Article 182 of China's criminal law stipulates:

Under any of the following circumstances, whoever manipulates the trading price of securities and futures to gain illegitimate interests or transfer risks, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also, or shall only, be fined not less than one time but not more than five times the illegal income:

1. Individually or in collusion, concentrate capital and shareholding advantages, or use information advantages to jointly or continuously buy and sell, and manipulate the trading prices of securities and futures;

2. Collusion with others, trading securities and futures with each other at the time, price and manner agreed in advance, or buying and selling securities that are not held by each other, affecting the trading price or trading volume of securities and futures;

3. Self-buying and self-selling without transferring the ownership of securities, or self-buying and self-selling futures contracts with oneself as the trading object, which affects the trading price or trading volume of securities and futures;

4. Manipulating the trading prices of securities and futures by other means.

It is not illegal to buy stocks with large funds. Generally speaking, it is not illegal to manipulate securities prices by taking advantage of capital. In addition, if the amount of funds is particularly large, the market value of the stocks bought is relatively small, and the shareholding ratio reaches 5%, the corresponding information disclosure obligations should be fulfilled.

In order to protect the interests of small and medium-sized investors and prevent large institutional investors from manipulating the stock price, the Securities Law stipulates that when an investor holds 5% of the issued shares of a listed company, he shall make a written report to the the State Council securities regulatory agency and the stock exchange within 3 days from the date of this fact, notify the listed company and make an announcement, and fulfill his obligations stipulated by relevant laws.

For investors, this easily manipulated stock usually has some characteristics. For example, the total market value is small, usually only a few billion yuan; The daily turnover rate is low, often not exceeding1%; The daily turnover is small, mostly less than 654.38 billion yuan; The trend of time-sharing chart is not stable; Average performance, large or poor fluctuation; There are problems with management and trust. It is easy for investors to distinguish carefully.

For the A-share market, only by maintaining a zero-tolerance attitude and resolutely cracking down on securities violations can we purify the ecological environment of A-shares and lay the foundation for A-shares to get out of the long-term slow bull market. Only in this way can investors be better protected.