There is a most common name.

(Bian Fengwei: Because the name Liu Fang is not a very strange name)

In fact, he is a stock market tycoon.

You can easily earn hundreds of millions of yuan.

Bian Fengwei: He enjoyed the biggest profit in the short term with the fastest speed.

Who is he?

Is it a real retail investor or a mysterious force lurking in the dark?

Please watch Economic Watch Who is Liu Fang.

Reporter's appearance: Hello everyone, welcome to the economic observation. What I want to tell you today is an investment myth that looks like an ordinary investor. This investor is ordinary because he appears in public information with the most common name "Liu Fang" in the list of tradable shareholders of listed companies; The reason why he created the investment myth is that he easily earned hundreds of millions of yuan in less than a year. So we can only describe this "Liu Fang" as seemingly ordinary. So, who is Liu Fang? How did he create the myth of the stock market? Today's economic observation will look at Liu Fang's story.

Text:

Daily limit, daily limit or daily limit! After the announcement of private placement on July 9, the share price of *ST Jintai soared from 3. 16 yuan to 26.58 yuan in the following 43 trading days, with an increase of 74 1%. ST Jintai, a listed company, became the stock with the largest daily limit in China stock market after 42 consecutive daily limit.

This man named Huang Junqin is the boss of Sun Henderson Company, the major shareholder of *ST Jintai, and his personal book wealth once reached141700 million yuan because of the continuous daily limit of ST Jintai, which was almost equal to Li Ka-shing, the richest man in Asia. Why does ST Jintai have such a crazy daily limit? Why does the company have seven consecutive daily limit after 42 consecutive daily limit? Is it true that Sun Hengji, the major shareholder, will inject assets into listed companies? A series of problems have pushed Huang Junqin, chairman of listed companies, to the forefront. (flashing)

Just when the market began to question Huang Junqin, someone might be secretly enjoying the great benefits of hitchhiking. This person, Liu Fang, appeared as an ordinary investor in the first quarter report of *ST Jintai. According to public information, Liu Fang holds 365,438+022,403 shares of the company, accounting for 2. 1 1%, making her the largest tradable shareholder. According to the reporter's calculation, before the suspension on March 6th this year, the share price of ST Jintai never surpassed that of 4 yuan. Calculated by 4 yuan per share, Liu Fang's opening cost is less than 654.38+02.5 million yuan. After 42 consecutive daily limit, the share price of ST Jintai has reached 25 on August 30. 3 1 yuan, that is to say, if Liu Fang continues to hold this stock at this time, its market value has exceeded 79 million. In just 42 days, Liu Fang's income exceeded 66 million yuan.

However, what is surprising is not only Liu Fang's income, but also the timing of his opening of this stock. There is no such person in the list of the top ten tradable shareholders announced by listed companies at the end of last year. Obviously, Liu Fang entered *ST Jintai in the first quarter of this year, and shortly after opening a position, the share price of ST Jintai soared.

Bian, securities analyst

Because ST Jintai has 40 daily limit after the resumption of trading, because it is a stock of ST, the daily turnover at the daily limit is very small, so it should not be bought. If you want to buy it, it should be before the daily limit, and the trend of this stock has been sideways between the daily limit, so there is no sign of it on the disk, so Liu Fang bought it before it started, which is for sure.

Then, as a retail investor, why did Liu Fang dare to hold a loss-making ST stock on a large scale, and where did his confidence come from? Why is he so accurate about the starting time of the stock price? Is it based on accurate and original analysis, or luck, or "inside information" that can't be hidden? Liu Fang's magical investment story attracted the attention of certified public accountants. He told reporters that there are only three situations in which investors can enjoy such great benefits by holding ST shares.

Bian, securities analyst

The first is the quilt cover of old stocks, which may have experienced a bear market and has been quilt cover; One is luck, for example, Haitong and Haitong Securities borrowed shares in the city in the early stage, which had been sideways for a long time. At that time, many people were talking about various possibilities. He went in and finally got a Toona sinensis. The other is what we often call insider trading, or there is news.

So which situation is Liu Fang more likely to belong to?

Bian, securities analyst

From Liu Fang's point of view, because he bought in that quarter, that is, around the first quarter of this year and the end of last year, only those who bought in this quarter can enjoy the maximum profit in the short term as quickly as possible. So from this perspective, he is most likely to be the second and third. (turning black)

The reporter appeared:

It seems that this man named "Liu Fang" is really lucky. ST Jintai created the biggest profit for him in the shortest time. At present, whether Liu Fang is profitable can only be concluded according to ST Jintai's third quarterly report. Liu Fang's magic goes far beyond this. This common name also appears in the list of the top ten tradable shareholders of more than ten listed companies such as Tongjunge, Shantou Electric Power and Yunnei Electric Power.

After 42 daily limit boards, all shareholders of *ST Jintai soared. From the probability point of view, almost anyone can buy such a dark horse, so if Liu Fang only holds a large number of st Jintai, it may not attract the attention of the market. But in fact, we can all see this name in the public information of more than ten listed companies such as Tongjunge, Chuanhua and Shantou Electric Power. The recent trend of these stocks makes people have to admire Liu Fang's investment vision.

This form records Liu Fang's newly listed company in the second quarter of this year. Among them, 36 1.4 1 10,000 shares newly entered Tongjunge, ranking first among shareholders with unlimited sales conditions, second only to Taiji Group, the controlling shareholder; Newly entered Katie Power 74 1 10000 shares, ranking third; Shantou Electric Power has 604,300 new shares, and Sanhuan New Shares115.82 million shares, ranking seventh at the same time; In addition, he also increased his holding of Chuanhua shares by 526,800 shares, ranking the ninth largest shareholder.

The outstanding shares held by Liu Fang in 2007

Stock abbreviation Number of shares (10,000 shares) Unlimited sale conditions Deadline for shareholder status

*ST Jintai 312.2412007-6-31

Tongjunge 2007-6-3 1

Katie Electric Power 74.113 2007-6-31

Shantou electric power A 60.43 7 2007-6-3 1

Sanhuan shares115.827 2007-6-31

Chuanhua shares 52.68 9 2007-6-3 1

What people have to admire is that from April 1 to today, the performance of these six stocks is very eye-catching. One of them rose by more than 300%, two by more than 100%, and Tongjunge, with the smallest increase, also earned 34.56%. Roughly speaking, the total market value of these six stocks held by Liu Fang has exceeded 65.438+0.5 billion yuan. In fact, in addition to these six directly-held listed companies, Liu Fang also indirectly holds shares in Xindu Hotel and S FIATA. In addition, in the first quarter of this year, Liu Fang once held 210.53 million shares of Guang 'an Aizhong, 2,869,352 shares of Jianfa, 970 1.27 million shares of Yicheng and 370,000 shares of st Sheng Da. However, in the semi-annual reports of these companies, this name has disappeared from the list of the top ten tradable shareholders. Last year, Liu Fang's name also appeared in the list of the top ten tradable shareholders of Taiji Industry, Jiugang Hongxing, Yunnei Power and *ST Bit. This makes people wonder whether so many Liu Fang are the same person. If it is the same person, then what is his real identity with such strong financial strength?

Bian, securities analyst

It's hard to say, because the name Liu Fang is not a very strange name, it's normal, so it's hard to say.

It seems that these dozens of Liu Fang are the same person, and the relevant departments need to check the securities registration information to get the answer. However, after careful analysis, we find that the characteristics of these dozens of Liu Fang's involvement in these stocks are strikingly similar, which can be described as "early, fast, accurate and ruthless".

Bian, securities analyst

First, there are no large-cap blue-chip stocks, which are basically some themes, or restructuring and share reform, so these stocks are somewhat similar to st Jintai; When Liu Fang's name enters these stocks, it is often a quarter before the stock is launched. Because what we are now announcing is the position in the first quarter, it is a coincidence that these stocks can maximize profits no matter where Liu Fang appears. He ambushed in the previous quarter, and then in a quarter, these stocks often rose by at least 50%, which is really not easy.

Liu Fang seems to have done something difficult. Then, is there a controller behind Liu Fang who holds shares as a natural person? What ordinary investors can't understand is that a retail investor can independently grasp the excellent opportunity to get involved in so many listed companies' stocks and control so much money in and out. What kind of retail investor is this? For a time, "What is Liu Fang's real identity?" It has become a hot topic in the stock market.

Stock investor

Reporter: Do you think he is an ordinary retail investor like you?

A: No, it's definitely different from mine, otherwise I'll buy it.

Very mysterious, that's for sure.

C: It probably depends on the company's research.

D: I think he must have a background and is working for the organization.

B: There must be something in it. Otherwise, why did he join the shareholders of ST before the share reform and become a major shareholder, right?

Liu Fang's true identity is elusive, and whether Liu Fang is suspected of insider trading is even more difficult to answer.

Bian, securities analyst

There are many uncertainties in these stocks, that is to say, when you enter, you can say that it is speculation, but it is not so accurate. From our point of view, it is impossible for individual investors to continue to invest so accurately or get a return. But it can only be said that there is suspicion, because this thing is unlicensed and unfounded.

Then, with the name of Liu Fang gradually being concerned by the market, what do listed companies think of this "best retail investor in history"? The reporter contacted a number of listed companies held by Liu Fang, and almost all of them got the answer: "The shareholders of tradable shares have nothing to do with listed companies."

Reporter's appearance: listed companies seem to be indifferent to who their tradable shareholders are. For us, we can't simply equate Liu Fang with "insider trader", which also needs the investigation of the regulatory authorities. However, Liu Fang's large number of shares, good timing of intervention and easy profit have puzzled investors. In fact, if we carefully recall the trend of some major stocks in the capital market in the past year or two, it is not difficult to find that there are many investors with magical foresight.

As early as 2005, a name named "Shu" received attention. The performance of this name in the stock market is similar to that of Liu Fang today. Shu Chenfang once appeared in Haihong Holdings and ST Jianfeng, and the subsequent trend of these two stocks proved Shu Chenfang's "magic" foresight. Since then, this Shu has also appeared in the list of shareholders of st Ji Light Industry. A year later, the company changed its name to Guanghua Holdings and became one of the "big bull stocks" in the two cities. It is not difficult to find that listed companies with such "magic investors" are often related to major hype themes. In the A-share market, it is not uncommon for the stock price to rise sharply before the announcement of major news. For example, China Ship, the first high-priced stock, had a daily limit of 65438+123 this year, and then suspended trading. On June 29, 65438+1October 29, the overall listing resumed, thus starting a long journey from 40 yuan to 240 yuan; Silk shares went up for three consecutive days from May 2 1 to May 23 this year, and then the news of asset placement was clarified; S striker, the champion of continuous daily limit before the appearance of ST Jintai, also rose by 9% on the last trading day before the suspension. After the suspension, it was obviously the first securities listed on the backdoor. These major themes may have made countless magical investment stories.

For this phenomenon, Bian Fengwei, a securities analyst, believes that listed companies often need to go through the coordination and approval of multiple departments before carrying out major issues such as asset restructuring and private placement. A long time and many links will form a hotbed of asymmetric information to a certain extent, so the emergence of investment myth is inevitable.

Bian, securities analyst

If a stock generally needs to inject assets, it usually goes through several levels. One is between enterprises, so the executives of enterprises get the news first, then get interested, and then get it from the underwriting of brokers, investment banks and investment banks. It may take a year and a half for a large enterprise in the middle. It may take half a year if it is fast, and three years at the earliest.

In fact, this investment myth made by news is not only a specialty of China's capital market, but also exists in mature markets. In May this year, a couple in Hong Kong bought Dow Jones shares after knowing in advance the important non-public information that "News Corp. is about to acquire Dow Jones Company", and thus made a profit of more than 8 million US dollars. So, should these magical individual investors be included in the supervision of the regulatory authorities? Lawyer Yan, who has experienced the false listing case of industry, the Yin Guangxia trap case and the false statement case of Daqing friendship, said in an interview that since the "Liu Fang phenomenon" has aroused great concern in the market, the regulatory authorities have the responsibility to investigate.

Lawyer Yan Yiming.

He is the largest tradable shareholder of more than a dozen listed companies, and every stock is bought so accurately, and it has a very huge growth soon after buying, and then after a relatively high-speed growth, his share price will rise. Why? In other words, it is the legal responsibility of China Securities Regulatory Commission to ask why, so it is his legal responsibility to rule out all the possibilities behind why. Once this happens, the market can confirm that Liu Fang is legal, or that he is legally investing in such securities. If it can't be ruled out, it will be said that it is very suspicious.

But the problem is that it is very difficult to investigate these beneficiaries who appear as individual investors. In fact, "how to control insider trading is a worldwide problem." In China's Securities Law, there are detailed penalties for insider trading, insider trading, types of insider information and those who engage in insider trading. Powerful database and software system can also provide comprehensive information for discovering and analyzing all kinds of abnormal transaction records. But the key problem is that it is very difficult to obtain evidence and identify insider trading.

Lawyer Lv Tao.

Not only our country, but also the whole world is a problem. Because this evidence is difficult to obtain and its insider trading is fleeting, it is difficult to obtain evidence.

Obviously, in the current market, Liu Fang's magic investors simply don't need to prove to anyone why they can enter a stock in a big way at a certain time. They can also continue to build large positions and write their own investment myths before the announcement of future theme stocks. Then, in the mature capital market, how does the regulatory authorities conduct evidence investigation on investors who cause market doubts?

Bian, securities analyst

Just like the United States, the opposite is proved, and this kind of thing happens to you. You prove that you didn't buy it until you got the news. You have to prove why you bought Jintai in this position and why you held Jintai in such a coincidence in a quarter.

This inverted burden of proof system is used by the SEC to deal with "insider trading of Dow Jones stocks by Hong Kong couples". At that time, the SEC took prosecution action against the couple only four days after learning about the "investment story of the couple". After the SEC filed a lawsuit, the federal judge also ordered the couple to freeze the trading account opened in Merrill Lynch's Hong Kong office and ordered the defendant or his lawyer to appear in court in the United States. At the same time, the SEC also tracked down Li, a director of Dow Jones Company and president of Bank of East Asia Hong Kong Branch, who may be suspected of providing inside information.

Lawyer Lv Tao.

It's not that my investigation department wants to prove whether you have any problems, but that you want to disprove and prove that you have no problems. So this actually makes it easier for investigators.

However, in our country, this investigation method of evidence inversion has not been fully introduced into securities investigation.

In addition, in the opinion of analysts, in addition to evidence inversion, there are many places in the domestic judicial system that can learn from mature markets. For example, American law stipulates that when dealing with insider trading cases, it is not necessary to consider whether insider traders have "profit income" and all of them will be punished. The beneficiary concerned can be sentenced to a maximum of 25 years' imprisonment or a fine. In China, the illegal cost is relatively low.

Lawyer Lv Tao.

For example, the maximum fine for insider trading in our country is 600,000 RMB, but it can reach 2.5 million RMB in the United States, and it can be sentenced to 25 years' imprisonment in the United States, while the maximum penalty in China is 5 years.

In addition, the regulatory authorities in many countries also stipulate that 10% of the civil fine for insider trading will be awarded to the whistleblower; However, there is no such clear regulation in China.

But it is worth noting that in recent years, China began to learn from the experience of developed markets. Just this month, the CSRC publicly stated that the Measures for Determining Insider Trading and the Measures for Determining Manipulation of the Market began to be tried out in the industry. Among them, the "Insider Trading Identification Method" refines the identification of insiders and supplements the scope of insiders and insider information; The Measures for Determining Market Manipulation includes typical manipulation behaviors such as false declaration, preemptive trading, specific trading and market manipulation. Recently, the CSRC's handling of insider trading cases such as Hangxiao and Guangfa Securities also shows that evidence inversion has been tried in the investigation process.

Lawyer Yan Yiming.

Is a situation like Liu Fang illegal, does it harm the interests of other investors, and does it undermine the fair social securities trading order? If so, it is a necessary prerequisite to investigate the legal responsibility of this kind of behavior to restore the fair order of securities trading.

Reporter's appearance: There will always be endless topics in the stock market. First, Lin Yuan, the "stock god", and then Wang Xiao, the "leading brother". This time, it was Liu Fang's turn to be the "best retail investor in history". In fact, the market's doubts and speculations about "magic investors" like "Liu Fang" sometimes stem not only from the distrust of investors, but also from the expectation of market norms and fairness. Obviously, under the background of "full circulation", there are more and more mergers and acquisitions and asset restructuring of listed companies, and the inside information also increases accordingly. Therefore, how to strengthen pre-prevention, in-process monitoring, effectively identify insider trading behavior, and control and prohibit it in time has become the top priority of the regulatory authorities.