Appeals over stock price fixing accepted
By Lydia Chen |
April 15, 2011, Friday
|
Print Edition
Print Edition
A COURT in Beijing has accepted appeals from 18 individual stock investors who are demanding a total compensation of nearly 1.36 million yuan (US$210,000) from two former shareholders of CNNC Hua Yuan Titanium Dioxide Co, who they alleged manipulated the company's stock price.
The Beijing No. 2 Intermediate People's Court will hear the country's first civil compensation case over stock price manipulation against Cheng Wenshui and Liu Yanze, whose company used to be the second biggest shareholder of Hua Yuan, a Shenzhen-listed firm.
Cheng and Liu have already been fined 5 million yuan in April 2009 by the China Securities Regulatory Commission which also barred them from working in the stock market.
The two men used six company accounts to trade large number of shares of Hua Yuan on September 10, 2008 to drive the price from 7.39 yuan per share to 8.26 yuan.
The stock plunged by the daily cap of 10 percent the next day when the two started to sell for quick profits. Shares of Huayuan also fell 10 percent on the third day because of their alleged manipulation, the CSRC said in 2009.
The Beijing No. 2 Intermediate People's Court will hear the country's first civil compensation case over stock price manipulation against Cheng Wenshui and Liu Yanze, whose company used to be the second biggest shareholder of Hua Yuan, a Shenzhen-listed firm.
Cheng and Liu have already been fined 5 million yuan in April 2009 by the China Securities Regulatory Commission which also barred them from working in the stock market.
The two men used six company accounts to trade large number of shares of Hua Yuan on September 10, 2008 to drive the price from 7.39 yuan per share to 8.26 yuan.
The stock plunged by the daily cap of 10 percent the next day when the two started to sell for quick profits. Shares of Huayuan also fell 10 percent on the third day because of their alleged manipulation, the CSRC said in 2009.
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