(Yicai Global) Dec. 6 -- Despite a common perception that stock market players, legitimate investors and fraudsters, are savvier than the average person in the street, one man lost CNY179 million (USD27.1 million) trying to rig share prices.

Wu Junle, 35, used 22 securities accounts he controlled to trade in Shandong Hiking International Co. [SHA:600735], a Qingdao-based textiles and wig maker, between February and August 2015. He exchanged CNY108 million worth of shares on Aug. 3, 2015, accounting for a third of all trading in the company that day, the China Securities Regulatory Commission said yesterday.

Adding to Wu's financial woes, the watchdog fined him CNY1 million for violating securities laws.

Shandong Hiking's share price was volatile in the months that Wu tried to manipulate it. The stock was worth about CNY12 (USD1.81) in February 2015, peaked at CNY25.5 in May, but slumped back to CNY12.45 at the close of the last trading day that August. It ended yesterday at CNY13.08.