中國證監會嚴懲唐漢博跨境操縱案

China’s securities regulator has levied one of its largest ever fines for market manipulation, in a sign of increased enforcement efforts by authorities.

中國證券監管機構對市場操縱開出了有史以來最大的罰單之一，此舉表明有關部門加大了執法力度。

The China Securities Regulatory Commission fined Tang Hanbo and associates Rmb1.2bn ($174m) for manipulation of several mainland-listed stocks, a figure that includes penalties as well as disgorgement of illegal profits, the CSRC said on its website. The agency’s latest action follows its Rmb3.5bn fine of Xian Yan last month for market manipulation stemming from false information disclosures.

中國證監會(CSRC)在其網站上表示，對唐漢博及同夥數次操縱A股股票開出12億元人民幣（合1.74億美元）的罰單，該金額包括罰款和沒收的違法所得。在此之前，中國證監會上月還對鮮言利用虛假信息披露操縱市場罰沒35億元人民幣。

The punishment of Mr Xian appears to be the largest administrative fine ever, according to an FT examination of public disclosures and media reports. The cases of Mr Tang and Mr Xian alone already make 2017 a record year for CSRC fines, the third straight such record. The CSRC levied Rmb4.3bn in fines in 2016, up 2.9 times from the previous year’s record total.

英國《金融時報》查閱公開披露信息和媒體報道之後發現，對鮮言的處罰似乎是有史以來最大的行政罰單。僅僅唐漢博和鮮言兩案就已經讓2017年成爲中國證監會罰沒款創出歷史最高紀錄的一年，這是中國證監會罰沒款連續第三年創出新高。中國證監會在2016年開出了43億元人民幣的罰單，較2015年的紀錄增長2.9倍。

In January, a court sentenced prominent hedge fund manager Xu Xiang to more than five years in prison for market manipulation. The court did not publicly announce a fine, but local media said Mr Xu — who ranked as China’s 188th richest man in 2015 with an estimated wealth of $14bn — would be forced to pay Rmb11bn.

今年1月，一家法院判決著名對衝基金經理徐翔犯操縱證券市場罪，判處5年6個月有期徒刑。該法院沒有公開宣佈罰金，但國內媒體表示，徐翔將被罰110億元人民幣——徐翔2015年在中國富豪排行榜上排名第188位，估計擁有140億美元財富。

In one instance of manipulation, Mr Tang used three separate Hong Kong accounts, as well as one on the mainland, to conduct trades through the Shanghai-Hong Kong stock connect, a scheme launched in late 2014 and which provides foreign investors unprecedented access to mainland shares.

在一次市場操縱中，唐漢博使用3個獨立的香港賬戶和一個內地賬戶，通過“滬股通”進行交易。“滬股通”在2014年年末推出，首次允許外國投資者直接投資於中國內地股票市場。

Mr Tang’s use of Hong Kong accounts was apparently intended to disguise his activity. Mainland regulators and stock exchanges maintain a system for identifying traders in real time, whereas Hong Kong’s Securities and Futures Commission must request investors’ identities from brokers after the fact.

唐漢博使用香港賬戶顯然是爲了掩飾其交易活動。內地監管機構和證券交易所維護着一個實時識別交易者的系統，而香港證監會(SFC)要在事後從經紀商那裏獲取投資者的身份信息。

CSRC said it co-operated with the SFC to uncover the manipulation by Mr Tang, marking the first case of manipulation uncovered through the programme. When Hong Kong and mainland authorities launched a new trading link, the Shenzhen-Hong Kong stock connect in December they also concluded an agreement to increase information sharing.

中國證監會表示，它與香港證監會合作，查出唐漢博操縱市場，這是查出的利用“滬港通”的首例跨境操縱市場案件。在香港和內地有關部門去年12月開通“深港通”的時候，它們還簽署了加大信息共享的協議。