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Stock regulator to fine 18 firms for 鈥榠llegal market activities鈥
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CHINA’S top stock market regulator said yesterday that 18 companies would be fined for “illegal market activities,” as it struggles to restore confidence after a months-long share price rout.
The China Securities Regulatory Commission will fine 18 companies and more than a dozen individuals around 1.1 billion yuan (US$173 million) for violations including “market manipulation,” it said.
Qingdao Donghai Ever-Trusting Fund was fined 553 million yuan for fixing trading on 180 ETF (exchange-traded fund). In addition, 184 million yuan of illegal gains were confiscated.
China is struggling to restore confidence in its stock markets, intervening on a broad scale amid months of declines which began in June and roiled exchanges worldwide.
It earlier banned shareholders holding at least 5 percent stakes and company executives from selling stock, as part of its “rescue package” aimed at boosting the market.
The CSRC said it will also confiscate around 329 million yuan from the companies and 13 individuals involved.
Analysts have criticized China’s intervention — costing tens of billions — in its stock markets.
“They don’t have a lot of experience in this market stuff,” Lloyd Blankfein said, referring to the Chinese authorities.
China’s stock market is thought to have little connection with economic fundamentals, but the rout has added to fears about the country’s growth.
The Federal Reserve held its key interest rate locked at zero on Thursday, citing worries about how China’s slowdown will hit the US economy.
The authorities said this week that it was investigating a CSRC assistant chairman for possible corruption.
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