In recent years, as China’s capital market regulatory framework has continuously improved and enforcement has significantly intensified, the traditional ‘market manipulation’ or ‘pump-and-dump’ schemes—commonly known as ‘zuo zhuang’ (sitting as the dealer)—are rapidly coming to an end. ‘Zuo zhuang’ refers to practices where well-capitalized entities or individuals manipulate a stock’s price and trading volume by leveraging concentrated financial resources and information asymmetry to lure retail investors into buying or selling, ultimately profiting by offloading shares at inflated prices. Such conduct severely disrupts market integrity and harms small investors.However, with the implementation of the revised Securities Law, the nationwide deployment of big-data surveillance systems, and the China Securities Regulatory Commission’s (CSRC) zero-tolerance stance toward market manipulation, the room for such manipulative tactics has drastically shrunk. For instance, exchanges now employ intelligent monitoring systems capable of tracking abnormal trades in real time, identifying linked accounts, and precisely flagging suspicious activities. Since 2023, multiple high-profile manipulation cases have been publicly prosecuted, resulting in hefty fines and even criminal charges, sending a strong deterrent message.Moreover, the comprehensive rollout of the registration-based IPO system is driving the market toward greater transparency and standardization. Enhanced disclosure requirements, improved corporate governance, and a shift toward institutional investor dominance are all eroding the conditions that once enabled market manipulation. A healthier, rule-of-law-based capital market—centered on transparent information disclosure and investor protection—is taking shape, marking the definitive end of the ‘dealer era.’
近年来，随着中国资本市场监管体系的不断完善和执法力度的显著加强，传统的“坐庄”操纵股票模式正逐步走向终结。所谓“坐庄”，是指某些资金实力雄厚的机构或个人通过集中资金优势、信息优势，控制某只股票的交易价格和交易量，诱导散户跟风买入或卖出，从而在高位出货获利。这种行为严重扰乱市场秩序，损害中小投资者利益。然而，随着新《证券法》的实施、大数据监控系统的全面部署以及证监会对市场操纵行为的“零容忍”态度，坐庄操作的空间被大幅压缩。例如，交易所的智能监察系统可实时追踪异常交易行为，识别资金关联账户，精准锁定操纵嫌疑。2023年以来，多起典型“坐庄”案件被公开查处，涉案人员被处以高额罚款甚至刑事追责，形成强大震慑。此外，注册制改革的全面推进也促使市场向更加透明、规范的方向发展。信息披露制度日益完善，上市公司质量提升，投资者结构逐步机构化，这些都削弱了坐庄赖以生存的土壤。未来，一个以法治为基础、以信息披露为核心、以投资者保护为导向的健康资本市场正在加速形成，操纵市场的“庄家时代”已一去不复返。
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