Wang Yue manipulates Kaiying network: life is like a play

Just when Lin Qi, the founder of Youzu network (002174), died after being poisoned, Wang Yue, the founder of Kaiying network (002517), another online game listed company in Shanghai, also had an accident. According to the announcement of the listed company on the evening of December 25, Wang Yue committed the crime of manipulating the securities market, and was sentenced to five years and six months’ imprisonment, with a fine of 10 million yuan. < / P > < p > both companies are backdoor listed companies. They started with online games, and the backdoor time is almost the same. The founders are all young players in the game industry, and their outcomes are deplorable. < / P > < p > the incident of Wang Yue has been foreboding for a long time. According to the information obtained by the reporter of securities times · e company, the details of Wang Yue’s crime of manipulating the securities market are like spy dramas, full of drama, such as smashing a mobile phone, being dragged into debt by a financing partner, and being reported by his subordinates. < p > < p > at the end of 2015, along with the listing of game companies, Kaiying backdoor Taiya shares, with an estimated value of 6.3 billion yuan. After the resumption of trading, Taiya shares rose for 12 consecutive times, with the share price rising by more than 300%. < / P > < p > Kaiying network backdoor Taiya shares is based on the price before the sharp rise, and the issue price is 11.26 yuan / share. With the rise of the share price, Wang Yue and others have become richer and richer, and their wealth has increased three times, so that Wang Yue can appreciate the magical explosive power of the capital market. < / P > < p > in March 2016, Wang Yue, with a fortune of 6.6 billion yuan, was included in the 2016 Hurun global rich list with the founder of didi Cheng Wei. At this stage, many game company CEOs were listed on the list. < / P > < p > when Kaiying was listed on the backdoor market, there was also a fund-raising plan. It planned to issue 67.82 million shares at the price of 46.75 yuan, and the supporting fund-raising was 3.17 billion yuan. This price was based on the rising share price. On August 30, 2016, an invitation for subscription of supporting fund was issued to investors. < / P > < p > on September 7 of the same year, Kaiying network completed the issuance and fund-raising, but it shrank, raising 1.903 billion yuan from Jinyuan Shunan fund and Beixin Ruifeng fund. < / P > < p > according to the former internal executives of Kaiying network, behind the issuance, Ma and sun introduced Feng’s operation of fixed increase. Feng went to Zheshang Bank, Minsheng Bank, Founder Securities and Zhejiang property Zhongda to make mezzanine contribution, National Trust as the manager, and Wang Zheng as Wang Yue’s Ma Jia as the inferior subscriber. He became two investors by means of bottom agreement and guaranteed principal and interest According to the asset management plan, the annual interest rate is 8.5%. < / P > < p > during this period, Wang Yue attended the EMBA course of Wudaokou School of finance, Tsinghua University, met Zhao zhuoquan, vice president of Fuxing Group, talked about capital operation, and aroused Wang Yue’s interest. Zhao zhuoquan said that Fuxing Group Controlled 2-3 listed companies. After his introduction, Wang Yue visited Zhu Yidong, chairman of Fuxing Group. Zhu Yidong said that there was no problem in cooperation and that they could speculate and share money together. < / P > < p > however, after the subscription, the share price of Kaiying network suffered a rapid decline and set a low price of 27.18 yuan in mid January 2017, resulting in a loss ratio of more than 40% for the two fixed increase shareholders. < / P > < p > in early 2017, Wang Yue met Chen Fang, the actual controller of Zhejiang wuheng Management Co., Ltd. and Hangzhou Aosheng Asset Management Co., Ltd., through the introduction of a friend surnamed Yu who specializes in capital allocation in Hangzhou. < / P > < p > in 2015, Chen Fang got to know Liu and Ma of Wenzhou Gang through the introduction of Lou, and began to do stock allocation business. Before that, he had provided capital for great wall film and television, Great Wall animation, Dezhan health, Chunxing Seiko and Huaping. < p > < p > it was Sheng Liyuan, the director, chief financial officer and Secretary of Kaiying network, who contacted Chen Fang first. Sheng Liyuan told Chen Fang that Kaiying network has completed a fixed increase of 1.9 billion yuan, and the ban will not be lifted until November 2017. The breakeven price at maturity is 51 yuan per share, while the current share price is 30 yuan, which means a loss of about 1 billion yuan. < / P > < p > Chen Fang told the other party that in 2015 and 2016, the market was not good, the company had a loss in capital allocation, and the company had not enough capital. It needed major shareholders to make capital contribution and endorsement to do it together. In addition, it also needed the cooperation of major shareholders to do good. < / P > < p > just in April 2017, when the two sides were drinking coffee, they finalized the details of cooperation, and agreed that Kaiying network would invest 250 million yuan, and the major shareholder would pay interest for Chen Fang’s capital allocation. When the share price was lower than 42 yuan, they would pay fixed monthly interest, 1.2% of 900 million yuan monthly interest, and share it according to a certain proportion after rising. When the share price reaches 51 yuan, Wang Yue and Chen Fang will share it at a ratio of 3:7. < / P > < p > in order to get in touch, Chen Fang bought two apple 6 mobile phones, one for his own use and the other for Shengliyuan’s use. He bought a mobile phone number at a newsstand and registered it with wechat to achieve information isolation. < / P > < p > Chen Fang arranged to buy funds from June 2017. There is also an episode here. In July 2017, Chen Fang was bailed out by the Economic Investigation Detachment of Benxi Public Security Bureau of Liaoning Province for the crime of manipulating the securities market, and lost contact for a time, which made Wang Yue very nervous. Later, Chen Fang had nothing to do and continued trading. < / P > < p > in order to enhance trust and mutual supervision, Chen Fang will send the account position details for Sheng Liyuan 2 or 3 times a week through a special micro signal. Sheng Li would have checked the list of the top 100 major shareholders by himself. < p > < p > in principle, Sheng Li told Chen Fang the favorable information of Kaiying network in advance. In July 2017, half a month before Kaiying network announced the acquisition of 50% equity of Zhejiang Shenghe, the news had been passed to Chen Fang. At the beginning of September 2017, half a month before kaiying.com released the high delivery, Sheng Liyuan Chen Fang went to the cultural Oriental Hotel in Pudong New Area to inform Chen Fang, so that Chen Fang could continue to buy at ease. < / P > < p > sure enough, on August 27, 2017, Kaiying network disclosed the semi annual report and put forward the plan of increasing 10 shares for every 10 shares, which was completed one month later. < / P > < p > in addition, Kaiying network has announced that it is blooming in big data, panoramic camera, VR / AR, small loan, P2P, consumer finance and other fields, chasing hot concepts. < p > < p > in order to operate, Chen Fang also showed great energy, and he got a lot of help. For example, Liang was invited to operate Kaiying network together. In November and December 2017, Liang bought 50-60 million Kaiying network shares. Liang was operating Huaying agriculture and asked Chen to hold Huaying agriculture on his behalf. In the jargon, this practice is called changing positions, holding the stocks that the other party wants to operate to reduce the risk. < p > < p > Chen Fang also came to Beijing Baobao wealth legal person li. In November 2017, Chen Fang told Li that he wanted to buy a 1.5 billion yuan Kaiying network, and needed 1 billion yuan to lock up his position for three months, and he could pay 4% interest every month. In early December 2017, Yang, a financing intermediary in Zhengzhou, Henan Province, was trading in Yu diamond at that time. He knew Chen Fang through Wen, and Yang locked up a position of 100 million yuan. < / P > < p > in December 2017, in order to find someone to take over Kaiying network, Chen, who bought in the early stage, asked a stock recommendation company in Shenzhen to help lock the position. The company promised to buy 500 million yuan with a monthly interest rate of 5%. The company has a strong stock recommendation ability. When it recommended in December 2017, it let customers buy 200 million yuan a day. But later, the stock recommendation company suddenly asked customers to ship all the goods, avoiding a drop. It’s not because of the conscience of the stock recommendation company, but because there are differences between the two sides. Chen Fang paid 5 million yuan to the stock recommendation company, which thinks it should be 10 million yuan. After the sale, the share price of Kaiying network fell sharply, and Chen Fang was unable to find the capital to take over the offer for the time being. < / P > < p > originally, Wang Yue agreed that Chen’s trading time would end in December 2017. On December 12, 2017, it reached a peak value of 29.03 yuan (ex right), corresponding to a market value of about 41.5 billion yuan. < / P > < p > unexpectedly, Kaiying network encountered black swan at the end of 2017, and Tencent sued Kaiying network for the intellectual property rights of the game “anger of Allard”, which caused a sharp drop in the share price of Kaiying network. At the Regent International Building in Qianjiang New City, Hangzhou, Wang Yue told Chen Fang that she regretted that she had not sold the 1.9 billion yuan fixed increase vote by the end of December, and hoped that Chen Fang would continue to help him with the stock price. Chen Fang asked Wang Yue to add 100 million yuan of deposit due to the fall of share price, and Wang Yue gave Chen Fang another 60 million yuan. < / P > < p > Kaiying network suspended its trading since the opening of the market on January 8, 2018. It claimed that it was for major asset restructuring, but in fact it was to prevent the stock price from continuing to fall sharply. Before the suspension of trading, Kaiying network will release messages through blockchain. < / P > < p > before and after Chen Fang received 360 million yuan from Wang Yue and its related parties. After the last 60 million yuan, Chen Fang did not increase his stake in Kaiying network. < / P > < p > the good news continues to be released. On March 5, 2018, Kaiying network put forward an annual distribution plan, with 5 shares for every 10 shares. In May and June 2018, it invested more than 1 billion yuan to acquire 70% equity of Zhejiang Jiuling Network Technology Co., Ltd. < / P > < p > after pulling up Kaiying’s network, Chen Fang felt that it was useless to contact the mobile phone. For safety, he smashed Apple 6 downstairs of Shaoxing company, including Sheng Liyuan’s one, to eliminate the traces of communication between the two sides. < / P > < p > from March 2018 to the second half of the year, Wang Yue went to Chen Fang’s company in Keqiao District, Shaoxing City, Zhejiang Province for many times and asked Chen Fang for 360 million yuan of trading capital. Chen Fang said that the trading capital had not been fully cleared and would be returned to Wang Yue after it was cleared. Chen Fang said that he had a lot of losses in his allocation, and he had to wait until the funds were due before he could gradually return them. < / P > < p > the progress of the event was out of Wang Yue’s control. In March 2018, Chen Fang sold all the stocks he controlled in the secondary market, and took over 170 million yuan of Kaiying network’s stocks in the form of block trading with 20 million yuan of profit, plus part of the funds in the capital allocation account. This undertaking is no longer the transaction scope agreed with Wang Yue, but the decision made by Chen Fang and other customers. Because the block trading has a six-month lock-in period, the ban was lifted in September 2018, when the order was received, it was 18 yuan, when the ban was lifted, it was 4 yuan, and there was a lot of loss. After the ban was lifted, the allocation account owner chose to sell immediately. < / P > < p > by November 2018, Chen Fang has used 150 individual funding accounts to purchase. These individual allocation accounts come from Shanghai, Hangzhou, Wenzhou, Shaoxing and other places, and arrange more than 10 traders to place orders. < / P > < p > later, Wang Yue lost patience and threatened Chen Fang to report the case to the public security bureau without paying back the money. Chen Fang began to transfer 20 million yuan to Wang Yue through jindanliang account, and later called 8 million yuan to Wang Yue, but still owed Wang Yue 332 million yuan. < / P > < p > this became the fuse of the incident. It is reported that the incident of Wang Yue happened by accident. One of Wang Yue’s subordinates learned that Wang Yue manipulated the stock price, but Wang Yue did not receive hundreds of millions of yuan from Chen Fang. The subordinate was so jealous that he threatened Wang Yue to report the incident unless he paid to avoid the disaster. Unexpectedly, Wang Yue ignored him. The subordinate felt scorned and resentful and reported the incident. In the end, both sides were defeated. < / P > < p > on July 5, 2018, Shanghai economic investigation team investigated the case of stock price manipulation, and began to record a confession to Wang Yue in September 2018. On March 18, 2019, Wang Yue held a board meeting to transfer the position of chairman of Kaiying network to Jin Feng. Jin Feng and Jin Danliang were also chased online. Wang Yue thought that things would turn for the better, but there was no turning for the better. He chose to abscond and was arrested in Shangrao, Jiangxi Province on May 1, 2019. < / P > < p > at the level of listed companies, since March 2019, in addition to Wang Yue, most senior executives of Kaiying network, including vice general manager Feng Xianchao, general manager and chief financial officer Chen yongcong and chairman Jin Feng, have been investigated or arrested by the public security organs. On March 30 of that year, the company announced that Wang Yue lost contact, but the reason is unknown. In response to the Shenzhen Stock Exchange’s inquiry letter, Kaiying network disclosed that Wang Yue had been registered on March 25