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Wan LixinOpinion deputy editor of Shanghai Daily
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CSRC notice fails to stop shares falling
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SHANGHAI stocks closed lower yesterday despite a statement from the regulator saying that there had been a considerable easing in market bubbles amid adequate liquidity.
The Shanghai Composite Index fell 2.52 percent to 3,080.42 points.
The China Securities Regulatory Commission said stability in the stock market has been strengthened after the regulator cracked down on illegal margin trading while funds from institutional traders boosted liquidity.
Last Wednesday, the CSRC fined three companies, including Alibaba-linked Hundsun, a combined 453 million yuan (US$71 million) for conducting “illegal securities business,” which has been blamed for volatility in the market.
The CSRC also confiscated a total of 151 million yuan in “illegal income” from Hangzhou Hundsun Network Technologies Service Co, Mecrt Corp, and Hithink RoyalFlush Information Network Co after it began probing the three firms in July, it said in a statement.
The Bank of Communications fell by the daily 10 percent limit to 6.26 yuan, China Minsheng Banking Corp lost 9.27 percent to 8.42 yuan, and China Construction Bank shed 8.78 percent to 5.40 yuan.
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