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Korean QFI has purchased Changxin Technology

According to a report by China Fund News, data from SEIBro, a subsidiary of the Korea Securities Depository (KSD), shows that as of August 18, the stock that Korean investors bought the most in A-shares over the past month is a mysterious stock.During this period, Korean investors net bought this stock for $45.322233 million (approximately 307.53 million RMB). Extending the timeframe to the past three months, this stock still ranks first in the net purchase list of A-shares by Korean investors. When trading this security, Korean securities firms, as qualified foreign institutional investors (QFI), must submit settlement instructions to KSD. The submission of settlement instructions requires the use of an ISIN code. Therefore, relevant Korean securities firms have chosen to temporarily use a temporary virtual code, and the name of the security is displayed based on the virtual ISIN.A search on SEIBro reveals that as of July 28, Changxin Technology had appeared among the stocks with the highest net purchase amounts by Korean investors in the previous week. However, as of July 27, Changxin Technology did not appear in the list of the top 50 A-shares by net purchase amount from Korean investors in the previous week (it is also possible that Korean investors had already bought it, but Changxin Technology did not make it into the top 50 A-shares by net purchase amount). This indicates that at the latest by July 28, which is the second day after Changxin Technology's listing, Korean investors had begun to buy.

hot_img The Shanghai court in China analyzes the criminal responsibility determination in cases of "traffic diversion" fraud involving virtual currency, which may constitute complicity in fraud or illegal use of information networks

The Shanghai Intermediate People's Court has published typical cases, analyzing whether "traffic personnel" involved in telecommunications network fraud related to virtual currencies constitute accomplices in fraud. From February 2022 to April 2023, the defendants, for the purpose of profit, assisted upstream fraudulent activities by "draining traffic," using online virtual phone software to lure victims into related scam groups, ultimately causing 30 victims to be defrauded of more than 2.34 million yuan (the same currency hereafter) by an overseas fraudulent organization. The overseas fraudulent organization transferred funds into the suspects' trading accounts via virtual currency.The Shanghai First Intermediate People's Court pointed out that in telecommunications network fraud cases, "traffic personnel" may constitute accomplices in fraud or illegal use of information networks depending on specific circumstances. The key lies in determining whether they have formed a clear criminal intent connection with the upstream fraudulent organization and whether there is stable cooperation and division of labor. In judicial practice, when assessing the criminal responsibility of "traffic personnel," factors such as their role in the criminal chain, the degree of organizational management, connections with upstream criminals, methods of profit, and abnormal behavior should be comprehensively considered. Actions that only provide general online services and do not form a conspiracy to commit fraud should be distinguished from "draining" actions that knowingly participate in the implementation of fraud.
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