Regulator probes insider trading claims
Print Edition
China’s top securities regulator is investigating claims of irregularities involving insider trading, it said yesterday.
Its statement was in response to a media report earlier this week that five fund managers based in Shanghai were being detained in a probe after abnormal trading data was monitored by stock exchanges.
But Zhang Xiaojun, spokesman for the China Securities Regulatory Commission, denied anyone had been detained.
The regulator has been stepping up its crackdown on market irregularities in an effort to improve trading transparency and restore investor confidence.
Xiao Gang, head of the CSRC, said in August that China needed to strengthen supervision of its capital markets to fight an increase in illegal market activities and to protect investors.
Cases of illegal activity in China’s financial market rose 25 percent year on year to 286 in the first 10 months of this year, CSRC data showed. About 55 percent involved insider trading while false disclosures accounted for 23 percent and market manipulation 7 percent.
The securities regulator also said yesterday that it will simplify merger and acquisition paperwork and support domestic companies to go public in overseas markets.
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