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SCMP Reporter

The Shenzhen Stock Exchange has uncovered more than 40 brokerage accounts that were allegedly used to rig share prices over the past month. 
The suspicious accounts are a fresh sign that price manipulation has been on the rise since Beijing lifted a nine-month ban on initial public offerings on the A-share market.
The mainland's smaller bourse said in a notice on its website yesterday that it had reported the finding to the China Securities Regulatory Commission and requested  an investigation by the regulator.  
The exchange said the owners of the accounts allegedly rigged the prices of flotation stocks on their first trading day. 
The accounts have been frozen as the CSRC begins a probe.
The exchange did not provide details but identified two investors - Fang Wenyan and Huang Lijuan - who were alleged to have used false bidding to manipulate the opening price of Zhejiang Wanma Cable when it started trading.  
On July 10, Wanma and Guilin Sanjin Pharmaceutical were the first two companies to list on the Shenzhen bourse after the regulator resumed flotations after a hiatus since September last year.
Wanma opened at 22.50 yuan (HK$25.52), nearly double the offering price of 11.50 yuan. The shares closed at 25.93 yuan, up 125.5 per cent.
Shares of Guilin Sanjin jumped 81.9 per cent to 36.01 yuan on the first trading day. The wild gain in the share price prompted the exchange to halt trading for 30 minutes. On the mainland, a newly listed stock can rise or decline without limit on its first trading day but is subject to a 10 per cent daily cap after the debut.
'Thousands of investors still believe the mainland exchanges are a speculators' market, and the first trading day offer them a great opportunity to up the ante,' said Dazhong Insurance fund manager Wu Kan. 
'It is believed that more price-rigging behaviour has yet to be uncovered.'
A CSRC press officer would not comment on the progress of the investigation.
A Shenzhen exchange press officer said the bourse would request further investigation when suspicious trades were uncovered.
The exchange issued warnings to investors before the listings of Wanma and Guilin Sanjin that they faced huge losses if they chased first-day gains. 
Prices of the two companies were set  higher than usual, as the CSRC wanted to narrow the gap between the offering and opening prices.



Shenzhen exchange says accounts used to manipulate trading