CSRC fines firm record US$870m for price fixing
Print Edition
THE China Securities Regulatory Commission has fined a company a record 5.5 billion yuan (US$870 million) for manipulating stock prices of listed firms, the regulator said yesterday.
The huge fine was imposed on Xiamen Beibadao Logistics Group, a private company, which made 945 million yuan by using over 300 trading accounts to manipulate the stock prices of listed companies including two banks, Jiangsu Zhangjiagang Rural Commercial Bank Co Ltd and Jiangsu Jiangyin Rural Commercial Bank, and an industrial firm Guangdong Hoshion Aluminium Co Ltd.
“Beibadao Group made use of the small circulation and new concepts of these stocks” to manipulate their prices, said Xia Bing, head of an investigation group at the CSRC. “Beibadao’s bulk buying misled investors in their decisions severely.”
Jiangsu Zhangjiagang Rural Commercial Bank jumped sharply by over 600 percent from 4.37 yuan to 30.41 yuan in two months since it was listed in January 2017.
The CSRC revealed the penalty at a press conference today at which it also made public that it had investigated a case of information disclosure and second case involving another market manipulation.
The penalty for Beibadao Group is not an exceptional case because an equities trader was fined 54 million yuan for manipulating 15 stocks to make a profit of 27 million yuan in December last year.
The CSRC said they will stick to strict supervision in line with the law to serve the capital market and to develop an open and fair market environment.
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