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Fine of US$27m for fixing share prices
By Ye Zhen |
December 21, 2012, Friday
|
Print Edition
Print Edition
CHINA'S securities watchdog has fined three men between 300,000 yuan and 168 million yuan (US$27 million) for manipulating share prices of four companies, a sign that the regulator showed its determination to crack down on trading irregularities.
Tang Jianping earned an illegal income of 168 million yuan from manipulating the share price of Shaanxi Aerospace Power Hi-Tech Co by trading over 120 million of its shares through 19 trading accounts from April 2 to July 28, 2010 and boosting the price from 14.09 yuan to 19.54 yuan.
Tang had the 168 million yuan confiscated and was fined the same amount, the China Securities Regulatory Commission said in a briefing yesterday. The CSRC said Tang's behavior artificially influenced the stock price and created a false impression of the stock performance.
The two other cases involved a fine of 300,000 yuan on Wang Guobin, who manipulated the share price of Ningbo Bird Co, and a penalty of 1 million yuan on Zhou Wuxiu for juggling the share prices of Sichuan Chengfei Integration Technology Corp and United Mechanical & Electrical Co.
So far this year, the CSRC said it has investigated 103 cases, up 27 percent from a year earlier.
Tang Jianping earned an illegal income of 168 million yuan from manipulating the share price of Shaanxi Aerospace Power Hi-Tech Co by trading over 120 million of its shares through 19 trading accounts from April 2 to July 28, 2010 and boosting the price from 14.09 yuan to 19.54 yuan.
Tang had the 168 million yuan confiscated and was fined the same amount, the China Securities Regulatory Commission said in a briefing yesterday. The CSRC said Tang's behavior artificially influenced the stock price and created a false impression of the stock performance.
The two other cases involved a fine of 300,000 yuan on Wang Guobin, who manipulated the share price of Ningbo Bird Co, and a penalty of 1 million yuan on Zhou Wuxiu for juggling the share prices of Sichuan Chengfei Integration Technology Corp and United Mechanical & Electrical Co.
So far this year, the CSRC said it has investigated 103 cases, up 27 percent from a year earlier.
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