。然而,近期一则刚刚宣判的港股操纵股价的入刑重案,却大大刷新了我们对于港股市场和港股监管的看法。这背后的真相,是坐庄者手法粗糙?是香港证券监管转向了?还是另有隐情呢?这是一篇给你揭开蛛丝马迹的文章,特别是你耐心看到第三章,一定会另你对港股市场的庄家江湖有更深刻的认知。第一章:案件始末案件实际上从6年前就开始发酵了。2017年,香港证监会针对一个利用监管盲点操控市场获利的关联公司网络,启动史上最大规模的调查,并预告会进行民事及刑事诉讼。该会将这一网络称为“邪恶集团”。2020年8月,该会向5人展开刑事法律程序,指控其串谋就正利股份进行虚假交易。案件将在原讼法庭由陪审团作审讯,成为这类就《证券及期货条例》所订明罪行而在原讼法庭审理的第一起刑事检控案件。经过长达2000天的漫长司法过程,3名被告薛伊琪、林颖琪、谭焯衡,被控一项串谋进行虚假交易罪的罪名成立,被判入狱4年4个月至6年8个月。这个量刑程度接近市场操纵行为的量刑上限(监禁10年)。证监会控罪指——3人于2016年3月29日至2016年9月7日期间,与孙文、何铭轩及其他身份不详的人一同串谋发出或致使发出正利控股有限公司证券的买卖盘,就该正利控股在香港联合交易所有限公司营办的证券市场交易的证券,意图使其具有或相当可能具有造成交投活跃的虚假或具误导性表象的效果。然而,早有人已经金蝉脱壳了。在早前,香港证监会就表示,案中何铭轩、孙文在证监会调查后先于2017年、2019年离港,目前二人已被列入证监会网站上《法院下令逮捕的人士》一栏内,证监会促请公众举报二人的行踪。据香港证监会调查指出,正利控股于 2016 年 3 月 29 日在香港创业板挂牌,配售价定为 0.283 港元,首日交易即暴涨近 7 倍至 2.26 港元, 7 月 13 日更创下 5.98 港元的高峰,爆炒 20 倍。此后股价在高位维持,直到9月6日,正利的股价仍为4.5港元,但第二天9月7日,突然单日暴跌逾90%至0.45港元。这种暴跌在港股市场虽然已经投资者见怪不怪,但证监会认为,这是在正利控股上市前就已被策划和展开的操纵计划。根据早前报道,有专家证人分析指,有156个股票户口主导正利控股的股票交易,买入78%股票,再出售78%股票,当中61%的交易,均是这156个户口之间互相买卖,而在整个案发时段内,正利控股有九成的交易皆牵涉这156个户口。这批户口在案发期间交易近10亿股,但他们持有的股份占比没有太大改变,一直维持在456万至700万股之间,净卖出量只有214万股,买入和卖出的股份亦大致相同,令正利控股看起来维持活跃的交易活动,直至股价暴跌的9月7日,上述156个户口突然抛售1.937亿股。有关操纵交易活动于2016年的超过五个月期间内发生,获取超过1.24亿港元的非法利润。第二章:港股关于操纵证券市场的法律规定市场操纵行为也就是俗称的“坐庄”。但是如果要给操纵市场下一个严格的定义,应该是怎样的?根据香港证监会旗下设立的“投资者及理财教育委员会”(简称“投委会”)所公开发布的投教内容显示,操控市场是指:“有人借着进行市场活动来干预某证券或衍生工具的实际供求,从而就该证券或衍生工具的价格或交投量营造出虚假或误导性的表象。”操控市场者,凭借着推高、压低或稳定某证券的价格,以营造出虚假或误导性的市场情况。此外,他们亦会透过互相买卖对方的证券,但有关的交易并不涉及实益拥有权的转让,即虚售交易,从而制造出交投活跃的假象,误导投资者。而市场操纵者会受到怎样的惩罚?事实上,关于证券市场操纵的相关立法,早在2003年港府推出《证券及期货条例》的时候就开始了。关于市场操纵的处罚,一般分为民事和刑事两种途径。其中民事案件可通过\"市场失当行为审裁处\"进行处理,包括操纵市场、内幕交易、以及散播虚假及误导性数据等。该审裁处会以民事举证准则作出裁决,并可施加多种民事制裁,例如下令违规者交出所赚取的利润、发出“停止及终止令”及“冷淡对待令”,以及撤销违规者出任公司董事等。而刑事案件,由证监会提出检控,如果证据充分,一经定罪,操控市场者可被判最高入狱10年及罚款1,000万元。刑事与民事的界定,取决于案件情节的轻重。针对市场操纵案件的处理和判罚,每年都会有许多起,但那些情节不严重的普遍量刑较轻,以罚款和短期监禁为主。且大部分监禁都会缓期执行。但是,当涉案金额较大或涉及重要金融机构与上市公司的市场适当行为案件,量刑会相对较重。至今为止也积累了不少名度普遍较高的判例。例如2009年摩根士丹利前董事总经理杜军涉中信资源股份的内幕交易案件,区域法院重判监禁7年及罚款2300万港元。该案件后期上诉庭加入了赔偿投资者的考虑,减少了罚款的金额。另一宗引人注目的大案是老虎基金(亚洲)内幕交易案。香港证监会指控老虎基金亚洲涉嫌在2008年12月至2009年1月期间,于中国银行和建设银行的三次配售项目中,进行内幕交易和虚假交易。此案香港证监会展开了长期而艰苦跨境追查,被告老虎基金也进行了顽强的上诉。最终,2013年香港终审法院同样判老虎基金亚洲败诉,向投资者支付逾4000万港元民事赔偿,并且勒令基金和其中一名高管四年内不得买卖证券。近年来,香港当局对于打击坐庄、操纵股价的政策加码节奏非常明显。例如在2022年的一桩证监会与廉政公署(ICAC)联手查处“唱高散货”、并拘捕8人的案件时,证监会法规执行部董事魏弘福表示,“打击社交媒体唱高散货计划一直且仍然是证监会其中一项首要执法工作。”魏弘福说:刚刚采取的执法行动向公众传达了一个明确信息,就是证监会对于上市公司的股东及高层人员以及证监会持牌经济人参与这些操纵性计划,绝不姑息,因为他们的失当行为损害到少数股东的权益和香港金融市场的声誉。面对此案件,一向低调的廉署也罕见面向公众发声。一位副廉政专员兼执行处首长则表示,“涉及贪污的市场适当行为本质上较为复杂,廉署将继续与证监会保持紧密联系,维护香港的廉洁国际金融中心地位。”除了与廉署合作,香港证监会也与警方展开合作。2021年3月,香港证监会与警务处联合行动,代号“双壁行动”打击高唱散货集团,动用超过160名人员,搜查全港27个地点,以洗黑钱或诈骗罪名拘捕12人,且在行动前就冻结了63个证券账户,被冻结资产达8.6亿港元。第三章:真干货!香港常见操控套路及规避监管手段在过去,香港市场一度成为庄家的极乐园,香港市场妖股横行,散户哀嚎遍野,所以在港股有了“韭菜还没露头就被连根拔起,市场快只剩下镰刀互砍”的说法,这也是近年来港股流动性越来越差,不断边缘化的重要诱因。在港股市场,这些庄家或者主力玩家,联同他资金方甚至伙同公司一起操纵股价,制造活跃的成交量吸引散户注意,有散户入场后,就收网获利了结,引起股价暴跌。一般来说,在所谓坐庄的过程中,庄家的账户分为两类,持仓户和拉升户。持仓户的是初始持有的货,基础就需要掌控流通盘的30%,越集中越好。用拉升户(持有现金)按照计划来扫货,为了拉升股价吸引注意,也会安排一些持仓较少的持仓户模仿散户来提供流动性。在一个周期之后,持仓户和出货户会出现盈利,而拉升户会浮亏,为了不引起注意,会让持仓户用卖出所得现金反手买入拉升,让之前拉升的账户出现浮盈。两者往复循环,由于一般来说股价是在趋势性上涨的过程中,所以账户很难出现亏损,某个账户在一段时间内的交易也具有一致性,监管也很难指证账户交易问题。主持仓和主要拉升的户模仿了大户的对手交易,随着股价的上涨逐步散出,一些小的持仓户模仿散户在不断打短差盈利,生态就和正常交易类似。但天下没有不散的筵席,坐庄的股票一般是基本面比较拉胯的,能短期炒作一时,难以长久。所以最终会在一定的关键时间节点前后,坐庄集团选择集体获利离场。而离场手法的选择就非常关键,最好的模式是有序离场,缓慢下跌,或者震荡式下跌,跌一段拉一波,跌一段拉一波,玩得好的甚至可以让散户充分接盘。但如果庄家玩得不好,就会出现内讧,在离场的时候发生踩踏,自相残杀。这种多半会议单日暴跌大几十个点收场——其实也就等于收不了场。因为这种情况多半会上新闻,然后被证监会盯上,最后迎来监管重拳。所以,其实对于坐庄而言,如何规避监管是一个非常现实的问题。当然,对于我们而言,搞清庄家的手法,也可以在投资中避免中招,提升投资者的避雷能力。第四章:揭秘!庄家的手册和手法虽然近年来港股监管有趋严趋势,但因为相关法律制度设计及实际执行力度和效率,导致这类行为并没有得到有效遏制。更为令人发指的是,港股市场的庄家都修成了前年老妖,可谓道高一丈,魔高一丈。接下来,智通财经APP不惜冒追杀风险,泣血揭露的庄家规避手法,相信也是市面上首次有人如此详细揭露!请耐心看下去,一定震撼你三观!(1)人头多、散、老、装操盘未动,人头先行。在庄家的江湖,人头成为了决定成败的一半。人头要多。开具足够多的人头户,导致交易不会就限在少数几个账户倒来倒去,订单流是透明的,监管发现老是几个户互相交易来交易区,那很快就被露馅。所以,人头多成为庄家的必备条件。以正利控股为例,本次指控三名被告人通过操纵156个账户获益。人头要散。人头散首先指的是不同人开户,而不是一个人多户,否则很快会露出马脚。在过去,很多人头都是从“村子”里搜集过来,往往一查身份都是一个地方来的。而为了规避监管,现在的许多名义人头,实际上他们的户籍、居住地甚至国籍做到了五湖四海,五大洲七大洋。有人开玩笑说,要是有火星人,火星人也要被开发成人头了。这样的情况下,监管就变得更加困难,举证也变得更加困难。人头要老。越老的人头就越容易被伪装成是实际交易的投资者,来认定其实人头户就会变得更加困难。所以,在庄家市场上,甚至以老人头数的多少,成为了衡量其实力的重要标志。人头要装。老人头固然重要,但是如果一个人头开户时间够长,但从来没有交易,或者多年来都是奇怪的一些小票交易,同样容易被盯上。所以,人头养蛊者就会让这些人头时不时去少量交易一些大票,制造是普通投资者的假象,同样这样的大票的波动性较小,因此造成的养户冲击成本就会变得小很多。(2)交易席位——挂羊头卖狗肉由于港股会披露席位,很多投资者也会关注席位的变动,所以庄家要造成热火朝天的假象,就秒变处女座人格,在户头分布上可谓费尽心机。比如,开一些大行的户伪装被外资看好,成为了这些庄家的常用手法。更有甚者,香港券商之间,还用一种借道做法,明明你是A券商户头,却在用B券商的席位来交易(这种B券商往往是大行),虽然增加了成本,但却更有迷惑性,尤其是在拉升出货的阶段,被伪装成大行疯狂买入的假象。而市场投资者往往有大行迷信,自然更容易引起跟风效应。此外,一些中大型互联网券商也成为人头滋生的地方。因为这些券商用户多,在挂单上本来显示的席位频率就高,隐藏在这些里面,更不容易被发现其行动轨迹,特别是在当日盘中更不容易发现。(3)IP、Mac地址——伪装者的游戏由于现在IT系统逐渐发达,如果不同账户在同一个IP地址段,用同一台设备,地理位置接近,下单的时候,尤其是交易方向相反的订单就很容易被监控。所以一般庄家也会通过多台设备,一些软件来伪造不同段的IP地址,物理位置也可以通过软件实现完美伪装。(4)打乒乓球的背后真相由于港股市场长期枯竭性,成交量成为了衡量是否进入的重要标志。此外,大多数基金在选取股票池时候,为了防止买入后无法退出,成交量成为是否可以买该股票的必要条件。另外, 很多被动指数基金或者标准不仅有市值,还有流动性要求。 因而,伪装成交量,俗称打乒乓球成为这些庄家的必备功课。为了达标成交要求,庄家也会做一些不同账户之间的左手倒右手操作。为了掩饰这一点,会把日内和某个阶段成交做的相对均匀但又有一定的波动。更有甚者,这些庄家抓住散户心理,为把这只坐庄标的打扮成散户心中的白莲花,把散户喜欢玩弄的各种技术形态也做得完美贴切。此次正利控股于2016年9月7日单日暴跌90%,一哄而散,从坐庄的角度来看属于操作拙劣,坐庄集团内部没有协调好,导致自我踩踏。你这样一暴跌,结果就是想让证监会不来查你都很难了。末章:正道直行,才得光明港股市场过去曾经是老千纵横的地方,坐庄、炒壳、发布虚假消息、唱高散货等失当行为遍地横行,投资者一不小心就会被股东、庄家、以及大户联合收割。特别是近年来,结合互联网与即时通讯,坐庄行为也在演进,“微信女”、“杀猪盘”等模式也开始渗透到港股。此次针对操控“正利控股”股价的“5人坐庄集团”的近乎顶格判罚的举动,彰显出香港证监会与港府打击证券市场失当行为的决心和手段,将保护中小投资者这句话落到实际行动,而非仅仅是口号。这起股价操控案,起自2016年,到今天判决结果出来,中间经历了长达八年的时间。正所谓天网恢恢,疏而不漏。任何市场参与者都应该正道直行。作为上市公司,应当尊重法律,洁身自好,把精力和才华放在企业经营与财富的创造上。而作为投资者,应当尊重市场规律,投资于优秀的股份,坚持长期主义,才是股票投资的长远之道。 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