Chen Liuyi and others manipulated WEFLO's stock price, fined and confiscated nearly 50 million by the Securities Regulatory Commission

The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision. From August 20, 2018, to December 27, 2018, Chen Liuyi, Chen Liuzeng, Ye Xiaobo, Lv Yan, Gao Yuedong, and others collaborated with Yuan Da, Wu Shuo, and Li Xuesen in stock trading. Chen Liuyi, Chen Liuzeng, Ye Xiaobo, Lv Yan, and Gao Yuedong provided some accounts and funds, while Yuan Da, Wu Shuo, and Li Xuesen made trading decisions and provided trading venues and arranged personnel to place orders. During the manipulation period, the aforementioned parties actually controlled and used 53 accounts, influencing the stock price of "WEFLO" through concentrated capital advantages, shareholding advantages, continuous buying and selling, and trading among accounts they controlled. It was calculated that the account group made a profit of 16,537,712.31 yuan from the manipulation. The CSRC decided to confiscate the illegal gains of 16,537,712.31 yuan from Chen Liuyi, Chen Liuzeng, Ye Xiaobo, Lv Yan, Gao Yuedong, Yuan Da, Wu Shuo, and Li Xuesen, with Chen Liuyi bearing 3,468,856.16 yuan, Yuan Da 3,468,856.16 yuan, Wu Shuo 3,000,000 yuan, Li Xuesen 1,800,000 yuan, Chen Liuzeng 1,500,000 yuan, Lv Yan 1,500,000 yuan, Ye Xiaobo 1,000,000 yuan, and Gao Yuedong 800,000 yuan; and imposing a fine of 33,075,424.62 yuan, with Chen Liuyi bearing 6,937,712.31 yuan, Yuan Da 6,937,712.31 yuan, Wu Shuo 6,000,000 yuan, Li Xuesen 3,600,000 yuan, Chen Liuzeng 3,000,000 yuan, Lv Yan 3,000,000 yuan, Ye Xiaobo 2,000,000 yuan, and Gao Yuedong 1,600,000 yuan. Due to the serious nature of the violations by Chen Liuyi and Chen Liuzeng, the CSRC decided to impose a 6-year securities market ban on Chen Liuyi and a 4-year securities market ban on Chen Liuzeng. From the date of the CSRC's announcement, they are prohibited from engaging in securities business or serving as directors, supervisors, or senior management personnel of listed companies or non-listed public companies during the ban period