Whoever manipulates the securities market, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also or only be fined; If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years and shall also be fined. Manipulating the securities market refers to the behavior that the actor deviates from the principle of free market bidding and the relationship between supply and demand, influences the price or trading volume of the securities market by various improper means, creates the illusion of the securities market, induces others to participate in securities trading, seeks illegitimate interests for himself or shifts risks.

The law clearly stipulates that whoever manipulates the securities and futures market, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also or only be fined; If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years and fined; If a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the directly responsible person in charge and other directly responsible personnel shall be punished in accordance with the provisions of the preceding paragraph.

Legal basis:

Article 182 of the Criminal Law of People's Republic of China (PRC), whoever manipulates the securities and futures market and affects the trading price or volume of securities and futures, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention and shall also, or shall only, be fined; If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined: (1) concentrating capital advantages, holding shares or positions, or using information advantages to jointly or continuously buy and sell; (2) colluding with others to trade securities and futures with each other at the time, price and method agreed in advance; (3) buying and selling securities between accounts under its actual control, or buying and selling futures contracts on its own. (four) for the purpose of closing a transaction, frequently or in large quantities, and cancel the declaration; (5) Using false or uncertain important information to induce investors to trade securities and futures. (6) Making comments, predictions or investment suggestions on the disclosure of securities, securities issuers and futures trading targets, and conducting reverse securities trading or related futures trading at the same time; (7) Manipulating the securities and futures markets by other means. If a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the directly responsible person in charge and other directly responsible personnel shall be punished in accordance with the provisions of the preceding paragraph.