Analysis of Securities Market Manipulation

Securities market manipulation, a persistent problem in the capital market, seriously affects market price formation mechanisms, infringes upon the legitimate rights and interests of investors, and disrupts capital market order. The Kangmei Pharmaceutical case is a landmark case in the history of China's capital market, characterized by its covert manipulation methods, massive sums of money involved, and complete accountability chain. The controversies arising during its trial, particularly regarding the identification of securities market manipulation, the definition of the disclosure date, and the determination of causation, vividly reflect the difficulties and shortcomings of China's current legal system in dealing with complex manipulation. This paper uses the Kangmei Pharmaceutical securities market manipulation case as a research sample, combining relevant provisions of China's Securities Law and judicial practice to deeply explore the standards for identifying securities market manipulation, the rules for determining the disclosure date, and the logic for determining the causal relationship between manipulation and investor losses . Targeted suggestions for improvement are proposed, aiming to provide a reference for judicial organs in handling similar cases and safeguarding market fairness and justice and the legitimate rights and interests of investors.