Related News
2 analysts fined for manipulating stock prices
By Lydia Chen |
February 14, 2011, Monday
|
Online Edition
Online Edition
TWO stock analysts had been punished with a combined fine of 760,000 yuan (US$115,500) for manipulating stock prices by releasing false recommendations and company news to the public, China's top securities supervisor has ruled.
However, it was unclear how much profits, Deng Xiaobo, an analyst with a mutual fund in Shenzhen, and Deng Xiyuan with Guangzhou–based Wanlian Securities, had made by manipulation while their clients lost a total of 4.34 million yuan.
Deng Xiaobo was fined 330,000 yuan while Deng Xiyuan was fined 430,000 yuan.
Between January 10 and July 8 of 2008, the two men published 36 articles on major business websites to recommend stocks they had bought for their clients. After the articles came out, they soon started selling off in the hope that they can buy cheap chips and sell at high prices, according to China Securities Regulatory Commission.
In addition, the two claimed in their articles that the joint venture between Shenzhen-listed Huaqiang Holdings and Japan's Sanyo Electric Co had acquired a new technology that would enable it to increase solar power conversion rate by 50 percent, which later was denied by Huaqiang.
China bans stock analysts from trading shares. However, some use stock accounts of their relatives or friends to purchase and sell shares for profits.
However, it was unclear how much profits, Deng Xiaobo, an analyst with a mutual fund in Shenzhen, and Deng Xiyuan with Guangzhou–based Wanlian Securities, had made by manipulation while their clients lost a total of 4.34 million yuan.
Deng Xiaobo was fined 330,000 yuan while Deng Xiyuan was fined 430,000 yuan.
Between January 10 and July 8 of 2008, the two men published 36 articles on major business websites to recommend stocks they had bought for their clients. After the articles came out, they soon started selling off in the hope that they can buy cheap chips and sell at high prices, according to China Securities Regulatory Commission.
In addition, the two claimed in their articles that the joint venture between Shenzhen-listed Huaqiang Holdings and Japan's Sanyo Electric Co had acquired a new technology that would enable it to increase solar power conversion rate by 50 percent, which later was denied by Huaqiang.
China bans stock analysts from trading shares. However, some use stock accounts of their relatives or friends to purchase and sell shares for profits.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
