Former exec 'violated' IPO sponsor rules
By Louise Ho |
May 11, 2012, Friday
|
Print Edition
Print Edition
A former initial public offerings sponsor at China Merchants Securities, Li Liming, was found to have violated sponsor regulations, the China Securities Regulatory Commission announced yesterday on its website.
The CSRC said Li violated regulations on IPO sponsors - persons or institutions who recommend a company's listing - after he bought a 5 percent stake in Silinco Chemical for 30 million yuan (US$4.75 million) in March 2010. Li was the IPO sponsor of the company.
"As an IPO sponsor, Li ignored laws and professional ethics, disrupted the 'open, fair and just' principles in the securities market and violated the legal rights of investors," the CSRC said in a statement after an investigation which started in January.
Calling Li "a black sheep in the family" the CSRC said it would penalize Li according to regulations but did not specify the punishment.
The former senior manager at the brokerage was also involved in embezzling 30 million yuan from his own firm from 2008 to 2011 through false accounts, said the CSRC. In March 2011 Li illegally profited 90,000 yuan from insider trading by selling shares of Shenzhen Edifier Technology Co in which he was also the IPO sponsor.
The CSRC said it has passed on Li's embezzlement and insider trading cases to the police on April 11.
The CSRC said Li violated regulations on IPO sponsors - persons or institutions who recommend a company's listing - after he bought a 5 percent stake in Silinco Chemical for 30 million yuan (US$4.75 million) in March 2010. Li was the IPO sponsor of the company.
"As an IPO sponsor, Li ignored laws and professional ethics, disrupted the 'open, fair and just' principles in the securities market and violated the legal rights of investors," the CSRC said in a statement after an investigation which started in January.
Calling Li "a black sheep in the family" the CSRC said it would penalize Li according to regulations but did not specify the punishment.
The former senior manager at the brokerage was also involved in embezzling 30 million yuan from his own firm from 2008 to 2011 through false accounts, said the CSRC. In March 2011 Li illegally profited 90,000 yuan from insider trading by selling shares of Shenzhen Edifier Technology Co in which he was also the IPO sponsor.
The CSRC said it has passed on Li's embezzlement and insider trading cases to the police on April 11.
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